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JBIC and 1 Malaysia Development Berhad sign MOU on Samurai Bonds Issue

  • Region: Asia
  • Others
NR/2013-47
July 25, 2013
 

Japan Bank for International Cooperation
1 Malaysia Development Berhad

  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) and 1 Malaysia Development Berhad (1MDB)*1, signed today a memorandum of understanding (MOU) to start discussion on 1MDB's issuance of Samurai bonds with JBIC's guarantee.
     
  2. The MOU was signed in the honorable presence of Prime Ministers Shinzo Abe and Dato' Sri Mohd Najib Tun Abdul Razak. Prime Minister Abe was in Kuala Lumpur as part of his three-nation tour of Malaysia, Singapore and the Philippines.  
     
  3. According to the MOU, JBIC plans to examine the opportunities of providing 1MDB with the guarantee under JBIC's Guarantee and Acquisition toward Tokyo market Enhancement (GATE) facility.*2   
     
  4. This will be the first bond issued by a Malaysian company with JBIC guarantee if materialized, and is expected to contribute to the further activation of the Samurai bond market by attracting new bond issuers. 
     
  5. A Samurai bond is a yen-denominated bond issued in Tokyo by a foreign government or company to support efforts for easier access to the international bond market. This program is expected to yield mutual benefits for both Japan and Malaysia.
     
  6. 1MDB, a strategic development company wholly owned by the Government of Malaysia, aims to help create a sustainable Malaysian economy by investing in high impact projects. It is the master developer of Tun Razak Exchange and is the second largest independent power producer in Malaysia. The use of the proceeds from Samurai bonds will be further deliberated pursuant to the MOU.
Note
  1. *1 1MDB is a strategic development company leading market-driven initiatives to help transform Malaysia into a thriving economy – one that is highly competitive, inclusive and sustainable. Wholly owned by the Government of Malaysia, 1MDB creates high-impact business opportunities to forge international partnerships through equal-capital joint ventures in game-changing projects.  
  2. *2 See Press Release on April 15, 2010 of JBIC.

 

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