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Investor Relations

• Financial Information
• Funding
  • JFM Bonds (international)
    • Issuance Plan
    • Issue Record
  • JFM Bonds (domestic)
    • Issuance Plan
    • Issue Record
  • Domestic Bonds with Government Guarantee
    • Issuance Plan
    • Issue Record
• Overview Funding
  FY2006-FY2011
• Investor Information
• Tax Exemption Scheme

Investor Relations

JFM Bonds as
"Super Local Government Bonds"

JFM bonds have high credit standings

JFM bonds with the following features are recognized as possessing high credit standing and status. Therefore, we refer to JFM bonds as “Super Local Government Bonds”

• ・JFM is a public joint fund-raising organization established by all local governments in Japan.
• ・As no local government has gone into default, JFM’s assets can be said to be highly stable.
• ・JFM has a sound financial foundation. Under the special Law, local governments have the ultimate obligation to repay JFM’s debts in the event of its dissolution. Therefore, the redemption of JFM bonds is deemed assured.
• ・JFM is rated with the highest grade credit rating among Japanese public sector bond issuers by S&P, Moody’s and R&I. Furthermore, the risk weight for JFM bonds(Yen dominated) is in the 10% category in Japan.

In addition to JGBs and local government bonds, interest payable to foreign investors (non-residents, foreign corporations, etc.) on JFM's domestic bonds in book-entry form shall be exempted from Japanese income tax under the following conditions, subject to certain procedural requirements.

Notes:

• 1.Qualified bonds for tax exemption;
  JFM bonds* in book-entry form issued in the domestic market on or before 31 March, 2013
  * Includes bonds issued by its predecessor entities
• 2.Applicable periods;
  This tax exemption rule shall apply to the interest calculation periods starting on or after 1 June, 2010, and the gains on redemption of the bonds acquired on or after 1 June, 2010