[鼓掌] [强]-To The Moon - Tiger Brokers Online Investing Community - To The Moon

Like
Comment
Favorite

Tyliew
2023-04-05

[鼓掌] [强]

Buffett is going to buy Japanese stocks again? Berkshire hires bank to arrange yen bond offering

借日元，买日股，已经是股神的常规操作了。

Buffett is going to buy Japanese stocks again? Berkshire hires bank to arrange yen bond offering

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Like

Report

Comment

Top
Latest

empty

No comments yet

Most Discussed

{"i18n":{"language":"en_US"},"data":{"magic":2,"id":9948698920,"tweetId":"9948698920","gmtCreate":1680692718861,"gmtModify":1680692722519,"author":{"id":3586350955637820,"idStr":"3586350955637820","authorId":3586350955637820,"authorIdStr":"3586350955637820","name":"Tyliew","avatar":"https://static.tigerbbs.com/160e574cf1b0ade27622b7fde3d21d2b","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"currentWearingBadge":{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","individualDisplayEnabled":0},"individualDisplayBadges":[],"fanSize":14,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"html":"<html><head></head><body><p><span>[鼓掌]&nbsp;</span><span>[强]&nbsp;</span></p></body></html>","htmlText":"<html><head></head><body><p><span>[鼓掌]&nbsp;</span><span>[强]&nbsp;</span></p></body></html>","text":"[鼓掌] [强]","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/9948698920","repostId":1129840666,"repostType":4,"repost":{"id":"1129840666","kind":"news","pubTimestamp":1680678428,"share":"https://ttm.financial/m/news/1129840666?lang=en_US&edition=fundamental","pubTime":"2023-04-05 15:07","market":"us","language":"zh","title":"Buffett is going to buy Japanese stocks again? Berkshire hires bank to arrange yen bond offering","url":"https://stock-news.laohu8.com/highlight/detail?id=1129840666","media":"华尔街见闻","summary":"借日元，买日股，已经是股神的常规操作了。","content":"<p><html><head></head><body>Borrowing Japanese yen and buying Japanese stocks is already the routine operation of stock gods.<p style=\"text-align: justify;\">On April 5, media reported that \"Stock God\" Buffett's subsidiary<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway has hired banks to arrange yen bond offerings. According to an email from Japan's Mizuho Bank, Berkshire has entrusted Bank of America Securities and Mizuho Securities to conduct potential benchmark yen bond sales.</p><p><p style=\"text-align: justify;\">The deal is expected to take place in the near future, subject to market conditions, Mizuho Bank said.</p><p><p style=\"text-align: justify;\">Previous analysis by Wall Street pointed out that in the context of the weakening yen, increasing positions in yen assets and issuing low-interest yen bonds not only obtained cheap funds, but also hedged foreign exchange risks to a certain extent.</p><p><p style=\"text-align: justify;\">Berkshire Hathaway first issued yen bonds in 2019. At that time, the bond issuance scale reached 430 billion yen, making it one of the largest overseas issuers of yen bonds in history. In 2020, Berkshire Hathaway issued 195.5 billion yen in bonds. The latest benchmark yen bond issuance was in December last year, with an issuance scale of 115 billion yen.</p><p><p style=\"text-align: justify;\">After continuous bond issuance,<strong>As of 2022, the scale of yen-denominated notes and loans on Berkshire Hathaway's books has increased to more than US $7.8 billion. In contrast, the scale of US dollar, euro, and pound-denominated notes is shrinking, and from the coupons paid In terms of interest rates, yen bonds are also much lower than other currencies.</strong></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f5c286d35c8a34982aaf432c25f5e493\" tg-width=\"640\" tg-height=\"219\"/></p><p><p style=\"text-align: justify;\">Buffett has been quite active in the Japanese market in the past two years. In addition to continuous bond issuance, in 2020, he also invested in five major Japanese trading companies: Itochu, Marubeni, Mitsubishi, Mitsui & Co., and Sumitomo Corporation. Based on the closing price at the time of disclosure, the total value of the five companies held by Berkshire at that time reached $6.25 billion.</p><p><p style=\"text-align: justify;\">Wall Street News previously analyzed in the VIP article \"The stock god who is not short of money, why does it issue bonds to buy the bottom in Japan\" and pointed out that in the context of the lock-up of central banks in various countries, Japan, which adheres to loose monetary policies alone, has become a \"depression\" of global interest rates, and Compared with overseas markets, the volatility of the Japanese bond market is relatively low.<strong>The huge difference in financing costs makes the issuance scale of Japanese yen-denominated corporate bonds grow against the trend.</strong></p><p><p style=\"text-align: justify;\">In addition,<strong>In addition to the financing function, issuing yen bonds can also hedge foreign exchange risks</strong>。 By issuing yen bonds, there is no need to convert the US dollars in Berkshire's account into yen before investing in yen assets, saving the trouble of cross-border capital flows and avoiding the increase of currency exposure.</p><p><p style=\"text-align: justify;\">Although the yen has depreciated sharply in the past two years, Berkshire's debt, which is denominated in US dollars, has also decreased accordingly, thus offsetting its losses caused by going long yen when betting on yen assets, and it is almost a steady profit.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett is going to buy Japanese stocks again? Berkshire hires bank to arrange yen bond offering</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett is going to buy Japanese stocks again? Berkshire hires bank to arrange yen bond offering\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-04-05 15:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Borrowing Japanese yen and buying Japanese stocks is already the routine operation of stock gods.<p style=\"text-align: justify;\">On April 5, media reported that \"Stock God\" Buffett's subsidiary<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway has hired banks to arrange yen bond offerings. According to an email from Japan's Mizuho Bank, Berkshire has entrusted Bank of America Securities and Mizuho Securities to conduct potential benchmark yen bond sales.</p><p><p style=\"text-align: justify;\">The deal is expected to take place in the near future, subject to market conditions, Mizuho Bank said.</p><p><p style=\"text-align: justify;\">Previous analysis by Wall Street pointed out that in the context of the weakening yen, increasing positions in yen assets and issuing low-interest yen bonds not only obtained cheap funds, but also hedged foreign exchange risks to a certain extent.</p><p><p style=\"text-align: justify;\">Berkshire Hathaway first issued yen bonds in 2019. At that time, the bond issuance scale reached 430 billion yen, making it one of the largest overseas issuers of yen bonds in history. In 2020, Berkshire Hathaway issued 195.5 billion yen in bonds. The latest benchmark yen bond issuance was in December last year, with an issuance scale of 115 billion yen.</p><p><p style=\"text-align: justify;\">After continuous bond issuance,<strong>As of 2022, the scale of yen-denominated notes and loans on Berkshire Hathaway's books has increased to more than US $7.8 billion. In contrast, the scale of US dollar, euro, and pound-denominated notes is shrinking, and from the coupons paid In terms of interest rates, yen bonds are also much lower than other currencies.</strong></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f5c286d35c8a34982aaf432c25f5e493\" tg-width=\"640\" tg-height=\"219\"/></p><p><p style=\"text-align: justify;\">Buffett has been quite active in the Japanese market in the past two years. In addition to continuous bond issuance, in 2020, he also invested in five major Japanese trading companies: Itochu, Marubeni, Mitsubishi, Mitsui & Co., and Sumitomo Corporation. Based on the closing price at the time of disclosure, the total value of the five companies held by Berkshire at that time reached $6.25 billion.</p><p><p style=\"text-align: justify;\">Wall Street News previously analyzed in the VIP article \"The stock god who is not short of money, why does it issue bonds to buy the bottom in Japan\" and pointed out that in the context of the lock-up of central banks in various countries, Japan, which adheres to loose monetary policies alone, has become a \"depression\" of global interest rates, and Compared with overseas markets, the volatility of the Japanese bond market is relatively low.<strong>The huge difference in financing costs makes the issuance scale of Japanese yen-denominated corporate bonds grow against the trend.</strong></p><p><p style=\"text-align: justify;\">In addition,<strong>In addition to the financing function, issuing yen bonds can also hedge foreign exchange risks</strong>。 By issuing yen bonds, there is no need to convert the US dollars in Berkshire's account into yen before investing in yen assets, saving the trouble of cross-border capital flows and avoiding the increase of currency exposure.</p><p><p style=\"text-align: justify;\">Although the yen has depreciated sharply in the past two years, Berkshire's debt, which is denominated in US dollars, has also decreased accordingly, thus offsetting its losses caused by going long yen when betting on yen assets, and it is almost a steady profit.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3685747\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f3ecc14db02762fcb82cdbb76e654301","relate_stocks":{"161121":"银行","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","BK4581":"高盛持仓","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0149725797.USD":"汇丰美国股市经济规模基金","BRK.A":"伯克希尔","BK4176":"多领域控股","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","YCS":"日元ETF-ProShares两倍做空","BRK.B":"伯克希尔B","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元"},"source_url":"https://wallstreetcn.com/articles/3685747","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129840666","content_text":"借日元，买日股，已经是股神的常规操作了。4月5日，媒体报道称，“股神”巴菲特旗下伯克希尔哈撒韦公司已聘请银行安排日元债券发行。根据日本瑞穗银行邮件显示，伯克希尔已经委托美银证券和瑞穗证券进行潜在的基准日元债券销售。瑞穗银行表示，这笔交易预计将在不久的将来进行，但具体要视市场情况而定。华尔街见闻此前分析指出，在日元走弱背景下，加仓日元资产的同时发行低息日元债，不仅获取了廉价资金，也一定程度上对冲了外汇风险。伯克希尔哈撒韦首次发行日元债券是在2019年，彼时的发债规模高达4300亿日元，成为有史以来日元债最大的海外发行方之一。2020年伯克希尔哈撒韦发行了1955亿日元的债券。最近一次基准日元债券发行是在去年12月，发行规模为1150亿日元。在连续发债后，截至2022年，伯克希尔哈撒韦账面上的日元计价票据和借贷规模增至超78亿美元，相比之下美元、欧元、英镑计价的票据规模都在收缩，且从支付的票息来看，日元债也要远低于其他货币。近两年巴菲特在日本市场上可谓是相当活跃，除了连续发债外，2020年还入股了伊藤忠、丸红、三菱、三井物产和住友商事这五大日本商社。按披露时的收盘价估算，当时伯克希尔持有的五家公司的总价值达到62.5亿美元。华尔街见闻此前在VIP文章《不缺钱的股神，为何发债抄底日本》中分析指出，在各国央行紧锁的背景下，独守宽松货币政策的日本已经成为了全球利率“洼地”，且与海外市场相比，日本债券市场的波动性也相对较低，巨大的融资成本差异使得日元计价的公司债发行规模逆势增长。另外，发行日元债除了有融资的作用，还能够对冲外汇风险。通过发行日元债，就不需要将伯克希尔账上的美元换成日元后，再去投资日元资产了，省去跨境资本流动的麻烦，也避免了货币敞口的增加。过去两年虽然日元大幅贬值，但以美元计价的伯克希尔的债务也相应减少，从而抵消了其在押注日元资产时因做多日元而造成的损失，几乎是稳赚不赔。","news_type":1,"symbols_score_info":{"161121":0.9,"BRK.A":0.9,"JPYmain":0.9,"BRK.B":0.9,"YCS":0.9}},"isVote":1,"tweetType":1,"viewCount":2814,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":10,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}