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Commentary & Deal Flow

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by Jp Albin

Apr 14, 2026 11:23 AM ET

PRICED: Development Bank of Japan US$1bn 5yr Sr Unsec; MS+58bp

IGC APAC Market: Deal Flow - SSAIGC European Market: Deal Flow - SSAIGC US Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Spread	IPT-PXD
Development Bank of Japan	5yr	4.125%	21-Apr-31	US$1bn	Sr Unsec	Fixed	99.671	4.199%	MS+58	-5

Reoffer: 5yr: MS+58bp / 99.671 / 4.199%
Benchmark: 5yr: T 3.875 31-Mar-31 @ 99-28+ / B+30bp / HR 100%

Final Books: in excess of US$6.3bn (Incl US$150m JLM)

Launched: 5yr: US$1bn @ MS+58bp - Books in excess of US$6.3bn (Incl US$150m JLM)
IPTs: 5yr: SOFR MS+63a

Issuer: Development Bank of Japan Inc. ("DBJJP")
Guarantor: Unconditionally and irrevocably guaranteed by Japan
Expected Ratings: A1/A+ (stable/stable)
Format: 144A / RegS
Settlement: 21-Apr-26
Maturity: 21-Apr-31
Size: US$1bn
Coupon: Fixed, 4.125% SA (30/360)
Spread: SOFR MS+58bps
Reoffer: 99.671% / 4.199% S.A
BMK: +30bps vs T 3.875 31-Mar-31 @ 99-28+ HR100%
Use of Proceeds: Long-term lending and investments and for working capital
B&D / DM: Daiwa
List/Gov Law: Luxembourg Euro MTF unregulated market (Application made) / English Law
Docs: Issuer's Global Medium Term Note Programme
Denoms: US$200k x US$2k
Active Books: Barclays/Daiwa(B&D)/GS/MS
Timing: ToE 15:47 UKT
ISIN: Reg S XS3324546178/ 144a US25159MBU09
Issuer LEI: 5493001HGBABMWFZUI25
Target Market: Eligible counterparties and professional clients only (all distribution channels)
Sales into Canada: YES
FTT: 16:30 UKT