Nomura International Funding notes receive A- rating from Fitch
Nomura International Funding's latest U.S. dollar and offshore yuan senior unsecured notes are rated at the same level as their guarantor, reflecting backing from parent Nomura Holdings. The instruments include short-dated and callable 2036 maturities issued under the group's note, warrant and certificate program for general corporate purposes.
Highlights
- Fitch assigns A- long-term rating to five senior unsecured notes from Nomura International Funding, including U.S. dollar notes maturing November 2027 and callable notes maturing November 2036.
- All rated notes are fully and unconditionally guaranteed by Nomura Holdings, aligning their ratings with Nomura Holdings' A-/Stable/bbb+ profile.
- Future rating changes for Nomura Holdings' Long-Term IDR—including downgrades or upgrades—will directly affect the ratings of the guaranteed Nomura International Funding notes.
Guaranteed debt structure and maturities
As reported by Fitch Ratings, the A- long-term rating applies to five senior unsecured note issues from Singapore-based Nomura International Funding Pte. Ltd., including U.S. dollar notes due in November 2027 and several callable U.S. dollar and offshore CNY notes due in November 2036.The notes are guaranteed by Nomura Holdings, Inc., which carries an A-/Stable/bbb+ rating profile. Fitch says the guaranteed instruments are direct, unconditional, unsubordinated and unsecured obligations of Nomura International Funding, and proceeds are earmarked for general corporate purposes.
Nomura International Funding is a wholly owned subsidiary of Nomura Holdings and mainly supports the Nomura Group's global wholesale business. Fitch says the note ratings are aligned with the guarantor's Long-Term Issuer Default Rating because repayment of principal, interest and other amounts payable is unconditionally and irrevocably guaranteed by Nomura Holdings.
Rating sensitivities and broader implications
Fitch also assigns ex-government support long-term ratings of BBB+(xgs) to the guaranteed senior notes, in line with Nomura Holdings' Long-Term IDR (xgs) of BBB+(xgs). That assessment is aligned with the group's Viability Rating of bbb+.Any negative rating action on Nomura Holdings' Long-Term IDR would lead to similar action on the guaranteed notes, according to Fitch. The agency also says a change in its view of the guarantee contract could trigger a downgrade, while any upgrade of Nomura Holdings' Long-Term IDR or its xgs rating would flow through to the corresponding note ratings.
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