Investor Presentation by JBIC

July 2024
Copyright© Japan Bank for International Cooperation All Rights Reserved.

Disclaimer

Disclaimer
The exchange rate used in this presentation is for your convenience only and may differ from the Japanese yen/U.S. dollar
exchange rate, EUR/U.S. dollar exchange rate, Canadian dollar/U.S. dollar exchange rate, and Pound Sterling/U.S. dollar
exchange rate in effect as of the date of this presentation.
Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties
and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been
prepared as the securities are not available to retail in the EEA or the United Kingdom.
FCA/ICMA stabilisation.
A rating is not a recommendation to buy, sell or hold the securities referred to herein and may be subject to suspension,
reduction or withdrawal at any time by the rating agency.
JBIC has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication
relates. Before you invest, you should read the prospectus in that registration statement and other documents JBIC has filedwith the SEC for more complete information about JBIC and this offering. You may get these documents free of charge byvisiting EDGAR on the SEC Website at www.sec.gov.

You can access JBIC’s most recent prospectus satisfying the requirements of Section 10 of the United States Securities Act of
1933, as amended, at the following website:
https://www.sec.gov/Archives/edgar/data/1551322/000119312520325867/d26569dsba.htm

1Highlights

1. Solid institutional relationship with the Japanese government
2. Explicit government guarantee— Unconditional and irrevocable guarantee by the Japanese government

3. Risk weight under the Standardized Approach— 0% in the US & Japan and up to 20% in the EU zone

4. Track record of successful issuances and commitment to the market— JBIC has committed to provide liquidity to the market by undertaking benchmark size offerings ona regular basis— The largest global bond issuer from the Japan SSA sector

5. Globally established investor relationships
6. Advanced approach to sustainability— JBIC committed to reduce its operational emissions to net zero by 2030, and to achieve net zero
emissions in its finance portfolio by 2050

2

1. JBIC Overview

Brief Profile◼ Brief Profile
Name

Japan Bank for International Cooperation (JBIC)

EstablishedApr 1, 2012

Governor

HAYASHI Nobumitsu

Capital*JPY 2,212bil (USD 14.6bil)(100% Government-owned)

Total Assets*
Net Assets

JPY 21,657bil (USD 143.0bil)*

JPY 2,985bil (USD 19.7bil)

Number of Employees

720 (As of June 18, 2024)◼ Overseas Offices (18 offices)◼ Government-owned financial institution
Japan Bank for International Cooperation (JBIC) is apolicy-based financial institution wholly owned by theJapanese government.

⚫Moscow⚫New York⚫Washington, D.C.

⚫London⚫Paris⚫Istanbul⚫Dubai⚫MexicoCity⚫Beijing⚫New Delhi⚫HanoiBangkok●⚫ Manila⚫Singapore⚫Jakarta⚫Rio de Janeiro⚫Buenos
Aires* Figures as of March 31, 2024
※ JPY151.41/USD as of March 31, 2024

⚫Sydney◼ Policy-based finance
JBIC provides policy-based finance with a mission ofcontributing to the sound development of Japan, theinternational economy and society as a whole.

4

Main Features◼ Full government ownership▪

Under the JBIC Act, the Government of Japan has an obligation to hold 100% of thecapital stock of JBIC at all times.

◼ Government involvement in board appointment/removal▪

Any resolution of appointment or removal of any board member of JBIC takes effectonly after authorization by the Minister of Finance of Japan has been granted.

◼ No dissolution without further enactment▪

Any major organizational change of JBIC, such as dissolution, transfer of business,merger or partition, requires an amendment of the JBIC Act.

◼ Governmental supervision▪

JBIC’s annual budget requires an approval from the Diet; JBIC is subject toinspection by the Financial Services Agency of Japan; the Minister of Finance has
general authority to supervise JBIC.

5Main Missions of JBIC

As the government’s financial arm to actualize external economic policies of Japan,
JBIC contributes to the sound development of Japan and the international economy and society.

(1) Natural Resources• JBIC promotes the overseas development andsecurement of resources which are important forJapan.
• Supporting the development of natural resources
overseas• Assuring the import of natural resources to Japan(2) Japanese Industries• JBIC provides support to maintain and improve theinternational competitiveness of Japanese industries.
• Promoting the export of machinery, equipment,
marine vessels and other infrastructure• Supporting foreign direct investment by Japaneseindustries, including small/medium-sizedenterprises (SMEs) and infrastructure sector

6

Main Missions of JBIC (Cont’d)(3) Global Environment(4) International Financial Order• JBIC promotes overseas businesses whose purpose isto preserve the global environment, such as bypreventing global warming.

• JBIC plays a role in the prevention of disruptions to theinternational financial system, such as by taking
counter-cyclical measures to stabilize the financial
markets during such disruptions.
• Asian financial crisis in 1997-1998• Global financial crisis since 2008
• COVID-19 crisis in 2020-2021• Supporting energy-saving projects overseas◼ Commitments （JPY hundred million）
Asian Currency Crisis

Financial Crisis

COVID-19 Crisis

45,00040,00035,00030,00025,00020,00015,00010,000
5,000
0

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

• Promoting renewable energy projects overseas
such as wind and geothermal

Export Loans

Import Loans

Overseas Investment Loans

Untied Loans

Equity Participations

Guarantee72. JBIC’s Approach to Sustainability

Message from the Governor◼ JBIC will contribute to the realization of ”the colorful world” with our expertise and longstanding relationships with our stake holders as policy-based financial institution.
In line with our corporate philosophy: “positioned at the crossroads of global business opportunities, JBIC is opening
new venues to the future for the Japanese and global economy”, JBIC has been engaged in addressing global issues

toward realizing sustainable development for the global economy and society.
The world had begun to normalize social and economic activities constrained under the COVID-19 pandemic, when
the Russian invasion of Ukraine shocked the world overtly challenging world peace and prosperity and dealing aheavy blow on the global economy. Energy, food, and other commodities are in critical shortage. Monetary conditions
have been drastically tightened, leaving financial markets more volatile and uncertain.
I believe that the key for countries and companies to thrust forward in this age of uncertainty and complexity lies in
the pursuit of sustainability including SDGs and decarbonization. Under its ESG Policy announced in October 2021,

JBIC has strengthened its sustainability governance and management systems and has been proactively promoting
green finance, transition finance and social impact finance. In July 2022, JBIC established “Global Investment
Enhancement Facility" to support the overseas businesses of Japanese companies contributing toward thepreservation of global environment and the realization of global sustainability by leveraging their cutting-edge or
unique technologies.
I envision beyond such activities what should be waiting for us is “the colorful world” that embraces diversified
spectrum and gradation of countries and people. We will accelerate efforts to support the energy transition towards

a decarbonized society through engagement with the relevant national governments and international institutions
and will strive for the realization of global sustainable developments and “the colorful world” with the relevant
stakeholders through resolving global challenges.

HAYASHI Nobumitsu, Governor
Japan Bank for International Cooperation

Source: JBIC Sustainability Governance and Management Systems(https://www.jbic.go.jp/en/image/Sustainability_Governance_Management_System_202401e.pdf)

9Policies Towards the Realization of Sustainability◼ On Oct 28th 2021, JBIC published its own ESG Policy▪

E

S

Green financeTransition finance▪
▪

Green Bonds Issuance
Financings and investments under Environmental andSocial Guidelines*▪

Support projects that contribute toward resolving social
issuesSocial Impact finance

▪
▪

▪

G

Promote financing for energy transformation▪
▪

Financings and investments under Environmental andSocial Guidelines*
Promote human resource development and diverse work
style

Disclosures(e.g. TCFD)

Stakeholders

Strengthen sustainability governance and management
systems
Strengthen the effectiveness of the compliance system
Participation in International Initiatives*JBIC Guidelines for Confirmation of Environmental and Social Considerations
Source: JBIC ESG Policy (https://www.jbic.go.jp/en/information/press/press-2021/image/1028-015365_2.pdf)

10Sustainability Governance and Management Systems◼ In June 2022, JBIC has established the Sustainability Advisory Committee, Sustainability
Committee as a part of its efforts toward “strengthening its sustainability governance andmanagement systems,” as set out in the ESG Policy. JBIC will accelerate sustainability
management throughout the organization.
Supervisory and Evaluative Function

Sustainability Advisory Committee

Shareholder Meeting

Board ofCorporate
Auditors

Accounting Auditor

Board ofDirectors

Management Advisory and
Evaluation Committee

Office ofCorporate
AuditorAn advisory body of the Board of Directors, comprising external
experts. It provides advice on matters such as JBIC’s policies
for advancing initiatives toward the realization of sustainability.
Committee Members

Risk Advisory Committee

Sustainability Advisory Committee

Internal Audit
Committee

Executive Function
Executive Committee

Name

Profession

Prof. Yukari
Takamura

Professor, Institute for Future Initiatives,
the University of Tokyo

Prof. Rachel Kyte

Professor of Practice in Climate Policy,
Blavatnik School of Government
University of Oxford
Dean Emerita, the Fletcher School,
Tufts University

Prof. Tim Benton

Director, Environment and Society
Centre, Chatham HouseInternal Audit
Department

Credit Committee
Corporate Risk Management
Committee

ALM Committee

Global Head Committee

Sustainability Committee

Compliance and Customer
Protection Management
Committee

Information Security and ICT
Promotion Committee

Personnel Committee

Sustainability Committee

Deliberate on JBIC’s policies for promoting sustainability andother important matters, based on the mandate of the Executive
Committee.

【Decision Committees】【Deliberative Committees】

Source: JBIC Sustainability Governance and Management Systems(https://www.jbic.go.jp/en/image/Sustainability_Governance_Management_System_202401e.pdf)

11

Climate Change Policy -JBIC's Journey So Far◼ JBIC has been creating a new lineup of financial investment options and developing governanceand management systems based on Japanese government policy since the 1990s.
Support through financing and investment
1980s and 1990s
Support projects thatmitigate environmental
impacts

2000s- Support projects under Clean
Development Mechanism (CDM)- Establishment of Kyoto credit fund1980s - 1990s

2000s -

2008
Establishment of JBIC Facility
for Asia Cooperation andEnvironment (FACE)

2010
Establishment of GREEN(Global action for Reconciling
Economic growth and Environmental
preservation) and J-MRV Guidelines

2010

2008

2018 - 2022

2018 Global Facility to Promote Quality Infrastructure Investment for Environmental Preservation and Sustainable Growth (QI-ESG)
2020 Growth Investment Facility “QI-ESG Window”
2021 Post-COVID-19 Growth Facility “Decarbonization Promotion Window”
2022 Global Investment Enhancement Facility “Sustainability Window”

Example of Eligible Projects - “GREEN Operations” and “Sustainability Window”
Sector Category
Renewable
EnergyAdvanced
EnergyEnergySavings
GREEN
Innovation

Others

Project Category

Renewable Energy▪

Solar energy, Wind energy, Geothermal energy, Hydro energy, Other renewables

Renewable Energy
Business▪

System stability equipment and services, transmission and distribution equipment and services fordissemination of renewable energy(including international transmission cables)-▪

Manufacturing, transportation, supply and utilization of hydrogen and fuel ammonia

Industry▪

Highly efficient equipment and technology, Renovation for maintaining efficiency of equipment, Waste
heat and gas recovery

Smart Energy▪

Smart grid, Rechargeable battery

Green Mobility▪

Modal shift (e.g. inter-city transportation), Advanced mobility (e.g. EV, electric propulsion ship)

Smart City▪

Highly efficient community utility, Highly efficient office building utility, Energy-saving appliances▪

Methane emission reduction, Chlorofluorocarbon emission reduction, Carbon dioxide capture and storage,
Carbon dioxide capture and utilization, Manufacturing and sales of low-carbon technologies and materials,
Prevention of air pollution (e.g. denitrification and desulphurization equipment), Water supply andprevention of water pollution, Waste treatment (e.g. recycling), Prevention of marine plastic pollution etc.

Source: JBIC ESG Policy Summary(https://www.jbic.go.jp/en/information/press/press-2021/image/1028-015365_1.pdf)

12

JBIC’s Major Green Projects
1

2

4

3

5

Transmission of Electricity Generated
by Offshore Wind Power (U.K.)

Solar PV Project(Qatar)

11

●

❶❷ ❸
●●
●

●

●
●

●
● ❺
●❹
●● ●

●

Fund investments towards
climate infrastructure

●
●
● ●

⓬

❾

❽

●
●

●

12

❼❻

●

●

❿

●

Subway Line Construction andOperation Project (Canada)

78

Renewable Energy Projects(Indonesia)

9

Hydrogen Station Network(U.S.A)

10

Photovoltaic power project
13(Australia)

13Case Study of JBIC’s Green Projects➀
Project
ImpactMoray East Offshore Wind Power Project in U.K.

The total generation capacity will be 950MW.

Category Energy Supply - Renewable Energy – Wind energy➁
Project
Impact

The total generation capacity will be 1,218MW.

Category

Energy Supply - Renewable Energy – Renewablesrelated businesses

Project Finance
JBIC▪ Approximately GBP 743 million
Financing ▪ Co-financed with private financial institutions(signed in November 2018)

Transmission of Electricity generated by
Hornsea1 Offshore Wind Farm Project in U.K.

Project Finance
JBIC▪ Approximately GBP 549 million
Financing ▪ Co-financed with private financial institutions(signed in March 2021)▪ The largest renewable energy project in the U.K.
(signed in November 2018).

▪ This is the first project in the electricity transmission
sector for which JBIC is providing project financing.

Summary ▪ A UK renewable energy subsidy scheme, “Contracts
for Difference (CfD)” will be applied after the startof commercial operations.

Summary ▪ This loan is intended to finance the ownership andoperation of the transmission facilities located 120
km off the coast of Yorkshire.

❶

❷

14

Case Study of JBIC’s Green Projects (Cont’d)⑧

Hydrogen Station Network in the U.S.A⑪

Fund investments towards climate infrastructure
in developing countries

Project
ImpactExpanding hydrogen station network.

Project
ImpactReducing greenhouse gas emissions.

Category

GREEN Innovation - Green Mobility – Advanced
mobility

Category

Energy Supply - Renewable Energy – Renewablesrelated businesses

Equity Investment
JBIC▪ Approximately USD 23 million
Financing ▪ Co-financed with a private institution (signed inJune 2020)▪ FirstElement Fuel Inc. (FEF) is currently operatinghydrogen stations in California, which is one of thelargest markets for hydrogen fuel cell electric
Summary
vehicles (FCEVs) globally.

Equity Investment
JBIC▪ Up to USD 30 million
Financing ▪ Invest as a Catalytic Partner (CP), together with the
AFD and the KfW (signed in July 2021)

Summary▪ This investment in FEF is intended to expand FEF’s
hydrogen station network.

❽▪ JBIC signed an agreement for equity participation ina fund focusing on investing in climate
infrastructure assets in developing countries.
▪ Through investing in climate infrastructure assets indeveloping countries, the fund contributes towards
reducing greenhouse gas emissions.

⓫15

3. JBIC Green BondJBIC Green Bond Framework Overview◼ JBIC Green Bond Framework is acknowledged as being aligned with the Green Bond
Principles 2021(ICMA) in the Second-party opinion from Sustainalytics.
◼ GB Eligibility Criteria

Renewable Energy◼ SPO
Clean Transportation(Trains and Railways)

USE OF PROCEEDS"Sustainalytics considers that investments in the eligible
categories will lead to positive environmental impacts andadvance the UN Sustainable Development Goals, specifically
SDGs 7, 9 and 11.

PROJECT EVALUATION / SELECTION"Sustainalytics considers this risk management system to beadequate and that the project selection process in line withmarket practice.”

Eligibility
Criteria

MANAGEMENT OF PROCEEDS"Japan Bank for International Cooperation’s processes for
management of proceeds are in line with market practice.”

REPORTING
Clean Transportation(Zero-emission
vehicles (”ZEV”))

Green Buildings“Sustainalytics
views
Japan
Bank
for
International
Cooperation’s allocation and impact reporting as aligned withmarket practice.”*JBIC Green Bond Framework and SPO are available on JBIC’s website (https://www.jbic.go.jp/en/ir/greenbond.html).
17

Use of Proceeds
GBP Eligible
Project Category

Eligibility Criteria

Renewable Energy

Funds to finance or refinance development, construction, management, operation and/or maintenance of
renewable energy projects (including production, power generation, transmission, and parts manufacturing)
specified below (limited to projects with less than 100g-CO2 / kWh, and less than 15% usage of nonrenewable energies as backup power):•
Solar and Solar Thermal•Wind (offshore and onshore)•
Geothermal•
Hydro (power generation of 25 MW or less)•
Biomass (waste-derived or wood / wood pellet-derived products certified by the Forest StewardshipCouncil (FSC) or Programme for the Endorsement of Forest Certification(PEFC))•
Hydrogen (Hydrogen production: limited to green hydrogen, which has zero CO2 emission during
production and combustion. Hydrogen power generation: limited to power plants fueled by 100% greenhydrogen)
Clean Transportation Funds to finance or refinance clean transportation projects (excluding freight vehicles for transporting fossil(Trains and Railways) fuels) such as：•
Manufacturing, operation and/or maintenance of electric trains and/or energy efficient trains (CO2emissions of less than 50g-CO2 / p-km for passenger trains and 25g-CO2 / t-km for freight trains)•
Construction, extension, upgrade, maintenance and/or operation of railways and/or railway systems
Clean Transportation(Zero-emission
vehicles (”ZEV”))

Green Buildings

Funds to finance or refinance clean transportation projects (Zero-emission vehicles: Battery electric vehicle(“BEV”), Fuel cell vehicle (“FCV”) etc.) such as：•
Investment in property plant and equipment (PP&E) for manufacturing of BEV and components;
development of charging infrastructure•
Investment in property plant and equipment (PP&E) for manufacturing of FCV and components;
development of charging hydrogen infrastructure
Funds to finance or refinance real estate properties which have obtained or is expected to obtain one of thefollowing:•
Gold or Platinum rating under Leadership in Energy and Environmental Design (“LEED”)•
Excellent or Outstanding rating under Building Research Establishment Environmental Assessment
Method (“BREEAM”)•
A or S rating under Comprehensive Assessment System for Build Environment Efficiency (“CASBEE”)

Environmental
Objective
Climate change
mitigation
Pollution
prevention andcontrol

Climate change
mitigation
Pollution
prevention andcontrol
Climate change
mitigation
Pollution
prevention andcontrol
Climate change
mitigation

18

Exclusionary Criteria under Green Bond Framework◼ JBIC commits to not knowingly allocating the net proceeds of Green Bonds to finance theassets, projects and sectors included in the following exclusionary criteria:• Development, refining and transportation of fossil fuels (including coal, oil and gas)
• Fossil fuel power generation• Nuclear power generation• Weapons and defense• Gambling / Casino• Tobacco19Management of the Proceeds and Reporting◼ Management of the Proceeds• The funds raised by JBIC from Green Bonds will be allocated to Eligible Projects. JBIC
Treasury Department will track and monitor the amount of Green Bonds issued under
this framework to be allocated to the Eligible Projects. In addition, until the fullamount of the proceeds are allocated to Eligible Projects, JBIC will manage theunallocated proceeds in cash or cash equivalents.
◼ Allocation Report◼ Impact Report• JBIC will report the allocation and impactof this Green Bonds on an annual basis
until the net proceeds are fully allocated to
Eligible Projects.
• Allocation Report
I. The amount of net proceeds
allocated / unallocated to Eligible
Projects
II. The allocated amount for each
Eligible Project
III.The ratio of new / refinanced
projects• JBIC will publish impact reporting including thefollowing indicators to the extent practically possible.
Category
Renewable
EnergyReporting contents• Estimated power generation capacity(MWh)• Estimated reduction in CO2 emissions(CO2 t)

Clean
Transportation(Trains andRailways)• Operating distance or volume ofpassengers transported(measured annually)

Clean
Transportation(ZEV)• Estimated production volume

Green Buildings• Breakdown of the number and valueof properties by external certification• Positive environmental impact ofmajor properties
20

Updated Reporting (Allocation / Impact)◼ JBIC discloses “JBIC Green Bond Report” for JBIC Green Bonds on its website in accordance with the Framework.
◼ The report for JBIC First Green Bond issued on January 20, 2022 was disclosed in September 2022, and the reportfor JBIC Second Green Bond issued on October 5, 2022 was disclosed in September 2023.
URL: JBIC First Green Bond Report (https://www.jbic.go.jp/en/ir/image/JBIC50_reporting.pdf)
URL: JBIC Second Green Bond Report (https://www.jbic.go.jp/en/ir/image/JBIC55_reporting.pdf)◼ The latter is in line with the guideline for impact reporting issued by ICMA in June 2023(Handbook -Harmonized
Framework for Impact Reporting (Green Bonds).
◼ 100% of the net proceeds from the sales of both JBIC Green Bonds are allocated to the Eligible Projects.

21

4. JBIC in the Capital Markets

Characteristics of JBIC Bonds◼ Explicit Government Guarantee▪

JBIC’s foreign bonds are unconditionally and irrevocably guaranteed by the national government.*▪

Issuer and Guarantor Ratings**▪

Issuer (JBIC)
Moody’sStandard & Poor’s

Long-term Rating
A1
A+

Outlook
StableStableGuarantor (Japan)
Moody’sStandard & Poor’s

Long-term Rating
A1
A+

Outlook
StableStableRisk Weight: 0% in the US & Japan and up to 20% in the EU zone under the Standardized
Approach◼ “Japan Sovereign Exposure” in non-JPY currencies▪

JBIC foreign bonds provide an investment opportunity for “Japan Sovereign Exposure” in
non-JPY currencies.

* JBIC Act and the Act Concerning Special Measures with respect to Acceptance of Foreign Capital from International Bank for Reconstruction and Development, etc.
constitute the legal basis of government guarantee for JBIC’s foreign bonds.
** As of July 10, 2024

23

Operational and Financial Plans◼ JBIC Operational Plan
(USD million)

JFY2023
Plan

JFY2024
Plan%%

Export Loans

2,504

12%

2,396

12%

Import / Overseas Investment Loans

14,051

65%

13,597

66%

Untied Loans

3,482

16%

3,288

16%

Equity Participation

1,496

7%

1,295

6%

21,533100%

20,576

100%

Total

◼ JBIC Funding Plan
Borrowing from government (FILP) *

9,182

43%

JFY2024
Plan
2,878

Government-guaranteed international bonds(5yr or longer)

6,285

29%

3,942

19%

Government-guaranteed international bonds(Shorter than 5yr)

7,182

33%

6,406

31%

146
825
(2,088)21,533

1%
4%
-10%
100%

144
835
6,371

1%
4%
31%

20,576

100%(USD million)

Domestic bonds
Capital contribution from government
Miscellaneous **Total

JFY2023Plan%* Fiscal Investment Loan Program** Includes borrowings from the foreign reserve account of the Japanese Government and Government-guaranteed foreign currency long-termborrowing from financial institutions※ USD conversion based on “official rate” for each budget (JFY2023 :JPY137/USD, JFY2024 :JPY139/USD)※ Due to rounding calculations, tables may not add up to 100%

%
14%

24

Recent Issuances in the International Capital Markets▪

Strong commitment to regular global benchmark issuances: providing liquidity across thecurve.
Maximum
Funding Volume(USD million)

18,000

Shorter than 5yr

3yrs

14,0005yrs
5.4yrs

12,0007yrs

10,34810yrs

10,000
8,000

7,750

7,817

1,000

3,250

3,500

4,000

3,500

3,500

2,000
2,000
0
JFY

2018

8,380
4,906

6,500

6,000

*

*subject tochange based on
fluctuations in the valueof the yen

5yr or longer

16,000

2,500
317

1,000

1,500

2019

2020

5,750
1,000
500
1,250
3,000

2021

5,500
5,500
2,500

2,942

1,690

2,000

1,500

1,190

1,000

1,000

2022

2023

2024

USD conversion based on “official rate” for each budget (JFY2023 :JPY137/USD , JFY2024 :JPY139/USD)※ GBP1.27/USD, EUR 1.19/USD

25

JBIC Bonds in the International Capital Markets◼ Flagship issuer representing Japanese sovereign credit in the international capital markets▪ JBIC has issued 135 Japanese government-guaranteed bonds (JGGBs) in the international markets since 1983.
— The largest JGGB issuer in a variety of currencies : issued in USD, EUR, CHF, GBP, CAD, THB and JPY.

— Focus on ESG bonds : issued inaugural green bond in January 2022, second in September 2022 and third in
October 2023.
◼ Issuance list since Feb 2021
◼ Allocated Distribution of USD Global Bonds since Feb 2021
LaunchDate

Type

Currency

2024.7.9

Global

USD

Amount Tenor
(mil)
(yr)

CouponPrimary
Spread1,500

4.625%SOFR MS+44bp

32024.4.9

Global

USD

1,000

10

4.625%SOFR MS+69bp

2024.1.17

Global

USD

1,000

7

4.375%SOFR MS+77bp

2023.10.11

Global(Green)

USD

500

5

4.875%SOFR MS+59bp

2023.7.11

Global

USD

1,500

5

4.625%SOFR MS+69bp

2023.4.18

Global

USD

2,500

3

4.250%SOFR MS+47bp

2023.02.08

Global

EUR

1,000

5

3.125%EURIBOR
MS+20bp2023.01.18

Global

USD

2,500

3

4.250%SOFR MS+62bp

2022.09.28

Global(Green)USD

Global

USD

2022.09.07
2022.05.25

Global

EUR

500
1,500
1,000

5

3
7

4.375%Asia

AM

Americas3.875%SOFR MS+58bp

1.500%EURIBOR
MS+12bp

Global

USD

1,500

3

2.875%SOFR MS+39bp

2022.02.09

Global

USD

1,250

7

2.125%SOFR MS+45bp

2022.01.12

Global(Green)

USD

500

5

1.625%SOFR MS+33bp

2021.04.08

Global

USD

3,000

10

1.875%LIBOR MS+24bp

2021.04.08

Global

USD

1,000

3

0.500%LIBOR MS+4bp

2021.02.02

Global

GBP

250

5yr5m

0.375%

Gilt+34bp

Bank

Tenor: 3yr 10%

64%

6%

64%

6%
1%

2023.04FIX

45%

2023.01FIX

40%

23%

37%

19%

2022.09FIX

37%

27%

36%

16%34%

2022.04FIX

36%

36%

2021.04FIX

29%

35%

46%

12%

20%

30%

49%

2023.07FIX

43%

2022.09FIX

48%

2022.01FIX

29%

14%

44%

24%

9% 13%
44%

27%

27%

12%

26%

3%

2024.01FIX

33%

57%

10%

2022.02FIX

32%

57%

11%

2021.04FIX

52%

43%
42%

34%

16%

66%
58%

9%

26%

6%17%

11%
6%
11%

7%

18% 10%

30%

29%

48%

47%

37%31%

8%

21%

41%
52%

41%

44%

23%

39%

11%

16%
21%

46%
43%

6%

24%
18%

20%

4%

41%

43%

41%

5%

58%

35%

33%

2%

41%

69% 36%

46%

4%
1%

61%

30%
32%

29%

1%

6%
7%

39%

38%

6%

6%

3%

57%

16%

Tenor: 10yr
46%

61%

15%

4%
9%

33%

5% 21%
20%

8%

2%

47%
48%

15%

23%

9%

6%

33%

9%
17% 21% 24%

24%

31%

10%72%

14%

1%
21%

36%

31%

27%

35%

24%

47%

7%

39%

33%9%

9%

14%

37%59%

34%

Tenor: 7yr

2024.04FIX

53%

28%

49%

60%

34%

22%

33%

69%

12%27% 28%15%

Tenor: 5yr
2023.10FIX

Ins & Pen & Others

20%

39%

32%

CB & OI

15%
15%
10%
20%

2024.07FIXSOFR MS+71bp

2022.04.07※ Highlighted row is issuance in JFY2024

EMEA

37%

5%

3%
11%
5%

1% 14%

16%22%

14% 29% 24% 7%

33%38% 10%

18%

25%

29%
39%

9%

◼ Allocated Distribution of EUR/GBP Global Bonds since 2021
EUR
FIX
2023.02
EUR
FIX
2022.05
GBP
2021.02 FIX

EMEA

Asia

63%

Americas

84.3%

UK
30%

Other EMEA
34%

AM

Bank

3%

16%

15.5% 0.2%

17%

34%

Asia
33%

CB & OI
30%
40%

Ins & Pen & Others
46%
16%

8%
28%

Americas
3%

28%

14%

56%

2%

26

Case Study: JBIC’s Recent International Bond Issuances (1/2)◼ September 2022: USD 5yr Green 500 million— Green bond in JFY2022– Distribution centered on high quality investors with
69% allocations to CB&OI with diversified regions◼ Issue Details◼ October 2023: USD 5yr Green 500 million— Green bond in JFY2023– Distribution centered on high quality investors with
58% allocations to CB&OI with diversified regions◼ Issue Details

Pricing Date
FormatIssue Amount
Tenor
Coupon (%)
Launch Spread (vs MS)
Ratings

2022.9.28
Global
USD 500mn
5yr
4.375%SOFR MS +71bp
A1(MDY’s)/A+(S&P)

Listing

LUX Euro MTF◼ Distributions

Pricing Date
FormatIssue Amount
Tenor
Coupon (%)
Launch Spread (vs MS)
Ratings

Listing2023.10.11
Global
USD 500mn
5yr
4.875%SOFR MS +59bp
A1(MDY’s)/A+(S&P)
LUX Euro MTF

27◼ Distributions
Investor Type

RegionInvestor Type

Region

6% 5%

3%

1%

22%

49%

20%
48%

58%

29%

17%

24%

49%

69%
EMEA

Asia

Americas

AM

Bank

CB&OI

Ins&Pen&Others

EMEA

Asia

Americas

AM

Bank

CB&OI

Ins&Pen&Others

27Case Study: JBIC’s Recent International Bond Issuances (2/2)◼ February 2023: EUR 5yr 1.0 billion◼ April 2024: USD 10yr 1.0 billion— Second bond issuance in 2023
– Distribution centered on high quality investors with
46% allocations to CB&OI, while attracting highquality EUR investors from European banks andInsurance companies◼ Issue Details— First bond issuance in FY2024– The first 10yr bonds since April 2021.
–

Distribution centered on high quality investors with
43% allocations to Bank with diversified regions◼ Issue Details

Pricing Date
FormatIssue Amount
Tenor
Coupon (%)
Launch Spread (vs MS)
Ratings

2023.2.8
GlobalEUR 1.0bil
5yr

3.125%EURIBOR MS +20bp

A1(MDY’s)/A+(S&P)

Listing

LUX Euro MTF◼ Distributions

Pricing Date
FormatIssue Amount
Tenor
Coupon (%)
Launch Spread (vs MS)
Ratings

2024.4.9
Global

USD 1.0bil
10yr

4.625%SOFR MS +69bp

A1(MDY’s)/A+(S&P)

Listing

LUX Euro MTF◼ Distributions
Investor Type

Region

8%

3%

16%

Investor Type

Region

7%

11%

21%

29%

34%
46%

63%

30%

43%

46%

43%
EMEA

Asia

Americas

AM

Bank

CB&OI

Ins&Pen&Others

EMEA

Asia

Americas

AM

Bank

CB&OI

Ins&Pen&Others28

5. JBIC Financial Aspects

Financial Highlights for JBIC▪

JBIC has maintained robust financial status.

◼ Balance Sheet◼ Statement of Operations(USD million)(USD million)

JFY2020 JFY2021 JFY2022 JFY2023

JFY2020 JFY2021 JFY2022 JFY2023

Total Assets (A)111,441

121,719

133,134

143,036

Ordinary Income

1,881

2,070

4,359

7,483

Loans

89,537

97,478102,951

108,470

Interest Income

1,546

1,506

3,768

6,750

Total Liabilities

91,357

102,546

113,655

123,321

Ordinary Expenses

1,588

1,956

3,325

7,066

Total Net Assets (B)20,084

19,173

19,48019,715Interest Expenses

993

894

3,038

5,962

Capital12,97013,366

13,92814,608

Ordinary Profit

293

115

1,034

418

Retained Earnings

6,483

6,452

7,438

7,322

Net Income

293

115

1,034

412

Net Assets Ratio(B) / (A)18.02%

15.75%

14.63%

13.78%BIS Capital
Adequacy Ratio

20.78%

20.27%

20.27%

18.79%

Risk Management
Loans Ratio

3.60%

3.53%

2.82%

3.55%

※ JFY: April 1- March 31※ JPY151.41/USD as of March 31, 202430

Outstanding Balance of Loans and Bonds▪
▪

More than 90% of outstanding loan amount is in foreign currency.
JBIC is focusing on international bonds funding in foreign currencies.

(USD billion)
140

Outstanding Loans from JBIC
120

Outstanding Bonds Issued by JBIC
108.5
103.0

100

97.5
89.7

89.3

89.5

86.7

80

60

40

30.3

29.0

32.3

32.8

37.2

40.9

43.8

20

0

Ratio of
Outstanding
Loan Amountin Foreign
Currency

JFY2017

JFY2018

JFY2019

JFY2020

JFY2021

JFY2022

JFY2023

93.3%

94.4%

94.5%

94.5%

94.2%

93.7%

94.2%

※ JPY151.41/USD as of March 31, 2024

31

JBIC’s Loan Portfolio

Loans Outstanding: USD 119.8billion*◼ Geographical Distribution**◼ Financial Instruments
Equity Investments
Governmental Loans
2.0% Export Loans
0.1%
6.9%
Import Loans
Untied Loans
3.1%
2.7%

International Organizations, etc.
Latin America

2.1%

12.9%
Asia
22.3%

North
Overseas Investment

America

The Pacific

Loans

21.8%

7.4%

84.8%

Africa2.5%

EuropeThe Middle East

18.5%

12.5%

* Figures as of March 31, 2023** Basically, classified based on the location of the projects under the JBIC’s definition of regions※ JPY133.53/USD as of March 31, 2023

32

Contacts

Japan Bank for International Cooperation (JBIC)
Capital Markets and Funding Division, Treasury Department, Treasury and Systems GroupTEL :+81-3-5218-3304

FAX :+81-3-5218-3960

E-Mail : C0290@jbic.go.jp

URL :https://www.jbic.go.jp/en/

For information regarding Investor Relations, also visit the following website; https://www.jbic.go.jp/en/ir/
refer to SEC EDGAR website (http://www.sec.gov/edgar.shtml) for our latest Form 18-K Annual Report submitted August 7,
2023.
(SEC CIK Code : 0001551322, Japan Bank for International Cooperation)
Bloomberg Ticker : JBIC <Govt>

33