BofA Global Research-Japan Credit Monthly December 2023-105614997

Accessibleversion29December2023JapanCreditMonthlyCreditJapanDecember2023YusukeIkedaCreditAnalysisResearchAnalystBofASJapanPrimarymarkettrendinDecember+81362257712yusuke.ikeda@bofa.comDomesticcorporatebondlaunchestotaledJPY801.0bninDecember,downJPY843.9bnfromDecember2022andthefirstYoYdeclinein13months.SeniorbondlaunchesJunkiOjimadeclinedJPY473.6bnYoYtoJPY791.0bnwhilesubordinatedbondlaunchesdeclinedResearchAnalystJPY370.3bntoJPY10.0bn.DecemberissuanceofSDG-relatedbondsincreasedJPY39.0bnBofASJapanYoYtoJPY269.8bn,includingJPY164.8bnofgreenbonds,JPY70.0bnofsocialbonds,and+81362257139JPY35.0bnofsustainability-linkedbonds.Accordingtoourdata,JPY1.6235trnofjunki.ojima@bofa.comredemptionsarescheduledforDecember,andthisequatestothelargestnegativenetsupplyfortheyearatJPY822.5bn.CumulativelaunchesthroughDecembertotaledExhibit1:CDSIndex(bp)JPY14.9038trninCY23,thesecondhighesteverbehindtheJPY15.2trntotalforCY20.iTraxxJapanis-5bpMoMDomesticUSDcorporatebondlaunchesfromJapanesecompaniesinDecembertotaled90$2.68bn,up$1.18bnfromDecember2022.JPYbondlaunchesfromnonresidentissuers(samurai,Euroyen,andJPYforeignbonds)totaledJPY164.2bninDecember,aYoY80declineofJPY185.0bn.70SecondarymarkettrendinDecember60iTraxxJapanSpreadsonA-rated(R&I)5yrcashbondsendedDecemberdown2bpMoMat54bp.TheCDXIGresultsoftheBOJ'scorporatebondpurchaseson14December...