Credit spreads widening in the Samurai market 15 September 2008 4:26PM Philip Bayley International bond issuance was led by the ANZ last week. The bank issued four tranches of Samurai bonds raising the equivalent of A$1.0 billion. Issuance was spread over fixed and floating rate three-year tranches of JPY13.5 billion and JPY25.7 billion respectively, priced at 96 bps over Libor/swap and fixed and floating rate five-year tranches of JPY27.2 billion and JPY22.1 billion respectively, priced at 117 bps over Libor/swap. Clearly, spreads have pushed out in the Samurai market too, as Westpac was able to raise three and five year funds at 88 bps and 106 bps only three weeks ago.The ANZ was also active in the Euromarket, along with the Commonwealth Bank and nab. The ANZ added A$75 million to the A$125 million of two-year bonds issued the week before. The CBA raised A$125 million for two years, paying a 7.25 per cent coupon, and nab added GBP35 million to its August 2011 EFRNS, to take outstandings to GBP360 million.Interestingly, Lion Nathan announced that it had locked in a five-year, syndicated, JPY30 billion loan. This will swap back to approximately A$340 million and will cost Lion Nathan 75 bps over bank bills, fully hedged, according to the press release.