Shareminator
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Japan's JBIC to work with India's ICICI - 2006/10/24 14:17
The Japan Bank for International Cooperation, the government's overseas lender, signed an agreement with ICICI Bank Ltd., India's second-biggest bank, to help Japanese companies to sell rupee bonds.
JBIC also plans to help Indian companies sell yen- denominated bonds in Japan as well as provide information on debt sales for these firms, according to a statement released by the organization on Oct. 20.
JBIC, which was formerly known as the Export-Import Bank of Japan, has issued government-guaranteed foreign-currency bonds since 1983. It hasn't sold any rupee bonds, according to Nishizaki.
In September 2005, JBIC sold its first government-backed Thai baht bond to support the Asian Bond Markets Initiative that is being promoted by Japan to develop efficient and liquid bond markets in the region.
Separately, JBIC signed agreements with the East African Development Bank, and the Eastern and Southern African Trade and Development Bank to promote trade and investment activities of Japanese businesses in Africa, according to the statement.
JBIC has 2.1 trillion yen ($18 billion) of bonds outstanding, according to data compiled. The organization's long- term foreign-currency debt is ranked Aaa by Moody's Investors Service, the highest investment grade. Standard & Poor's rates the debt AA-, the fourth-highest level.
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