Aflac Sells ¥65.9 Billion Yen Bonds in Japan's Booming Market

2 articles · Updated · Bloomberg · May 21

¥65.9 billion in four tranches was raised by Aflac on Thursday, extending a run of foreign borrowers tapping Japan’s yen bond market.
The 10-year tranche carried a 3.482% coupon, according to people familiar with the private terms of the SEC-registered deal.
Aflac is a regular yen-bond issuer, but this sale came in below its ¥74.9 billion issuance last year.
The deal follows Alphabet into Japan’s buoyant credit market, underscoring continued overseas demand for yen funding.

With Japan's interest rates finally rising, is Aflac's yen-borrowing spree a smart bet or a future currency risk?

Could the corporate rush to borrow cheap yen be the trigger for the next global liquidity crisis?