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 Straight bonds issued by JHF (JHF SB) have the following characteristics:

  1. Backed by general lien of JHF's assets (see Q2)
  2. Zaito agency bond (see Q3)
  3. Bullet redemption
  4. Rated 'AA+' by R&I and 'A+' by S&P (as of September 18,2015)

 Holders of bonds, other than MBS, issued by JHF have liens on its assets, which are subordinate to the general prior liens as defined under the civil code (*) and senior to all other creditors.

(*) General prior liens include claims for 1) expenses for common benefit, 2) employment relationships, 3) funeral expenses, and 4) supply of daily necessities.


 A Zaito agency is a government agency that carries out public policies by receiving loans, investments, and/or loan guarantees from the " Fiscal Investment and Loan Program(FILP)" managed by the Ministry of Finance (MoF). Zaito Agency bonds are debt securities issued by such agencies.
 Please visit MoF's website at: http://www.mof.go.jp/english/filp/index.htmlnew window for more details.


 JHF SB are not covered by government guarantees.


 Funds procured by JHF SB issuance were mainly earmarked for JHF (direct) loans for rental residential properties and reserves for overcollateralization and refinancing of outstanding loans succeeded from the GHLC.


 Bloomberg provides data and analytical tools for JHF SB.


 JHF's website has links to rating agencies' websites that specifically provide reports on individual deals as well as special reports on the structure of JHF MBS.
 Please refer to the relevant pages of our website at: Credit Ratings


Please refer to the relevant pages of our website at:Outstanding SB


Incorporated Administrative Agency (IAA) fully capitalized by the Japanese government


JHF was established to take over the rights and obligations of the GHLC.

  1. The GHLC has supplied long-term fixed-rate housing loans based on loans from the FILP since 1950.
  2. Established in April 2007, the JHF purchases long-term fixed-rate loans from private financial institutions for securitization, or guarantees the timely repayment of principal and interest on MBS backed by long-term fixed-rate loans originated and pooled by financial institutions.

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