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Guarantee for Privately Placed Samurai Bonds Issued by Qatar Petroleum
Activating the Samurai Bond Market and Strengthening Multilayered Ties with a Resource-Supplying Country

  • Region: The Middle East
  • Energy and Natural Resources
  • Guarantees
NR/2012-45
August 31, 2012
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed a set of agreements*1 to provide a guarantee for the first yen-denominated foreign bonds issued by Qatar Petroleum (QP) in the Japanese bond market (Samurai Bonds).*2 JBIC's guarantee will cover the principal and part of the interest of the privately placed Samurai Bonds totaling 85 billion yen. The joint lead arrangers of this issue are Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.; Daiwa Securities Co., Ltd.; Mizuho Securities Co., Ltd.; Nomura Securities Co., Ltd; and SMBC Nikko Securities Inc.; with  Sumitomo Mitsui Banking Corporation serving as the bond administrator.
     
  2. The guarantee, which is provided under the Guarantee and Acquisition toward Tokyo market Enhancement (GATE)*3 facility, is part of the efforts to maintain and improve the international competitiveness of the Japanese capital market. Support for issuing Samurai Bonds by foreign issuers in the Tokyo bond market with JBIC guarantee will broaden the range of investment opportunities for Japanese investors, thereby contributing to the stimulation of activities in the Samurai Bond market.
     
  3. The State of Qatar has the world's third largest natural gas reserves, and it is an especially important energy resource supplier for Japan as it announced that it would supply Japan with an additional 4 million tons of liquefied natural gas (LNG) in April 2011, in the immediate aftermath of the Great East Japan Earthquake. QP is a public corporation established in Qatar, having responsibilities for all the stages of the country's oil and gas sector, including exploration, production and sales. It is thus an important corporation for the State of Qatar. Since this is the first issue of Samurai Bonds by QP, the guarantee provided by JBIC will contribute to QP's ability to diversify its funding sources. Given Qatar's importance as an energy resource supplier for Japan, we expect that the issuance of Samurai Bonds will lead to a further strengthening of Japan's relationship with Qatar. 
     
  4. JBIC will continue to support Samurai Bonds issuance by foreign governments and government agencies in the Tokyo bond market under the GATE facility.
Note
  1. *1 The set of agreements was concluded on August 15, 2012 and the press release was issued today (after other necessary administrative procedures among the relevant parties concerned were finalized subsequent to the Eid public holidays in the State of Qatar).
  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 on April 15, 2010.

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