Japan’s Norinchukin Bank kicked off its first dollar bond sale since the agricultural lender said it expects massive losses on its investments in overseas bonds.
The bank started marketing a five-year green bond on Oct. 8 at a spread of around 155 basis points over Treasurys, according to a person familiar with the matter who asked not to be 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 in market spreads over the last 18 months; that deal ended up pricing at a spread of 110 basis points.
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