Japanese banks support samurai bond offer – DoF

THE government’s planned issuance of $1-billion worth of samurai bonds has earned the support

- tions, the Finance department said on Wednesday.

In a statement, the Finance

Mitsubishi UFJ Financial Group, Nomura Holdings Inc., Mizuho Bank Ltd., Sumitomo Mitsui Banking Corp. ( SMBC) and Daiwa Securities Group Inc. expressed expectations of strong demand in a meeting with Finance Secretary Carlos Dominguez 3rd.

MUFG President and Chief Ex-

- dence in the Philippines now and into the future” among Japanese investors.

“We are extremely supportive of the bond issue … We are very excited and pleased for the inauguration or possible issuance,” Araki was quoted as saying.

The MUFG executive also cited the good relationship between Japan Prime Minister Shinzo Abe and President Rodrigo Duterte as a positive factor in winning investors for the samurai bonds, which are set to be issued in the third quarter of the year.

MUFG would also like to get involved in the Philippines’ “Build Build Build” program, Araki said, as he believes that “infrastructure development is a key for the future success of the Philippines.”

Nomura Holdings President Koji Nagai, meanwhile, told Dominguez that the bank had an exemplary track record in selling yen-denominated bonds and would strive to maximize the Philippines’ issue and “capture the most favorable conditions.”

Mizuho CEO Tatsufumi Sakai cited the Philippines’ recent investment-level ratings upgrades, its strong economy and young skilled workforce as plus factors for the samurai bond issuance and the continued interest of Japanese investors.

“Not only the government, but also the private sector wants to

invest in your country … By collaborating government and private sector partnership we can do a lot,” Nagai was quoted as having said during the meeting in Tokyo,

Daiwa CEO Seiji Nakata also assured Domingue of the institution’s support, saying: “We are right behind you, so no need to worry”.

Lastly, SMBC President and Group CEO Takeshi Kunibe stressed that the “strong leadership” in the Philippines and the “expansion of the Philippine economy” had made the country “very popular among Japanese investors,” the Finance department said.

The yen- denominated bond

- pines without any guarantee from a Japanese institution. This means

- ernment, it added.