Obligation Japan International Cooperation Bank 0.5% ( XS2330517645 ) en USD

Société émettrice Japan International Cooperation Bank
Prix sur le marché 100 %  ▲ 
Pays  Japon
Code ISIN  XS2330517645 ( en USD )
Coupon 0.5% par an ( paiement semestriel )
Echéance 15/04/2024 - Obligation échue



Prospectus brochure de l'obligation Japan Bank for International Cooperation XS2330517645 en USD 0.5%, échue


Montant Minimal 200 000 USD
Montant de l'émission 1 000 000 000 USD
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 XS2330517645 émise par la Japan Bank for International Cooperation (Japon), d'une valeur nominale de 1 000 000 000 USD, libellée en USD, offrant un taux d'intérêt de 0,5% avec des paiements semestriels, a atteint sa maturité le 15/04/2024 et a été intégralement remboursée à son prix nominal de 100%, avec une taille minimale d'achat de 200 000 USD.







PROSPECTUS SUPPLEMENT TO SEC BASE PROSPECTUS DATED
January 5, 2021
Japan Bank for International Cooperation
(Incorporated under the Japan Bank for International Cooperation Act)
U.S.$1,000,000,000 0.500% Guaranteed Bonds Due 2024
U.S.$3,000,000,000 1.875% Guaranteed Bonds Due 2031
Unconditionally and Irrevocably Guaranteed
as to Payment of Principal and Interest by
Japan
We will pay interest on the $1,000,000,000 0.500% guaranteed bonds due 2024 (the "3-year bonds") and the $3,000,000,000 1.875%
guaranteed bonds due 2031 (the "10-year bonds", and together with the 3-year bonds, the "bonds") semi-annually in arrears in equal payments
on April 15 and October 15 of each year, commencing October 15, 2021. The 3-year bonds will mature on April 15, 2024 and the 10-year
bonds will mature on April 15, 2031. We may redeem all, but not less than all, of the bonds of a series in the event of certain tax law changes.
The redemption terms are described in this prospectus supplement dated April 15, 2021 (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" 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 January 5, 2021, starting
after page S-69 (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" 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 Deutschland GmbH. ("Moody's Europe") and S&P Global Ratings Europe Limited ("S&P Europe"), respectively, each
of which is an entity established in the European Union and registered under the CRA Regulation. The CRA Regulation, as amended by The
Credit Rating Agencies (Amendment, etc.) (EU Exit) Regulations 2019, has been transposed into United Kingdom law pursuant to the
European Union (Withdrawal) Act 2018 (the "UK CRA Regulation"). Neither Moody's nor S&P are established or registered in the United
Kingdom under the UK CRA Regulation, but credit ratings issued by Moody's and S&P have been endorsed by Moody's Investors Service
Ltd ("Moody's UK") and S&P Global Ratings UK Limited ("S&P UK"), each of which is an entity established in the United Kingdom and
registered under the UK 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 European Union law or with European Union 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. Under the UK CRA Regulation, certain
investors may generally only use a credit rating for regulatory purposes in the United Kingdom if: (i) the credit rating is issued by a credit
rating agency established and registered in the United Kingdom in accordance with the CRA Regulation, or (ii) is endorsed and published or
distributed by subscription by such a credit rating agency in accordance with the UK CRA Regulation.
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 3-year Bond
per 10-year Bond
Total
Price to Public(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.946%
99.791%
$3,993,190,000
Underwriting Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.100%
0.175%
$
6,250,000
Proceeds, before expenses, to JBIC(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . .
99.846%
99.616%
$3,986,940,000
(1) Plus accrued interest, if any, from April 15, 2021, 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 April 15, 2021.
Citigroup
Daiwa Capital Markets Europe
Goldman Sachs International
Nomura
Prospectus Supplement dated April 15, 2021.


TABLE OF CONTENTS
Supplement
Page
Foreign Exchange Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-7
Forward-Looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-7
Incorporation by Reference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-8
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-9
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-11
Recent Developments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-14
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-44
Description of the Bonds and Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-45
Global Clearance and Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-53
Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-56
Underwriting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-63
Validity of Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-66
Authorized Agents in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-66
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-67
SEC Base Prospectus
About This Prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ii
Where You Can Find More Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Japan Bank for International Cooperation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
Financial System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
Government Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63
Description of the Debt Securities and Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64
Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
74
Authorized Agents in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
75
Validity of Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
75
Further Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
75
Annex I: Summary Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
77
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 to any other person resident in Japan, or to others for reoffering or resale directly or indirectly in
Japan or to a person resident in Japan, for Japanese securities law purposes (including any corporation or
other entity organized under the laws of Japan), 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 governmental guidelines of Japan (see "Underwriting"
below). The bonds are not, as part of the distribution under the underwriting agreement at any time, to be
directly or indirectly 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 such 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 Japanese financial institution designated 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, a Japanese financial institution or a Japanese
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 April 8, 2021, as
reported by the Bank of Japan (the "BOJ") at 5:00 p.m., Tokyo time, was ¥109.51 = $1.00, and the noon buying
rate on April 2, 2021 for cable transfers in New York City payable in yen, as reported by the Federal Reserve
Bank of New York, was $1.00 = ¥110.67.
References in this Supplement to Japanese fiscal years ("JFYs") are to 12-month periods commencing in
each case on April 1 of the year indicated and ending on March 31 of the following year. References to years not
specified as being JFYs are to calendar years. References to "¥"or "yen" are to Japanese yen and references to
"$" 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.
S-3


The bonds are not intended to be offered, sold or otherwise made available 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.
The bonds are not intended to be offered, sold or otherwise made available to and should not be offered,
sold or otherwise made available to any retail investor in the United Kingdom. For these purposes, a retail
investor means a person who is one (or more) of: (i) a retail client as defined in point (8) of Article 2 of
Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal)
Act 2018 (the "EUWA"); (ii) a customer within the meaning of the provisions of the Financial Services and
Markets Act 2000 (as amended, the "FSMA") and any rules or regulations made under the FSMA to implement
the IDD, where that customer would not qualify as a professional client as defined in point (8) of Article 2(1) of
Regulation (EU) 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified
investor as defined in Article 2 of the Prospectus Regulation as it forms part of domestic law by virtue of the
EUWA. Consequently, no key information document required by the PRIIPs Regulation as it forms part of
domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the bonds or
otherwise making them available to retail investors in the United Kingdom has been prepared and therefore
offering or selling the bonds or otherwise making them available to any retail investor in the United Kingdom
may be unlawful under the UK 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 or in the United Kingdom will be made pursuant to an exemption under the Prospectus
Regulation (including as it forms part of domestic law in the United Kingdom by virtue of the EUWA) 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 or in the United Kingdom 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 only eligible
counterparties, as defined in the FCA Handbook Conduct of Business, and professional clients, as defined in
Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA ("UK MiFIR"); and (ii)
all channels for distribution of the bonds to eligible counterparties and professional clients are appropriate. Any
S-4


person subsequently offering, selling or recommending the bonds (a "distributor") should take into consideration
the manufacturers' target market assessment; however, a distributor subject to the FCA Handbook Product
Intervention and Product Governance Sourcebook (the "UK MiFIR Product Governance Rules") 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
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 3-year bonds, Daiwa Capital Markets Europe Limited (the "3-year
Stabilizing Manager") (or any persons acting on behalf of the 3-year Stabilizing Manager) may overallot the
3-year bonds or effect transactions with a view to supporting the market price of the 3-year bonds at a level
higher than that which might otherwise prevail. In connection with the issue of the 10-year bonds, Citigroup
Global Markets Limited (the "10-year Stabilizing Manager", together with the 3-year Stabilizing Manager, the
"Stabilizing Managers") (or any persons acting on behalf of the 10-year Stabilizing Manager) may over-allot the
10-year bonds or effect transactions with a view to supporting the market price of the 10-year bonds at a level
higher than that which might otherwise prevail. However, there is no assurance that the Stabilizing Managers (or
persons acting on behalf of the Stabilizing Managers) 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 relevant Stabilizing Manager (or persons acting on behalf of the relevant 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-69 including the following documents incorporated by reference:
·
the Annual Report on Form 18-K of Japan for the year ended March 31, 2020 (the "Japan 18-K 2020");
·
JBIC's Annual Report on Form 18-K for the year ended March 31, 2020 (the "JBIC 18-K 2020")
which is otherwise incorporated into this Supplement and the SEC Base Prospectus;
·
Amendment No. 1 to the JBIC 18-K 2020 which is otherwise incorporated into this Supplement and the
SEC Base Prospectus;
·
Amendment No. 2 to the JBIC 18-K 2020 which is otherwise incorporated into this Supplement and the
SEC Base Prospectus; and
·
Amendment No. 3 to the JBIC 18-K 2020 which is otherwise incorporated into this Supplement and the
SEC Base Prospectus.
S-5


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-6


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.
FORWARD-LOOKING STATEMENTS
This Supplement and the SEC Base Prospectus (including the documents incorporated by reference herein
and therein) include forward-looking statements. Forward-looking statements are statements that are not
historical facts, including statements about beliefs and expectations, and generally can be identified by the use of
forward-looking terminology such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate",
"believe", "continue", "could", "should", "would" or similar terminology. Forward-looking statements speak
only as of the date they are made, and we undertake no obligation to update any of such statements in light of
new information or future events. Forward-looking statements involve inherent risks and uncertainties, including
but not limited to those discussed under "Risk Factors" and elsewhere in this Supplement and the SEC Base
Prospectus (including the documents incorporated by reference herein and therein), and actual results may differ
materially from those expressed or implied in any forward-looking statements. Accordingly, you should not place
undue reliance on any forward-looking statements.
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INCORPORATION BY REFERENCE
The Japan 18-K 2020, JBIC 18-K 2020, Amendment No. 1 to the JBIC 18-K 2020, Amendment No. 2 to the
JBIC 18-K 2020 and Amendment No. 3 to the JBIC 18-K 2020 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, 2020, prepared in
accordance with accounting principles generally accepted in Japan ("Japanese GAAP"), appear on the pages of
the JBIC 18-K 2020 as set forth below:
(a) Consolidated statements of operations
Set forth on page 5 of Exhibit 2 of the JBIC 18-K 2020
(b) Consolidated balance sheets
Set forth on page 4 of Exhibit 2 of the JBIC 18-K 2020
(c) Consolidated statements of cash flows
Set forth on page 9 of Exhibit 2 of the JBIC 18-K 2020
For the purposes of the LSE Approved Prospectus, the information incorporated by reference from the
Japan 18-K 2020 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 2020 - 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 8-20
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 31-37
Gross public debt and debt record
"Debt Record", "Japan's Public Debt", "Internal
Debt" and "External Debt" on pages 37-43
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 21-24
Foreign exchange reserves
"Foreign Trade and Balance of Payments--Balance
of Payments--Official Reserve Assets" on page 24
Financial position and resources
"Government Finance" on pages 31-37
Income and expenditure figures
"Government Finance" on pages 31-37
Auditing Procedures
"Government Finance--Revenues, Expenditures and
Budgets" on pages 31-35
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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 April 15, 2021.
Securities Offered . . . . . . . . . . . . . . . . . $1,000,000,000 principal amount of 0.500% Guaranteed Bonds Due
2024
$3,000,000,000 principal amount of 1.875% Guaranteed Bonds Due
2031
Guarantee . . . . . . . . . . . . . . . . . . . . . . . . Payments of principal of and interest on the bonds are unconditionally
and irrevocably guaranteed by Japan.
Maturity Date . . . . . . . . . . . . . . . . . . . . 3-year bonds: April 15, 2024
10-year bonds: April 15, 2031
Interest Payment Dates . . . . . . . . . . . . . Semi-annually on April 15 and October 15 of each year, commencing
October 15, 2021.
Interest Rate . . . . . . . . . . . . . . . . . . . . . . The 3-year bonds and the 10-year bonds will bear interest at a rate of
0.500% and 1.875% respectively, per annum, accruing from April 15,
2021. 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 of a series 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".
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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.
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 U.S. Bank
National Association
The security numbers for the bonds are:
For the DTC global bond:
3-year bonds
10-year bonds
CUSIP No.: . . . . . . . . .
471048 CN6
471048 CM8
ISIN: . . . . . . . . . . . . . .
US471048CN65
US471048CM82
Common Code: . . . . . .
233128562
233112160
For the international global bond:
ISIN: . . . . . . . . . . . . . .
XS2330517645
XS2330518379
Common Code: . . . . . .
233051764
233051837
Legal Entity Identifier . . . . 549300TJ3QFYVCTSCJ29
S-10