Westpac

The Samurai bond market, well and truly closed since Lehman Brothers went down last September, reopened with a burst of energy in early February. A series of Samurai deals lined up to beat Japan's fiscal year-end deadline, but the biggest, and the one that unlocked the gates, was a multi-tranche, government-guaranteed Yen201.3 billion ($2.08bn) offering from Westpac Banking Corporation.

The Samurai market, into which yen-denominated bonds are sold by non-Japanese issuers, had been one of the more

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