Mitsubishi UFJ Financial Group (MUFG)
Japan's four major banks post losses of $31bn for 2002
Japan's four largest banks have posted a combined ¥3.61 trillion ($30.9 billion) in losses for the 2002 financial year, following larger-than-expected losses in their cross-equity holdings amid slump in the country’s equity markets and their ongoing…
Japan’s four major banks post losses of $31bn for 2002
Japan’s four largest banks have posted a combined ¥3.61 trillion ($30.9 billion) in losses for the 2002 financial year, following larger-than-expected losses in their cross-equity holdings amid slump in the country’s equity markets and their ongoing…
Sony hit by poor earnings reports and downgrade threat
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.
Japanese credit spreads tighten to near-record levels
Japanese credit default swap spreads continued to tighten on technical factors, nearly reaching record levels, with trading volumes on the whole fairly subdued, according to traders.
Japanese banks: Turning up the heat
Japan's banks have faced a gruelling few months in the run-up to the fiscal year-end, with a plunge in equity prices putting severe pressure on capital ratios. But a further crisis may be just around the corner, writes Nick Sawyer.
Japan credit spreads tighten as Iraqi conflict draws to a close
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.
Moody’s sees record Japanese yen CDO issuance
International rating agency Moody’s Investors Service said today it rated a record ¥3.02 trillion ($25 billion) of collateralised debt obligations (CDOs) in the first quarter of the year. That compares to full-year volume of ¥3.14 trillion in 2002.
Japan credit default spreads resume tightening due to CDO activity
Japan’s credit default swaps market resumed its tightening trend with protection sellers coming back to the market as the new fiscal year started, dealers said today. Recent spread widening offered some arbitrage opportunities related to collateralised…
Japanese credit spreads resilient to war on Iraq
Credit protection on Japanese names remained tight today despite the outset of war on Iraq, with volumes traded in the market on the whole fairly subdued.
Japanese banks' spreads widen following Nikkei tumble
Credit protection on the debt of Japan’s major banks widened this week as the Nikkei stock index hit a new 20-year low. Investors were concerned that the Nikkei 225 index's fall below the psychologically important 8,000 level - it plunged to 7,862.43 on…
Sumitomo capital raising sparks Japanese bank spread widening
Japanese bank credit protection spreads widened this week as a capital-raising exercise by Sumitomo Mitsui Banking Corp (SMBC) sparked renewed fears that banks were trying to shore-up capital reserves ahead of their year-end results.
Japan's UFJ Bank to issue synthetic CLO in March
Japan’s UFJ Bank is preparing to launch a balance sheet synthetic collateralised loan obligation (CLO) referenced to a pool of loans extended by UFJ Bank to Japanese small and medium sized companies, worth ¥1 trillion ($8.4 billion). The synthetic CLO,…
Japanese bank spreads hit on renewed equities portfolio concerns
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.
Nationalisation required for Japanese bank recovery, says Fitch
A partial nationalisation of Japan's ailing banks may be the only way to resolve the country's economic woes, with recent efforts by individual institutions to restructure their balance sheets unlikely to lead to an autonomous recovery in the banking…
Nationalisation required for Japanese bank recovery, says Fitch
A partial nationalisation of Japan’s ailing banks may be the only way to resolve the country’s economic woes, with recent efforts by individual institutions to restructure their balance sheets unlikely to lead to an autonomous recovery in the banking…
Japanese credit default swap spreads tighten as liquidity returns
Japanese credit default swaps were generally tighter this week, as more participants came back to the market, putting an end to several weeks of illiquidity during the holiday season.
Tokyo-Mitsubishi replaces European derivatives head
Tokyo-Mitsubishi International, the international investment banking arm of Japan’s Bank of Tokyo-Mitsubishi (BTM), has made its New York head of capital markets, Shingo Ninomaru, head of financial derivatives and securitisations in London.
Japan credit default swap spreads tighten despite falling stock market
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.
Weak yen helps cheapen protection on Japanese exporters
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.
Asian high-yield bonds should prove a safe haven for 2003, says ING
Healthy economic growth in Asia and continued demand for Asian bonds from Asian investors – known as the ‘Asian bid’ – should immunise Asia’s high-yield bond market next year from the default problems plaguing the global corporate bond market in 2003,…
Client-driven credit default swaps business dries up in Japan
Trading volumes in Japanese credit default swaps were about one quarter of typical levels this week, with spreads tightening in a similar manner to that seen in Europe and the US.
Delay to Japanese bad-loan proposals stymies bank swaps trading
The decision by the Japanese government this week to delay the release of drastic proposals to tackle the country’s decade-long, non-performing loan problem, caused protection on Japanese bank debt to trade slightly wider, with bid-offer spreads…
BTM transfers derivatives teams to securities house
Japan’s Bank of Tokyo-Mitsubishi (BTM) is in the process of transferring its derivatives operations to its newly formed securities house subsidiary, Mitsubishi Securities, in an attempt to provide a wider array of structured products to investors.
Japanese credit default swaps liquidity dries up
Trading in credit default swaps in Japan remained largely directionless this week in the absence of any significant end-client flow, and amid continued uncertainty regarding the government’s plans for the country’s ailing banks.