Japan
Japan’s SMBC to launch ¥1 trillion balance sheet synthetic CLO
Japan’s Sumitomo Mitsui Banking Corporation (SMBC) is preparing to launch its second balance sheet synthetic collateralised loan obligation on March 24, ahead of the fiscal year end, with a ¥1 trillion ($8.35 billion) transaction.
Japanese credit default swaps market turns defensive
Japan’s credit default swaps market continued to ignore the threat of war in Iraq, diplomatic tensions with North Korea and weak stock markets, but the mood in Tokyo was nevertheless bearish, and market participants were more keen to buy protection than…
Japan credit default swaps seen at the end of tightening trend
Japanese credit default swaps have reached the end of their tightening trend, and market participants are now waiting for direction, dealers said. But with the fiscal year-end approaching, they predict that participants are likely to stay on the…
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 credit default swaps brush off international events
Credit default swap spreads in Japan tightened across the board this week, brushing off heightened diplomatic tensions with North Korea and the threat of war in Iraq, as technical factors continued to support the Japanese market, dealers said.
Japan's FSA cracks down on lapses by foreign firms
TOKYO – In mid-January, Japan's Financial Services Agency (FSA) issued administrative actions against the Tokyo branches of both Crédit Lyonnais Securities Europe and ING Securities after the agency found regulatory breaches at both firms.
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…
Japan credit default swap spreads wider on weak stocks
Japanese credit default swap spreads were generally wider this week following weakness in stock prices, but dealers said participants with short positions have helped support the derivatives market and dampened the widening trend.
Japan credit default swaps continue technical tightening
Credit default swap spreads in Japan were tighter across the board this week, with some protection sellers posting aggressive offers on the market, dealers said today.
Japanese synthetic CDO market to see continued growth
Japan’s synthetic collateralised debt obligation (CDO) market is likely to continue to boom in 2003, according to a report published this week by credit rating agency Moody’s Investors Service.
New supervisory rules trigger alarm in Japanese banking system
The impact of a rigorous new Japanese bank inspection system is causing alarm at the country's banks, with many scrambling to shore-up fragile financial reserves ahead of its implementation in the next couple of months.
Japan credit default swaps open year quietly
Japan’s credit default swap market opened the year quietly this week, with some names tightening, partly on the back of tighter US and European markets, while others widened on negative equity news.
Japan credit default swaps in quiet start to New Year
Credit default swaps on Japanese names were unchanged on Monday, as market participants came back for a half day after the long New Year holiday.
Japanese default swap spreads tight despite bearish equity market
Convertible arbitrage funds and other investors seeking premium continued to maintain tight Japanese credit default swap spreads, despite continued weakness in the country's benchmark Nikkei 225 stock index, which dropped near its 19-year low of 8,303,…
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.
Japan follows US in holiday mood
Trading in Japan’s credit default swap market remained subdued throughout the week, because of Thursday’s Thanksgiving holiday in the US and a general month-end slow down in activity.
Japanese banks raise bad loan provisions in restructuring push
Plans to clean up balance sheets at Japanese banks has had a widely muted impact on the credit market, despite concern that some banks may run a loss in the full year ending March 2003 as a result of their more drastic restructuring plans. Japan’s four…
Japanese banks take a breather but volatility lies around the corner
Japanese banks’ credit default swap (CDS) spreads continued their rollercoaster ride this week, with some of the spreads widening by as much as 40 basis points and tightening back by 30bp. Although Friday’s session brought some solace to Japan’s CDS…
UFJ spreads balloon by 160bp due to nationalisation fears
The cost of credit protection on Japanese bank UFJ’s five-year senior debt rose by 160 basis points today as fears grew that the bank would be hardest hit by Japan’s planned banking restructuring.
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.
US investors complacent about currency risk, says Merrill
A decade of US asset and currency outperformance has engendered complacency among US-based equity investors, according to Merrill Lynch’s foreign exchange strategy group.
An overwhelming problem
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