Mizuho Joins AT1 Sellers In Japan Crisis

Mizuho Financial Group Inc. will sell Additional Tier 1 bonds. They'll be the third Japanese bank to do so after Credit Suisse Group AG's issues. People think it's a sign of a strong credit market and better investor feelings.

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A lender will issue yen-denominated AT1 notes. Mizuho Securities Co will underwrite it. The pricing may come out in July. We don't know how much they will issue.

Mizuho Financial is making an offer. Other lenders have done this before - Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group. The reason for these offers is because Credit Suisse got taken over by UBS Group. Credit Suisse's AT1s were written down, causing trouble.

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Mizuho announced AT1 after buying Greenhill & Co. as part of their expansion in US investment banking.

Mizuho wants to use bond proceeds for working capital. The bank spokesman said this.

AT1 sales in Japan are happening quickly, showing that Japan is different from other countries. Japan's interest rates are expected to stay low, so people want to invest in higher-yielding assets.

Toshiyasu Ohashi, the chief credit analyst at Daiwa Securities Co., said that the demand for high-yielding notes in Japan is increasing. The reason is that the markets expect that low rates will continue for some time. Ohashi added that Sumitomo Mitsui's newest sale has set the stage for additional sales from the Japanese banking area.

The article has been updated with a comment from the bank and additional information to provide context.

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