Mizuho targets bond listing in Japan
Print Edition
MIZUHO Bank, Japan’s second-largest lender by assets, plans to issue offshore yuan bond in Japan and list it for the first time on Tokyo’s bond market, the company said yesterday.
The bank will issue a two-year yuan-denominated bond worth about 250 million yuan (US$40.3 million) to be sold at an annual yield of 3.82 percent starting from July 9.
Mizuho’s issue followed the 350 million yuan issue on June 24 by Japan’s largest lender Bank of Tokyo-Mitsubishi UFJ, as the Chinese currency climbs in global importance which triggers the need for a relatively low-cost fundraising in yuan for Japanese companies.
“We believe the importance of yuan in global financial markets is continuing to increase,” Mizuho said in a statement.
Mizuho said it also got approval from the Tokyo Stock Exchange to list the bond on Tokyo Pro-bond Market, a bond trading market for institutional investors such as life insurance companies and local banks.
By providing access for investors to invest in yuan-listed securities, Mizuho said it will expand the flow of trade and investment between China and Japan.
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