Development Bank of Japan Bond (FILP agency bond) Issues No.22

1. Overview

On August 11, 2005, DBJ (Governor: Takeshi Komura) decided on terms for issuing No. 22 FILP agency bonds (publicly issued bonds without government guarantee).

2. Bond issue details

Issue amount	\30.0 billion
Term	6-year (September 20, 2011 redemption)
Coupon rate	0. 92%
Issue price	\99.95
Collateral	General collateral
Issue date	August 24, 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	Mizuho Securities Co., Ltd. and Daiwa Securities SMBC Co. Ltd.

3. Issues Expected during the Fiscal Year

In fiscal 2005, DBJ plans to issued FILP agency bonds of up to a maximum of \110.0 billion yen. (Prior to this issue, the DBJ's largest issue totaled \65.0 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
No. 22 bonds	05/08/11	6-year	\30.0 billion	0.92%	\99.95	0.928%	+5.5bp