International Business Machines (IBM) overcame sluggish demand to launch the first corporate bond in the Samurai market since the September 11 terrorist attacks on the US.

Appetite for foreign borrowers has tailed off since September after a bumper start to the year, when a number of new borrowers, such as Deutsche Telekom, entered the market. Bond spreads, or yield premiums over government debt, have widened in the wake of the US attacks and subsequent negative news in the corporate sector.