Barclays Plc hired former Goldman Sachs Group Inc. oil banker Yumi Hiramoto to meet demand from Japanese refiners and trading houses for hedging commodities.
Hiramoto, 27, joined Barclays Capital Japan Ltd.’s commodities division yesterday, Tokyo-based spokeswoman Marina Totsuka said. She takes charge of oil and natural gas derivatives sales, said two people with direct knowledge of the matter, declining to be identified because her job specification hasn’t been made public.
The U.K.’s third-biggest bank wants to capture demand for crude and metals derivatives, tools used by refiners, utilities, airlines and trading houses to mitigate the risk of fluctuations in fuel costs and the value of their stakes in overseas oil fields and mines.
“Japanese trading houses and explorers may expand investment in overseas oil and gas assets after the yen’s recent strength helped lower their acquisition costs,” said Ken Hasegawa, commodities-derivatives sales manager at brokerage Newedge in Tokyo. “Demand for commodities derivatives could increase as these buyers of energy assets seek to reduce the risks of a swing in the value of overseas holdings.”
Hiramoto, 27, joined Barclays Capital Japan Ltd.’s commodities division yesterday, Tokyo-based spokeswoman Marina Totsuka said. She takes charge of oil and natural gas derivatives sales, said two people with direct knowledge of the matter, declining to be identified because her job specification hasn’t been made public.
The U.K.’s third-biggest bank wants to capture demand for crude and metals derivatives, tools used by refiners, utilities, airlines and trading houses to mitigate the risk of fluctuations in fuel costs and the value of their stakes in overseas oil fields and mines.
“Japanese trading houses and explorers may expand investment in overseas oil and gas assets after the yen’s recent strength helped lower their acquisition costs,” said Ken Hasegawa, commodities-derivatives sales manager at brokerage Newedge in Tokyo. “Demand for commodities derivatives could increase as these buyers of energy assets seek to reduce the risks of a swing in the value of overseas holdings.”
Hiramoto has four years’ experience in energy risk hedging, the people said.
Record Deals
Overseas natural-resource takeover and investment deals by Japanese companies reached 710 billion yen ($8.6 billion) in the nine months ended Sept. 30 this year, according to an Oct. 5 report compiled by Recof Data Corp., a unit of Tokyo-based mergers and acquisitions adviser Recof Corp. The figure breached the record annual-high of 577 billion yen set in 2008, the report shows.
Mitsui & Co.’s February $1.4 billion purchase of a stake in the Marcellus Shale gas project led Japanese natural-resource investments abroad this year. The country’s second-biggest trading house said it will spend at least $3 billion to move ahead with the $25 billion project operated by Anadarko Petroleum Corp.
Mitsubishi Corp., Japan’s largest trader, followed suit. It clinched a C$250 million ($246 million) acquisition agreement in August with Penn West Energy Trust for a stake in the Cordova shale-gas project in Canada.
Barclays hired Marubeni Corp. oil trader Hiroyuki Oda last October to boost sales of derivatives as swings in crude and refined product prices lowered profits at Japanese refiners and utilities.
Yen’s Gains
Oil and metals swaps typically allow utilities and manufacturers to pay a fixed price for a commodity while another party, usually a bank, pays a floating price, based on market benchmarks. If the benchmark goes up during the term of the contract, the utility gets money from the bank, and if it goes down, the utility pays.
The yen today traded near the strongest level against the dollar in more than 15 years as speculation increased that the U.S. Federal Reserve will step up purchases of government debt to support the recovery. The dollar stood at 82.38 yen at 8:44 a.m. in Tokyo from 82.41 yen in New York yesterday when it touched 82.11, the lowest since May 1995.
To contact the reporters on this story: Shigeru Sato in Tokyo at ssato10@bloomberg.net; Yuji Okada in Tokyo at yokada6@bloomberg.net.
To contact the editors responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net; Clyde Russell at crussell7@bloomberg.net.
http://jodnet.blogspot.com
Record Deals
Overseas natural-resource takeover and investment deals by Japanese companies reached 710 billion yen ($8.6 billion) in the nine months ended Sept. 30 this year, according to an Oct. 5 report compiled by Recof Data Corp., a unit of Tokyo-based mergers and acquisitions adviser Recof Corp. The figure breached the record annual-high of 577 billion yen set in 2008, the report shows.
Mitsui & Co.’s February $1.4 billion purchase of a stake in the Marcellus Shale gas project led Japanese natural-resource investments abroad this year. The country’s second-biggest trading house said it will spend at least $3 billion to move ahead with the $25 billion project operated by Anadarko Petroleum Corp.
Mitsubishi Corp., Japan’s largest trader, followed suit. It clinched a C$250 million ($246 million) acquisition agreement in August with Penn West Energy Trust for a stake in the Cordova shale-gas project in Canada.
Barclays hired Marubeni Corp. oil trader Hiroyuki Oda last October to boost sales of derivatives as swings in crude and refined product prices lowered profits at Japanese refiners and utilities.
Yen’s Gains
Oil and metals swaps typically allow utilities and manufacturers to pay a fixed price for a commodity while another party, usually a bank, pays a floating price, based on market benchmarks. If the benchmark goes up during the term of the contract, the utility gets money from the bank, and if it goes down, the utility pays.
The yen today traded near the strongest level against the dollar in more than 15 years as speculation increased that the U.S. Federal Reserve will step up purchases of government debt to support the recovery. The dollar stood at 82.38 yen at 8:44 a.m. in Tokyo from 82.41 yen in New York yesterday when it touched 82.11, the lowest since May 1995.
To contact the reporters on this story: Shigeru Sato in Tokyo at ssato10@bloomberg.net; Yuji Okada in Tokyo at yokada6@bloomberg.net.
To contact the editors responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net; Clyde Russell at crussell7@bloomberg.net.
http://jodnet.blogspot.com
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