YEN

摘要

BPCE (A2/A/A) has reinforced its commitment to the Samurai market, despite the competitive euro pricing that is prompting more European issuers to borrow at home rather than abroad. BPCE's need for diversification brought the French bank back to the yen market little more than six months after its previous Samurai in December, albeit in smaller size. Last week it sold a ¥70bn (US$687m) three-tranche bond, as opposed to the ¥131.6bn it raised across five tranches on December 6.