Investor Presentaiton
Launch Spread / Investor Distributions (EUR Gov't Guaranteed Bond)
■DBJ issue Gov't Guaranteed Bond in EUR as well. In last EUR transaction, the bond was allocated to diverse investors
■Launch spread of the bond was relatively wider than other SSA, and secondary spread performed well after pricing
Issue Details and Distributions of last transaction
Launch Spread relative to other EUR SSA 4~6y (CY23)
2023.4.4
(MS+)
Pricing Date
40bp
【NGG]JFM 3.375% 02/15
Ratings
Format
A1 (Moody's) / A+(S&P)
RegS Only
(5yr) MS+31bp
30bp
(GG)DBJ 3.125% 04/04
(5yr) MS+23bp
Tenor
5yr
[GG]JBIC 3.125% 02/08
Coupon (%)
3.125%
20bp
(5yr) MS+20bp
Launch Spread (vs MS)
EURIBOR MS +23bp
Issue Amount
EUR 1,000mn
10bp
Book Size
EUR 2,600mn
Obp
Region
Type
2.0%
-10bp
-20bp
21.0%
34.0%
79.0%
20.0%
44.0%
(MS+)
24
Pricing@ MS+23bp
22
23
Jan
Feb
Apr
Secondary Spread During 2 weeks after Pricing (1)
Mar
May
22
21
20
■ EMEA
APAC
■ CB/OI ■ Bank AM Ins/Pen
19
04/Apr
06/ Apr
12/ Apr
14/ Apr
18/ Apr
Source(1): Bloomberg BVAL
26
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