Mizuho Tier 2 opens floodgates

摘要

Mizuho financial croup debuted in the Yankee market last week with Japan's first offshore capital securities transaction, a US$1.5bn 4.6% subordinated Tier 2 10-year that is expected to be the first of a slew of similarly sized offerings this year from Asian financial institutions. According to bankers in Hong Kong, other Japanese banks are already lining up to follow suit and could come to market with deals in the weeks ahead. "Because of their scale, the Japanese banks will need to access offshore markets for capital securities," said a head of debt syndication in the Hong Kong office of one of the major bond houses based in New York. "We are having discussions and I expect you will see others following Mizuho shortly."