--- NKY Uridashi monthly issuance slightly picked-up in May-17 With NKY breaking above 19,500 in May and triggering some early knock-outs, Japanese Uridashi issuance picked up towards the end of May to US$630mn. We estimate there is now around US$7.9bn (vs. $8.1bn last month) in product outstanding and ov

structures steepened, especially the Nikkei term structure (spread between lyr and 1M ATM vols), which increased 3.0 vol pts and turned positive NKY Uridashi issuance continues to fall as existing ones haven’t knocked-out Despite the falling NKY and relatively high implied volatility, Japanese Uridashi iss