Joint Lead Managers of the 73rd to 77th JICA Bonds in the first half of FY2023 (Non-guaranteed Domestic Bonds)


Japan International Cooperation Agency (JICA; President: TANAKA Akihiko) has mandated the following security companies as joint lead Managers. The bonds are denominated in Japanese Yen without government guarantee and are scheduled to be launched in the first half of FY2023.

  • Nomura, Daiwa and Tokai Tokyo for 5-year tranche
  • Nomura, Daiwa, SMBC Nikko, and Tokai Tokyo for 10-year tranche
  • Daiwa, Mizuho, Shinkin and SMBC Nikko for 20-year tranche

The expected issuance month and tenors are as below, but subject to change depending on market conditions and JICA’s funding demand.

  • 10 and 20 year tranches in June (Sustainability Bonds)
  • 5, 10 and 20 year tranches in September (Sustainability Bonds or Social Bonds)

JICA released its new “JICA Social/Sustainability Bond Framework” on April 7, 2023, and has obtained a second party opinion from Moody’s. The bonds to be issued from FY2023 and onwards will be issued as Social Bonds or Sustainability Bonds as defined under the Framework.

The proceeds from the bonds will be allocated to eligible projects under JICA's Finance and Investment Account. JICA will not knowingly allocate the proceeds to activities related to coal-fired power generation. For the bonds to be issued in September, JICA intends to issue the bonds as “theme bonds”, and the theme will be determined later. The proceeds of the theme bonds will be allocated to eligible projects related to the theme addressing specific development agenda(s) in developing regions within JICA’s Social/Sustainability Bond Framework.

Budget for Finance and Investment Account, and Capital Markets Division, Treasury, Finance and Accounting Department, JICA
Tel: +81-3-5226-9279

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