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Guarantee for Privately Placed Samurai Bonds Issued by the Government of Turkey
First Guarantee for the Europe, Middle East and Africa Region under GATE to Activate the Samurai Bond Market and to Strengthen Strategic Partnership with the Republic of Turkey

  • Region: The Middle East
  • Others
  • Guarantees
NR/2010-63
February 23, 2011
  1. The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on February 23 a framework agreement to provide a guarantee totaling up to 180 billion yen for yen-denominated bonds issued by the government of the Republic of Turkey in the Japanese bond market (Samurai bonds).*2 Under this agreement, JBIC will provide guarantees for Samurai bonds issued by the Turkish government within this framework.

  2. This framework agreement is a transaction under the Guarantee and Acquisition toward Tokyo market Enhancement (GATE) facility.*3 As part of efforts to fulfill its mission of “maintaining and improving the international competitiveness of Japanese industries,” JBIC supports Samurai bond issues by the government of Turkey in the Tokyo bond market with credit enhancement, thereby offering a broader range of investment opportunities for Japanese investors and invigorating the Samurai bond market. While JBIC’s guarantees under MASF*4 and GATE have been provided only to countries in Asia and Latin America and the Caribbean region to date, this is the first guarantee provided by JBIC under GATE for a country in the Europe, Middle East and Africa Region.

  3. Following the difficulties experienced in the financial sector in 2001, the government of Turkey has put the country’s economy on a sound recovery track under a comprehensive program which was also supported by the IMF. JBIC’s guarantee for the Samurai bonds issued by the Turkish government, the first issuance in ten years, is expected to help the government to diversify funding sources, thereby contributing to the stable economic management of the country.

  4. Through this agreement, JBIC will further strengthen the relationship with the Republic of Turkey, which weathered the global financial turmoil well and is showing robust economic growth, thereby expanding business opportunities for Japanese firms including the development of package-type infrastructure business in the country. Today, the government of Japan is assisting the marketing and structuring of projects for Japanese firms in Turkey in a joint public-private endeavor, by strengthening strategic partnerships with the government and governmental firms of Turkey in a broad range of areas such as infrastructure development and energy. JBIC’s support is expected to contribute to this endeavor.

  5. JBIC will continue to support Samurai bond issuance by foreign governments or government agencies in the Tokyo bond market by using the GATE facility.
     
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 See Press Release dated April 15, 2010.
  4. *4 See Information dated May 18, 2009.

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