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2023-04-05

[鼓掌] [强]

Is Buffett going to buy Japanese stocks again? Berkshire Hathaway hires banks to arrange yen bond issuance

借日元，买日股，已经是股神的常规操作了。

Is Buffett going to buy Japanese stocks again? Berkshire Hathaway hires banks to arrange yen bond issuance

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Berkshire Hathaway hires banks to arrange yen bond issuance","url":"https://stock-news.laohu8.com/highlight/detail?id=1129840666","media":"华尔街见闻","summary":"借日元，买日股，已经是股神的常规操作了。","content":"<p><html><head></head><body>Borrowing Japanese yen to buy Japanese stocks has become a routine practice for stock market gurus.<p style=\"text-align: justify;\">On April 5th, media reported that Warren Buffett's company...<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway has hired banks to arrange the issuance of yen bonds. According to an email from Mizuho Bank of Japan, Berkshire Hathaway has commissioned Bank of America Securities and Mizuho Securities to conduct a potential sale of benchmark yen bonds.</p><p><p style=\"text-align: justify;\">Mizuho Bank stated that the transaction is expected to take place in the near future, but the specifics depend on market conditions.</p><p><p style=\"text-align: justify;\">Wall Street Insights previously pointed out that against the backdrop of a weakening yen, increasing holdings of yen assets while issuing low-interest yen bonds not only obtained cheap funds but also hedged foreign exchange risks to some extent.</p><p><p style=\"text-align: justify;\">Berkshire Hathaway first issued yen bonds in 2019, with a total issuance of 430 billion yen, making it one of the largest overseas issuers of yen bonds in history. In 2020, Berkshire Hathaway issued 195.5 billion yen in bonds. The most recent issuance of benchmark yen bonds was in December last year, with an issuance size of 115 billion yen.</p><p><p style=\"text-align: justify;\">After issuing bonds continuously,<strong>As of 2022, Berkshire Hathaway's yen-denominated notes and borrowings on its books had increased to over $7.8 billion. In contrast, the scale of notes denominated in US dollars, euros, and pounds sterling was shrinking, and in terms of coupon payments, yen bonds were also far lower than those of other currencies.</strong></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f5c286d35c8a34982aaf432c25f5e493\" tg-width=\"640\" tg-height=\"219\"/></p><p><p style=\"text-align: justify;\">In the past two years, Buffett has been quite active in the Japanese market. In addition to continuously issuing bonds, in 2020 he also invested in five major Japanese trading companies: Itochu, Marubeni, Mitsubishi, Mitsui & Co., and Sumitomo Corporation. Based on the closing price at the time of disclosure, the total value of the five companies held by Berkshire Hathaway reached $6.25 billion.</p><p><p style=\"text-align: justify;\">In a previous VIP article titled \"Why a Cash-Friendly Omaha Issues Bonds to Buy Japanese Bottoms,\" Wall Street Insights analyzed that against the backdrop of tight central bank tightening measures, Japan, which maintains a loose monetary policy, has become a global interest rate \"lowland,\" and compared to overseas markets, the volatility of the Japanese bond market is relatively low.<strong>The huge difference in financing costs has led to a counter-trend increase in the issuance of yen-denominated corporate bonds.</strong></p><p><p style=\"text-align: justify;\">In addition,<strong>In addition to financing, issuing yen bonds can also hedge against foreign exchange risks.</strong>。 By issuing yen bonds, Berkshire Hathaway eliminates the need to convert its dollars into yen before investing in yen assets, saving it the trouble of cross-border capital flows and avoiding an increase in currency exposure.</p><p><p style=\"text-align: justify;\">Although the yen has depreciated sharply over the past two years, Berkshire Hathaway's dollar-denominated debt has also decreased accordingly, thus offsetting the losses it incurred from going long on yen when betting on yen assets, making it almost guaranteed to make a profit.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Buffett going to buy Japanese stocks again? 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Berkshire Hathaway hires banks to arrange yen bond issuance\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-04-05 15:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Borrowing Japanese yen to buy Japanese stocks has become a routine practice for stock market gurus.<p style=\"text-align: justify;\">On April 5th, media reported that Warren Buffett's company...<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway has hired banks to arrange the issuance of yen bonds. According to an email from Mizuho Bank of Japan, Berkshire Hathaway has commissioned Bank of America Securities and Mizuho Securities to conduct a potential sale of benchmark yen bonds.</p><p><p style=\"text-align: justify;\">Mizuho Bank stated that the transaction is expected to take place in the near future, but the specifics depend on market conditions.</p><p><p style=\"text-align: justify;\">Wall Street Insights previously pointed out that against the backdrop of a weakening yen, increasing holdings of yen assets while issuing low-interest yen bonds not only obtained cheap funds but also hedged foreign exchange risks to some extent.</p><p><p style=\"text-align: justify;\">Berkshire Hathaway first issued yen bonds in 2019, with a total issuance of 430 billion yen, making it one of the largest overseas issuers of yen bonds in history. In 2020, Berkshire Hathaway issued 195.5 billion yen in bonds. The most recent issuance of benchmark yen bonds was in December last year, with an issuance size of 115 billion yen.</p><p><p style=\"text-align: justify;\">After issuing bonds continuously,<strong>As of 2022, Berkshire Hathaway's yen-denominated notes and borrowings on its books had increased to over $7.8 billion. In contrast, the scale of notes denominated in US dollars, euros, and pounds sterling was shrinking, and in terms of coupon payments, yen bonds were also far lower than those of other currencies.</strong></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f5c286d35c8a34982aaf432c25f5e493\" tg-width=\"640\" tg-height=\"219\"/></p><p><p style=\"text-align: justify;\">In the past two years, Buffett has been quite active in the Japanese market. In addition to continuously issuing bonds, in 2020 he also invested in five major Japanese trading companies: Itochu, Marubeni, Mitsubishi, Mitsui & Co., and Sumitomo Corporation. Based on the closing price at the time of disclosure, the total value of the five companies held by Berkshire Hathaway reached $6.25 billion.</p><p><p style=\"text-align: justify;\">In a previous VIP article titled \"Why a Cash-Friendly Omaha Issues Bonds to Buy Japanese Bottoms,\" Wall Street Insights analyzed that against the backdrop of tight central bank tightening measures, Japan, which maintains a loose monetary policy, has become a global interest rate \"lowland,\" and compared to overseas markets, the volatility of the Japanese bond market is relatively low.<strong>The huge difference in financing costs has led to a counter-trend increase in the issuance of yen-denominated corporate bonds.</strong></p><p><p style=\"text-align: justify;\">In addition,<strong>In addition to financing, issuing yen bonds can also hedge against foreign exchange risks.</strong>。 By issuing yen bonds, Berkshire Hathaway eliminates the need to convert its dollars into yen before investing in yen assets, saving it the trouble of cross-border capital flows and avoiding an increase in currency exposure.</p><p><p style=\"text-align: justify;\">Although the yen has depreciated sharply over the past two years, Berkshire Hathaway's dollar-denominated debt has also decreased accordingly, thus offsetting the losses it incurred from going long on yen when betting on yen assets, making it almost guaranteed to make a profit.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3685747\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f3ecc14db02762fcb82cdbb76e654301","relate_stocks":{"161121":"银行","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","BRK.A":"伯克希尔","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","BRK.B":"伯克希尔B","LU0234570918.USD":"高盛全球核心股票组合Acc Close","BK4581":"高盛持仓","BK4585":"ETF&股票定投概念","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","BK4534":"瑞士信贷持仓","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU0149725797.USD":"汇丰美国股市经济规模基金","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","BK4176":"多领域控股","LU0234572021.USD":"高盛美国核心股票组合Acc","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","YCS":"日元ETF-ProShares两倍做空"},"source_url":"https://wallstreetcn.com/articles/3685747","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129840666","content_text":"借日元，买日股，已经是股神的常规操作了。4月5日，媒体报道称，“股神”巴菲特旗下伯克希尔哈撒韦公司已聘请银行安排日元债券发行。根据日本瑞穗银行邮件显示，伯克希尔已经委托美银证券和瑞穗证券进行潜在的基准日元债券销售。瑞穗银行表示，这笔交易预计将在不久的将来进行，但具体要视市场情况而定。华尔街见闻此前分析指出，在日元走弱背景下，加仓日元资产的同时发行低息日元债，不仅获取了廉价资金，也一定程度上对冲了外汇风险。伯克希尔哈撒韦首次发行日元债券是在2019年，彼时的发债规模高达4300亿日元，成为有史以来日元债最大的海外发行方之一。2020年伯克希尔哈撒韦发行了1955亿日元的债券。最近一次基准日元债券发行是在去年12月，发行规模为1150亿日元。在连续发债后，截至2022年，伯克希尔哈撒韦账面上的日元计价票据和借贷规模增至超78亿美元，相比之下美元、欧元、英镑计价的票据规模都在收缩，且从支付的票息来看，日元债也要远低于其他货币。近两年巴菲特在日本市场上可谓是相当活跃，除了连续发债外，2020年还入股了伊藤忠、丸红、三菱、三井物产和住友商事这五大日本商社。按披露时的收盘价估算，当时伯克希尔持有的五家公司的总价值达到62.5亿美元。华尔街见闻此前在VIP文章《不缺钱的股神，为何发债抄底日本》中分析指出，在各国央行紧锁的背景下，独守宽松货币政策的日本已经成为了全球利率“洼地”，且与海外市场相比，日本债券市场的波动性也相对较低，巨大的融资成本差异使得日元计价的公司债发行规模逆势增长。另外，发行日元债除了有融资的作用，还能够对冲外汇风险。通过发行日元债，就不需要将伯克希尔账上的美元换成日元后，再去投资日元资产了，省去跨境资本流动的麻烦，也避免了货币敞口的增加。过去两年虽然日元大幅贬值，但以美元计价的伯克希尔的债务也相应减少，从而抵消了其在押注日元资产时因做多日元而造成的损失，几乎是稳赚不赔。","news_type":1,"symbols_score_info":{"161121":0.9,"BRK.B":0.9,"JPYmain":0.9,"YCS":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":5319,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":10,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}