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					           Japanese Joint Local Government Bond Indication (JBI)

  (Date of release of JBI               2012    /              8      /             17     ]



                                 Simple Yield (%)              Compound Yield (%)              Spreads for JGB-yield curve(bp)
            Issue
                              ASK        BID       MID        ASK         BID      MID          ASK         BID        MID


   Joint Bond 113 th          0.880     0.888      0.884      0.876      0.884     0.880           2.8         3.5        3.2


   Joint Bond 112 th          0.869     0.878      0.874      0.868      0.876     0.872           2.9         3.7        3.3


   Joint Bond 111 th          0.861     0.869      0.865      0.862      0.870     0.866           3.2         3.9        3.6


   Joint Bond 110 th          0.852     0.860      0.856      0.854      0.861     0.858           3.1         3.9        3.5


   Joint Bond 109 th          0.838     0.846      0.842      0.845      0.853     0.849           3.3         4.1        3.7


   Joint Bond 108 th          0.831     0.840      0.836      0.837      0.845     0.841           3.4         4.2        3.8




○ “Japanese Joint Local Government Bond Trading Indication” (Joint Bond Indication; JBI) is pricing information
  provided as reference for the trading (negotiated transactions) of Joint Local Government Bonds.
  This information is intended to serve as reference only and is not published for investment solicitation purposes.

○ Joint Bond Indication is pricing information consolidated from designated reporting members, calculated and
  published by Japan Local Government Bond Association (JLGBA). These members report pricing information
  (such as yield) aimed to reflect the prevailing secondary market to JLGBA, based on the market situation as of
  the close of each publication day. Below is the list of designated reporting members.

   <1 Bank>                                           <9 Securities Companies>
    ○ Mizuho Corporate Bank Ltd.                       ○ Daiwa Securities Co. Ltd.
                                                       ○ Goldman Sachs (Japan) Ltd.
                                                       ○ Mitsubishi UFJ Morgan Stanley Securities Co Ltd.
                                                       ○ Mizuho Inbestors Securities Co. Ltd.
                                                       ○ Mizuho Securities Co. Ltd.
                                                       ○ Merrill Lynch Japan Securities Co. Ltd.
                                                       ○ Morgan Stanley MUFG Securities Co Ltd.
                                                       ○ Nomura Securities Co Ltd.
                                                       ○ SMBC Nikko Securities Inc.
                                                                    Designated reporting members (10 Companies)


○ The reporting members do not guarantee any transactions of Joint Local Government Bonds at the prices published
  in Joint Bond Indication. In case of actual buying or selling, please consult above reporting members or any financial
  institution that trades Joint Local Government Bonds directly for actual executable trading prices.

○ Japan Local Government Bond Association (JLGBA) will not respond to any enquires regarding individual pricing
information reported by each reporting member. JLGBA is not responsible, nor will it accept liability, for any damage
or loss arising from the use of Joint Bond indication.

				
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posted:8/19/2012
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