Barclays, BNP Sell Record Samurai Bonds on Yield Lure
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European banks are selling a record amount of yen bonds in Japan, spurring the Samurai market to its busiest quarter in two years as investor demand for yield overrides concern about the lenders’ sovereign debt exposure.
Barclays Plc, BNP Paribas SA and three other European commercial lenders raised 499.7 billion yen ($5.83 billion) in Japan since July 1, the most ever in a quarter, according to data compiled by Bloomberg. Their bonds make up 58 percent of the total 869 billion yen of Samurai sales in the period, the most since borrowers sold 1.165 trillion yen of the securities in the three months to June 30, 2008, the data show.