The cost of credit protection on Japanese corporate debt tightened across the board this week, with spreads in the electronics sector particularly narrower, although volumes were thin.
The cost of credit protection on Japanese electronics companies ended the week off their highs, as market participants finished re-adjusting portfolios and protection sellers re-emerged in the market.
Credit default swap spreads on Japanese computer maker Fujitsu’s five-year debt protection widened 30 basis points this week, following media speculation that the company might become a “rehabilitation candidate” for the government’s Industrial...
Most of the trading in Japan’s credit default swaps market centred around names with outstanding convertible bonds in quiet trading this week.
Credit default swap spreads on Japan’s largest consumer and electronics group, Sony, widened further this week, following weaker than expected earnings results and the potential threat of a downgrade by Moody’s Investor Services, say traders.
Credit protection on Japanese names continued a tightening trend this week, on the back of positive sentiment globally with the war in Iraq nearing a close and the absence of negative news in the domestic market.
Spreads on Japanese bank credit default swaps widened an average 10 basis points this week, sparked by renewed investor concerns about unrealised losses linked to their large equity portfolios.
Credit default swap spreads in Japan continued to tighten this week, despite the equity market benchmark Nikkei index closing down every day since Monday, ending at 8,516.07, 347.19 points or 4% down on the week.
A weaker Japanese yen earlier this week lifted market sentiment on the financial prospects of Japanese export companies, which caused their credit protection costs to narrow up to 20 basis points.
Credit protection on Japanese corporate debt widened this week, as a number of hard-line reformers were appointed to a banking task force committee by Heizo Takenaka, the newly appointed head of the Financial Service Agency (FSA), the country’s financial...
Credit default swaps in Japan continued to narrow following a sell-off in the past week or two, although volumes remained low this week, Tokyo dealers said. Spreads on five-year debt protection for electronics sector companies tightened by as much as...