Cracking The Japanese Market For Debt

U.S. companies race to sell red-hot "samurai" bonds

Hewlett-Packard is doing it in Japan. So are Walt Disney and PepsiCo. Ford Motor's finance unit did it, too. IBM's investment bankers even gave away $350,000 worth of department-store gift certificates when Big Blue joined in. Are all these U.S. blue chips cracking a new Japanese export market? In a way, yes. Except that they aren't selling computers, cars, or soft drinks. What these companies are selling is debt--lots of it.

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