Nissan sells 70 bln yen bonds, first in two years

• Source: Global Times
• [16:56 September 11 2009]
• Comments

Nissan Motor Co., Japan's third-largest carmaker, raised 70 billion yen ($766 million) from its first corporate bond sale since June 2007.

The Yokohama-based company priced 35 billion yen of three-year, 1.453 percent notes to yield 1.15 percentage point more than similar-maturity Japanese government bonds, according to data compiled by Bloomberg.

It also sold 35 billion yen of five-year, 1.931 percent bonds at a 1.35 percentage point spread.

Nissan will use the money raised from the bonds for general corporate purposes, Spokeswoman Pauline Kee said, declining to be more specific.

Nissan displayed its first electric car last month, aimed at a market it anticipates will be larger than hybrids as Japanese domestic vehicle production falls.

The company raised 100 billion yen from its last bond sale in 2007, including 65 billion yen of five-year bonds priced at a 0.22 percentage point spread, Bloomberg data show.

(Bloomberg)