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Guarantee for Samurai Bonds Issued by Colombia
Supporting its Funding in Japanese Bond Market

  • Region: Latin America and the Caribbean
  • Others
  • Guarantees
NR/2009-43
November 19, 2009
  1. The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on November 18 a framework agreement with the Government of the Republic of Colombia. This agreement will provide a guarantee totaling up to 800 million US dollars for yen-denominated foreign bonds issued by Colombia in the Japanese bond market (Samurai bonds). *2
     
  2. The Government of Colombia has conducted stable economic management by the restoration of security and robust macroeconomic management, with the country's economy growing by an average GDP growth rate of over 4% annually since 2000. Facing the current financial crisis, the government has taken a variety of fundraising measures in an effort to ease its impact on the country's economy.
     
  3. This Samurai bond issuance is part of this effort, and JBIC's credit enhancement will help diversify funding sources for the Colombian government. Since 1986, the country has raised funds by issuing Samurai bonds six times and the next issuance under this framework agreement will lead to the first Samurai bond issuance by the Colombian government since 2005*3. This issuance will maintain and increase the presence of Colombian sovereign bonds in the Tokyo bond market. JBIC's support for Samurai bond issues in the Tokyo bond market will also offer a wide range of investment opportunities to Japanese investors and is thereby expected to invigorate the Samurai bond market.
     
  4. "Responding to disruptions in financial order in the international economy" is one of the functions JBIC is expected to perform in its mission. Therefore, JBIC has been responding to the global financial squeeze since 2008 by drawing on its range of financial instruments actively.
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 JBIC has provided a guarantee for the Samurai bonds issued by the government of Colombia in 2005. For details, please see the Press Release dated December 19, 2005.
  4.  

 

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