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JBIC Guarantees Mexico's Privately Placed Samurai Bond Issuance
Supporting its Funding in the Japanese Bond Market

  • Region: Latin America and the Caribbean
  • Others
  • Guarantees
NR/2009-49
December 11, 2009
  1. The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on December 10 a framework agreement with the Government of the United Mexican States. This agreement will provide a guarantee totaling up to 150 billion yen for yen-denominated foreign bonds issued by the Mexican government in the Japanese bond market (Samurai bonds)*2. This is the first support JBIC is to offer to Mexico's Samurai bond issuance. JBIC will provide a guarantee within this specified amount in the agreement.
     
  2. The Mexican government has achieved steadfast national economic growth through its prudent macroeconomic management. In the global financial turmoil, the government has taken a variety of fundraising measures in an effort to ease the impact on the country's economy.
     
  3. This Samurai bond issuance is part of these measures, and JBIC's credit enhancement will help diversify its funding sources. Since 1973, Mexico has raised funds by issuing Samurai bonds twelve times. This framework agreement will lead to its first Samurai bond issue in 9 years.*3 This issuance will increase the presence of Mexican 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 foreign government or company in the Tokyo bond market.
  3. *3 Mexico last issued Samurai bonds in 2000.
  4.  

 

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