Samurai bonds: a third successful transaction for Caisse des Dépôts

On 19 July 19, Caisse des Dépôts successfully issued its third transaction on the samurai bond market, for an amount of 15 billion yen.


Despite a very tight yield environment and a coupon at the lowest fixed rate allocated to a Samurai bond (0.060% for a 3-year term), the transaction confirms Caisse des Dépôts' franchise on the Japanese market. Demand was over-subscribed three times, which made it possible to tighten the rate below the low range proposed during the marketing period.


Apart from an Asian central bank, all other allocated investors are Japanese. General and specialised banks, regional funds and investors as well as asset managers participated in the transaction.


A samurai bond (サムライ債, Samurai-sai) is the nickname of a bond issued mainly in yen on the Tokyo Stock Exchange by non-Japanese (non-resident) companies. It is subject to Japanese regulations.
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