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Guarantee for Privately Placed Samurai Bonds Issued by Development Bank of Mongolia
Supporting First Samurai Bond Issue by Mongolian Institution

  • Region: Asia
  • Others
  • Guarantees
NR/2013-126
December 25, 2013
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed a set of agreements to provide guarantee for yen-denominated foreign bonds issued by the Development Bank of Mongolia (DBM) in the Japanese bond market (Samurai bonds).*1*2This is a privately placed issue amounting 30 billion yen. JBIC's guarantee will cover the principal and part of the interest of this issue. The joint lead arrangers are Nomura Securities Co., Ltd. and Daiwa Securities Co., Ltd. with Mizuho Bank, Ltd. participating as the bond administrator.
     
  2. JBIC provides this guarantee under the Guarantee and Acquisition toward Tokyo market Enhancement (GATE) facility*3 as the result of exchanging views and information with DBM based on the Mid-term Action Plan agreed on between the top leaders of both countries in September this year. This is the first guarantee for issue of Samurai bonds by a Mongolian institution. By supporting the launching of Samurai bonds issued by DBM, JBIC helps diversify funding sources for DBM and the Government of Mongolia. At the same time, it expects to expand and diversify the range of investment opportunities available to Japanese investors, and to activate the Samurai bond market and contributing to the maintenance and improvement of the international competitiveness of the Japanese capital market.
     
  3. Mongolia has sustained vigorous economic growth by attaining a double-digit growth rate of real GDP in recent years. The country, which is abundantly endowed with coal, copper and other natural resources, has increasing demand for construction and other types of machinery to develop mineral resources and associated infrastructure. Thus, the country is increasingly important for Japanese companies, as they foresee increased export opportunities from Japan. This guarantee provision is expected to strengthen bilateral relations and contribute to more vigorous Japanese business activities in a wide range of areas.
     
  4. JBIC will continue to support the issuance of Samurai bonds by foreign governments or government agencies in the Tokyo bond market under the GATE facility. 
Note
  1. *1 Samurai bonds are yen-denominated bonds issued by a foreign government or company in the Tokyo bond market.
  2. *2 The agreements were signed on December 18, 2013, and the press release was issued today, as the related procedures of relevant parties have been completed.
  3. *3 See press release on April 15, 2010.

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