13 hours ago
Investor Protections Catch On in Japan's Bond Market Shift
Two Japanese companies sold bonds that offer protection for investors against events like corporate takeovers, in rare moves that reflect the desire of policymakers to broaden the market to include riskier borrowers.
Genda Inc. on Tuesday priced ¥3.3 billion ($22.7 million) of three-year bonds at 2.498%, according to lead underwriter SMBC Nikko Securities Inc. The notes carry a double-trigger covenant allowing early repayment if a change of control or delisting occurs alongside a credit downgrade.
