Commentary & Deal Flow

Reoffer: 5yr: MS+32bp / 99.891 / 3.149%
Benchmark: 5yr: OBL 2.5 16-Apr-31 #193 @ 98.99 / B+43.4bp (HR 99%)

Final Books: In excess of €4.7bn (incl. €100m JLM interest)

Launched: 5yr: €2.5bn @ MS+32bp - Book closed in excess of €4.7bn (incl. €100m JLM interest)
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
• Settlement: 22-Apr-26 (T+5)
• Maturity: 22-Apr-31
• Size: €2.5bn
• Coupon: 3.125%, Fixed, Annual Act/Act ICMA
• Final Spread: MS+32bps
• Reoffer: 99.891 / 3.149%
• Govt. Ref: +43.4bps vs. OBL 2.5 16-Apr-31 #193 (98.99 - HR 99%)
• List/Gov Law: Luxembourg Euro MTF (Application made) / NY Law
• Denoms: €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.
• Active Books: Barc/Citi/Daiwa/JPM
• B&D / DM: JPM
• 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
• Timing: Priced. TOE: 16:33 LDN / 17:33 CET.