Buffett’s Berkshire Targets Narrower Spreads on Yen Bonds as BOJ Bets Ease

Bloomberg04-18

Buffett’s firm priced biggest yen bond since 2019 debut saleVeteran investor has boosted stakes in Japanese trading housesWarren Buffett’s Berkshire Hathaway Inc. priced ¥263.3 billion ($1.71 billion)...

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The offering included notes across seven tranches, ranging from three years to 30 years, and is one of the biggest yen deals by an overseas issuer since the BOJ scrapped the world’s last negative interest-rate regime last month.The deal serves as a key test of appetite for yen-denominated bonds, and is also being watched by equity-market investors amid speculation that Buffett may be preparing for another foray into Japanese stocks. His previous purchase of stakes in trading firms provided an endorsement of the nation’s shares that helped propel the Nikkei 225 to a record high.The extra yield on the Reg S deal was less than Berkshire’s bond sales over the past two years. For a three-year maturity, for example, the Omaha-based firm offered a spread of 51 basis points over mid swaps, versus 59 basis points in November and 75 basis points in April 2023.Spreads on yen corporate bonds from both domestic and overseas issuers tightened to around 51 basis points on Wednesday, from around 66 basis points a year ago, according to a Bloomberg index.Buffett’s firm is a regular issuer of yen bonds, and has tapped the market twice a year in 2023 and 2022. Here’s a look at how much Berkshire paid on some maturities over the past two years:Buffett said in his annual letter in February that Berkshire has funded most of its investment in Japanese companies through yen bond offerings. Berkshire has said it hopes to eventually own 9.9% of each of the five major trading houses in which it’s invested.Read: Buffett Endorses Japan Trading Firms in Letter, Boosting SharesIts stakes in trading firms include 8.58% of Mitsubishi Corp., 7.47% of Itochu Corp. and 8.41% of Marubeni Corp., according to the latest information compiled by Bloomberg. Buffett’s equity picks in these companies have outperformed and any renewed backing may give a fresh boost to Japan stocks.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1157469286"}