By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Sept. 29 – Japan Bank for International Cooperation priced $500 million of 4.375% five-year guaranteed green bonds (A1/A+) at 99.601 to yield 4.465%, or a spread of 46.7 basis points over Treasuries on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
Alternatively, the bonds priced with a 71 bps spread over SOFR mid-swaps, 4 bps tighter than initial talk and 2 bps tighter than guidance, a market source said.
The bonds will be guaranteed by Japan and are callable in the event of certain changes relating to Japanese taxation law at par plus interest.
Daiwa Capital Markets Europe Ltd., Barclays Bank plc, Credit Agricole CIB and Morgan Stanley & Co. International plc are the underwriters for the offering.
Proceeds will be used for existing or future eligible green projects in the areas of renewable energy, clean transportation and green buildings.
The financial institution is based in Tokyo.
| Issuer: | Japan Bank for International Cooperation
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| Guarantor: | Japan
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| Amount: | $500 million
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| Issue: | Guaranteed green bonds
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| Maturity: | Oct. 5, 2027
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| Bookrunners: | Daiwa Capital Markets Europe Ltd., Barclays Bank plc, Credit Agricole CIB and Morgan Stanley & Co. International plc
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| Trustee: | MUFG Bank, Ltd., London Branch, also acting through U.S. Bank Trust Co., NA as fiscal agent
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| Counsel to issuer: | Mori Hamada & Matsumoto
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| Counsel to underwriters: | Skadden, Arps, Slate, Meagher & Flom LLP
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| Coupon: | 4.375%
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| Price: | 99.601
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| Yield: | 4.465%
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| Spread: | Treasuries plus 46.7 bps, or at SOFR mid-swaps plus 71 bps
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| Call: | In the event of certain changes relating to Japanese taxation law at par plus interest
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| Pricing date: | Sept. 28
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| Settlement date: | Oct. 5
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| Ratings: | Moody’s: A1
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| S&P: A+
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| Distribution: | SEC registered
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| Cusip: | 471048CU0
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| Price talk: | SOFR mid-swaps plus 75 bps, revised guidance of SOFR mid-swaps plus 73 bps
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