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Reports on the plans of Japanese banks to sell an additional $500 million in paper before April 1998. Industrial Bank of Japan; Sanwa Bank; Mitsui Trust Bank; Hokkaido-Takushoku Bank; Long-Term Credit Bank of Japan.

The article focuses on the efforts of regional banks to improve their products and services in Japan. Bank of Yokohama has decided to extend its loans that accept intellectual property right as collateral. Long Term Credit Bank partly funded itself via the issuance of debentures to many regional banks. The non-recourse loan product of Shinsei Bank serves as its core area in its relationship with the regional bank community.

A new sector of the Japanese securitization market has opened with the first residential mortgage backed (RMBS) deal by a Japanese regional bank, as of October 2003. The transaction, which took three months to compete, involves the issue of ¥68.9 billion Series 1 Mortgage-backed Trust Certificates, due November 2038. The trust certificates are backed by a pool of housing loan receivables originated by Bank of Yokohama, which have been transferred to a trust created with Mitsubishi Trust & Banking Corp. Yasushi Ikai, credit analyst at Standard and Poor's points out that most private sector Japanese RMBS deals are parceled into trust certificates and, as a result, trust certificate securitization paper has become about as liquid as RMBS bonds. Research analysts note the deal features a standard default trap mechanism as well as a facility to enable cash reserves and loan principal collections to be used to cover temporary interest payment shortfalls. The loan-to-value ratio of 62% is low in the Bank of Yokohama deal, compared to other Japanese RMBS deals, further enhancing the credit rating. One concern in this transaction was the potential concentration risk posed by the regional bank's localized business focus. In order to attain AAA rating, the Bank of Yokohama deal features over-collateralization of approximately 15.5% of the housing loan receivables.

The article deals with the issuance of Shariah-compliant debt papers by credit card issuer Aeon Credit Service of Japan. The issuance was under an agreement signed with joint lead arrangers, managers and bookrunners Aseambankers Malaysia, Bank of Tokyo-Mitsubishi UFJ and CIMB Investment Bank. According to managing director Kuroda Naruhito, they are looking to raise funds at a rate of 4 to 4.5 percent in three to five years. The papers are guaranteed through a syndication arranged by corporate bank Mizuho.

Reports that Fuji Bank and other Japanese original lenders sold Montgomery Ward bank debt to hedge funds in a scramble to unload the paper before Japan's fiscal year-end in March 1998. Pricing; Bank of Nova Scotia leading the credit.

The article reports that Sumitomo Mitsui Financial Group's dollar and sterling tier one offering has concluded a stellar year for Japanese financial institutions in the capital markets, particularly in the bank capital arena. Sumitomo Mitsui Financial Group raised $2.65 billion of tier one debt via $1.65 billion and £500 million tranches. Daiwa SMBC, Goldman Sachs, Merrill Lynch and Morgan Stanley led the deal, which was lapped up by investors in search of paper offering high yields.

The article focuses on the participation of several Japanese banks in the global debt capital market. The high volume of regulatory capital funding was driven by the repayment of government funds by the banks for the bailouts from the 1998 financial crisis. Shinsei Bank sold a dual tranche tier one capital issue. The bank issuance market is coming to the end of the racpitalisation cycle according to Simon Yoo, managing director and co-head of the financial institutions at Nikko Citigroup.

The article discusses the potential of the hybrid capital market for corporate and financial institutions in Japan. Funding officials at Japan's leading banks say that the levels that they can achieve by placing tier one domestically are clearly more attractive than those that can be achieved in international markets. According to Gen Nakahara, director, debt capital markets at Merrill Lynch, most bank hybrid tier one issuance is sold to the global investor base.

Discusses the growth of residential mortgage-back securitisation (RMBS) in the asset-backed securitisation market in Japan in 2004. Factors that contributed to the recovery of the Japanese securitisation market; Information on several RMBS transactions of banks in September 2004; Implementation of a securitisation programme for loans of small and medium sized enterprises by Japan Finance Corp. for Small Businesses on July 1, 2004.

Reports on how securitization helps accelerate the process of disintermediation in the Japanese financial system. Significance of the arrival of unsecured consumer finance assets; Key factor for the securitization market's growth; Ways to achieve growth, according to Takeo Sumino, head of global merchant banking planning at Nomura in Tokyo; Overview of the vehicle Shinsei Funding Four used by Shinsei Bank; Effect of the collapse of stock markets and the growth of bankruptcies on banks.

The article discusses the factors that are pushing the dematerialization of trade documentation forward in Asia. Banks and corporates based in the continent have been able to adopt fundamental change, delivering levels of automation unparalleled even by Western counterparts. They have gradually adopted electronic documents for presentation and crucially realized the use of an electronic bill of lading. These trends are now recognized in China, Korea, and Japan.

This article focuses on Japan's increasing influence on world market. International bankers and borrowers are well aware of the need to keep up to date with developments in Japanese finance. The problem is that deregulation in Japan proceeds in bursts, most of the time it's at a standstill but, when it moves, it does so at lightning speed. Signs are that a period of rapid deregulation is about to hit Japan. The auction system for government bonds is soon to be extended to six,15, and 20-year maturities. Domestic commercial paper looks set to start in October this year; significantly because this knocks the first big hole in the barriers between the banking and securities industries both banks and securities houses will, be dealers. And the government is discussing ways of breathing life back into the domestic bond markets. Whatever happens, Japan is going to play an increasingly important role in world finance. One Japanese newspaper went so far as to use the expression "Pax Japonica" to describe Japan's future position in the world economy. The newspaper argued that Japan looked set to take over the leading role at present occupied by the United States.

The article focuses on the transition of the Development Bank of Japan (DBJ) to privatised status and its role in the government's plans for its future as a private enterprise. As part of its privatisation, the bank will likely focus on project finance, corporate turnaround assistance and support the privatisation of services such as waterworks. DBJ could achieve a rating of double-A post-privatisation according to Mitsuhiro Fukao of the Japan Centre for Economic Research. DBJ was established in 1999 as a successor to the Japan Development Bank.

Shinsei Bank launched the third transaction in its Hydra series in Japan in March 2004 with a ¥73.5 billion deal. Hydra III does not differ significantly from the previous two deals in the series. Rather it underscores the durability of the structure Shinsei has put in place. The bank has plans to launch Hydra IV in fiscal 2004. Underlying the Hydra III notes was a range of housing mortgages sourced from five entities. These included two regional banks, a life insurer and a non-bank. All loans were performing. The deal included three tranches, the largest being ¥67.6 billion and rated triple-A by all three international rating agencies. The novelty in this series is in its structure, which involves a two-tiered system with multiple waterfalls to protect the cashflow of the underlying assets from cross-contamination. Shinsei placed the paper privately, targeting investors who ranged from the very large institutions to regional banks. According to Dan Shireman, head of capital markets at Shinsei, the marketing of the deal was relatively straightforward. The Hydra series is becoming more and more accepted by investors. Spreads were tighter this time with three times oversubscription.

Mitsubishi UFJ Financial Group is the latest Japanese bank to market a green bond in euros, with a five year senior trade. Proceeds are earmarked for renewable energy projects. [ABSTRACT FROM AUTHOR]

Highlights the role of Tokio Marine & Fire Insurance Co. in the asset-backed securitisation (ABS) market in Japan. Acquisition of auto-loans ABS by the company; Involvement of Tokio Marine in the purchase of a landmark synthetic collateralized debt obligation of Mizuho Corporate Bank in 2003; Impact of bank withdrawal in collateralized loan obligation issuance on the company.

Reports on a transaction launched by HBOS in the Japanese government bond market. Details on the bank's non-call five lower tier two issue; Response to the transaction; Information on the international yen market; Views on the transaction.

The article discusses the use of electronic trading platforms by the institutional market in Japan. While the margin trading retail investors have been quick to embrace changes in technology, Japan's institutional market has moved much slower. When electronic platforms were introduced, customers were concerned about the quality of the service. Japanese banks have not invested in information technology as heavily as their international counterparts, and as a result the Japanese marketplace is dominated by the big global currency houses.

The article assesses the banking laws and regulations under the Basel II Accord in Japan. According to the author, the Basel II appears to have caused a drop in Japanese banks' fund investment, and the Japanese Financial Services Agency (FSA) seems to be the leading regulator in the implementation of Basel II globally. Moreover, the author discussed the FSA's standardized and internal-ratings based approaches in measuring credit risks.

The article deals with the role of residential mortgage-backed security (RMBS) deals in the growth of securitisation issuance in Japan. The transformation of Government Housing Loan Corp. (GHLC) into direct mortgage lender is expected to affect the total market volume. Megabanks' RMBS issues are often time-tranched collateralised mortgage obligations (CMO). There is no clear indication yet that the megabanks will become serial issuers of collateralised debt obligations (CDO).

The article discusses the introduction of the hybrid capital market to the Japanese corporate sector. Bankers hope that the experiences companies in the U.S., Europe and other areas such as Australia have had will give Japanese corporates the confidence to take their first steps into the hybrid market. The advantage to issuers of including the mechanism is that it can make the hybrid more equity-like in the eyes of the rating agencies.

The article focuses on the performance of the Japanese corporate hybrid capital market. With momentum building in the international markets for corporate hybrids, Japan's banks and insurance companies making local investors familiar with the product and the country's economy taking off, there is a growing expectation among all parties involved in the capital markets that it is only a matter of time before Japanese corporates follow the examples of their international peers.

The article focuses on the performance of the banking sector in Japan. When Mitsubishi UFJ Financial Group launched the largest ever hybrid tier one transaction in March 2006, with Merrill Lynch as global coordinator, it was overwhelmed with international demand for its securities. The return of Japanese banks to the tier one market has been made possible by the country's economic recovery and the return to health of the banking sector.

The article offers information on the of Mitsubishi UFJ Financial Group's efforts to do business in the European banking industry. Topics discussed include the conditions of the banking industry in Japan, the investment in several bonds in Europe by the company, and the views of Phil Roberts, head of Europe, the Middle East and Africa (EMEA) region's investment banking for the company.

The article looks into the resurgence of the U.S. collateralized loan obligation (CLO) market as volatility eases as of March 2016. Among the companies that are marketing CLO deals are Oaktree Capital Management, LCM Asset Management, and Symphony Asset Management. Issues tackled are the shrinking pool of triple-A buyers in the primary market, triple-A pricing, and market dominance by Japanese banks.

Japanese banks are stepping up their lending to North American borrowers, seeking a higher profile in the us syndicated loan business and in a few select cases, entering the active secondary market for bank assets. A small group of Japanese long-term credit banks and city banks are now regularly being invited into large, high-profile deals. These include Fuji Bank Ltd., Industrial Bank of Japan, Long-Term Credit Bank of Japan, Bank of Tokyo and Sumitomo Bank. Japanese bankers remain cautious lenders in the us, according to many market sources. They are not interested in the junk end of the business, such as leveraged buy-out refinancings for below-investment-grade borrowers. The Japanese banks are keener on investment-grade credits, preferably single-A rated or higher. And they are more attracted to revolving credits raised to back up commercial paper issues than to fully-funded term loans. It is a safe but limited strategy. The drawback for Japanese lenders is that enormous competition for this business between the leading us banks has squeezed loan margins. The U.S. banks' response has been to underwrite investment-grade loans aggressively, pick up primary market fees and then sell down to over-capitalized, asset-hungry regional banks.

The article focuses on the overseas development of Japanese banks after financial crisis in Japan. Topics discussed include policy of quantitative easing for banks, expansion of overseas lending than domestic lending, equity investment by the U.S. government to reduce financial crisis of Citigroup bank, and use of swap markets for foreign currency lending.

Focuses on different factors that affect the economic condition of Japan. Activities in the Samurai bond market; Discussion on foreign investments and interest rate of local banks; Projection on the rating of the yen currency.

Discusses the progressive developments in the securitization market in Japan. Factor that contributed to the banking sector's lending capacity; Cases of transactions in the market; Emergence of asset classes.

The article reports that several of Japan's top banks are climbing up the bookrunner rankings in the Asian syndicate loan market. Improvement in the rankings of Mizuho, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial Group has been deemed remarkable, given that the volume of deals in the sector has declined by over 40 percent in the first half of 2012 compared with the same period of 2011. Dealogic has attributed the improvement to the banks' focus on the merger and acquisition market.

This article looks at the capital raising practices of mega-banks in Japan as of March 2003. Japan's mega banks are struggling to avoid possible extinction in their present form--a real possibility should they fall foul of the recent round of government inspections of their non-performing loans. The only public market capital raising to complete by the end of February was the ¥345 billion mandatory convertible preference share issue by Sumitomo Mitsui Financial Group, a transaction that was widely criticized, not for its pricing, but for its structure and size. The deal followed hard on the announcement by Mitsubishi Tokyo Financial Group that it would try to raise about ¥400 billion through the sale of ordinary shares on or before March 5.

The article reports on Japan Bank for International Cooperation (JBIC), which is one of the busiest export credit lenders in the North Asian region. The comments from Japan's finance minister Sadakazu Tanigaki, which came at the end of October 2005, referring to the government's desire to reduce the number of state-run banks, including JBIC, have put the future of the bank in question. According to Tanigaki, financial institutions that control the outflows must be reformed. INSETS: Japanese business returns to Vietnam;Mitsubishi-UFJ, the world's largest bank.

Reports the foreign funds of the purchased Shinsei, Kansai Sawayaka, and Tokyo Star Bank in Japan. Implication of the foreign financing of the banks on the opportunities of banks for business; Complaints of bankers on the aims of Shinsei on the non-profit loan reductions; Strategy of Kansai president Shuichi Takashi on downsizing and cost-cutting. INSETS: Timothy Collins on Ripplewood's "adventure";Aozora irks the government.;Putting a price tag on Shinsei..

The article focuses on the problems of non-performing loan in the banking sector in Taiwan. It almost seems that the Taiwanese government and its leading bankers have managed to miss the flood of bad news coming out of Japan about how woeful the world's second-largest economy's banking sector really is. If they had read the reports then they wouldn't be taking such a lethargic approach to their own institution's challenges. Taiwan's banking sector is overpopulated and fragmented. Fifty-two banks scramble around attempting to make a living in a highly competitive market. Interest rates are at record lows, falling 200 basis points in the past year to around 3%. The banks have little fee income and are heavily dependent on lending. The rate cuts have narrowed their loan spreads to painfully thin pickings. The bursting of the dot com bubble has added to the problems, leaving this technology-dependent economy with many struggling corporates unable to pay interest on loans, let alone the principal. INSET: Lo dynamically interprets the cha cha cha.

The article speculates about the real reasons behind the departure of Jim Walker from the Asian equity team of Nomura and examines its possible implications for the brokerage development division of the Japan-based investment banking company. Before Walker's departure from Nomura, there had been disputes over salaries, compliance, and investment banking, as well as rumors that Walker's authority was being undermined by the arrival of managing director Haruki Matsushita. In addition, Nomura appeared to have trouble integrating foreigner executives into its overseas operations. Walker has since been hired by Credit Lyonnais to be its chairman of broking. INSET: Will history repeat itself?.

The article focuses on the Korea Development Bank (KDB) that has launched US$500-million of Yankee bonds just five weeks after it sold a Dm500-million (US$35 1-million) issue. The fixed-rate bonds carry a coupon of 6.5% and have a seven-year term. Lehman Brothers and Salomon Brothers were joint bookrunners on the deal, which was priced at 75bp over Treasuries at launch. The issue came at a time when the market was feeling the pressure from the higher funding costs faced by Japanese banks in the interbank market. Some Japanese banks had been selling securities in the past month, resulting in spreads widening substantially across the board. Korean paper has been particularly affected, and the larger spreads, known as the Japanese premium, have been reflected in the pricing of new issues as well. The weak market conditions also influenced the maturity that the KDB settled for. The bank had been looking at a 10-year issue, but the pre-market analysis suggested that only a shorter-term issue would be acceptable. The bank then had to agree on a seven-year maturity.

This article reports that a push came to shove for Connecticut-based GTE Finance, which did its first shogun issued in February 1987 after being courted by Japanese bankers for nearly six months. William P. Benac, president of the company said that, the company had a tremendous increase in the number of Japanese banks visiting it in Stamford. Of course, this captive finance subsidiary of GTE already had extensive relationships with a number of those banks, and it was natural, said Benac, to pick one to lead the deal. This single-A borrower, however, is no stranger to financial innovation abroad. It has borrowed extensively in the Euromarkets, through dual currency bonds, and through foreign currency issues denominated in Swiss francs and Ecus. Benac said he had been looking at the Japanese markets since summer 1986, but held off until the U.S. Internal Revenue Service clarified the tax status of bonds issued in Japan. When that came last winter, the company hopped in, filing the appropriate papers, and, having chosen the Industrial Bank of Japan as its lead commission bank, made sure in covenant negotiations that there would be no provisions in the shogun issue that the company had not encountered in similar Eurodollar deals.

This article focuses on how corporate finance, Kleinwort Benson International Inc.'s major strength in the Japanese market in the bank's representative office days, is also an important part of the new securities company. Kleinwort Benson has been particularly strong in the equity warrants sector, one of the growth areas in the Euromarkets, and claims third spot among foreign companies in the dollar equity warrants league table, having managed deals for over 60 borrowers in 1986. It attributes this not only to traditional corporate finance strength, but also to its market making reputation in London and Tokyo in the equity linked sector, and its swap capabilities. Although a relative latecomer to commercial paper, KBII's corporate finance team has made an impressive start in what is also a new area for most Japanese companies. It is also one of the leading players in Eurodollar straight issues by Japanese borrowers, with numerous co-managements and co-lead managements for such names as Industrial Bank of Japan and Nippon Credit Bank in 1986.

The article presents an overview of the Japanese government bond (JGB) market, as Naoto Kan was appointed as the new prime minister of the country in 2010. It cites economic challenges to be faced by Kan, including Japan's huge public debt. It mentions the increase in demand for JGBs from local investors, particularly from the domestic banking sector. It notes that the promotion of this market among foreign investors has been a priority of the Ministry of Finance (MOF).

The article reports on the arrival in force of Australian banks as Samurai issuers in 2007 is helping to forge closer links between the Japanese and Australian banking sectors. Australian bank Westpac took its maiden run at the Samurai market in January 2008, selling a ¥77 billion deal tight to its global credit default swaps at the time. The bank's funding team was sufficiently pleased with that outcome to return in the third week of August.

Highlights the fixed income investor roundtable in 2004 which deals with yen fixed income investments in Japan. Information on the weighting and strategy for yen assets of the funds of Nomura Asset Management; Statement issued by Masahiro Kami, group leader of the Japanese fixed income management group at Daiwa SB Investment, on their outlook for Japanese private sector corporate credits; Participation of Deutsche Trust Bank in the Samurai bond market according to chief investment officer Tim Griffen.

Global variation margin requirements have not created chaos in the market, but collateral is emerging as a battleground, with some dealers using the regulation as an excuse to tighten terms. [ABSTRACT FROM AUTHOR]

The article reveals that Japanese banks will not issue covered bonds in the Japanese market, unlike South Korea's Kookmin Bank. It reveals why banks like Shinsei Bank, Sumitomo Mitsui Banking Corp. and Dexia did not push through their plans to issue covered bonds. Meanwhile, Sony Corp. plans to raise ¥100 billion yen in the said bond market.

The article discusses the financial position of the Japan Bank for International Cooperation (JBIC). Bookrunners believe the success of JBIC has shown just how comfortable investors are in looking at high quality names despite the rally that has taken place in terms of outright interest rates. This entry includes information on the company's rating, spread to re-offer and maturity date. Joint books of JBIC include Citigroup, Deutsche Bank and Morgan Stanley.

The article focuses on the status of financial services firm Merrill Lynch. It states that the company is the senior adviser to the RBS-Santander-Fortis consortium bid for ABN Amro. It mentions that the alliance of Merrill with BlackRock Group has succeeded. The author questions the resemblance of Merrill with Goldman Sachs due to its top rank position in the corporate finance sector in Japan.

The article analyzes the underperformance of Japanese banks and brokerage houses in the international markets. The flaw in their buying programme was that the Japanese often bought the wrong foreign assets. Then there was the position of Tokyo as a perceived world financial centre. Tokyo never quite recovered from the falling stock market.

Focuses on the efforts of Bank of Japan (BoJ) to fund sectors of the Japanese economy that have been affected by the financial crisis in 1998 through asset-backed securitisation. Secondary objective of the bank in their effort; Information on a securitisation market workshop initiated by BoJ in 2003; Revisions made by BoJ to the investment criteria regarding small and medium enterprise related bonds in January 2004.

Presents news briefs on corporate debt in the financial services industry as of July 23, 2004. Launch of Kangaroo bond of Kommunalbanken in Australia; Cancellation of bonds by fruit and vegetable company Chaoda Modern Agriculture of Hong Kong, China; Issuance of Uridashi bond to Japanese retail investors by European Investment Bank in Japan.

Reports on the implication of the success of UFJ Finance's global bond for U.S. investors. Amount of orders attracted by the UFJ deal; Strong signal of Japanese government support for the top banks; Significance of the UFJ transaction to Japanese banks in the international debt market.

Reports on the launching of a Japanese collateralized loan obligation by Mizuho Corporate Bank in September 2002. Features of the synthetic transaction Cubic One Ltd.; Status of the demand for the deal from insurance companies and regional banks; Reason for the renewed interest of Japanese banks in collateralized debt obligations.