15 billion ten-year bullet loan

Coupon Payments
Period
N
Coupon
Front End Fees
Principal(Yen mm)
Net Proceeds
Semi Annual Payments
Yield
Annualized Yield

Semi Annual
10
20
7.50%
0.75%
15000
14887.5
562.5
7.61%
7.75%

ECU80 million Loan

Principal
Price
Coupon
Underwriting Fees
Additional Fees
Proceeds

Yield

80
100.25%
9.125%
2%
0.075
78.525

9.40%

Time
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0
8.5
9.0
9.5
10.0
YTM

Cash Flows
Yen ECU
14445.153
-78.499
(483.23)
(483.23)
7.3
(483.23)
(483.23)
7.3
(483.23)
(483.23)
7.3
(483.23)
(483.23)
7.3
(483.23)
(1808.14)
7.3
(1764.65)
(1721.16)
23.3
(1677.67)
(1634.18)
21.84
(1590.69)
(1547.20)
20.38
(1503.71)
(1460.22)
18.92
(1416.73)
(1520.45)
17.46
3.45%
9.47%
7.01%
9.47%

French Utility
Time
ECU
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
YTM

80
(7.35)
(7.35)
(7.35)
(7.35)
(7.35)
(23.35)
(21.88)
(20.41)
(18.94)
(17.47)
9.19%
9.19%