Samurai Bond oversubscribed by more than 1.6x

The government-issued Samurai Bond has been oversubscribed by more than 1.6 times at 324.7 billion yen, against the 200 billion yen offered, said Finance Minister Lim Guan Eng.

The 10-year Yen-dominated bonds are guaranteed by the Japan Bank for International Coo­peration (JBIC) with overall cost to the government at 0.63 per cent per annum, as announced during the 2019 Budget.

Samurai bonds give issuers the ability to access investment capital available in Japan.

Proceeds from the issuance will be used to fund infrastructure developments, including the construction of schools, hospitals, roads and utilities.

The lead arranger for the bond’s issuance were Mizuho Bank, HSBC Malaysia and Daiwa Securities with the cooperation of Affin Hwang Investment Bank. — Construction+ Online