Commentary & Deal Flow

Revised Guidance: 5yr: MS+33a +/- 1bp WPIR - Book in excess of €3.8bn (incl. €100m JLM interest)

Guidance: 5yr: MS+35a

• Issuer: Japan Bank for International Cooperation ("JBIC")
• Issuer LEI: 549300TJ3QFYVCTSCJ29
• Guarantor: Unconditionally and irrevocably guaranteed by Japan
• Expected Ratings: A1/A+ (Moody's/S&P)
• Format: SEC-Registered Global
• Size: € benchmark
• Maturity: 22-Apr-31
• Coupon: Fixed, Annual Act/Act ICMA
• Revised Guidance: MS+33bps area +/- 1bp WPIR
• Listing: Luxembourg Euro MTF (Application made)
• Governing Law: NY Law
• Denominations: €100k x €1k
• ECB Eligibility: The notes are intended to be held in a manner that would allow eligibility as collateral for Eurosystem intra-day credit and monetary policy operations.
• Bookrunners: JPM (B&D), Barc, Citi, Daiwa
• Target Market: Eligible counterparties and professionals only (all distribution channels), No PRIIPs KID (key information document) has been prepared as not available to retail investors in EEA and no UK PRIIPs DISC disclosure document has been prepared as not available to retail investors in the UK
• Sales into Canada: Yes
• Sales into Italy: Yes
• ISIN: XS3334208058
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• Books Subject Deadline: 11:45 LDN / 12:45 CET
• Timing: Books Open, today’s business
• Settlement: 22-Apr-26 (T+5)