By Cristal Cody
Tupelo, Miss., Oct. 24 – Japan Bank for International Cooperation priced $3 billion of guaranteed senior bonds (A1/A+) in two tranches on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The bank sold $2 billion of 3.375% five-year notes at 99.872 to yield 3.403%. The notes priced at a spread of mid-swaps plus 29 basis points, or Treasuries plus 44.1 bps. The notes were initially talked to price in the mid-swaps plus 31 bps area.
Japan Bank priced $1 billion of 3.5% 10-year bonds at 99.017 to yield 3.618%. The notes were sold at mid-swaps plus 43 bps, or a Treasuries plus 49.6 bps spread.
Initial price talk on the notes was in the mid-swaps plus 43 bps area.
Goldman Sachs International, BofA Merrill Lynch, Daiwa Capital Markets Europe Ltd. and Nomura International plc were the bookrunners.
The notes will be guaranteed by Japan.
Proceeds will be used for the bank’s financing operations.
The financial institution is based in Tokyo.
| Issuer: | Japan Bank for International Cooperation
|
| Guarantor: | Japan
|
| Amount: | $3 billion
|
| Description: | Guaranteed senior bonds
|
| Bookrunners: | Goldman Sachs International, BofA Merrill Lynch, Daiwa Capital Markets Europe Ltd. and Nomura International plc
|
| Trade date: | Oct. 24
|
| Settlement date: | Oct. 31
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $2 billion
|
| Maturity: | Oct. 31, 2023
|
| Coupon: | 3.375%
|
| Price: | 99.872
|
| Yield: | 3.403%
|
| Spread: | Mid-swaps plus 29 bps, or Treasuries plus 44.1 bps
|
| Call feature: | Non-callable
|
| Price talk: | Mid-swaps plus 31 bps area
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | Oct. 31, 2028
|
| Coupon: | 3.5%
|
| Price: | 99.017
|
| Yield: | 3.618%
|
| Spread: | Mid-swaps plus 43 bps, or Treasuries plus 49.6 bps
|
| Call feature: | Non-callable
|
| Price talk: | Mid-swaps plus 43 bps area
|
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