Current Issues in Economics and Finance
The Samurai Bond Market
June 1997 Volume 3 Number 8
JEL classification: G10, G15, G24

Authors: Frank Packer and Elizabeth Reynolds

Issuance in the samurai bond market has more than tripled over the past several years. Some observers have attributed this growth to a systematic underestimation of credit risk in the market. A detailed review of credit quality, ratings differences, and initial issue pricing in the samurai bond market, however, turns up little evidence to support this concern.

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