Japanese Companies' Euro-Yen Convertible Bond Issuance Hits 6.8 Billion Dollars in H1 2026, Highest Since 2004

According to LSEG data cited by Nikkei Asia, Japanese companies issued 6.8 billion dollars in euro-yen convertible bonds during the first half of 2026, reaching the highest level since the first half of 2004 when issuances totaled 11 billion dollars. The increase in issuances is driven by rising stock prices and foreign investors seeking to gain equity exposure while hedging downside risks, as convertible bonds offer lower interest rates than standard corporate bonds. Notable issuers include Nippon Steel, which issued 60 billion yen in convertible bonds in March as part of its U.S. Steel acquisition financing, and Advantest, which issued 10 billion yen in April to expand semiconductor test equipment capacity.
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