A Japanese borrower hit by a record loss sold a yen bond at the widest spread for yen corporate hybrid debt this year in a key test of appetite as interest rates creep higher.
Sumitomo Chemical priced ?100 billion ($700 million) of hybrid debt on Friday at 280 basis points over Japanese government bonds, according to an email from SMBC Nikko Securities, one of the underwriters.
That¡¯s twice the spread on jumbo subordinated debt deals by Takeda Pharmaceutical and Nippon Steel in June.
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