Issue of Debt

RNS Number:6637U
Japan Bank for Intl Cooperation
27 January 2004



                                                                    Jan.27, 2004


       JBIC Issues Fiscal Investment and Loan Program (FILP) Agency Bonds
  -Issuance of 50 billion yen for 5-year bonds and 70 billion yen for 10-year
                                     bonds-

1. Japan Bank for International Cooperation (JBIC; Governor: Kyosuke Shinozawa)
decided today the terms for launching its FILP Agency Bonds (non-government
guaranteed domestic bonds) in the Japanese capital market: 50 billion yen issue
of 5-year straight bonds and 70 billion yen issue of 10-year straight bonds.
There was a strong demand for the bonds from a broad base of domestic investors
and the issuances sold out upon their release.


2. JBIC carefully assessed investor demand to determine the appropriate terms of
the issuances, based on the current market conditions.


3. As JBIC planned to issue a total of 240 billion yen FILP Agency Bonds in the
budget, this issuance has exhausted all of the planned amount. The funds
procured will be used for the International Financial Operations of JBIC.


4. The main features of the issuances are as follows:


#9 JBIC Bond

Amount                 JPY 50 billion

Market                 Japanese capital market

Maturity               5 years (due on Dec 19, 2008)

Payment date           Feb 6, 2004

Coupon rate            0.61 %

Issue price            99.98 % (Re-offer yield: 0.614 %)

Collateral             General Collateral

Syndicate              Nomura Securities Co., Ltd., Mitsubishi Securities Co.,
Ltd. and Nikko Citigroup Ltd. (Lead Managers); Daiwa SMBC, Goldman Sachs,
Merrill Lynch, Mizuho Securities, Morgan Stanley, Shinko Securities, UFJ
Tsubasa. (Co-Lead Managers)


#10 JBIC Bond

Amount                JPY 70 billion

Market                Japanese capital market

Maturity              10 years (due on Dec 20, 2013)

Payment date          Feb 6, 2004

Coupon rate           1.47 %

Issue price           99.92 % (Re-offer yield: 1.479 %)

Collateral            General Collateral

Syndicate             Nomura Securities Co., Ltd., Mitsubishi Securities Co.,
Ltd. and Nikko Citigroup Ltd. (Lead Managers); Daiwa SMBC, Goldman Sachs,
Merrill Lynch, Mizuho Securities, Morgan Stanley, Shinko Securities, UFJ
Tsubasa. (Co-Lead Managers)

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