Obligation Japan International Cooperation Bank 1.75% ( US471048CG15 ) en USD

Société émettrice Japan International Cooperation Bank
Prix sur le marché 100 %  ▼ 
Pays  Japon
Code ISIN  US471048CG15 ( en USD )
Coupon 1.75% par an ( paiement semestriel )
Echéance 23/01/2023 - Obligation échue



Prospectus brochure de l'obligation JAPAN BANK FOR INTERNATIONAL COOPERATION US471048CG15 en USD 1.75%, échue


Montant Minimal /
Montant de l'émission /
Description détaillée La Japan Bank for International Cooperation (JBIC) est une banque publique japonaise qui fournit des financements et une assistance pour des projets d'infrastructure et de développement à l'étranger, contribuant ainsi à la coopération économique internationale du Japon.

L'Obligation émise par Japan International Cooperation Bank ( Japon ) , en USD, avec le code ISIN US471048CG15, paye un coupon de 1.75% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 23/01/2023







PROSPECTUS SUPPLEMENT TO SEC BASE PROSPECTUS DATED
July 5, 2017
Japan Bank for International Cooperation
(Incorporated under the Japan Bank for International Cooperation Act)
U.S.$2,250,000,000 1.750% Guaranteed Bonds Due 2023
Unconditionally and Irrevocably Guaranteed
as to Payment of Principal and Interest by
Japan
We will pay interest on the $2,250,000,000 1.750% guaranteed bonds due 2023 (the "bonds") semi-annually in arrears in equal payments
on January 23 and July 23 of each year, commencing July 23, 2020. The bonds will mature on January 23, 2023. We may redeem all, but not
less than all, of the bonds in the event of certain tax law changes. The redemption terms are described in this prospectus supplement dated
January 15, 2020 (this "Supplement") under "Description of the Bonds and Guarantee--Redemption". The bonds will be issued only in
registered form in denominations of $200,000 and integral multiples of $2,000 in excess thereof. See "Description of the Bonds and
Guarantee".
As provided under the heading "Luxembourg Stock Exchange Approved Prospectus" starting on page S-5 of this Supplement, subject to
approval by the Luxembourg Stock Exchange, certain parts (but not all) of this Supplement and the accompanying prospectus dated July 5, 2017
starting after page S-49 (the "SEC Base Prospectus"), as well as the documents incorporated by reference into this Supplement or the SEC Base
Prospectus, constitute a prospectus for the purposes of the Luxembourg act dated July 16, 2019 (the "Luxembourg Act"). The parts of this
Supplement and the SEC Base Prospectus and those documents incorporated by reference into this Supplement that together constitute a
"prospectus" for the purposes of the Luxembourg Act are referred to herein as the "LSE Approved Prospectus" and are identified under the heading
"Luxembourg Stock Exchange Approved Prospectus" starting on page S-5 of this Supplement.
Application has been made to admit the bonds to the official list of the Luxembourg Stock Exchange and application has been made to
admit the bonds to trading on the Luxembourg Stock Exchange's Euro MTF Market (the "Euro MTF Market"). The Euro MTF Market is not
a regulated market for the purposes of the Markets in Financial Instruments Directive 2014/65/EU (as amended or superseded, "MiFID II").
References in this prospectus to the bonds being "listed" (and all related references) shall mean that the bonds have been admitted to the
official list of the Luxembourg Stock Exchange and admitted to trading on the Euro MTF Market.
Our credit ratings have been issued by Moody's Japan K.K. ("Moody's") and S&P Global Ratings Japan Inc. ("S&P"), neither of which
are established or registered in the European Union and neither of which are registered under Regulation (EC) No. 1060/2009 of the European
Parliament and of the Council of September 16, 2009 on credit rating agencies (the "CRA Regulation"), but such credit ratings have been
endorsed by Moody's Investors Service Ltd. ("Moody's Europe") and Standard & Poor's Credit Market Services Europe Limited ("S&P
Europe"), respectively, each of which is an entity established in the European Union and registered under the CRA Regulation. Under the
CRA Regulation, certain investors may generally only use a credit rating for regulatory purposes (i.e. for the specific purpose of complying
with EU law or with EU law as implemented by the national legislation of a Member State) in the European Union if the credit rating is issued
by a credit rating agency in the European Union and registered in accordance with the CRA Regulation (or is endorsed and published or
distributed by subscription by such a credit rating agency in accordance with the CRA Regulation), unless the credit rating is issued by a
credit rating agency operating in the European Union before June 7, 2010 which has submitted an application for registration under the CRA
Regulation that has not been refused.
Neither the United States Securities and Exchange Commission (the "Commission") nor any other regulatory body has approved
or disapproved of these securities or passed upon the accuracy or adequacy of this Supplement or the SEC Base Prospectus. Any
representation to the contrary is a criminal offense.
Prospective investors should consider carefully the factors described under the section headed "Risk Factors" in this
Supplement.
Per Bond
Total
Price to Public(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.680%
$2,242,800,000
Underwriting Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.100%
$
2,250,000
Proceeds, before expenses, to JBIC(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.580%
$2,240,550,000
(1) Plus accrued interest, if any, from January 23, 2020, if settlement occurs after that date.
(2) See "Underwriting".
The underwriters are offering the bonds subject to various conditions. The underwriters expect to deliver the bonds through the book-
entry facilities of The Depository Trust Company ("DTC"), Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking S.A.
("Clearstream"), against payment on or about January 23, 2020.
Goldman Sachs International
Citigroup
Daiwa Capital Markets Europe
Nomura
Prospectus Supplement dated January 23, 2020.


TABLE OF CONTENTS
Supplement
Page
Foreign Exchange Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-6
Incorporation by Reference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-7
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-8
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-10
Recent Developments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-12
Summary Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-21
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-26
Description of the Bonds and Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-27
Global Clearance and Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-34
Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-37
Underwriting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-43
Validity of Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-46
Authorized Agents in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-46
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-47
SEC Base Prospectus
About This Prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ii
Where You Can Find More Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Japan Bank for International Cooperation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
Financial System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
48
Government Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68
Description of the Debt Securities and Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
69
Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
78
Authorized Agents in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
79
Validity of Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
79
Further Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
79
S-2


The bonds have not been and will not be registered under the Financial Instruments and Exchange
Act of Japan (Act No. 25 of 1948, as amended) and the bonds are subject to the Act on Special Measures
Concerning Taxation of Japan (Act No. 26 of 1957, as amended). The bonds may not be offered or
sold in Japan or to, or for the benefit of, residents of Japan or Japanese corporations, except pursuant
to an exemption from the registration requirements of, and otherwise in compliance with, the
Financial Instruments and Exchange Act of Japan and any other applicable laws, regulations and
ministerial guidelines of Japan (see "Underwriting" below). The bonds are not, as part of the
distribution under the underwriting agreement at any time, to be offered or sold to, or for the benefit of,
any person other than a beneficial owner that is, (i) for Japanese tax purposes, neither (x) an individual
resident of Japan or a Japanese corporation, nor (y) an individual non-resident of Japan or a non-
Japanese corporation that in either case is a person having a special relationship with JBIC (that is, in
general terms, a person who directly or indirectly controls or is directly or indirectly controlled by, or is
under direct or indirect common control with, JBIC) as described in Article 6, Paragraph (4) of the Act
on Special Measures Concerning Taxation of Japan (a "Specially-Related Party of JBIC") or (ii) a
Japanese financial institution, designated in Article 6, Paragraph (9) of the Act on Special Measures
Concerning Taxation of Japan. BY SUBSCRIBING FOR THE BONDS, AN INVESTOR WILL BE
DEEMED TO HAVE REPRESENTED IT IS A PERSON WHO FALLS INTO THE CATEGORY OF
(i) OR (ii) ABOVE.
In addition, interest payments on the bonds will generally be subject to Japanese withholding tax
unless it is established that bonds are held by or for the account of a beneficial owner that is (i) for
Japanese tax purposes, neither (x) an individual resident of Japan or a Japanese corporation, nor (y) an
individual non-resident of Japan or a non-Japanese corporation that in either case is a Specially-Related
Party of JBIC, (ii) a designated Japanese financial institution described in Article 6, Paragraph (9) of the
Act on Special Measures Concerning Taxation of Japan which complies with the requirement for tax
exemption under that paragraph, or (iii) a Japanese public corporation, financial institution or financial
instruments business operator, etc. described in Article 3-3, Paragraph (6) of the Act on Special Measures
Concerning Taxation of Japan which complies with the requirement for tax exemption under that
paragraph.
You should rely only on the information contained or incorporated by reference in this Supplement
and the SEC Base Prospectus and, for the purposes of the LSE Approved Prospectus, the documents
incorporated by reference therein. We have not authorized anyone to provide you with different
information. We are not making an offer of these securities in any jurisdiction where the offer is not
permitted. You should not assume that the information contained in or incorporated by reference in the
LSE Approved Prospectus or otherwise in this Supplement or the SEC Base Prospectus is accurate as of
any date other than the date on the front page of this Supplement or, with respect to information
incorporated by reference, as of the date of such information.
In this Supplement, "we", "our", "us" and "JBIC" refer to Japan Bank for International
Cooperation.
The spot buying rate for U.S. dollars quoted on the Tokyo foreign exchange market on January 15, 2020, as
reported by the Bank of Japan (the "BOJ") at 5:00 p.m., Tokyo time, was ¥109.92 = $1.00, and the noon buying
rate on January 10, 2020 for cable transfers in New York City payable in yen, as reported by the Federal Reserve
Bank of New York, was $1.00 = ¥109.50.
References in this Supplement to Japanese fiscal years ("JFYs") are to 12-month periods commencing in
each case on April 1 of the year indicated and ending on March 31 of the following year. References to years not
specified as being JFYs are to calendar years. References to "¥"or "yen" are to Japanese yen and references to
"$" are to U.S. dollars.
The distribution of this Supplement and the SEC Base Prospectus and the offering of the bonds in certain
jurisdictions may be restricted by law. The bonds are not intended to be offered, sold or otherwise made available
S-3


to and should not be offered, sold or otherwise made available to any retail investor in the European Economic
Area (the "EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client
as defined in point (11) of Article 4(1) of MiFID II; (ii) a customer within the meaning of Directive (EU)
2016/97 (as amended or superseded, the "IDD"), where that customer would not qualify as a professional client
as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU)
2017/1129 (as amended or superseded, the "Prospectus Regulation"). Consequently no key information
document required by Regulation (EU) No 1286/2014 (as amended or superseded, the "PRIIPs Regulation") for
offering or selling the bonds or otherwise making them available to retail investors in the EEA has been prepared
and therefore offering or selling the bonds or otherwise making them available to any retail investor in the EEA
may be unlawful under the PRIIPs Regulation. This Supplement and the SEC Base Prospectus do not constitute,
and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer
or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so
or to any person to whom it is unlawful to make such offer or solicitation. See "Underwriting".
This Supplement and the SEC Base Prospectus have been prepared on the basis that all offers of bonds in any
Member State of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the
requirement to produce and publish a prospectus for offers of the bonds. Accordingly, any person making or
intending to make any offer in a Member State of the bonds which are the subject of the placement referred to in
this Supplement and the SEC Base Prospectus may only do so in circumstances in which no obligation arises for
JBIC or the underwriters to produce and publish a prospectus pursuant to Article 3 of the Prospectus Regulation, or
supplement a prospectus pursuant to Article 23 of the Prospectus Regulation, in relation to such offer. Neither JBIC,
Japan nor the underwriters have authorized, nor do they authorize, the making of any offer of the bonds in
circumstances in which an obligation arises for JBIC or the underwriters to publish a prospectus or supplement a
prospectus for such offer. JBIC and Japan have not authorized and do not authorize the making of any offer of the
bonds through any financial intermediary, other than offers made by the underwriters resulting in sales constituting
the final placement of the bonds contemplated in this Supplement and the SEC Base Prospectus.
Solely for the purposes of each manufacturer's product approval process, the target market assessment in
respect of the bonds has led to the conclusion that: (i) the target market for the bonds is eligible counterparties
and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the bonds to
eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or
recommending the bonds (a "distributor"), should take into consideration the manufacturers' target market
assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market
assessment in respect of the bonds (by either adopting or refining the manufacturers' target market assessment)
and determining appropriate distribution channels.
In the United Kingdom, this Supplement and the SEC Base Prospectus are only being distributed to and are
only directed at persons who (i) have professional experience in matters relating to investments who fall within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended or
superseded, the "Order"); (ii) are persons who fall within Article 49(2)(a)-(d) of the Order; or (iii) are persons to
whom an invitation or inducement to engage in an investment activity (within the meaning of section 21 of the
Financial Services and Markets Act 2000 (as amended, "FSMA")) in connection with the issue or sale of any
bonds may otherwise be lawfully communicated or caused to be communicated (all such persons together being
referred to as "relevant persons"). In the United Kingdom this Supplement and the SEC Base Prospectus and any
of their contents are directed only at relevant persons and must not be acted on or relied on by persons who are
not relevant persons. In the United Kingdom, any investment or investment activity to which this Supplement
and the SEC Base Prospectus relate is available only to relevant persons and will be engaged in only with
relevant persons.
In connection with the issue of the bonds, Citigroup Global Markets Limited (the "Stabilizing Manager") (or
any persons acting on behalf of the Stabilizing Manager) may over-allot the bonds or effect transactions with a
view to supporting the market price of the bonds at a level higher than that which might otherwise prevail.
S-4


However, there is no assurance that the Stabilizing Manager (or persons acting on behalf of the Stabilizing
Manager) will undertake stabilization action. Any stabilization action may begin on or after the date on which
adequate public disclosure of the terms of the offer of the bonds is made and, if begun, may be ended at any time,
but it must end no later than the earlier of 30 days after the issue date of the bonds and 60 days after the date of
the allotment of the bonds. Any stabilization action or over-allotment must be conducted by the Stabilizing
Manager (or persons acting on behalf of the Stabilizing Manager) in accordance with all applicable laws and
rules.
Luxembourg Stock Exchange Approved Prospectus
Subject to approval by the Luxembourg Stock Exchange, this Supplement and the SEC Base Prospectus
starting after page S-49 including the following documents incorporated by reference:
·
the Annual Report on Form 18-K of Japan for the year ended March 31, 2019 (the "Japan 18-K 2019");
·
JBIC's Annual Report on Form 18-K for the year ended March 31, 2019 (the "JBIC 18-K 2019")
which is otherwise incorporated into this Supplement and the SEC Base Prospectus; and
·
Amendment No.1 to the JBIC 18-K 2019 which is otherwise incorporated into this Supplement and the
SEC Base Prospectus.
but excluding the following:
·
the section "Where You Can Find More Information" in the SEC Base Prospectus,
together comprise the LSE Approved Prospectus and for the purpose of giving information with regard to us,
Japan and our bonds which, according to the particular nature of us, Japan and our bonds, is necessary to enable
investors to make an informed assessment of our and Japan's assets and liabilities, financial position, profit and
losses and prospects, and of the rights attaching to our bonds and the guarantee. This LSE Approved Prospectus
may only be used for this foregoing purpose.
Responsibility for Statements
We accept responsibility for the information contained in the LSE Approved Prospectus. To the best of our
knowledge (having taken all reasonable care to ensure that such is the case) the information contained in the LSE
Approved Prospectus is in accordance with the facts and contains no omission likely to affect its import.
Japan accepts responsibility for the information contained in the LSE Approved Prospectus relating to Japan
and the guarantee. To the best of Japan's knowledge (having taken all reasonable care to ensure that such is the
case) the information contained in the LSE Approved Prospectus relating to Japan and the guarantee is in
accordance with the facts and contains no omission likely to affect its import.
S-5


FOREIGN EXCHANGE CONSIDERATIONS
For an investor that is not resident in the United States or does not conduct business or activities in the
United States, an investment in the bonds, which are denominated in, and all payments in respect of which are to
be made in, U.S. dollars entails significant risks not associated with a similar investment in a security
denominated in the investor's home currency (i.e., the currency of the country in which the investor is resident or
the currency in which the investor conducts its business or activities). These include the possibility of:
·
significant changes in rates of exchange between the home currency and the U.S. dollar; and
·
the imposition or modification of foreign exchange controls with respect to the U.S. dollar.
We have no control over a number of factors affecting this type of bond, including economic, financial and
political events that are important in determining the existence, magnitude and longevity of these risks and their
results. In recent years, rates of exchange for certain currencies, including the U.S. dollar, have been volatile and
this volatility may be expected to continue in the future. Fluctuations in any particular exchange rate that have
occurred in the past are not necessarily indicative of fluctuations in the rate that may occur during the term of the
bonds. Depreciations of the U.S. dollar against the investor's home currency could result in a decrease in the
investor's effective yield of the bonds below the coupon rate, and in certain circumstances, could result in a loss
to such purchaser on a home currency basis.
The description of foreign currency risks does not describe all the risks of an investment in securities
denominated in a currency other than your home currency. Prospective investors should consult their own
financial and legal advisors as to the risks involved in an investment in such bonds.
S-6


INCORPORATION BY REFERENCE
The Japan 18-K 2019, JBIC 18-K 2019 and Amendment No.1 to the JBIC 18-K 2019 (containing
information on certain developments in relation to JBIC) are hereby incorporated by reference and form part of
this Supplement.
Any statement contained in a document which is incorporated by reference in the LSE Approved Prospectus
or otherwise in this Supplement or the SEC Base Prospectus shall be deemed to be modified or superseded for
the purpose of the LSE Approved Prospectus or this Supplement to the extent that a statement contained herein
or another document incorporated by reference herein modifies or supersedes such earlier statement (whether
expressly, by implication or otherwise). Any statement so modified or superseded shall not be deemed, except as
so modified or superseded, to constitute a part of the LSE Approved Prospectus or this Supplement. Copies of the
documents incorporated by reference in the LSE Approved Prospectus or otherwise in this Supplement or the
SEC Base Prospectus are available free of charge at the office of the fiscal agent in London, and will also be
available at the website of the Luxembourg Stock Exchange (www.bourse.lu).
The following audited financial statements of JBIC for the fiscal year ended March 31, 2019, prepared in
accordance with accounting principles generally accepted in Japan ("Japanese GAAP"), appear on the pages of
the JBIC 18-K 2019 as set forth below:
(a) Consolidated statements of operations
Set forth on page 3 of Exhibit 2 of the JBIC 18-K 2019
(b) Consolidated balance sheets
Set forth on page 2 of Exhibit 2 of the JBIC 18-K 2019
(c) Consolidated statements of cash flows
Set forth on page 7 of Exhibit 2 of the JBIC 18-K 2019
For the purposes of the LSE Approved Prospectus, the information incorporated by reference from the
Japan 18-K 2019 includes the following items in relation to Japan (the page numbers below are those of Exhibit 1
to such Annual Report):
Items
Japan 18-K 2019 - Exhibit 1 (Description of Japan)
Geographical location and legal form
"General--Area and Population", "General--
Government" and "General--Political Parties" on
pages 4-5
Description of the economy
"The Economy" on pages 8-19
Description of the political system and government
"General--Government", "General--Political
Parties" and "General--Leadership" on pages 4-5
Tax and budgetary systems
"Government Finance" on pages 30-36
Gross public debt and debt record
"Debt Record", "Japan's Public Debt", "Internal
Debt" and "External Debt" on pages 36-42
Foreign trade and balance of payments
"Foreign Trade and Balance of Payments--Foreign
Trade" and "Foreign Trade and Balance of
Payments--Balance of Payments" on pages 20-23
Foreign exchange reserves
"Foreign Trade and Balance of Payments--Balance
of Payments--Official Reserve Assets" on page 23
Financial position and resources
"Government Finance" on pages 30-36
Income and expenditure figures
"Government Finance" on pages 30-36
Auditing Procedures
"Government Finance--Revenues, Expenditures and
Budgets" on pages 30-34
S-7


INTRODUCTION
The following is an abstract of certain information contained elsewhere in this Supplement or the SEC Base
Prospectus or incorporated by reference herein. More detailed information is contained elsewhere in this
Supplement or the SEC Base Prospectus or incorporated by reference herein. You should read carefully this
entire Supplement, the SEC Base Prospectus and the other documents we refer to for a complete understanding
of this offering.
Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . Japan Bank for International Cooperation.
Issue Date . . . . . . . . . . . . . . . . . . . . . . . . The issue date is January 23, 2020.
Securities Offered . . . . . . . . . . . . . . . . . $2,250,000,000 principal amount of 1.750% Guaranteed Bonds Due
2023.
Guarantee . . . . . . . . . . . . . . . . . . . . . . . . Payments of principal of and interest on the bonds are unconditionally
and irrevocably guaranteed by Japan.
Maturity Date . . . . . . . . . . . . . . . . . . . . January 23, 2023
Interest Payment Dates . . . . . . . . . . . . . Semi-annually on January 23 and July 23 of each year, commencing
July 23, 2020.
Interest Rate . . . . . . . . . . . . . . . . . . . . . . 1.750% per annum, accruing from January 23, 2020. We will pay interest
on the bonds semi-annually in arrears in equal payments. Whenever it is
necessary to compute any amount of interest in respect of the bonds, that
interest will be calculated on the basis of a 360-day year of twelve 30-day
months.
Ranking . . . . . . . . . . . . . . . . . . . . . . . . . The bonds will be our direct, unsecured debt securities obligations and
rank pari passu and be payable without any preference among
themselves and at least equally with all of our other unsecured debt
securities obligations from time to time outstanding, which rank senior
to our unsecured general obligations not represented by debt securities,
provided, however, that certain obligations in respect of national and
local taxes and certain preferential rights granted by, among others, the
Japanese Civil Code to certain specified types of creditors, such as
preferential rights of employees to wages, will have preference.
Additional Amounts . . . . . . . . . . . . . . . If certain taxes, as described under "Description of the Bonds and
Guarantee", are payable on the bonds, we will, subject to certain
exceptions, pay such additional amounts on the bonds as will result,
after deduction or withholding of such taxes, in the payment of the
amounts that would have been payable on the bonds if no such
deduction or withholding had been required. For further detail on the
payment of these additional amounts, see "Description of the Bonds
and Guarantee--Additional Amounts".
Redemption . . . . . . . . . . . . . . . . . . . . . . . We may redeem all, but not less than all, of the bonds in the event of
certain changes relating to Japanese taxation at 100% of the principal
amount thereof plus accrued interest thereon and any additional amounts
we are required to pay, as described under "Description of the Bonds and
Guarantee--Redemption".
Markets . . . . . . . . . . . . . . . . . . . . . . . . . . We are offering the bonds for sale only in those jurisdictions other than
Japan (subject to certain exceptions) where it is legal to make such offers.
See "Underwriting" for a description of applicable selling restrictions.
Listing . . . . . . . . . . . . . . . . . . . . . . . . . . . We have applied to the Luxembourg Stock Exchange for the bonds to be
listed on its official list and for the bonds to be admitted to trading on its
Euro MTF Market.
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Form and Settlement . . . . . . . . . . . . . . . All bonds will be in registered form, without interest coupons attached.
Bonds held outside the United States, referred to as the international
bonds, will be represented by beneficial interests in the international
global bond, which will be registered in the name of the nominee of the
common depositary for, and in respect of interests held through,
Euroclear and Clearstream. Bonds held within the United States, referred
to as the DTC bonds, will be represented by beneficial interests in one or
more DTC global bonds, which will be registered in the name of Cede &
Co., as the nominee of DTC. Except as described in this Supplement,
beneficial interests in the global bonds will be represented through book-
entry accounts of financial institutions acting on behalf of beneficial
owners as direct and indirect participants in DTC, Euroclear and
Clearstream, and owners of beneficial interests in the global bonds will
not be entitled to have bonds registered in their names, will not receive or
be entitled to receive bonds in definitive form and will not be considered
holders of bonds under the fiscal agency agreement relating to the bonds.
The bonds will be sold only in denominations of $200,000 and integral
multiples of $2,000 in excess thereof. For further information on book-
entry procedures, see "Description of the Bonds and Guarantee--Form,
Denominations and Registration".
Investors electing to hold their bonds through DTC will follow the
settlement practices applicable to U.S. corporate debt obligations. The
securities custody accounts of investors will be credited with their
holdings against payment in same-day funds on the settlement date.
Investors electing to hold their bonds through Euroclear or Clearstream
accounts will follow the settlement procedures applicable to conventional
eurobonds in registered form. Bonds will be credited to the securities
custody accounts of Euroclear holders and of Clearstream holders against
payment in same-day funds on the settlement date. For information on
secondary market trading, see "Global Clearance and Settlement--
Secondary Market Trading".
Fiscal Agent, Registrar, Principal
Paying Agent and Transfer
Agent . . . . . . . . . . . . . . . . . . . . . . . . . . MUFG Bank, Ltd., London Branch, also acting through MUFG Union
Bank, N.A.
The security numbers for the bonds are:
For the DTC global bond:
CUSIP No.: . . . . . . . . . . . . . . . . 471048 CG1
ISIN: . . . . . . . . . . . . . . . . . . . . . US471048CG15
Common Code: . . . . . . . . . . . . . 210293116
For the international global bond:
ISIN: . . . . . . . . . . . . . . . . . . . . . XS2102387862
Common Code: . . . . . . . . . . . . . 210238786
Legal Entity Identifier . . . . 549300TJ3QFYVCTSCJ29
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RISK FACTORS
We believe that the following factors may affect our ability to fulfil our obligations under our bonds. All of
these factors are contingencies which may or may not occur and we are not in a position to express a view on the
likelihood of any such contingency occurring.
Factors which we believe may be material for the purpose of assessing the market risks associated with our
bonds are also described below.
We believe that the factors described below represent the principal risks inherent in investing in our bonds.
Prospective investors should carefully consider these factors in conjunction with the detailed information set out
elsewhere in this Supplement and the SEC Base Prospectus (including any documents or information
incorporated by reference herein) or, for the purposes of the LSE Approved Prospectus, the detailed information
set out elsewhere in the LSE Approved Prospectus (including any documents incorporated therein), and reach
their own views prior to making any investment decision.
Risks Relating to the Japanese Economy in General
Prospective investors in our bonds should be aware of the challenges faced by the Japanese economy in
general. The Japanese economy continues to face challenges due to prolonged deflation and uncertainty about the
economic prospects of certain emerging countries and the world economy more generally. The Japanese
economy is also exposed to uncertainty in geopolitical conditions, including tensions with North Korea and
continued instability in the Middle East, as well as in international trade relations.
Although the Japanese government and the BOJ are pursuing expansionary monetary and fiscal measures in
an effort to counter deflation and have proposed structural reforms to complement such stimulus measures,
including the BOJ's introduction of a negative interest rate policy in February 2016 and its announcement of a
strengthened framework for quantitative and qualitative monetary easing in September 2016, the full effects of
such reform efforts remain unclear. Further challenges for the Japanese economy include volatile exchange rates
and, over the long term, demographic challenges, such as an aging workforce and population decrease, and high
levels of public debt and associated debt servicing payments. Further slowdowns in overseas economies and
sharp fluctuations in the financial and capital markets also pose downside risks to the Japanese economy.
Risks Relating to Us
The Japan Bank for International Cooperation Act, as amended (the "JBIC Act"), requires the Japanese
government, at all times, to hold the total number of outstanding shares of JBIC. JBIC's operations, including
appointment of directors, business plans and issuance of new debt securities, are subject to the supervision of the
Japanese government. JBIC's business operations are conducted in accordance with the Japanese government's
economic and other policies, including the provision of financial support in areas in which it is difficult for
private financial institutions to provide on a commercial basis. Accordingly, JBIC's business operations, results
of operations and financial condition have been, and will continue to be, influenced by the Japanese
government's economic and other policies.
In particular, JBIC is subject to governmental regulation pursuant to the JBIC Act in addition to the
Companies Act of Japan (Act No. 86 of 2005, as amended). In the future, if these laws are amended in a material
way, the operations and other aspects of JBIC may be materially affected.
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