(April 10): Berkshire Hathaway Inc sold ¥272.3 billion (US$1.7 billion or $2.18 billion) of yen-denominated bonds, marking its first such deal since Warren Buffett stepped down as chief executive officer.
The six-tranche offering comprised maturities ranging from three to 30 years. The 10-year notes were priced at a spread of 90 basis points over benchmarks, with a coupon of 3.084%. In its previous yen deal in November 2025, Berkshire sold 10-year notes at a coupon of 2.422%.
The Omaha, Nebraska-based company has expanded its investments in Japan, including stakes in major trading houses, and recently agreed to invest about ¥300 billion in insurer Tokio Marine Holdings Inc, signalling its continued confidence in the country.
The deal attracted investors despite rising volatility in Japanese government bonds amid heightened tensions over Iran. It was the issuer’s third-largest yen deal on record, following its ¥430 billion debut in 2019 and a ¥281.8 billion sale in October 2024.
“In this kind of environment, lesser-known issuers may find it difficult to come to market,” said Shunsuke Oshida, managing director at Manulife Investment Management (Japan) Ltd. “Issuers with a track record and exposure to Japan offer reassurance, making it easier for investors to participate.”
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The spreads were larger than those first explored on April 3 that were around 85 basis points for the 10-year, according to people familiar with the matter. They then widened to 85-90 basis points on April 7 and to 88-90 basis points on April 8.
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