Commentary & Deal Flow

Tranche 1 (7yr): Peak book in excess of €2.4bn (incl. €150m JLM interest)

Launched: 7yr: €1.5bn @ MS+39bp - Book closed in excess of €2.4bn (incl. €150m JLM interest)
Spread set at: 7yr: MS+39bp - Book currently in excess of €2.4bn (incl. €150m JLM interest)
Guidance: 7yr: MS+40a

• Issuer: Japan Bank for International Cooperation ("JBIC")
• Issuer LEI: 549300TJ3QFYVCTSCJ29
• Guarantor: Unconditionally and irrevocably guaranteed by Japan
• Expected Ratings: A1 (Moody's, stable) / A+ (S&P, stable)
• Format: SEC-Registered Global
• Settlement: 8-Oct-26 (T+7)
• Maturity: 7-Oct-33
• Size: €1.5bn
• Coupon: Fixed, Annual Act/Act ICMA, short first coupon on 7-Oct-27
• List/Gov Law: Luxembourg Euro MTF (Application made) / NY Law
• Denoms: €100k x €1k
• ECB Eligibility: 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.
• Active Books: Daiwa/Barc/CACIB/JPM
• B&D / DM: Barc
• Target Market: Eligible counterparties and professional clients only (all distribution channels), No EEA PRIIPs KID (key information document)or UK CCI product summary required by DISC has been prepared as not available to retail investors in the EEA or in the UK
• Sales into Canada: Yes
• Sales into Italy: Yes
• ISIN: XS3508788315
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• Schedule: Books Open, Today's business
• Books Subject: 12:00 LDN / 13:00 CET
• Benchmark: DBR 2.6 15-Aug-33 / HR 103%
• Hedge Deadline: 15:20 LDN / 16:20 CET