Commentary & Deal Flow

Japan Bank for International Cooperation (JBIC), guaranteed by Japan, expected rating A1/A+, has mandated Daiwa Capital Markets Europe, Barclays, Crédit Agricole CIB and J.P. Morgan for its upcoming benchmark 7-year fixed rate € SEC-registered global bond offering. The transaction will be launched in the near future, subject to market conditions and MOF approval.

The notes are intended to be held in a manner that would allow eligibility as collateral for Eurosystem intra-day credit and monetary policy operations.

The notes are expected to be admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange.

• Guarantor: Japan
• Expected Rating: A1/A+
• Format: SEC-registered global bond
• Denominations: €100k and integral multiples of €1k in excess thereof
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only – No PRIIPs KID / UK CCI product summary: The manufacturer target markets (EU MiFID II / UK MiFIR product governance) as assessed by the lead managers are eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK CCI product summary required by DISC will be prepared as not available to retail investors in the EEA or in the UK, respectively.
• Stabilisation: FCA/ICMA stabilisation
• Sales into Canada: YES
• Sales into Italy: YES