Shinsei Bank to issue Japan's first covered bond
Shinsei Bank will issue Yen50 billion ($457 million) in covered bonds to raise funds to bolster the bank's capital base. The bonds, backed by a residential mortgage-loan pool originated by the bank, will mature on February 28, 2018. The issue is the first covered bond in Asia.
"Shinsei Bank is in a unique position in that it is still seeking to increase its assets," says Hiraku Kusaka, a senior structurer in debt capital market solutions at BNP Paribas in Tokyo. "At the same time, it needs to
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