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Japan Bank for International Cooperation (JBIC) has provided a guarantee for the Samurai bonds issued by the Exim Bank of India in the Japanese bond market.
This is the first time that JBIC has provided a guarantee for the Samurai bonds of an Indian issuer.
The guarantee covers the principal and part of the interest of privately placed Samurai bonds aggregating to 20 billion yen ($243 million/Rs 1,095 crore). The guarantee was extended under JBIC's Guarantee and Acquisition toward Tokyo Market Enhancement (GATE) facility.
This is also the first guarantee for Samurai bonds issued by a Government agency under the GATE facility.
JBIC's guarantee has helped expand and diversify the range of investment opportunities available to Japanese investors and also activated the Samurai bond market.
For Exim Bank of India, this (guarantee) has helped diversify its funding sources and further contribute to economic growth in India and trade in the Asian region.
Mitsubishi UFJ Morgan Stanley Securities Co Ltd and Mizuho Securities Co Ltd were the joint lead arrangers, while Mizuho Corporate Bank Ltd was the bond administrator.
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