伯克希尔完成2101亿日元发债，增持五大商社“弹药”已备好？

Core Viewpoint - Berkshire Hathaway successfully issued 210.1 billion yen (approximately 1.4 billion USD) in yen-denominated bonds at a lower cost than previous issuances, indicating potential preparations for increasing stakes in Japan's five major trading companies [1][2]. Group 1: Bond Issuance Details - The bond issuance consisted of four different maturities ranging from three to fifteen years, all registered with the U.S. Securities and Exchange Commission (SEC) [2]. - The total issuance amount of 210.1 billion yen significantly exceeded the 9 billion yen raised in April, which was the smallest issuance since Berkshire entered the market in 2019 [2]. - The cost of issuance was notably lower, with the three-year bond pricing spread at 48 basis points above the TONA benchmark, down from 70 basis points in the previous issuance [2]. Group 2: Market Sentiment and Investor Interest - Investor demand for corporate bonds has been recovering, with Berkshire being a favored issuer due to its solid credit rating and active foreign investor participation in the secondary market [2][3]. - The rise in interest rates has rekindled investor interest in corporate bonds, with a focus on better value in yen-denominated bonds [3]. Group 3: Strategic Implications - Berkshire's financing through yen bonds is seen as a way to lock in investment opportunities in Japan, serving as an important indicator of sentiment in the yen credit market [3]. - There is speculation that the proceeds from the bond issuance may be used to increase stakes in Japan's five major trading companies: Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo [4]. - Since Berkshire first disclosed its holdings in these companies in August 2020, their stock prices have more than doubled, reflecting the positive market response to Berkshire's investments [4]. Group 4: Shareholding Strategy - Although Berkshire agreed to maintain its stake in each company below 10%, the companies have consented to "moderately relax" this limit as Berkshire approaches the threshold [8]. - Warren Buffett indicated that over time, an increase in Berkshire's holdings in these companies may be observed [8].