Investor Presentaiton
Launch Spread / Investor Distributions (USD Sustainability Bond)
■DBJ issue Sustainability Bond in USD annually. In last 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
Pricing Date
Ratings
Format
Tenor
Coupon (%)
Launch Spread (vs MS)
Issue Amount
Book Size
Region
2023.8.22
A1 (Moody's) / A(S&P)
144A/RegS/Sustainability Bond
3yr
5.125%
SOFR MS +62bp
USD 600mn
USD 3,750mn
Type
12.0%
3.0%
3.0%
Launch Spread relative to other USD SSA 3y (CY23)
(MS+) 70bp
JBIC 4.250% 01/26
(3yr) MS+62bp
60bp
50bp
40bp
30bp
20bp
10bp
DBJ 5.125% 09/26
(3yr) MS+62bp
JFM 5.125% 09/26
(3yr) MS+62bp
Obp
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Secondary Spread During 2 weeks after Pricing(1)
25.0%
45.0%
20.0%
(SMS+) 64
Pricing@ SOFR MS+62bp
62
68.0%
24.0%
60
58
56
54
■ EMEA ■ APAC ■ Americas
■ CB/OI Bank AM ■ Ins/Pen■ Others
52
22/ Aug
24/ Aug
28/ Aug
30/ Aug
01/ Sep
Source(1): Bloomberg BVAL
27
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