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Commentary & Deal Flow

by Jp Albin

May 20, 2026 2:54 AM ET

GUIDANCE: JICA US$1bn (no-grow) 5yr Sust Gtd; SOFR MS+51a

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

Issuer	Term	Maturity	Size	Ranking	Type	IPT	Guidance	ISIN
Japan International Cooperation Agency	5yr	28-May-31	US$1bn (no-grow)	Senior	Fixed	SOFR MS+54a	SOFR MS+51	US47109LAK08

Guidance: 5yr: SOFR MS+51bp area - IOIs in excess of US$4.1bn (incl. US$125m JLM)

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$1bn (no-grow)
Settlement: 28-May-26
Maturity: 28-May-31
Coupon: Fixed, Semi-Annual, 30/360 Day Count
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: Books open, today's business