Nordea files for Samurai, targets four tranches for next week

Nordea Bank has filed a shelf registration to issue up to ¥500bn of Samurai paper and the same in Uridashi format, and is targeting four Samurai tranches for pricing next week, according to bankers close to the project.

Daiwa, Nomura, JP Morgan and Mizuho opened books on Thursday for fixed and floating rate notes in three and five years. A 10 year tranche had been considered but was dropped.

The three year and five year FRNs are being marketed at 18bp-20bp and 21bp-24bp over three month Libor, respectively. Guidance for the three year fixed rate tranche was set at 8bp-10bp over yen mid-swaps, and at 11bp-14bp over for the five year fixed rate tranche.

The aim is to price a transaction on Wednesday (29 May).

Nordea launched its debut Samurai in June 2012, a five part ¥120.2bn (Eu924m/Skr7.93bn) transaction. The issuer had been targeting a deal for some time before then, but postponed such a move, with other Nordic issuers that had been eying Samurai deals at the time also pulling back.

The Netherlands’ Rabobank sold the first Samurai of the Japanese fiscal year on Friday, a ¥101.5bn issue that was split into four tranches.