Appetite for equity

In a hunt for yield, some Japanese investors have turned to European and US collateralised loan obligations, and more are set to follow. Keen to buy equity tranches, Japanese clients are being welcomed with open arms. Duncan Wood reports

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The number of Japanese investors buying euro-denominated collateralised loan obligations (CLOs) is set to more than double over the coming year, with US dollar issues also expected to benefit from a surge in demand.

Driven to look at opportunities in overseas markets by a shortage of high-yielding paper at home, even after the recent 25-basis-point rise in interest rates, Japan's banks, insurers and pension funds - as well as smaller investors such as endowments and regional lenders - are beating

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