Danone has appointed Mitsubishi UFJ Financial Group and Nikko Citigroup to sell yen-denominated bonds, the financial institutions revealed today (19 May).

The banks said that the deal would be priced after pending investor meetings in Japan.

Danone declined to comment on the news and refused to indicate what the funds raised will be used for.

A number of institutionals have sold samurai bonds – yen-denominated debt sold by foreign entities in Japan – to take advantage of the lower borrowing costs of the currency.

In November 2004, the French dairy giant reportedly raised JFY4bn (US$38m) selling 0.82% five-year securities.

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