The Ministry of Finance is preparing legislation to be able to issue Samurai bonds, i.e. issued on the Japanese market. On this occasion, he prepared a draft decision.

Draft decision on state loans– click to open

According to the memorandum, the issue of Samurai bonds includes a separate structure from the existing MTN program, with documentation prepared in Japanese and in accordance with local market rules in Japan.

Also, during the maturity of the bonds, annual information actions are required through reports to update information about the issuer or organization of conferences with the investment environment.

“The institutions involved in the issue of Samurai bonds, in addition to the bank syndicate, whose underwriting fee is borne by the issuer, are: a law firm specializing in Japanese law that will provide legal support for the deals (the issuer also assists both as a bank syndicate), a law firm that specializes in Romanian law, assisting the issuer, tax agent, prospectus publication agent and JASDEC (Japan Securities Depository Center), a rating agency with experience in the Japanese market (eg Japan Credit Rating Agency – JCRA),” the document says.

Costs related to rating services, as well as costs related to the annual report during the maturity of the bonds (Annual Securities Report), are borne by the issuer, that is, the state.

The project also talks about green bonds.