Japan Bank for International Cooperation JBIC raised its first $2.5 billion dual-tranche note of 2014 on Thursday, fulfilling half of its annual international funding programme.
The SEC-registered note split into a $1.5 billion five-year and $1 billion 10-year tranche is unconditionally and irrevocably guaranteed by the Japanese government, resulting in a credit rating that is on par as the sovereign. The government of Japan is rated Aa3 by Moody’s.
A source close to the transaction said the rarity factor plus high credit quality of the fixed income note enabled JBIC to price both the five- and 10-year offerings 3bp tighter than its initial price guidance of...
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