Aussie Drop Vs. Yen Prompts Record Note Sales
The Australian dollar tumbled against the Japanese yen in May and reached a seven-month low in June, helping spur the sale of two of the largest structured notes tied to the exchange rate in at least 13 years.
On May 23, Nomura Holdings Inc. sold 31.6 billion yen ($394 million) of one-year notes tied to the currency pair, the largest such deal according to Bloomberg records going back to 1999. Sweden’s Kommuninvest i Sverige issued 27 billion yen ($340 million) of 18-month securities on June 15, the third-largest.