Berkshire Hathaway Raises ¥210.1 Billion From Multi-Tranche Bond Sale

Berkshire Hathaway Inc. sold ¥210.1 billion ($1.4 billion) of yen-denominated bonds on Friday at a spread which was lower compared with its previous deal as global investors flock to Japan.

The offering comprised four tranches of SEC-registered, senior, unsecured bonds with maturities ranging from three to 15 years, and in aggregate raised more than the previous ¥90 billion sale in April. That prior deal, which came at a time of heightened uncertainty due to US trade tensions, marked the smallest yen issuance by veteran investor Warren Buffett’s firm since it first starting tapping the market in 2019.

The three-year notes, the largest portion of today’s sale, were priced at a spread of 48 basis points over TONA-based yen mid-swaps, compared with 70 basis points in the previous offering. The US firm also paid about 64 basis points on the five-year tenor, lower than the previous offering.

Demand from investors focused on corporate bonds has been recovering, said Takashi Fujiwara, chief fund manager at Resona Asset Management Co.

He added that Berkshire is a popular name, saying its “credit rating is solid, and foreign investors are also active buyers in the secondary market.” Rising interest rates have renewed appetite for corporate debt, he said, adding “Investors see better value and yen-denominated bonds are in their scope.”

The deal comes after foreign issuers such as Renault SA, Slovenia, and Shinhan Bank Co. sold Samurai bonds this month, highlighting growth in investor appetite although interest was focused on shorter tenors in a rising rate environment.

The tighter spread also underscores an improvement in market sentiment since April, when US tariff threats fueled volatility and prompted several Japanese companies to cancel or delay domestic bond sales over concerns about rising borrowing costs. At the time, uncertainty around trade policy kept investors on edge.