Clifford Chance
Japan's inaugural covered bond issue
2 June 2008
Japan's Shinsei Bank announced on 11 June 2008 that it is issuing a 10 year JPY30 billion (USD280 million) covered bond. It would be the first covered bond issue from a Japanese issuer. This briefing looks at the terms of Shinsei's proposed issuance and discusses certain aspects of the transaction, in particular how it differs from structured covered bonds
seen in other jurisdictions without specific covered bonds legislation.
