The syndicated loan market in Japan amounted to approximately USD 208 billion in size in fiscal year 2014, placing Japan as one of the leading syndicated loan markets after the United States, United Kingdom and Canada. Japanese syndicated lending for the first half of 2015 recorded a total of USD 118.7 billion in proceeds from 1,005 deals, a 4.7% increase in deal count in comparison to the same period in 2014.According to data published by Thomson Reuters, Mizuho Financial Group are the lead mandated arranger with 285 deals in the region equating to USD 46 billion (38.8%market share) and have also ranked number one as bookrunner with 263 deals equating to USD 48 billion (42% market share) in 2015 YTD.In the context of this lending market, the secondary debt trading market has recently shown clear signs of further expansion, with the investor base showing greater scope and depth.This month’s trade alert sets out some of the key considerations for loan traders investing in Japan.Whilst the growing secondary debt market in Japan has resulted in increased debt trading between banks and other financial institutions, this market remains comparatively less developed than the established US or UK secondary debt markets.Assignment (and not novation) is the key method of loan transfer in the Japanese secondary market and documents drafted by the Loan Market Association or Japan Syndication and Loan Trading Association are used for transfer.REGULATION – BANKING LICENCEWhilst a foreign investor… Read full this story
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