Investors snap up Westpac's Ñ245 billion Samurai

Japanese investors are swayed by the first-ever deal backed by an Australian government guarantee, and a fat spread.

It takes a lot to convince Japanese investors to invest in the international private sector these days. After the shambles caused by the bankruptcy of Lehman Brothers and Icelandic banks which tapped the Samurai market last year, local investors are understandably suspicious.

But spurred by a lack of corporate supply ahead of the end of the fourth quarter of the Japanese financial year, and low yields on government backed entities, Japanese investors have warmly welcomed Westpac's 245.3 billion...

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