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Guarantee for Privately Placed Samurai Bonds Issued by Central Bank of Tunisia
Supporting Maintenance and Strengthening of International Competitiveness of Japanese Capital Market and Diversification of Funding Sources by Tunisian Government

  • Region: Africa
  • Others
  • Guarantees

October 8, 2014
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed today a set of agreements to provide a guarantee for yen-denominated foreign bonds (Samurai bonds)*1 issued by the Central Bank of Tunisia in the Japanese bond market. This is a privately placed issue in the total of JPY50 billion, and JBIC provides guarantee cover for the principal and part of the interest. Nomura Securities Co., Ltd. serves as the lead arranger of this issue, with Mizuho Bank, Ltd. participating as the bond administrator.
     
  2. JBIC guarantees this Samurai bond issue under the Guarantee and Acquisition toward Tokyo market Enhancement (GATE) facility*2, as part of support for the countries in the Middle East and North Africa based on the Deauville Partnership.*3 This issue follows the ones in December 2012*4 and August 2013*5 as JBIC guaranteed Samurai bonds issued by the Central Bank of Tunisia. By continuously supporting the bond issues of the Central Bank of Tunisia, JBIC is helping not only the diversification of funding sources of the Tunisian government, but also the promotion of bond issuance by overseas issuers in the Samurai bond market. Furthermore, it is expected to contribute to maintaining and strengthening the international competitiveness of the Japanese capital market.
     
  3. Tunisia achieved 2.3% in real economic growth in 2013. The provision of this guarantee for the country making efforts in its transition to democracy is expected to further strengthen bilateral relations between Tunisia and Japan, and to lead to more vigorous business activities of Japanese companies in a wide range of areas. This guarantee will support Tunisia under the JBIC Facility for African Investment and Trade Enhancement (FAITH).*6
     
  4. JBIC will continue to support the issuance of Samurai bonds by foreign governments and 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 See Press Release on April, 15, 2010.
  3. *3 Deauville Partnership is a framework agreed on to support historical changes of the Middle East and North African region during G8 Deauville Summit in May 2011.
  4. *4 See Press Release on December 12, 2012.
  5. *5 See Press Release on August 5, 2013.
  6. *6 See Information on June 3, 2013.

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