The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

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.

What

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree