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Guarantee for Privately Placed Samurai Bonds Issued by the Export - Import Bank of India
Supporting Maintaining and Strengthening of International Competitiveness of Japanese Capital Market and Helping Diversify Funding Sources for Export-Import Bank of India

  • Region: Asia
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  • Guarantees

November 25, 2014
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed on November 21, a set of agreements to provide a guarantee for yen-denominated foreign bonds (Samurai bonds) issued by the Export-Import Bank of India (EIBI) in the Japanese bond market*1. This is a privately placed issue totaling JPY20 billion, and JBIC provides guarantee cover for the entire principal and part of the interest. The joint arrangers of this issuance are Daiwa Securities Co. Ltd., Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., Mizuho Securities Co., Ltd. and SMBC Nikko Securities Inc., with Mizuho Bank, Ltd. participating as the bond administrator.
     
  2. This guarantee is extended under the Guarantee and Acquisition toward Tokyo market Enhancement (GATE) facility*2, and is the second guarantee provided by JBIC for Samurai bonds issued by EIBI, following the first one in March 2011*3. By supporting Samurai bond issues, in the Tokyo bond market through the provision of credit enhancement, JBIC contributes to the maintaining and strengthening of the international competitiveness of the Japanese capital market through making available to Japanese investors a broader and diverse range of investment opportunities, as well as helping EIBI to diversify its funding sources.
     
  3. High economic growth of the Indian economy driven mainly by strong domestic demand of 1.25 billion in population has offered an attractive direct investment climate in the region, and there has been growing interest in the business deployment of Japanese companies. Against the backdrop, JBIC signed on September 1, 2014 a memorandum of understanding (MOU)*4, aiming at pursuing possibility of financing infrastructure development which will enhance regional connectivity and integration between India and its neighboring countries (the Region), and supporting financially Japanese exports and investment to the Region. This guarantee provision will enhance the cooperation between JBIC and EIBI, and is expected to strengthen bilateral relations and contribute to more vigorous Japanese business activities in a wide range of areas.
     
  4. By utilizing the GATE facility, JBIC will continue to support the issuance of Samurai bonds by foreign governments and government agencies in the Tokyo bond market.
     
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 See Press Release on March 8, 2011.
  4. *4 See Press Release on September 2, 2014.
  5.  

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