Investor Presentaiton
Launch Spread / Investor Distributions (GBP Non-Guaranteed Bond)
■DBJ issue Non-Guaranteed Bond in GBP. 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
Launch Spread relative to other GBP SSA 3y (CY23)
(UKT+) 100bp
Pricing Date
Ratings
Format
Tenor
2023.10.11
A1 (Moody's) / A(S&P)
Regs only
2.5yr
5.250%
90bp
DBJ 5.250% 03/26
(2.5yr) UKT+90bp
Coupon (%)
Launch Spread (vs UKT)
Issue Amount
Book Size
Region
UKT +90bp
GBP 250mn
80bp
GBP 690mn
70bp
Type
1.0%
KOMMUN 5.125% 05/26
(2.6yr) UKT+68bp
IFC 5.500% 07/26
(3.0yr) UKT+64bp
8.0%
29.0%
47.6%
(UKT+)
91
60bp
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Secondary Spread During 2 weeks after Pricing(1)
Pricing@UKT+90bp
90
44.4%
2.0%
68.0%
89
88
87
86
85
■ GB
■ Other EMEA
APAC
■ CB/OI
Bank
■AM
■ Others
84
11/ Oct
13/ Oct
17/ Oct
19/ Oct
23/Oct
25/ Oct
Source(1): Bloomberg BVAL
29
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