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Capital Markets

Toshiba's turbulence leaves bonds unscathed

Loss-averse domestic investors, bullish foreigners combine to keep prices level

TAKENORI MIYAMOTO, Nikkei staff writer | Japan

TOKYO -- Yields on Toshiba's bonds have barely budged lately despite a steady stream of bad news, with Japanese investors' fear of realizing paper losses and the optimism of overseas hedge funds creating a surprisingly even supply-demand balance.

The Japanese conglomerate submitted earnings for the nine months through December 2016 on Tuesday without auditor approval. News emerged the following day of Toshiba partner Western Digital's objections to the planned sale of the company's memory unit. Yet these developments have not sent bondholders scrambling for the exits.

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