Appetite for Riskier Yen Bond Stays Strong as Yields Seen Higher [BNN Bloomberg (Canada)]
SUMITOMO CHEM UNSP/ADR (SOMMY)
NASDAQ:AMEX Investor Relations:
sumitomo-chem.co.jp/english/ir
Company Research
Source: BNN Bloomberg
Amid speculation the Bank of Japan will raise borrowing costs in the coming months, Sumitomo Chemical Co. registered to sell ¥150 billion ($960 million) of notes, including subordinated debt. The filing followed the company posting an operating loss of ¥489 billion in the year ended March 31. SoftBank Group Corp., with junk grades from global ratings firms, said in a filing on Monday that it's planning a jumbo yen debt deal for individual investors. Lower rated bonds offer investors a cushion of extra yields, tending to make them less harmed by interest rate hikes compared with higher rated notes. Strong demand for shorter tenor notes has continued to support robust sales of yen bonds, as seen in recent deals from Indonesia and Berkshire Hathaway Inc. Financial firms with A level credit ratings including KKR & Co. and Deutsche Bank AG are also marketing yen notes, as their yield premiums tend to be higher than Japanese peers because they are based overseas. Sales of Japanese
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