Cross-border yen volume Lowest since 1984

摘要

Cross-border yen bond issuance volume fell to its lowest level in 36 years in 2020, with the market standing out as one of the worst affected by the coronavirus pandemic. Volume fell 65% to just ¥1.164trn (US$11.26bn), according to Refinitiv data, considerably lower than ¥3.309trn in 2019 and the worst year since 1984. That was in stark contrast to the domestic market, where issuance volume increased 23%. Bankers in Tokyo said issuers and investors were deterred by Covid-19 and the subsequent response from global central banks, which scrambled to provide ample liquidity to help battered economies deal with the effects of the pandemic. Among foreign issuers, FIG issuers had notably smaller funding needs.