The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney is part of the Euromoney Institutional Investor PLC
Northeast Asia

The Philippines taps samurai market

The Republic of the Philippines returned to the samurai bond market in August, becoming the latest sovereign issuer to tap a yen investor base desperate for yield.

By Morgan Davis

The Republic of the Philippines took advantage of Japanese investors’ hunger for yield when it returned to the samurai market in early August, allowing the sovereign to snag a tightly priced, four-tranche ¥92 billion ($863.4 million) bond.

The transaction was smaller than the Philippines’ 2018 samurai bond trade, which raised ¥154.2 billion from three tranches. That deal marked the sovereign’s return to the Japanese market after an eight-year hiatus.

With its return to yen last week, the country wanted to diversify its investor base and how it approached the market, says a source at the Philippines’ ministry of finance.

“It was a well-received transaction, and investors were pleased,” he adds.

Akihiro Igarashi_JP Syndicate_160x186

Akihiro Igarashi,
Nomura

The southeast Asian nation isn’t the only sovereign to tap the yen market this year. With the likes of Mexico, Malaysia and Indonesia also selling samurai bonds in the last few months, the Philippines found an engaged investor base in Japan.

Japanese investors “are looking for products that offer a decent spread on yield,” says Akihiro Igarashi, head of debt syndicate for Japan at Nomura.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree