According to the statement disclosed by Undersecretariat of Treasury, it authorized Daiwa Securities, Mitsubishi UFJ Morgan Stanley Securities and SMBC Nikko Securities to search Japan Bank for International Cooperation (JBIC)-guaranteed bond issuance opportunities in the yen market. According to the statement, which suggests that JBIC-guaranteed third samurai bond is priced on Wednesday, the sum of a 10-year-maturity bond issuance is 100 billion yen (around $930 million), its coupon rate is 1.05 percent (10-year-maturity yen swap rate + 29 bp).
It was highlighted in the statement that a large number of Japanese institutional investors including banks, insurance companies, asset manager and regional financial institutions showed great interest in the transaction and their demand exceeded the amount of issuance. "This bond issuance has become the one that has been priced with the lowest spread in yen swap rate and become the lowest-coupon-rate issuance in the JBIC-guaranteed yen market so far. Additionally, this is the lowest-coupon-rate issuance that we actualize in the international capital markets. With this issuance, the 2014 foreign borrowing program that is valued at $6.5 billion is completed and $450 million of it will be used as preliminary financing for 2015 foreign borrowing program," the statement said.
Turkey marketed its first Japanese bond in 2012 as it looks to take advantage of attractive funding costs on the yen market. Around 90 percent of the debt will be guaranteed by Japan Bank for International Cooperation under a scheme designed to attract emerging-market issuers to the local Japanese market. Turkey's last Samurai came in March 2012, when it sold a JPY 90 billion ($858 million, TL 1.849 billion) offering at 40 basis point over offer-side swaps. JBIC guaranteed that bond as well.
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