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The Japanese Financial System May Be More Stable Than Other Countries
On Wednesday of this week, SMFG became the first major financial institution in the world to issue AT1 bonds since the Credit Suisse implosion. The entire market just froze up for AT1 bond issuance. But SMFG this week sold bonds. They sold about 90 billion yen in five-year notes and about 50 billion yen in 10-year notes. And each of those coupon rates, five and 10 years respectively, were higher than similarly issued AT1 bonds from December.