TOKYO -- Takeda Pharmaceutical last week set the terms for the issuance of three tranches of straight bonds totaling 184 billion yen ($1.27 billion). But the Japanese drugmaker fell short of its 200 billion yen target, a sign that the market is now wary about large issuances.
The bond market has settled down after a turbulent April, but it remains volatile compared with Japan's period of zero or negative interest rates. Some market participants note it can be difficult to absorb even highly rated bonds when there are successive large-volume issuances.
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