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Greek Samurai Bond Holders in Japan May Be Exempt From Swap

Holders of 108.7 billion yen ($1.33 billion) of Greece’s yen-denominated bonds who live in Japan may not be affected by an agreed debt swap as part of the biggest restructuring in history.

The swap agreed to on Feb. 24, known as private sector involvement, or PSI, doesn’t apply to the holders because of the time limits and Japanese legal requirements, Shinsei Bank Ltd., Mizuho Corporate Bank Ltd. and Aozora Bank Ltd., fiscal agents for the securities in Japan, said in statements today. Greece last week formally offered to exchange some bonds for new notes, with investors taking a 53.5 percent haircut.