Japan’s top credits assess which markets work bestIt might be easy to imagine that Japan’s top credits have an easy time accessing the international bond market. Compared to high yield or debut issuers, that may be so. But a strong rating and an important role in public policy bring with them certain responsibilities — not least of which is keeping funding costs down. The rise in dollar interest rates, and the volatility that is sure to result, thus represents a conundrum for these issuers. What is the right price for a dollar bond? What is the correct attitude to maturity adjustment? GlobalCapital asked these and other questions during a roundtable discussion that took place in Tokyo shortly before the end of the fiscal year on March 31, 2018.

It might be easy to imagine that Japan’s top credits have an easy time accessing the international bond market. Compared to high yield or debut issuers, that may be so. But a strong rating and an important role in public policy bring with them certain responsibilities — not least of which is keeping funding costs down. The rise in dollar interest rates, and the volatility that is sure to result, thus represents a conundrum for these issuers. What is the right price for a dollar bond? What is the correct attitude to maturity adjustment? GlobalCapital asked these and other questions during a roundtable discussion that took place in Tokyo shortly before the end of the fiscal year on March 31, 2018.http://www.globalcapital.com/article/b182w5wy3nwm4n/japans-top-credits-assess-which-markets-work-best[Collection]