The market for yen bonds from global firms is hotter than it’s been in years, providing money managers with an oasis as rates volatility soars.

Investors have scooped up yen debt from issuers outside Japan, fueling the busiest July since 2018. Deals have included Canada’s Toronto-Dominion Bank, Korea Investment & Securities and France’s BPCE, which priced the biggest institutional offering since 2019 in the Japan market.

That’s brought the tally since the start of the fiscal year on April 1 to ¥1.44 trillion ($10.2 billion), the most in five years. And there’s more in the pipeline: Korean Air Lines plans to issue a yen note this week, while that nation’s government intends to sell its first yen bond in Japan later this year.