Davis Polk advised Japan Finance Organization for Municipalities (JFM) in connection with its $500 million Rule 144A/Regulation S takedown offering of 2.125% senior unsecured notes due 2021. Barclays Bank PLC, Citigroup Global Markets Inc. and Nomura International plc acted as joint lead managers and joint bookrunners on the transaction.

JFM is a public sector financial institution established by the Japan Finance Organization for Municipalities Law of Japan and is the primary public financial institution for supplying long-term, low-cost financing to local governments for funding national policy targets.

The Davis Polk corporate team included partner Eugene C. Gregor and counsel Christopher J. Kodama. Members of the Davis Polk team are based in the Tokyo office.

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