Development Bank of Japan Bond (FILP agency bond) Issues No. 35

1. Overview

On May 9, 2007, DBJ (Governor: Takeshi Komura) decided on terms for issuing No. 35 FILP agency bonds (publicly issued bonds without government guarantee).

2. Bond issue details

Issue
amount

\20.0 billion

Term

40-year
(March20, 2047 redemption)

Coupon rate

2. 74%

Issue price

\99.85

Collateral

General collateral

Issue date

May 15, 2007

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

Nikko Citigroup Limited

3. Issues Expected during the Fiscal Year

In fiscal 2007, DBJ plans to issued FILP agency bonds of up to a maximum of \290.0 billion. (Prior to this issue, the DBJ's issue totaled 100.0 billion.) 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
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	06/08/30	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	07/01/25	5-year	\50.0 billion	1.30%	\99.97	1.306%	+12bp
No. 29 bonds	07/01/25	10-year	\20.0 billion	1.86%	\99.93	1.867%	+20bp
No. 30 bonds	07/03/13	12-year	\10.0 billion	1.93%	\99.98	1.931%	+17bp
No. 31 bonds	07/03/14	30-year	\20.0 billion	2.63%	\99.94	2.633%	+35bp
No. 32 bonds	07/04/11	5-year	\40.0 billion	1.33%	\99.98	1.334%	+12bp
No. 33 bonds	07/04/11	10-year	\25.0 billion	1.80%	\99.93	1.807%	+14bp
No. 34 bonds	07/04/20	30-year	\15.0 billion	2.67%	\100.00	2.670%	+32bp
No. 35 bonds	07/05/09	40-year	\20.0 billion	2.74%	\99.85	2.746%	+40bp