Development Bank of Japan

  • News Release
  • April. 4, 2008
  • Development Bank of Japan Inc.

Development Bank of Japan Bond (FILP agency bond) Issues No. 45 and No. 46

1. Overview

On April 4, 2008, DBJ (Governor: Minoru Murofushi) decided on terms for issuing No. 45 and No. 46 FILP agency bonds (publicly issued bonds without government guarantee).

2. Bond issue details

Category No. 45 bonds No. 46 bonds
Issue
amount
\50.0 billion \30.0 billion
Term 5-year
(March 19, 2013 redemption)
10-year
(March 20, 2018 redemption)
Coupon rate 1. 11% 1. 69%
Issue price \99.98 \99.94
Collateral General collateral
Issue date April 10, 2008
Ratings
Rating and Investment Information, Inc. AA
Japan Credit Rating Agency, Ltd. AAA
Moody' Investor Service Inc. Aaa
Standard and Poor's (S&P) AA-
Lead-managing underwriters

Co-lead managers Mitsubishi UFJ Securities Co., Ltd., Daiwa Securities SMBC Co. Ltd. and Merrill Lynch Japan Securities Co., Ltd.

Co-lead managers Mitsubishi UFJ Securities Co., Ltd. and Nomura Securities Co. Ltd.

3. Issues Expected during the Fiscal Year

In the first half of fiscal 2008, DBJ plans to place its largest bond issue to date. We plan to issue \250.0 billion in bonds without a government guarantee (FILP agency bonds).
DBJ's policy on bond issues calls primarily for issuing five-year and 10-year bonds on essentially a quarterly basis, taking market conditions and other factors into account, as well as spot bond issues as market conditions and other factors dictate.

In the second half, as the Development Bank of Japan Inc. we plan to float various corporate bonds with a maximum issue amount of \70.0 billion.


Reference: History of FILP agency bond issuance

(Portion issued in the Japanese market)

  Date terms
determined
Term Issue
amount
Interest
rate
Issue price Investor
yields
Spread against
JGBs at launch
No. 1 bonds 01/9/11 5-year \50.0 billion 0.60% \99.99 0.603% +10bp
No. 2 bonds 02/1/22 5-year \50.0 billion 0.78% \99.96 0.787% +10bp
No. 3 bonds 02/4/8 5-year \50.0 billion 0.67% \99.98 0.673% +10bp
No. 4 bonds 02/7/17 5-year \50.0 billion 0.52% \99.98 0.523% +9bp
No. 5 bonds 02/10/10 10-year \50.0 billion 1.23% \99.93 1.238% +11bp
No. 6 bonds 03/1/15 5-year \50.0 billion 0.41% \99.98 0.413% +7bp
No. 7 bonds 03/4/10 10-year \60.0 billion 0.78% \99.95 0.785% +10bp
No. 8 bonds 03/7/30 5-year \50.0 billion 0.40% \99.96 0.407% +5bp
No. 9 bonds 03/10/16 10-year \50.0 billion 1.58% \99.99 1.581% +12bp
No. 10 bonds 03/12/3 7-year \20.0 billion 1.17% \99.94 1.178% +10bp
No. 11 bonds 03/12/3 15-year \10.0 billion 1.83% \99.94 1.834% +17bp
No. 12 bonds 04/1/22 5-year \50.0 billion 0.68% \99.99 0.681% +11bp
No. 13 bonds 04/4/16 10-year \50.0 billion 1.59% \99.96 1.594% +8bp
No. 14 bonds 04/7/27 5-year \50.0 billion 0.99% \99.96 0.998% +9bp
No. 15 bonds 04/8/24 4-year \30.0 billion 0.64% \99.99 0.642% +7bp
No. 16 bonds 04/10/15 10-year \50.0 billion 1.52% \99.97 1.523% +8bp
No. 17 bonds 04/12/1 7-year \20.0 billion 1.05% \99.98 1.052% +6bp
No. 18 bonds 05/1/19 5-year \40.0 billion 0.62% \99.95 0.629% +6bp
No. 19 bonds 05/4/15 10-year \50.0 billion 1.40% \99.97 1.403% +7.5bp
No. 20 bonds 05/7/27 15-year \10.0 billion 1.70% \99.88 1.709% +10bp
No. 21 bonds 05/7/27 5-year \50.0 billion 0.57% \99.96 0.577% +6bp
No. 22 bonds 05/8/11 6-year \30.0 billion 0.92% \99.95 0.928% +5.5bp
No. 23 bonds 05/10/14 4-year \20.0 billion 0.77% \99.99 0.772% +5.5bp
No. 24 bonds 05/10/14 10-year \40.0 billion 1.65% \99.96 1.654% +8bp
No. 25 bonds 06/8/30 5-year \35.0 billion 1.41% \100.00 1.410% +24bp
No. 26 bonds 06/10/11 5-year \80.0 billion 1.40% \99.97 1.406% +21bp
No. 27 bonds 06/11/9 10-year \20.0 billion 1.98% \99.95 1.985% +26bp
No. 28 bonds 07/1/25 5-year \50.0 billion 1.30% \99.97 1.306% +12bp
No. 29 bonds 07/1/25 10-year \20.0 billion 1.86% \99.93 1.867% +20bp
No. 30 bonds 07/3/13 12-year \10.0 billion 1.93% \99.98 1.931% +17bp
No. 31 bonds 07/3/14 30-year \20.0 billion 2.63% \99.94 2.633% +35bp
No. 32 bonds 07/4/11 5-year \40.0 billion 1.33% \99.98 1.334% +12bp
No. 33 bonds 07/4/11 10-year \25.0 billion 1.80% \99.93 1.807% +14bp
No. 34 bonds 07/4/20 30-year \15.0 billion 2.67% \100.00 2.670% +32bp
No. 35 bonds 07/5/9 40-year \20.0 billion 2.74% \99.85 2.746% +40bp
No. 36 bonds 07/5/22 20-year \10.0 billion 2.23% \99.95 2.233% +16bp
No. 37 bonds 07/5/23 7-year \10.0 billion 1.55% \99.95 1.557% +11bp
No. 38 bonds 07/9/12 5-year \20.0 billion 1.27% \99.99 1.272% +17bp
No. 39 bonds 07/9/12 10-year \20.0 billion 1.75% \99.91 1.760% +20bp
No. 40 bonds 07/11/8 5-year \20.0 billion 1.22% \99.95 1.230% +15bp
No. 41 bonds 07/11/8 10-year \20.0 billion 1.73% \99.96 1.735% +18bp
No. 42 bonds 07/12/5 20-year \10.0 billion 2.25% \100.00 2.250% +22bp
No. 43 bonds 08/2/6 5-year \20.0 billion 1.10% \99.96 1.108% +18bp
No. 44 bonds 08/2/6 10-year \10.0 billion 1.63% \99.91 1.639% +21bp
No. 45 bonds 08/4/4 5-year \50.0 billion 1.11% \99.98 1.114% +30bp
No. 46 bonds 08/4/4 10-year \30.0 billion 1.69% \99.94 1.696% +34bp

(Portion issued in overseas markets)

  Date terms
determined
Term Issue
amount
Interest
rate
Issue price Investor
yields
Spread against
JGBs at launch
No. 1 bonds
(Euroyen)
07/6/13 5-year \50.0 billion 1.65% \99.851 1.681% +9bp