Jera Sells Multi-Tranche Yen Bond as Japan Credit Costs Increase
- Spreads on yen corporate bonds highest in more than two years
- Market conditions for new issuance have softened, Jera says
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Power company Jera Co. sold 96.5 billion yen ($709 million) of hybrid bonds, an amount smaller than the upper limit flagged by the company, as Japan’s credit market has softened.
The Tokyo-based utility priced the multi-tranche deal on Friday. Jera said last month that it was seeking to issue as much as 400 billion yen of debt, an offering that would have been the country’s biggest corporate bond sale to institutional investors this year.