JFM Bonds (International)
Objectives of International Bond Issuance
By issuing international bonds, JFM aims to:
diversify its funding sources;
broaden its investor base;
achieve lower funding costs.
Approach to International Bond Issuance
JFM has a long track record in international bond issuance. Since the first international bonds issued in 1984 by the Predecessor (i.e., Japan Finance Corporation for Municipal Enterprises), a total of 64 government-guaranteed issues have been offered and well received by international investors. Since 2012, JFM has focused on issuing non-guaranteed international bonds under the MTN Program, and will continue to leverage this program going forward to access international markets.
Notes issued under JFM’s GMTN program will not be guaranteed by the Japanese national government.
|Issuer||Japan Finance Organization for Municipalities|
|Program Size||JPY 3 trillion|
|Offering Format||Rule 144A / Regulation S|
|Governing Law||English Law|
|Listing||Regulated Market of the Luxembourg Stock Exchange|
|Dealers|| Barclays (Arranger)
Daiwa Capital Markets Europe
Goldman Sachs International
*Currencies, maturities, interest rates and other terms and conditions of the notes will be determined upon each issuance.