Japan
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.
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Japan CDS market calms down ahead of holiday
The Japanese credit default swaps (CDS) market ended the week quietly, with wider spreads reflecting general apathy as participants prepare to take a break for the three-day weekend, dealers said.
Japan Credit Update: Japanese banks widen on Nikkei drop
Credit protection on Japanese banks widened by about 20 to 30 basis points (bp) this week, as the sharp drop in the country’s equity market put pressure on bank margins and financial ratios.
Japanese swap spreads range-bound in limited activity
Japanese credit default swaps remained directionless this week, with spreads moving up and down within a narrow range, in what was an overall quiet trading week, dealers said.
BNP Paribas prepares seventh Japan synthetic CDO
French bank BNP Paribas is preparing to close its seventh Japanese synthetic arbitrage collateralised debt obligation (CDO) under its Serena Finance programme, according to a senior Tokyo-based official at the bank.
Japanese credit spreads continue to tighten after recent sell-off
Credit default swaps in Japan continued to narrow following a sell-off in the past week or two, although volumes remained low this week, Tokyo dealers said. Spreads on five-year debt protection for electronics sector companies tightened by as much as 30…
Japan Credit Market Update: Spreads recover from panic selling
Japanese credit default swaps continued to recover this week, correcting a from a recent sell-off prompted by weak stock markets and general risk aversion on the market.
Japan Credit Market Update: Fujitsu and bank spreads hit in tighter general market
The cost of credit protection was higher on Japanese banks and some electronics names this week, amid a more stabilised market.
Japan Credit Market Update: Spreads rise on weak stocks and rating downgrades
The cost of credit protection on Japanese companies continued to rise this week, as weakness in the stock market prompted many players to hedge their credit exposure.
Isda changes Japan credit derivatives documentation
Japan’s credit derivatives dealers have opted to drop ‘obligation acceleration’ and ‘repudiation/moratorium’ from the list of credit events for standard credit default swap transactions, bringing Japan in line with the European and US credit derivatives…
Japan Credit Market Update: Spreads widen on global equity nervousness
Japan’s credit default swap spreads widened across the board by about 20 basis points this week amid global equity nervousness, because of more corporate concerns, and a generally bearish market.
Japan Credit Market Update: Spreads track US and Europe wider
Japanese credit default swap spreads were wider this week, tracking the trends in the US and Europe in a generally bear market, traders said.
Japan Credit Market Update: Increased protection buying send spreads wider
Japanese credit default swap spreads were wider this week, with investors buying protection on the back of new convertible bond issuance, more credit concerns and the possibility that accounting scandals seen in the US may spread to Japanese companies.
Japan Credit Market Update: Recent volatility subsides into summer lull
Japanese credit default swap spreads were slightly wider this week, but the US July 4 holiday and the beginning of the summer kept the market largely subdued following recent volatility, dealers said.
Japan Credit Market Update: Spreads track equities on WorldCom fears
The cost of default protection on Japanese credits stabilised on Friday after Wednesday’s sharp widening caused by a $3.8 billion accounting scandal at US telecommunications group WorldCom, volatile equity markets and the steady strengthening of the yen…
Japan credit market update: technology sector spreads hit by Nasdaq slump
Credit default swap spreads on Japanese technology names were wider this week, in part due to the decline in the technology-heavy Nasdaq equity market in the US but also due to a technical correction caused by range-bound trading, dealers said.