Buffett sells US$1.2bil of yen debt after big Japan bets FMTNews FMTBusiness
Shares of Japan’s major trading firms soared after Warren Buffett increased Berkshire Hathaway’s stake to 7.4% from 5% in 2020.
The US conglomerate’s five-part bond deal included notes as short as three years, according to an email from Mizuho Securities Co, one of the joint book-runners on the deal. The longest tenor, maturing in 2053, comes with a 2.325% annual interest rate. While credit spreads on yen corporate bonds have climbed this year on bets that the Bank of Japan will tighten monetary policy under new Governor Kazuo Ueda, all-in corporate borrowing costs are still some of the lowest in the world.
The US company, which Buffett took control of in 1965, surprised Japanese markets in 2020 when it bought shares in local trading companies after pricing one of the largest-ever yen bond deals by an overseas issuer.
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