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“Samurai” bond in Japan will refinance social investments in France

Samurai bonds are yen-denominated bonds listed by foreign issuers for the Japanese market.

Groupe BPCE, France’s second largest retail bank, structured the ¥58.1 billion ($518 million) bond like a traditional or green bond, targeting the proceeds to refinance loans made in education, healthcare and social sectors in France by its Banque Populaire and Caisses d’Epargne operations.

Groupe BPCE has been active in the Japanese market since 2012 and is the largest Samurai bond issuer.

Low interest rates in Japan have made European bonds attractive for asset managers looking for higher returns.

The listing aligns with a “growing demand from Japanese investors in the field of socially-responsible investment,” says investment firm Mizuho International. Interest rates were not disclosed.

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