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Japan's Credit Saison to issue first 15-year bond for card company

TOKYO -- Credit Saison will sell a 15-year bond, the longest-dated debt ever issued by a Japanese credit card company, as more cardholders spread out their payments over lengthier periods.

The Tokyo-based company will decide Friday on the terms of the sale, which could take place as soon as this month and is expected to raise 10 billion yen ($96.5 million). Credit Saison seeks to take advantage of ultralow interest rates.

The company has about 250 billion yen in outstanding bonds. It has never issued debt with a maturity longer than 10 years.

The bond is expected to carry a coupon of between 0.75% and 0.79%. Regional banks and credit unions will likely buy most of the issue at a time when depressed interest rates are driving investors into higher-yielding long- and ultralong-term debt.

(Nikkei)

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