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/JAPAN: BA/ML analysts said it's......>

US CORPORATES
US CORPORATES: /JAPAN: BA/ML analysts said it's "not a secret that sometimes
foreign investors buy US corporate bonds on a currency unhedged basis. Nowhere
is this more transparent than for the Japanese life insurance companies who tend
to publish investment plans. This leads to decompression and steepening pressure
on the maturity spread curve, but should be rather shallow & short-lived."
- They added that "while most foreign investors prefer to hedge dollar risk when
buying US corporate bonds," "sometimes they buy on a currency unhedged basis.
Nowhere is this more transparent than for the Japanese life insurance companies
who tend to publish investment plans for the two halves of their fiscal year.
Recall that six months ago they told us that in fiscal 1H - which began April
1st - they indeed planned to increase unhedged buying of foreign bonds (see:
Foreign bonds for life)." On Tuesday, "Nippon Life updated on investment plans
for fiscal 2H" and "anticipated investment needs of about $7bn worth of foreign
bonds - mostly on a currency unhedged basis - and will only" buy "JGBs if 20- or
30-year yields reach 1%," they said.

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