Commentary & Deal Flow

Reoffer: 5yr: SOFR MS+49bp / 99.53 / 4.481% S.A
Benchmark: 5yr: T 3.875% 30-Apr-31 @ 98.333 / 4.252% S/A / B+22.92bp / HR 102%

Final Books: 5yr: Books closed in excess of US$9.5bn (incl. US$125m JLM)

Launched: 5yr: US$1bn @ SOFR MS+49bp - Books in excess of US$7.5bn (incl. US$125m JLM)
Guidance: 5yr: SOFR MS+51bp - 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 Sustainability Bond
• Tranche Size: US$1bn
• Settlement: 28-May-26
• Maturity: 28-May-31
• Coupon: 4.375%, Fixed, SA, 30/360
• Spread: SOFR MS SA 30/360 +49bp
• Reoffer: 99.53% / 4.481% S.A
• Benchmark: +22.92bp vs T 3.875% 30-Apr-31 @ 98.333 / 4.252% S/A / HR 102%
• Listing: SGX-ST (Application made)
• Governing Law: NY Law
• Target Market: Professional / Eligible Counterparties (all distribution channels)
• Denominations: US$200k + US$2k
• Active Books: Barclays, Daiwa, 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: Priced. TOE 16.02 UKT.
• Use of Proceeds: JICA intends to use the net proceeds from the sale of the bonds to finance newly committed or ongoing Eligible Projects of Sustainability Bonds as defined under the JICA Social/Sustainability Bond Framework, which are (i) projects that contribute to resolving social issues and (ii) projects that contribute to resolving both social and environmental issues. JICA has obtained a Second Party Opinion on its Social/Sustainability Bond Framework from Moody's and the framework is rated SQS2 – Very good