Japan’s Norinchukin Bank has started selling its first dollar bonds after the agricultural lender said it expected huge losses on its investments in foreign bonds.
The bank started marketing a five-year green bond on Oct. 8 at a spread of about 155 basis points over government bonds, according to a person familiar with the matter who asked not to be identified. are identified.
The spread is wider than the 130 basis point area guidance the bank gave when it last sold such a bond in March 2023, despite significant tightening of market spreads over the past 18 months; that deal ended with a price difference of 110 basis points.
