Commentary & Deal Flow

IPTs: 5yr: SOFR MS+54a

• Issuer: Japan International Cooperation Agency ("JICA")
• Guarantor: Unconditionally and irrevocably guaranteed by Japan
• Expected Rating: A1/A+ (Moody's/S&P)
• Format: SEC-Registered Global
• Size: US$ benchmark
• Settlement: 28-May-26
• Maturity: 28-May-31
• Coupon: Fixed, Semi-Annual, 30/360 Day Count
• IPTs: SOFR MS SA 30/360+54bp area
• Reference Treasury: Currently equates to ~CT5 (T 3.875% Apr’31)+ 28.1bps
• Listing: SGX-ST (Application made)
• Governing Law: New York Law
• Target Market: Professional / Eligible Counterparties (all distribution channels)
• Denominations: US$200,000 + US$2,000
• Active Books: Daiwa, Barclays, Goldman Sachs, HSBC
• B&D/DM: HSBC
• ISIN: US47109LAK08
• Sales into Canada: Yes
• Sales into Italy: Yes
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• Timing: Taking IOIs, expect pricing tomorrow