Greece Samurai holders in Japan may be exempt from bond swap

Holders of 108.7 billion yen ($1.33 billion) of Greece’s yen-denominated bonds who live in Japan may not be affected by an agreed debt swap as part of the biggest restructuring in history.

The swap agreed on Feb. 24, known as private sector involvement, or PSI, doesn’t apply to the holders because of the time limits and Japanese legal requirements, Shinsei Bank Ltd. said in a statement Friday. The bank is one of three that manages the securities in Japan.

“The Greek government isn’t in a position to promise anything at this moment regarding the treatment of the aforementioned bonds owned by residents in Japan,” Shinsei Bank said in the statement. “The Greek government will notify the result of the current PSI offer to the representative management companies without any delay.”

Greece negotiated the largest debt restructuring on record as it seeks to reduce national debt to 120 percent of gross domestic product by 2020, from 160 percent last year, and to meet the terms of a 130 billion-euro ($173 billion) international bailout. [Bloomberg] - 

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