SMBC and UFJ issue synthetic CLOs

New angles

Two of Japan’s largest banks are launching balance-sheet synthetic collateralised loan obligations (CLO) worth ¥1 trillion ($8.4 billion) each, in a further effort to raise capital and improve their financial ratios ahead of the end of March fiscal year-end.

The deals follow a flurry of synthetic balance-sheet deals and preferred stock issuance in Japan in the past few months, as the country’s ailing banks look to shore up dwindling capital reserves ahead of the 2002 fiscal year-end.

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