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JBIC considers a euro benchmark

Kenichiro Shiozawa, the director of the capital markets division of the Japan Bank for International Cooperation, tells Euromoney's Charles Olivier that JBIC paper is undervalued but that when conditions improve a euro issue will be considered.

How much debt does JBIC plan to raise in the financial year beginning April 1 2003? We have budgeted to raise $2.2 billion or the equivalent of Japanese government-guaranteed debt in the international capital markets. We have also budgeted to raise ¥240 billion ($2 billion) of debt without government guarantee (FILP agency bonds) in the domestic capital market.

How much have you issued so far? We have already issued FILP agency bonds to the value of ¥120 billion.

Why has JBIC issued so little dollar- and euro-denominated debt in recent years? Our funding of foreign currency reflects our funding needs and market conditions. Funds raised by government-guaranteed bonds are used for foreign currency-denominated loans by our international financial operations. Funds raised by FILP agency bonds are used for yen-denominated loans.

You have already established a 10-year benchmark and a five-year benchmark in US dollars. Do you plan to issue other benchmarks in US dollars? At this stage, we have not plans to issue other benchmarks in dollars, except five-year and 10-year benchmarks.


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