Commentary & Deal Flow

Development Bank of Japan Inc. (“DBJ”), rated A1 (stable) by Moody’s and A (stable) by S&P, has mandated Daiwa Capital Markets Europe, Barclays, BNP Paribas and Mizuho as Joint Lead Managers.

An expected € benchmark Reg S Senior Unsecured fixed rate 4yr Sustainability Bond offering will follow, subject to market conditions.

• Issuer: Development Bank of Japan Inc.
• Format: Reg S only
• Documentation: GMTN documentation
• Stabilisation: FCA/ICMA stabilisation
• Expected Issue Ratings: A1 by Moody’s and A by S&P (A rating is not a recommendation to buy, sell or hold any securities and may be subject to suspension, reduction or withdrawal at any time by the rating agency.)
• Second Party Opinion: DBJ has obtained a Second Party Opinion on its Sustainability Bond Framework from ISS-Corporate. The Sustainability Bond Framework and the Second Party Opinion are publicly available.
• Eurosystem Eligibility: DBJ has been an acceptable Issuer for the purposes of the Eurosystem eligibility of its securities since August 2020. See https://www.ecb.europa.eu/paym/coll/assets/html/list-MID.en.html
• UK MiFIR professionals/ECPs-only/No EU PRIIPs or UK PRIIPs KID: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs or UK PRIIPs KID (key information document) will be prepared.
• Sales into Canada: YES (Ontario, British Columbia and Alberta)
• Use of proceeds: The net proceeds, or an amount equal to the net proceeds, will be allocated, by way of various financial instruments, exclusively to finance or refinance, in whole or in part, loans or funds to existing and/or future projects or businesses which meet the Eligibility Criteria as set out in the Final Terms. The DBJ Sustainability Bond Framework and related Second Party Opinion are available on DBJ’s website.