A Renewed Yen For Latin Bonds

A Renewed Yen For Latin Bonds

Asia

A revival of the Samurai market is underway and Latin American sovereign borrowers are once again seeing the appetite for yen-denominated bond issues that prevailed in the mid-1990s. Emerging market issuers flocked to the Samurai market last year, attracted by Japan's flat domestic interest rates, a surge in liquidity and a yearning for higher yields. But is this revival sustainable? Could the Samurai market emerge as a true third market for Latin American sovereigns? Or is this just a brief opportunity created by a wave of cash-flush retail investors looking for better returns? Daniel Gleizer, a director at Brazil's central bank, thinks there is a long-term investor base in Ja

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