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Guarantee for Privately Placed Bonds Issued by the Philippines
Samurai Bond Issue based on Framework Agreement

  • Region: Asia
  • Others
  • Guarantees
NR/2009-69
February 26, 2010
  1. The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on February 25 a set of agreements to provide a guarantee for yen-denominated foreign bonds (Samurai bonds)*2 issued by the Government of the Republic of the Philippines.  The issue, totaling 100 billion yen, was a private placement, with JBIC providing a guarantee for the principal as well as part of the interest. Participants in this issuance include Daiwa Securities Capital Markets Co. Ltd. , Mitsubishi UFJ Securities Co., Ltd. and Nomura Securities Co., Ltd. as joint lead arrangers, as well as The Bank of Tokyo-Mitsubishi UFJ, Ltd. as a commissioned company for bondholders.
     
  2. JBIC signed a framework agreement with the Philippine government on February 16 under the Market Access Support Facility (MASF).*3 The issuance is based on this framework agreement in which JBIC committed to provide guarantee cover in the amount of up to 100 billion yen for the Philippines' sovereign Samurai bonds.*4
     
  3. Facilitating Samurai bond issuance is part of JBIC's efforts to respond to the financial crisis.  Credit enhancement offered by JBIC with guarantee provisions will help diversify funding sources for the Philippine government and thus contribute to stable recovery of the country's economy. JBIC's support for Samurai bond issuance will also offer a wide range of investment opportunities to Japanese investors, thereby helping invigorate the Samurai bond market.
     
  4. "Responding to disruptions to financial order in the international economy" is one of the functions JBIC is expected to perform in its mission. Thus, JBIC has been responding to the global financial squeeze since 2008 by drawing on its range of financial instruments. JBIC will continue to make vigorous efforts in this area.
Note
  1. *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
  2. *2 Samurai bonds are yen-denominated bonds issued by a foreign government or company in the Tokyo bond market.
  3. *3 The MASF supports Asian countries by providing guarantees up to 500 billion yen for their yen-denominated bond (Samurai bond) issues.  See Information on May 18, 2009.
  4. *4 See Press Release on February 17, 2010.
  5.  

 

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