Special features and Eligible securities

• 1

  Complete dematerialization

  The implementation of complete dematerialization has meant reductions in costs involved in the production and custody of notes and in the risks of loss and theft.
• 2

  DVP settlement

  All aspects of the process - issuance, transfer and redemption - have been affected by the implementation of Gross-Gross DVP settlement by means of simultaneous funds and securities settlement linking with the Bank of Japan Financial Network System ("BoJ Net").
• 3

  STP (Straight Through Processing)

  STP has been implemented right through from trade-matching to settlement in tandem with JASDEC's Pre-Settlement Matching System.
• 4

  Faster issuance and settlement

  The period between the decision of the issuance conditions and the issuance date can be made much shorter.
• 5

  Enhancement of the transaction

  The total issue amount can be subdivided into small lots on 'the value of each corporate bond' (=minimum unit of the transfer) basis in a secondary market, in place of each certificate of the former promissory notes

• Short-term corporate bonds
• Short-term investment company bonds (so-called REIT CP)
• Specified short-term corporate bonds issued by SPC, etc.
• Short-term foreign bonds issued by foreign corporations, etc.

Value of each corporate bond should be equal to or in excess of ¥100 million and a multiple of ¥1 million. The bonds should be issued in Japan and with original issue discount