| How Japan borrows too dearly | |
| (Spreads, in basis points, over US treasuries ofselected fixed-rate dollar bonds in 1996) | |
| Five-year issues | |
| United Kingdom | 5 |
| World Bank | 7 |
| Inter-American Development Bank | 8 |
| General Electric | 8 |
| Crédit Local de France | 11 |
| NTT | 11 |
| Toyota | 11 |
| Bayerische Landesbank | 13 |
| Canada | 14 |
| Export-Import Bank of Japan | 14 |
| France Telecom | 15 |
| Toyota | 15 |
| 10-year issues | |
| European Investment Bank | 17 |
| World Bank | 18 |
| Österreichische Kontrollbank | 23 |
| Kansai International Airport | 27 |
| Japan Highway | 28 |
| Metropolis of Tokyo | 28 |
| Canada | 29 |
| Trans-Tokyo Bay Highway | 29 |
| Japan Highway | 30 |
| Kansai Electric Power | 32 |
| Metropolis of Tokyo | 34 |
| JFM | 34 |
| Finland | 36 |
| JFM | 37 |
| East Japan Railway | 39 |
| (Japan government guaranteed issuers are in bold) | |
| Source: CapitalData Bondware | |
Japan’s 12 public-sector borrowers have become a bit of a standing joke among investment bankers in London.
Each time one launches a bond issue, a team of senior officials from the institution descends on London for the signing ceremony (a practice other borrowers abandoned years ago).
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