Japan’s Bridgestone Corporation has drastically reduced the size of its planned bond offering, cutting the value by more than half to approximately 50 billion yen ($350.56 million), according to sources familiar with the matter.
The tire maker has also scrapped the original seven-year term proposed for the bond series, which included multiple maturities. Underwriters are currently assessing demand for the offering, although the sources, who requested anonymity due to the sensitivity of the information, emphasized that no official details have been made public.
Bridgestone has declined to comment on the deal.
The revised bond sale, which is part of a broader test of investor sentiment, comes amid a turbulent global market. Despite the lowered offering amount, market experts suggest that the corporate bond market is beginning to show signs of stability.
Bond issuance in Asia has been subdued in recent days following the volatility sparked by U.S. President Donald Trump’s tariff policies, which have made borrowing more expensive across both investment-grade and high-yield bonds.
However, Japanese corporate bonds continue to be in demand among retail investors. For example, SoftBank Group’s 600 billion yen bond offering has seen strong retail interest, with some brokerages already selling out their pre-orders. The offering, which will be priced on Friday, carries a coupon rate between 3% and 3.6%, according to SoftBank’s filings.
Despite market turmoil, SoftBank’s move to go ahead with its bond sale stands in contrast to other regions where similar offerings have been delayed or canceled. While several Japanese companies have postponed their bond issuances, others have managed to secure investor interest by offering wider spreads to offset current uncertainties.
Since the U.S. tariff announcements in early April, over 10 firms have either delayed or canceled planned bond sales, sources say. Between 700 billion yen and 800 billion yen ($4.9 billion – $5.6 billion), approximately half of the total planned issuances for April, have been postponed or scrapped, according to Masahiro Koide, joint head of the capital markets division at Mizuho Securities.
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