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Last Updated: 2019.04.04

Bond series wins Bond of the Year (DEALWATCH AWARDS 2018), and BEST DEALS OF 2018 (Capital Eye Awards)

FAST RETAILING CO., LTD.
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Fast Retailing Co., Ltd.'s 250 billion yen straight bond series (issued June 2018) have won Bond of the Year in the DEALWATCH AWARDS 2018 Bond category, and Capital Eye's BEST DEALS OF 2018 Award for the Straight Bond category. These latest accolades, along with the Nikkei Veritas Deal of the Year 2018 in the Bond category for institutional investors won back in January, mean that Fast Retailing has received all three major awards for 2018 bond issuance. (The 2018 series consists of 80 billion yen in 5-year, 30 billion yen in 7-year, 100 billion yen in 10-year and 40 billion yen in 20-year bonds issued using the Pot method*.)

Each year, these awards acknowledge issuers (including companies and government-affiliated institutions) and underwriters for the most outstanding debt and equity issues in the capital markets. Winners are selected based on a range of rigorous criteria, such as questionnaires submitted by institutional investors and other relevant market participants, significance or contribution to the ongoing development of Japan's capital markets, and innovative initiatives.

DEALWATCH AWARDS: Judges Evaluation of Fast Retailing

The series of bonds incorporated a challenging 20-year maturity and introduced the pot system across all tranches, a new feature for large-scale senior debt offerings. The 250 billion yen issue attracted final demand in excess of 340 billion yen, as Fast Retailing timed the deal to capitalize on the favorable environment for bond issuance during the first half of the financial year.

Capital Eye Awards: Judges Evaluation of Fast Retailing**

The series represents the first Pot method used for Japanese senior debt outside of hybrid debt and green bonds, and successfully attracted 250 billion yen in funds. The issue is to be commended for its highly transparent and fair bond marketing and allocation, resulting in a full-participation deal for a total of approximately 300 investors that attracted final demand of approximately 340 billion yen. The series also achieved the issuer's aim of attracting considerable funding in long -and ultra-long maturities.

Fast Retailing June 2018 straight bond series

Fast Retailing Series 580 billion yen5yrUnderwriters: Nomura Securities/Mitsubishi UFJ Morgan Stanley Securities/SMBC Nikko Securities/Mizuho Securities
Fast Retailing Series 630 billion yen7yrUnderwriters: Nomura Securities/Mitsubishi UFJ Morgan Stanley Securities/SMBC Nikko Securities/Mizuho Securities
Fast Retailing Series 7100 billion yen10yrUnderwriters: SMBC Nikko Securities/Mitsubishi UFJ Morgan Stanley Securities/Nomura Securities/Mizuho Securities
Fast Retailing Series 840 billion yen20yrUnderwriters: Mitsubishi UFJ Morgan Stanley Securities/SMBC Nikko Securities/ Nomura Securities/Mizuho Securities

*The Pot method is a way of deciding bond issuance conditions whereby underwriters share applications from individual institutional investors with each other. In this case, underwriters and issuer shared the demand, and it helped us ensure transparency of pricing, and fair allocations.
**We translated the Japanese contents of the Capital Eye News announcement into English.

 

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