Shinkin International August 2009 Introduction and Analysis

Shinkin International

August 2009Introduction and Analysis

Shinkin International 2

Contents

Shinkin Banks 3 Japan’s Private Financial Institutions 4 Size and Performance of the Shinkin Banks 5 Shinkin Central Bank 7 Shinkin International Ltd 12 MTN Arranging Record 13 Analysis of Deal History 14 Analysis of Deals Executed in 2008 18 Issuers Placed 19 Current Investment Trends 23 Milestones for Shinkin International 24 Summary 25 Contacts 26


Shinkin Banks

Shinkin banks (“credit banks”) are cooperative financial institutions whose members are individuals and small/medium sized companies.

Shinkin banks (governed by Shinkin Bank Law) operate in a similar way to commercial banks but in principle restrict lending to members.

As at March 2008 there were 281 shinkin banks with a total of 7,686 branches throughout Japan.

Membership stands at around 9.28 million and deposits total ¥114 trillion (approx. US$ 1,135 billion) as at March 2008 - over 15% of the total deposit market in Japan.


Japan’s Private Financial Institutions

C ity B a n ksR e g io n a l B a n ksF o re ig n B a n ks

C o m m e rc ia lB a n ks

L o n g -T e rm C re d it B a n ksT ru s t B a n ks

SHINKININTERNA TIO NA L

LTD .

Shinkin CentralBank

ShinkinBanks

T h e R o k in renB a nk

L a b o u r C re d itA sso c ia tio ns

T h e S h in ku m iF e d e ra tio n B a nk

C re d itC o -o p e ra tives

O th e r C o -o p e ra tiveIn s titu t io n s, e .g .

N o rin ch u k in B a nk

S p e c ia lise d F in a n c ia lIn s titu t io ns

In su ra n ceC o m p a n ie s e tc.

O th e r F in a n c ia lIn s titu t io ns

P riva te F in a n cia l In s titu t io ns

Shinkin Banks

Regional Banks

Second-Tier Regional Banks

City Banks Credit Coopera-

tives

Labour Credit

Associa-tions

7686 7434

32572349

1853

672


Size of the Shinkin Banks

(US$bn equivalent as at March 2008)

City Banks 2,496

Regional Banks 1,952

Shinkin Banks 1,135

Second-tier Regional Banks 554

Credit Cooperatives 163Labour Credit Associations 151

819Agricultural Cooperatives

Deposit Balances by Sector

Sources:Japanese Bankers Association, Norinchukin Bank, National Central Society of Credit Cooperatives, National Association of Labour Banks and SCB

Shinkin Banks City Banks Regional Banks Second-TierRegional Banks

459 times

136 times192 times

145 times

Sources: Bank of Japan, Japanese Bankers Association

Deposit Growth by Bank Sector （ From March 31,1955 to March 31,2007 ）

Number of Domestic Branches　（ as of March 31,2008 ）

Note: For regional banks, second-tier regional banks and city banks as of September 30, 2007Sources: Japanese Bankers Association, National Central Society of Credit Cooperatives, National Association of Labour Banks and SCB

Shinkin Banks City Banks Regional Banks

Second-Tier Regional Banks

0%

2%

4%

6%

8%

10%

12%

14%11.75% 12.30%

10.21%9.36%

'55.3 '60.3 '65.3 '70.3 '75.3 '80.3 '85.3 '90.3 '95.3 '00.3 '05.3 '08.3

1.311.81

2.58

3.674.25

5.516.2

7.368.11

8.87 9.13 9.28

Y2000 Y2001 Y2002 Y2003 Y2004 Y2005 Y2006 Y2007 Y2008-2%

0%

2%

4%

6%

8%

10%

12%

8.88%10.07% 10.04% 10.50% 10.78% 11.23% 11.27%

11.96% 11.75%


Capital Adequacy Ratio by Bank Sector　（ As of March 31,2008 ） Non-performing Loan Ratio of

Shinkin Banks (%)

Capital Adequacy Ratio of Shinkin Banks

Performance of the Shinkin Banks

Growth in Number of Shareholders（ Millions ）

Note: US$ figures have been derived from JPY using FX rate prevailing as at March 31 in each yearSource: SCB

Source: SCB

Note: City Banks –Consolidated BIS Capital Adequacy Ratio Others – Non-consolidated Capital Adequacy Ratio (domestic standard)Sources: Bank disclosure document/ Regional Banks Association of Japan/ The Second Association of Regional Banks

Source: SCB

Y2004 Y2005 Y2006 Y2007 Y20080

2

4

6

8

10

12 10.158.87

7.77 7.09 6.98


Shinkin Central Bank

Shinkin Central Bank (“SCB”) was established in 1950 to act as a central bank for all the shinkin banks in Japan but also acts as a financial institution in its own right.

The bank balances funding supply and demand among the shinkin banks and provide settlement and operational support.

SCB is one of Japan’s largest institutional investors. As at March 2008, the bank had assets of ¥28tn (USD 276bn).

SCB’s consolidated BIS Capital Adequacy Ratio stands at 15.95% and the non-performing loans ratio is 0.27% (as at March 2008).

SCB is the 94th largest bank in the world in terms of Tier 1 Capital strength (The Banker July 2008).


Shinkin Central Bank – Group Structure

Number 　　 281Assets 　 ¥120trnBranches 　　 7,686Employees 　 112,362Members 　　 9,255,468

ShinkinBank

ShinkinBank

ShinkinBank

ShinkinBank

ShinkinBank

ShinkinBank

ShinkinBank

ShinkinBank

ShinkinBank

ShinkinBank

ShinkinBank

ShinkinBank

Shinkin bank customers

Shinkin bank customers

　　　

Total Assets ¥28trn (US$276bn)Offices Domestic 13

Overseas 4Employees 1,066Members 281 Shinkin banks

SCBSCB

1999 H1

1999 H2

2000 H1

2000 H2

2001 H1

2001 H2

2002 H1

2002 H2

2003 H1

2003 H2

2004 H1

2004 H2

2005 H1

2005 H2

2006 H1

2006 H2

2007 H1

2007 H2

2008 H1

2008 H2

2009 H1

SCB City Banks average Trust Banks average

A1


Shinkin Central Bank – Ratings

SCB has maintained strong and stable long-term ratings during the last decade and avoided the Japanese financial crisis of the late 90s/ early 00s:

A2

A3

Baa1

Source: Bloomberg

Aa3

Baa2

Long-term Rating

Short-term Rating

Financial Strength Rating

JCR AAA - - R&I AA- - - S&P A+ A-1+ -

Moody's Aa3 P-1 C-

Moody’s Rating Comparison Aa2

Govt Bonds54.5%

Muni Bonds3.7%

Corp Bonds7.1%

Securities1.6%

Investment Trusts4.9%

Foreign Securities27.3%

Others0.9%

Shinkin International

S-T Markets9.4%

Securities65.4%

Loans22.8%

Cash in Trust2.4%

10

Shinkin Central Bank – Funding and Assets

(\25,669 100.0%

Short-Term Markets 2,432 9.5%

Loans & Bills Discounted 5,853 22.8%

Securities 16,765 65.3%

Cash in Trust & Others 619 2.4%

Asset Management

(\ Billion)25,115 100.0%

Deposits 18,633 74.2%

Negotiable Deposits 81 0.3%

Debentures 4,460 17.8%Borrowed Money 1,941 7.7%

Fund Raising

As at 31/3/08

Billion)

As at 31/3/08

Asset Management

Securities Held

SCB City Banks Regional Banks

222

3215


0.27%

1.66%

3.92%


Shinkin Central Bank – Financial Soundness

Note: Ratio = Total Expenses / Average Balance of Deposits + CDs + DebenturesSource: Japanese Bankers Association

Funds per Employee　（ As of September 30,2007 ）

(US$ Millions)

Capital Adequacy Ratio　（ As of March 31,2008 ）

Non-performing Loans Ratio　（ As of September 30,2007 ）

Expenses Ratio　（ As of September 30,2007 ）

Note: Total Funds = Deposits + CDs + DebenturesSource: Japanese Bankers Association

Note: SCB – City Banks – Average of financial holdingsSource: Bank Disclosure Documents Note: Ratio = Total risk-monitored loans/ Total loans

Source: Financial Services Agency


15.95%

11.19% 12.48%


0.10%

0.94%1.18%


Shinkin International Ltd Shinkin International Ltd (a wholly owned subsidiary of Shinkin Central

Bank) was established in London in 1990 as an overseas base for securities business.

The main goals of the company are to arrange and place private EMTN draw-downs, to trade secondary eurobonds and to provide broad investment opportunities.

These activities are driven by the combined requirements of Shinkin Central Bank individual banks among the extensive shinkin network

(approximately 80% of shinkin banks have bought EMTNs) other investors in Japan and elsewhere.

We are regulated in the UK by the Financial Services Authority.


MTN Arranging Record

2004 2005 20062007

　2008

　2009

* 　

Number of New Issues 129 301 128 256 172 82

Vanilla 19 66 36 143 103 63

Structured 110 235 92 113 69 14

Number of Issuers 56 76 58 78 55 33

Volume (¥ bn) 156 535 177 521 333 188

Vanilla 38 154 69 439 287 181

Structured 118 381 108 82 46 7

Number of Tickets 156 377 160 270 196 89

Average Issue Size (¥ bn) 1.2 1.8 1.4 2.0 1.9 2.3

Average Ticket Size (¥ bn) 1.0 1.4 1.1 1.9 1.7 2.1

* as at 30/7/09


Analysis of Deal History Shinkin International

Limited has been successfully arranging MTNs for Japanese wholesale investors since 1996.

Deal flows built up to a peak in 2002 and the early part of 2003 but a drop in the number of deals being called has made it more difficult to sell structured notes since then.

Significantly higher deal numbers and volumes achieved in 3 of the past 4 years due to bullet transactions which are now mostly vanilla.

Y1996 Y1997 Y1998 Y1999 Y2000 Y2001 Y2002 Y2003 Y2004 Y2005 Y2006 Y2007 Y2008

0

50

100

150

200

250

300

Total Issuance (number of deals)

Y1996 Y1997 Y1998 Y1999 Y2000 Y2001 Y2002 Y2003 Y2004 Y2005 Y2006 Y2007 Y2008

0.0

100.0

200.0

300.0

400.0

500.0

600.0

Total Issuance (JPY bn equiv)


Analysis of Deal History JPY has always been our most

important issuance currency since many of our investors only have domestic operations in Japan.

Extended marketing coverage in 2004 resulted in more USD flow but activity now limited by investor funding constraints.

EUR deals executed in 2005 due to some exceptional bullet investments.

Proportion of callable business has declined since 2003 and last year accounted for just 14% of the total amount issued (but still 40% in terms of the number of transactions executed).

2000 2001 2002 2003 2004 2005 2006 2007 20080%

10%20%30%40%50%60%70%80%90%

100%

Deal History by Currency (volume)

EUR

USD

JPY

2000 2001 2002 2003 2004 2005 2006 2007 20080%

10%20%30%40%50%60%70%80%90%

100%

Deal History by Termination Type (volume)

Bullet

European

Bermudan

0% 361

20% 951

50% 350

100% 94

Total Deals by Basel II Risk Weight (number)

0% 439.2

20% 1,390.2

50% 633.9

100% 148.5

Total Deals by Basel II Risk Weight (JPY bn equiv)


Analysis of Deal History – Risk Weight Historically a majority of issues have been

for 20% risk-weighted entities, but since 2006 we have executed a significantly higher proportion of trades with 50% and 100% risk-weighted Japanese entities.

Until Q4 2008 0% risk-weighted issuance mostly comprised structured callable deals -since then vanilla government guaranteed bank debt has been more important.

*Basel I methodology until 2006, Basel II thereafter *Basel I methodology until 2006, Basel II thereafter

2002 2003 2004 2005 2006 2007 20080%

10%20%30%40%50%60%70%80%90%

100%

Deal History by Risk Weight* (no. of trades)

100%

50%

20%

0%

2002 2003 2004 2005 2006 2007 20080%

10%20%30%40%50%60%70%80%90%

100%

Deal History by Risk Weight* (JPY bn equiv)

100%

50%

20%

0%


Analysis of Deal History – Products In the early 2000s the

majority of trades were callable Step-Up Reverse Floaters and Power Reverse Dual Currency bonds but in 2004-7 structures became notably more diverse.

In the past two years volumes have been dominated by vanilla flows.

PRDC and Nikkei-linked issues are normally for small amounts but until Q4 2008 still generated a significant proportion of fee income.

Although many Step-Up Reverse Floaters are now getting called, in the current climate there is little expectation of an early return to structured investment.

2000 2001 2002 2003 2004 2005 2006 2007 20080%

20%

40%

60%

80%

100%

Deal History by Structure (volume) Nikkei

RAN

Dual/RD/PRD

CMS

Cum Inverse

SURF

Flipper

Callable Fixed/SU

Capped FRN

Vanilla

2000 2001 2002 2003 2004 2005 2006 2007 20080%

10%20%30%40%50%60%70%80%90%

100%

Deal History by Structure (fees) Nikkei

RAN

Dual/RD/PRD

CMS

Cum Inverse

SURF

Flipper

Callable Fixed/SU

Capped FRN

Vanilla

Vanilla 103

Capped FRN 5Callable Fixed/SU 6

SURF 11

RAN 3

RD/PRD 36

Nikkei 8

2008 Issues by Structure (number of deals)

Vanilla 287.1

Capped FRN 8.5

Callable Fixed/SU 7.0

SURF 7.4

RAN 1.6

RD/PRD 17.4

Nikkei 3.8

2008 Issues by Structure (JPY bn equiv volume)


Analysis of Deals Executed in 2008 A successful year in difficult

circumstances with business dominated by relatively large JPY-denominated vanilla issues.

Structured issuance remained an important component of deal flow until September with Reverse Dual Currency structures most favoured.

Little demand for JPY Step-Up Reverse Floaters despite increase in call ratio towards the end of the year as interest rates fell.

Non-JPY investments prevented by higher wholesale funding costs.

More buyback requests received than normal but only 5 issues were fully or partly redeemed.


Issuers Placed In total Shinkin International has arranged MTNs for 204 different issuers since

1996. For the majority of these issuers we provide regular financing - in 58% of cases

3 or more transactions have been executed and there are 9 issuers benefitting from over 40 completed trades.

Since 1999 we have added an average of 19 new issuers every year.

Y1996 Y1997 Y1998 Y1999 Y2000 Y2001 Y2002 Y2003 Y2004 Y2005 Y2006 Y2007 Y20080

10

20

30

40

50

60

70

80

Issuers Placed

Total

New

Japan 720.3

Germany 353.2

France 333.7 Netherlands 226.3

UK 193.8

Canada 180.9

Luxembourg 126.7 Sweden 88.3 Australia 85.5

Norway 60.9 Austria 58.8 Spain 48.6

Other 134.6

Total Volume by Issuer Domicile (JPY bn equiv)*

Japan 422

France 211

Germany 187Netherlands 176

UK 160

Canada 151

Luxembourg 140

Australia 61Sweden 56

Norway 48Austria 45 Spain 22 Other 77

Total Deals by Issuer Domicile*


Issuers Placed – Geographical Distribution 50% or 100% risk-weighted short-dated vanilla issuance for Japanese entities

currently accounts for the majority of our executed business but we are still seeing demand for non-Japanese credits.

Approximately 42% of all our issues have been arranged for the core European countries of Germany, France and the Netherlands plus the UK.

A total of 291 trades into Canada and Luxembourg executed with only 12 entities.

*Location of parent if subsidiary


Issuers Placed – Vanilla bondsALLIED IRISH BANKS 2007*AMERICAN HONDA 2002BANK AUSTRIA CREDITANSTALT 2007BANK OF IRELAND 2008BANK OF NOVA SCOTIA 2008BANQUE PSA FINANCE 2003BBVA SENIOR FINANCE 2006BMW JAPAN FINANCE CORP 2007BMW (UK) CAPITAL 2007BOT LEASE CO LTD 2004CIBC 2007CHUBU ELECTRIC 2003COCA COLA AMATIL 2001CENTURY LEASING SYSTEMS 2005DAIMLER CHRYSLER AG 2002DAINIPPON INK AND CHEMICAL 2002DEVELOPMENT BANK OF JAPAN 2009EDF ENERGY PLC 2004EFG HELLAS PLC 2004EUROMOL BV 1999FINANCE FOR DANISH INDUSTRY 2007FORTIS BANK 2007FUJI PHOTO 2000FUJITSU EMEA 2005GMAC AUSTRALIA 2003GMAC INTERNATIONAL FINANCE 2003HITACHI CAP AMERICA CORP 2004HITACHI CAPITAL (UK) 2007HITACHI FINANCE 2001HITACHI INTERNATIONAL 2003HSH NORDBANK 2005IBERDROLA FINANZAS 2005INDUSTRIAL BANK OF KOREA 2002

INDUSTRIAL BANK OF KOREA 2002INTESA SANPAOLO 2007ITOCHU FINANCE (EUROPE) 2006KAJIMA CAPITAL OF AMERICA 2003KOBE STEEL (AMERICA) 1999KOBE STEEL (NETHERLANDS) 2003KOMATSU EUROPEAN CC 2006KOMATSU FINANCE AMERICA 2002KOMATSU (NETHERLANDS) 2002KONICA CORP 1999KONICA MINOLTA FIN USA 2004KBC IFIMA 2008LBANK RHEINLAND PFALZ 2005LVMH JAPAN KK 2006MARUBENI EUROPE 2006MARUBENI FINANCE HOLLAND 2007MARUBENI INTL FINANCE 1999MITSUBISHI ELECTRIC 2002MITSUBISHI UFJ LEASE 2006MITSUI & CO (UK) 2001MITSUI &CO (USA) 2003MITSUI FUDOSAN 1997MITSUI OSK FINANCE 2002MITSUI OSK LINES 2008MMC INTERNATIONAL 1999MONEX BEANS HOLDINGS 2007NATIONAL AUSTRALIA BANK 2007NIPPON YUSEN KABUSHIKI 2002NISSAN 1998NISSHO IWAI 1997NKK CAPITAL 2000NKK CORPORATION 2000

NORDDEUTSCHE LBANK 2005NORDEA BANK 2007OERESUNDSFORBINDELSEN 2005ORIX AUSTRALIA 2006ORIX USA CORP 2002PLASMA LIMITED 2009RCI BANQUE 2007REICHHOLD 1998RENAULT CREDIT 2001SANTANDER INTL DEBT 2006SCOTTISH & NEWCASTLE 2001SEVERN TRENT PLC 2001SHIMUZU INTERNATIONAL 2000SUMI MITSUI FIN & LEASING 1999SUMISHO LEASE 2002SUMITOMO CHEMICAL (UK) 2007SUMITOMO CORP AMERICA 2005SUMITOMO CORP CAP ASIA 2006SUMITOMO REALTY 2003SUNTORY EUROPE 2007SWEDBANK 2007TEIJIN HOLDINGS NETH 2005TOKYU CORPORATION 1999TORONTO DOMINION 2000TOSHIBA INT FIN (NETH) 2000TOSHIBA CAP CORP (ASIA) 2002TOKYO LEASING 2007UNICREDITO ITALIANO 2008VATTENFALL 2000VIVENDI ENVIRONMENT SA 2001VOLVO TREASURY 2005VW FINANCIAL SERVICES 2004

* Year of first transaction


Issuers Placed – Structured NotesABBEY NATIONAL PLC 1998*ABN AMRO N.V. 1999AFRICAN DEVELOPMENT BANK 2002ANZ BANKING GROUP LIMITED 2003ARGENTARIA 1997ARTESIA 2001ASIAN DEVELOPMENT BANK 2005AUSTRIA (REPUBLIC OF) 2002BACOB 1997BANK FUER ARBEIT UND WIRTSCHAFT 2001BANK NEDERLANDSE GEMENTEN 2002BANK OF SCOTLAND 2004BANK OF YOKOHAMA 2000BARCLAYS BANK PLC 2004BAYERISCHE LANDESBANK 1998BAYERISCHE VEREINSBANK 1997BCEE 1998BCL INTERNATIONAL 2001BGB FINANCE (IRELAND) PLC 1998BUSINESS DEVELOPMENT BK OF CANADA 2001CADES 2003CAISSE CENTRALE DESJARDINS 1999CALYON 2004CALYON FINANCE (GUERNSEY) LIMITED 2005CANADIAN WHEAT BOARD 2001 CDC IXIS CAPITAL MARKETS 1999CHRISTIANIA 1997CNCEP 2001COMMONWEALTH BANK OF AUSTRALIA 2005COMMERZBANK 1999COMP DE FINANCEMENT FONCIER 2002CREDIOP 2001CREDIT AGRICOLE INDOSUEZ 2004CREDIT AGRICOLE SA 2006

CREDIT SUISSE INTERNATIONAL 2007DANSKE BANK 2005DNB NOR BANK 1997DEPFA BANK PLC 2005DEPFA DEUTSCHE PFANDBRIEF 2003DEPFA ACS BANK 2004DEXIA BIL 2001DEXIA CREDIT LOCALE 2001DEXIA FUNDING NETHERLANDS 2002DEXIA MUNICIPAL AGENCY 2005DEUTSCHE BANK 2004DRESDNER BANK 1998DZ BANK 2006EKSPORTFINANS 1999EUROHYPO 2005EXPORT DEV BANK OF CANADA 1999EXPORT FIN & INSURANCE CORP 1999FARM CREDIT CANADA 2002FIRST CHICAGO TOKIO MDP 1999FMO 2000FORTIS BANQUE LUXEMBOURG 1999HAMBURGISCHE LANDESBANK 2001HYPO ALPE-ADRIA BANK 2001HYPO TIROL 2003ING BANK NV 2004INTER-AMERICAN DEVELOPMENT BANK 2008INTL FINANCE CORPORATION 2001INSTITUTO CREDITO OFICIAL 2002KFW 2000KOMMUNALBANKEN 2001KOMMUNALKREDIT 2002KOMMUNEKREDIT 2001KOMMUNINVEST 2000LANDESBANK BADEN-WURTTEMBERG 1999

L-BANK 2004LLOYDS TSB BANK PLC 2001MERRILL LYNCH & CO 2006MITSUBISHI CORP FINANCE 2004MITSUI & CO FIN SERVICES (EUROPE) 2005MUNICIPALITY FINANCE 2002NATIONWIDE 1996NATIXIS 2007NEDERLANDSE WATERSCHAPSBANK 2002NEW SOUTH WALES TREASURY CORP 2002NIBC BANK 1999NORTH RHINE – WESTPHALIA 2003NORDIC INVESTMENT BANK 2005OBEROESTERREICHISCHE LB 2002OESTERREICHISCHE KONTROLLBANK 2005PFANDBRIEFSTELLE 2004RABOBANK 1999RENTENBANK 2001ROYAL BANK OF CANADA 2005ROYAL BANK OF SCOTLAND 2000SE BANKEN 1997SGA SOCIETE GENERALE 2004SUMITOMO CORP CAPITAL EUROPE 2004SUMITOMO CORP CAPITAL NETHERLANDS 2000SWEDBANK MORTGAGE 2004SVENSKA HANDELSBANKEN 1999SWEDISH EXPORT CREDIT 2000TOYOTA MOTOR CREDIT CORPORATION 2008VENANTIUS 2000VORALBERGER LANDES-HYPO 2001WESTLAND UTRECHT HYPO 1999WESTPAC BANKING CORP 2004

* Year of first transaction

Note: for some issuers we have arranged both vanilla and structured notes but they are only shown in the relevant list for the first transaction.


Current Investment Trends Our wholesale investors have maintained good

JPY liquidity from domestic savings accounts throughout the credit crunch but have been very selective about making EMTN investments.

Up until 9/7/09 demand concentrated on vanilla issues by government guaranteed banks, government related AAA issuers and Japanese credits (only 3% of trades were callable structures) – these included several large tickets that boosted average deal size.

But, following the sharp tightening of credit spreads for top-quality credits, investors are beginning to execute structured deals again (inverse floaters and reverse dual currency in particular).

Although there are still difficulties in executing underlying derivatives we believe this trend will continue – many bonds called in H1 2009 have not yet been replaced by investors.

Overall bond turnover at Shinkin Banks has recovered from the depressed levels experienced in 2006-7 (see graphs).

JPY100 Million Source: Japan Securities Dealers Association


Milestones for Shinkin International 1996: 1st MTN Issue - Nationwide Building Society

1999: 1st Issue for an Agency - Export Finance and Insurance Corp

1999: 1st Appointment to a Dealer Group - Mitsubishi Motors

2001: 1st Issue for a Supra-national - International Finance Corporation

2002: 1st Issue for a Sovereign - Republic of Austria

2003: 1st Nikkei-Linked Issue

2004: Total of arranged transactions passes JPY 1 trillion (USD 9.1bn)

2005: 1000th EMTN transaction executed

2005: A record 301 deals completed with total volume of JPY 535bn

2007: 1st Uridashi Issue - Eksportfinans

2009: Largest issue to date – Lloyds TSB JPY 29.3bn


Summary

Shinkin is a co-operative financial network of local banks located throughout Japan servicing individuals and small/ medium sized businesses.

Shinkin Central Bank acts as a central bank for all the shinkin banks and is one of Japan’s strongest banks, reflected by its Aa2/A+ rating.

With deposits totaling USD 1,135 billion equivalent, Shinkin banks are active investors and, with assets of JPY 28 trillion, SCB is also one of Japan’s largest institutional investors.

Shinkin International’s relationships with SCB and the extensive shinkin bank network provides natural distribution for EMTN product.

Shinkin International ranks 6rd as a provider of JPY vanilla EMTNs in Q1 2009 (MTNi).


Contacts

Shinkin International Ltd.4th Floor, River Plate House, 7-11 Finsbury Circus, London EC2M 7YA

Managing DirectorHiroyuki Toda +44 (0)20 7562 0501

Head of Capital MarketsTakuya Sakamoto +44 (0)20 7374 4633

Associate Director, OriginationDavid Scott +44 (0)20 7374 4633