Mexico returned to the Samurai bond market on Friday, issuing JPY 282.8 bln
across tenors of 3.5 to 20 years with spreads of 115–210 bps over the benchmark
yen swap curve. The deal comes amid a wave of Samurai issuance as borrowers seek
to lock funding before Japanese rates may rise further; Mexico last issued
Samurai bonds in Aug 2024, raising JPY 152.2 bln. Issuers are increasingly using
Samurai bonds to access Japan’s large investor base, with paper generally
offering higher spreads than comparable domestic bonds.
