Development Bank of Japan prints $1 billion fixed-rate notes

Development Bank of Japan’s $1 billion five-year bond is a record size for the issuer in the US dollar supra-sovereign agency market.


The Development Bank of Japan DBJ priced a $1 billion five-year bond deal yesterday -- the largest bond transaction ever by the government agency in the US dollar supra-sovereign agency market. The notes, which are set to mature on April 20, 2015, are rated Aa2 by Moody's and AA by Standard and Poor's.

The bonds will pay a semi-annual fixed-rate coupon of 2.875% and were re-offered at 99.456 for a yield of 2.993%.

Initial guidance was set at mid-swaps plus 27bp, which one banker on the deal said was in line with where other Japanese government agencies were trading in the secondary market.

Arrangers of the deal noted very little price sensitivity for the...

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