We advised JFM on the offering

Davis Polk advised Japan Finance Organization for Municipalities (JFM) in connection with its $1 billion Rule 144A / Regulation S takedown offering of 4.375% senior unsecured notes due 2030.

JFM is a public sector financial institution established by the Japan Finance Organization for Municipalities Law of Japan. It is the primary public financial institution for supplying long-term, low-cost financing to local governments for funding national policy targets.

The Davis Polk corporate team included partner Christopher Kodama and associate Haruka Moriya. Counsel Alon Gurfinkel and associate Alex (Ang) Gao provided tax advice. Counsel Sarah E. Kim and associate Saloni Pant provided 1940 Act advice. Counsel Chaoyuan (Charles) Shi provided ERISA advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.