Sumitomo Mitsui Financial Group (SMFG) priced $1.04 billion of additional tier-1 (AT1) debt on Wednesday, becoming the first major Japanese bank to sell them since the value of similar bonds issued by Credit Suisse was wiped out.
SMFG priced the bonds in two tranches, in 89 billion yen five-year notes, and 51 billion yen 10-year bonds, whose terms market players said were attractive.
"SFMG had a choice of not selling them but they went ahead, likely signalling that the Japanese financial system may be more stable than those in other countries." . Swiss regulator FINMA determined that Credit Suisse's AT1 bonds would be wiped out, a decision that rocked global credit markets.said earlier this month it would put AT1 debt issuance on hold until mid-May at the earliest, pointing to weak investor demand and market conditions.
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