By Cristal Cody
Tupelo, Miss., July 10 – Japan Bank for International Cooperation priced $3.5 billion of guaranteed senior bonds (A1/A+) in three tranches on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The bank sold $1 billion of 3.125% three-year notes at 99.997 to yield 3.126%. The notes priced at a spread of mid-swaps plus 24 basis points. The notes were initially talked to price in the mid-swaps plus 28 bps area.
Japan Bank priced $1.5 billion of 3.25% five-year bonds at 99.936 to yield 3.264%. The notes were placed at mid-swaps plus 35 bps.
Initial price talk on the notes due July 20, 2023 was in the mid-swaps plus 40 bps area.
The final $1 billion tranche of 3.25% 10-year notes priced at 99.005 to yield 3.368%. The notes were sold with a mid-swaps plus 42 bps spread.
The 10-year notes were initially talked to price with a spread in the mid-swaps plus 43 bps area.
BofA Merrill Lynch, Barclays, Mizuho Securities USA Inc. and Nomura International plc were the bookrunners.
The notes will be guaranteed by Japan.
Proceeds will be used for the bank’s ordinary operations.
The financial institution is based in Tokyo.
| Issuer: | Japan Bank for International Cooperation
|
| Guarantor: | Japan
|
| Amount: | $3.5 billion
|
| Description: | Guaranteed senior bonds
|
| Bookrunners: | BofA Merrill Lynch, Barclays, Mizuho Securities USA Inc. and Nomura International plc
|
| Trade date: | July 10
|
| Settlement date: | July 20
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Distribution: | SEC registered
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Maturity: | July 20, 2021
|
| Coupon: | 3.125%
|
| Price: | 99.997
|
| Yield: | 3.126%
|
| Spread: | Mid-swaps plus 24 bps, or Treasuries plus 45.4 bps
|
| Call feature: | Non-callable
|
| Price talk: | Mid-swaps plus 28 bps area
|
|
|
| Five-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | July 20, 2023
|
| Coupon: | 3.25%
|
| Price: | 99.936
|
| Yield: | 3.264%
|
| Spread: | Mid-swaps plus 35 bps, or Treasuries plus 50 bps
|
| Call feature: | Non-callable
|
| Price talk: | Mid-swaps plus 40 bps area
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | July 20, 2028
|
| Coupon: | 3.25%
|
| Price: | 99.005
|
| Yield: | 3.368%
|
| Spread: | Mid-swaps plus 42 bps, or Treasuries plus 50.1 bps
|
| Call feature: | Non-callable
|
| Price talk: | Mid-swaps plus 43 bps area
|
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