The Ministry of Finance priced on November 16th, 2023 a three-tranche bond denominated in Japanese yen for an aggregate nominal amount of JPY 85.4 bn:

• a 3 year bond of a nominal amount of JPY 66.5 bn maturing on 20 November 2026 which was priced at 55 basis points over the swap rate what implies a yield of 0.93 per cent,
• a 10 year bond of a nominal amount of JPY 10.2 bn maturing on 22 November 2033 which was priced at 78 basis points over the swap rate what implies a yield of 1.75 per cent,
• a 20 year bond of a nominal amount of JPY 8.7 bn maturing on 20 November 2043 which was priced at 95 basis points over the swap rate what implies a yield of 2.41 per cent.

The issue price was set at par.

The bonds have been allocated mainly to Japanese institutional investors such as: city banks, lifers, asset managers and regional cooperatives as well as to offshore accounts.

The lead managers on the transaction were Daiwa, Mitsubishi UFJ Morgan Stanley and Mizuho. The transaction will be settled on 22 November 2023.