Development Bank of Japan Bond (FILP agency bond) Issues No. 19

1. Overview

On April 15, 2005, DBJ (Governor: Takeshi Komura) decided on terms for issuing No. 19 FILP agency bonds (publicly issued bonds without government guarantee).

2. Bond issue details

Issue amount	\50.0 billion
Term	10-year (March 20, 2015 redemption)
Coupon rate	1. 40%
Issue price	\99.97
Collateral	General collateral
Issue date	April 28, 2005
Ratings	Rating and Investment Information, Inc.	AAA
	Japan Credit Rating Agency, Ltd.	AAA
	Moody' Investor Service Inc.	A2
	Standard and Poor's (S&P)	AA－
Lead-managing underwriters	Daiwa Securities SMBC Co. Ltd. and Goldman Sachs Japan Co. Ltd., Tokyo Branch

3. Issues Expected during the Fiscal Year

In the first half of fiscal 2005, DBJ plans to place its largest bond issue to date. We plan to issue \240.0 billion in bonds without a government guarantee (FILP agency bonds). As in fiscal 2004, 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. Plans also call for spot bond issues in addition to regularly scheduled bond issues as market conditions and other factors dictate.

Reference:

History of FILP agency bond issuance

	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