The Ministry of Finance priced on February 6th, 2026 a four-tranche bond denominated in Japanese yen for an aggregate nominal amount of JPY 211.6bn:

• a 3 year bond of a nominal amount of JPY 116.9bn maturing on 13 February 2029 which was priced at 50 basis points over the swap rate what implies a yield of 1.88 per cent,
• a 5 year bond of a nominal amount of JPY 62.7bn maturing on 13 February 2031 which was priced at 65 basis points over the swap rate what implies a yield of 2.22 per cent,
• a 10 year bond of a nominal amount of JPY 11.8bn maturing on 13 February 2036 which was priced at 95 basis points over the swap rate what implies a yield of 2.90 per cent,
• a 20 year bond of a nominal amount of JPY 20.2bn maturing on 13 February 2046 which was priced at 105 basis points over the swap rate what implies a yield of 3.65 per cent,

The issue price was set at par.

This would represent the largest Samurai transaction in history carried out by the Ministry of Finance, as well as the largest by any public sector issuer in recent years. The bonds have been allocated to Japanese institutional investors such as: city banks, lifers, asset managers and regional cooperatives as well as to offshore accounts.

The lead managers on the transaction were Daiwa, Nomura and SMBC. The transaction will be settled on 13 February 2026.