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Press Releases

2000-10
June 15, 2000

Overseas Economic Cooperation Operation

JBIC Signs First Internet Global Bond Issue

  • 1. Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Yasuda) signed its first Global Dollar bond issue, which will be traded on the internet and guaranteed by the Government of Japan, in New York on June 14 at 12:00 a.m. local time.
    This is the first Global offering and the first internet offering and trading by the Government of Japan guaranteed issuers. JBIC launched this bond on June 13, and the issue was oversubscribed and immediately sold out. There was robust demand for this issue from a broad spectrum of prime international investors, including leading investment funds and insurance companies in United States, Britain, Scandinavian countries, as well as Asian and Middle East central banks.
    Because of the volatility in the international capital markets, international investors tend to prefer liquid papers easy to sell or buy. In response to this, JBIC decided on a Global issue, which is highly liquid because bonds can be offered and traded in various markets including those in the Euro and United States, making the pricing more favorable for the issuer.
    This is the first time for JBIC to offer bonds through the internet, which has become popular among foreign issuers this year. JBIC chose the internet offering because of the following advantages:
    • * Convenience for investors in that they can access various relevant information on the same page on the internet ;
    • * A broader investor base; and
    • * Transparency of a re-offering process in detail on a real time basis, making it more convenient for issuer and Lead managers.
    JBIC achieved a name recognition and benchmark establishment through its inaugural Euro-US$1 billion issue under its new name last November. With this Global issue, JBIC gains name recognition and establishment of a benchmark in the U.S. market as well.
  • 2. The following is the main features of issuance.
    MarketGlobal Market
    Amount1 bil. USD
    Maturity5 years (due on June 20, 2005)
    Coupon7.125%
    Issue price99.492 %
    GuarantorGovernment of Japan
    ListingLondon Stock Exchange
    Lead ManagersGoldman Sacks & Co. and UBS Warburg
    Use of FundsInternational Financial Operations of JBIC

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