By Cristal Cody
Chicago, Jan. 18 – Japan Bank for International Cooperation priced $2.5 billion of 4.25% guaranteed bonds with a three-year tenor (A1/A+) on Wednesday, according to information from a market source and an FWP filing with the Securities and Exchange Commission.
The bonds priced at 99.981 to yield 4.257%, or at SOFR mid-swaps plus 62 basis points or Treasuries plus 50.9 bps.
The bonds were talked in the SOFR mid-swaps plus 65 bps area.
As previously noted, the bonds will be guaranteed by Japan.
Daiwa Capital Markets Europe Ltd., Citigroup Global Markets Ltd., Goldman Sachs International and J.P. Morgan Securities plc are the bookrunners.
Proceeds will be used for the ordinary operations of JBIC.
The bonds will be listed in Luxembourg.
The financial institution is based in Tokyo.
| Issuer: | Japan Bank for International Cooperation
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| Guarantor: | Japan
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| Amount: | $2.5 billion
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| Issue: | Guaranteed bonds
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| Maturity: | Jan. 26, 2026
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| Bookrunners: | Daiwa Capital Markets Europe Ltd., Citigroup Global Markets Ltd., Goldman Sachs International and J.P. Morgan Securities 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 and Morrison & Foerster LLC
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| Counsel to underwriters: | Skadden, Arps, Slate, Meagher & Flom LLP
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| Coupon: | 4.25%
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| Price: | 99.981
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| Yield: | 4.257%
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| Spread: | SOFR mid-swaps plus 62 bps or Treasuries plus 50.9 bps
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| Call features: | Non-callable
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| Trade date: | Jan. 18
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| Settlement date: | Jan. 26
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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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| Price talk: | SOFR mid-swaps plus 65 bps area
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| Cusip: | 471048CV8
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