KommuneKredit has returned to the Japanese structured products market after a 15-month absence.
The Danish government funding agency has written a three-year income note linked to Nikkei225, for distribution by Hirogin Utsumiya.
The non-profit issuer previously dipped its toes into the Japanese retail market with three tranches of a currency note for Shinko Securities in 2008.
2011 has seen a number of issuers and distributors returning to the market.
This month, Kosei Securities launched NSteel Sony Railway, a two-year income note, issued by Kommunalbanken, linked to the performance of three Japanese shares (Nippon Steel, Sony, East Japan Railway). The firm previously sold structured products striking in July 2007 and May 2010.
Okinawa Securities also this month issued Super Ball Bond M20130225, a two-year income dual currency note written by HSBC linked to the performance of BRL against JPY, its first since June 2008.
Finally, in January, local fund manager DIAM issued Australia Bond Plus 120, a 6.5-year growth and income fund linked to a basket of Australian sovereign bonds and Chinese, Indian and Indonesian shares. This is the manager's first structured issue since August 2009. The firm issued 42 structured funds in 2008 and three in 2009.
These products appear on the Japan database.