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  • News Release
  • July 27, 2005
  • Development Bank of Japan Inc.

Development Bank of Japan Bond (FILP agency bond)
Issues No. 20 and No. 21

1. Overview

On July 27, 2005, DBJ (Governor: Takeshi Komura) decided on terms for issuing No. 20 and No. 21 FILP agency bonds (publicly issued bonds without government guarantee).

2. Bond issue details

Category No. 20 bonds No. 21 bonds
Issue
amount
\10.0 billion \50.0 billion
Term 15-year
(September 18, 2020 redemption)
5-year
(September 17, 2010 redemption)
Coupon rate 1. 70% 0. 57%
Issue price \99.88 \99.96
Collateral General collateral
Issue date August 9, 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 Co-lead managers Nikko Citigroup Limited and Merrill Lynch Japan Securities Co., Ltd. Co-lead managers Nikko Citigroup Limited and Mitsubishi Securities

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). (Prior to this issue, the DBJ's issue totaled \50.0 billion.) 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
No. 20 bonds 05/07/27 15-year \10.0 billion 1.70% \99.88 1.709% +10bp
No. 21 bonds 05/07/27 5-year \50.0 billion 0.57% \99.96 0.577% +6bp
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