Development Bank of Japan $700 million sustainability bond offering
We advised DBJ on its sustainability bond offering
Davis Polk advised Development Bank of Japan Inc. (DBJ) in connection with a Rule 144A / Regulation S drawdown of non-guaranteed notes under its global medium term note program, which consisted of $700 million aggregate principal amount of 1.750% senior notes due 2025. The net proceeds of the notes will be allocated to finance or refinance existing and/or future “Eligible Financings,” as defined under DBJ’s sustainability bond framework.
DBJ is a policy and development finance organization wholly owned by the government of Japan. Established in 2008 as a successor to the former Development Bank of Japan, current DBJ is part of a long line of Japanese government finance institutions tracing back to the 1950s.
The Davis Polk corporate team included partner Jon Gray, counsel Christopher Kodama and associate Alexander Coley. Counsel Alon Gurfinkel provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.