Japan Sees Rush for Covenant Shelter as BBB-Rated Bond Sales Fly

Japanese companies have already sold more corporate bonds with investor protection this year than in all of 2025, as lower-rated borrowers increasingly turn to the bond market instead of relying solely on bank loans for their funding needs. Japanese companies have already sold more corporate bonds with investor protection this year than in all of 2025, as lower-rated borrowers increasingly turn to the bond market instead of relying solely on bank loans for their funding needs.