Japan’s Samurai bond market needs industry standard

Author: | Published: 5 Mar 2012

Lawyers in Japan have called for Samurai bond market participants to establish industry-standard terms and conditions.

From April 2012, amendments to Japan’s Financial Instruments and Exchange Law will enable primary market disclosure documents in the Samurai market to be prepared in English with supplementary documents in Japanese.

The move aims to facilitate Samurai bonds by aligning US, European and Japanese market practice pertaining to legal risk disclosure.

But Hypo Group Alpe Adria’s counsel, Borislav Chonkov told IFLR differing interpretations of event of default definitions and triggers within bond documentation would also need to be addressed if market activity was to increase.