Funding
Features of JFM Bonds
JFM bonds are generally recognized as having high credit standing with the following features.
![Japan Finance Organization for Municipalities](/en/investors/bond/c24f5t00000002kj-img/he9854000000027w.gif)
In addition to JGBs and local government bonds, interest received by foreign investors (non-residents, foreign corporations, etc.) on JFM’s domestic bonds in book-entry form as well as JFM’s international bonds (both of which include government-guaranteed bonds) shall be exempted from Japanese income tax, subject to certain procedural requirements.
Funding Plan for FY2023
1. JFM Bonds (Non-government Guaranteed)
Domestic and Overseas Offerings
![Japan Finance Organization for Municipalities](/en/investors/bond/c24f5t00000002kj-img/he9854000000029h.png)
Notes:
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Subject to change depending on lending status, market conditions and other factors.
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For Open Issuance, details of issuance such as tenor, issue size and issue market will be determined as necessary based on the lending status, market conditions and other factors.
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In addition to the above FY2022 figures, USD 1.0 billion was raised through long-term bank loans.
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Totals may not add up due to rounding.
Private Placements with Pension Funds for Local Government Officials
![Japan Finance Organization for Municipalities](/en/investors/bond/c24f5t00000002kj-img/he985400000002al.png)
2. Government-guaranteed Domestic Bonds
![Japan Finance Organization for Municipalities](/en/investors/bond/c24f5t00000002kj-img/he985400000002bc.png)
Funding Activities
![Japan Finance Organization for Municipalities](/en/investors/bond/c24f5t00000002kj-img/he985400000002c3.png)
Notes:
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USD 1 = JPY 133.48 as of 31 March 2023.
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Totals may not add up due to rounding.