| Headline: Yen bonds - The great Euroyen recovery Source: Euromoney magazine Date: January 2000 Author: Rebecca Bream The Euroyen market, which slipped into somnolence in the 1990s, turned out to be the best performing in the world by the end of 1999. A rising yen, Japanese economic recovery and the beginnings of state-sponsored financial reform triggered a series of new issues, first from supranationals, then from corporates. Rebecca Bream reports For most of the 1990s the Euroyen market has been a shadow of its former self. The primary market hit a spectacular low in 1998. From $55.1 billion worth of business in 1995, Euroyen issuance for 1998 was only $19.3 billion. The market continued to languish in the first half of 1999, only to be revived in spectacular fashion towards the end of last year by a string of supranational deals spearheaded by the Inter-American Development Bank. Euroyen deals in 1999 (up to November 24) total ¥2,572.5 billion ($24.2 billion). As well as the upswing in issuance, the Euroyen market has been the best-performing secondary bond market in the world this year and has suddenly found itself to be the darling of the capital markets. |