The Ministry of Finance is preparing the legislation to be able to issue Samurai bonds, i.e. issued on the Japanese market. In this regard, he prepared a draft decision.
the Ministry of FinancePhoto: Hotnews
Project decision on state loans– click to open
According to the memorandum, the issuance of the Samurai bonds involves a separate framework from the existing MTN program, with documentation drafted in Japanese and consistent with local market regulations in Japan.
Also, during the maturity of the bonds, annual information actions are required through reports to update information regarding the issuer or the organization of conferences with the investment environment.
“The institutions involved in the issuance of Samurai bonds, in addition to the bank syndicate whose underwriting fee is borne by the issuer, are: the law firm specializing in Japanese law that will provide legal assistance for the transactions (the issuer assists both as well as the bank syndicate), the law firm specializing in Romanian law assisting the issuer, the tax agent, the prospectus publication agent and JASDEC (Japan Securities Depository Center), the rating agency with expertise in the Japanese market (for example, Japan Credit Rating Agency – JCRA)”, the document states.
The costs related to the rating services as well as those related to an annual report during the maturity of the bonds (Annual Securities Report) are borne by the issuer, i.e. the state.
The project also refers to green bonds.
