Commentary & Deal Flow

Reoffer: 4yr: MS+23bp / 99.614 / 3.48%
Benchmark: 4yr: OBL 2.4 18-Apr-30 #191 @ 97.804 / B+43.3bp

Tranche 1 (4yr): Final Books in excess of €5.6bn (incl. €200m JLM). Peak book in excess of €5.6bn (incl. €200m JLM)

Launched: 4yr: €550m @ MS+23bp - Books closed in excess of €5.3bn (incl. €200m JLM)
Spread set at: 4yr: MS+23bp
Rev Guidance: 4yr: MS+25a - Books are in excess of €4.30bn (incl. €200m JLM)
Guidance: 4yr: MS+28a

• Issuer: Development Bank of Japan Inc. ("DBJ")
• Issuer Ratings: A1 (stable) (Moody's) / A (stable) (S&P)
• Ranking: Senior Unsecured
• Format: Reg S (Registered form)
• Size: €550m
• Maturity: 9-Sep-30 (4yr)
• Settlement: 9-Sep-26
• Coupon: 3.375%, Fixed, Annual (Act/Act ICMA)
• Reoffer Price / Yield: 99.614%, 3.480% annual
• Reoffer Spread: MS+23bp / OBL 2.4% 18-Apr-30 #191 +43.3bps (Ref: 97.804% / 3.047%)
• Denominations: €100k x €1k
• Billing & Delivery: Mizuho
• Listing: Luxembourg (Euro MTF)
• Bookrunners: Daiwa / Barclays / BNP Paribas / Mizuho (B&D)
• ISIN: XS3465635830
• Timings: TOE 15:51 UKT / 16:51 CET - FTT : 16:15 UKT / 17:15 CET
• Gov Law: English law
• Target Market: Eligible counterparties and professional investors only (all distribution channels), No PRIIPs or UK PRIIPs KID (key information document) has been prepared
• Documentation: Global Medium Term Note Programme
• ECB Eligibility: The Notes are intended to be held in a manner which would allow Eurosystem eligibility
• Use of Proceeds: The net proceeds will be allocated to finance or refinance existing and/or future projects or businesses which meet the Eligibility Criteria as defined in the Final Terms.