Award of Yokohama Municipal Bonds

　Yokohama City received “Local Government Bond of the Year” in the “DEALWATCH AWARDS 2023” by the financial information service “DealWatch” of Refinive Japan Co., Ltd. This is the fourth award in a row, following the Bond Issuer of the Year award last year.
　The Yokohama City 1st 2-year publicly offered public debt (determined on October 20, 2023) is the first two-year bond issue in a government-designated city and the first two-year bond as a local bond manager method in 12 years in the municipal bond market where the term selection is limited. In recent years of interest rate hikes, the interest of investors who are looking for a short period of time has been evaluated flexibly and flexibly.

　Yokohama City was awarded Bond Issuer of the Year in the Bond Issuer of the Year for the DEALWATCH AWARDS 2022, a financial information service provided by Refinitive Japan Corporation. This is the third time that I have received this award.
　Yokohama City The 3rd publicly offered public debt for FY2022 (conditional decision on November 18, 2022) is determined by a wider spread than the previous case in the same month. In the newly issued local government bond market, which was commonplace to follow a fixed level at the beginning of the month, was recognized for having reconfigured the level according to the environment and investing a step in the way of the market.

　Yokohama City was awarded the “Best DEALS OF 2022” in the municipal bond category at the 2022 Capital Eye Awards sponsored by the financial information service “Capital Eye News”. This is the third time that I have received this award.
　The 3rd publicly offered public debt for FY2022 (conditional decision on November 18, 2022) was determined by the government bond curve + 20bp, the same level as the previous month, despite the widening of the secondary market in November, and the actual situation was widened in the latter half of the 20bp range. As a result, the opening of the market was revived, and after the project in December, the trend of widening in July stopped.

　Yokohama City was awarded the “Best DEALS OF 2017” in the 2017 Capital Eye Award sponsored by the financial information service “Capital Eye News”.
　The 4th publicly offered public debt in FY2017 in Yokohama City appeared as the first ten-year 1st in the second half of 2017. Adjusted the spread to 16bp, which is 2bp wider than the previous month, greatly contributing to stable digestion thereafter. 10-year supply and demand improved, which had been deteriorating due to a decline in interest rates in August. It was recognized for having a positive effect on other public bonds.

　Yokohama City received the second award in the DealWatch Awards 2008 by Thompson Reuters financial information service DealWatch.
　"Yokohama City's 4th 10-Year Public Offering Debt for Fiscal Year 2008" (conditional decision on November 6, 2008) started marketing ahead of other organizations in order to recreate the investor's perspective (a sense of level of investment) lost due to market disruption following the Lehman Shock. It was recognized for stimulating investor demand through appropriate pricing, contributing to the formation of the level of subsequent stocks, and rebooting the local bond market.

　The city of Yokohama was awarded the "Best Ishear" and "Best Deal" in the municipal bond and municipal bond sector at the 2007 Capital I Award sponsored by the Financial Information Service "Capital I News".
　Yokohama City's issuance management has been evaluated as an excellent issuer ("Best Ishear") for its advanced efforts with an emphasis on market conditions, such as continuing to determine conditions that emphasize the market, setting a "flex frame" to flexibly manage issuance in response to investor demand, and opening an English-language website.
　In addition, the 3rd 10-year publicly offered public debt in FY2007 (conditional decision on August 29, 2007) was an excellent bond issue (“Best Deal”) because it was sold smoothly in line with market conditions after the US subprime loan problem, and was a model for determining the conditions for local bonds.

Yokohama City 4th 30-year publicly offered public debt

　Yokohama Municipal Bond was awarded the Best Yen Deal as the best yen bond issue in 2007 by the Euromoney magazine (Japanese version) in the Japan Deal of the Year, which evaluates pioneering projects in the capital market.
　"Yokohama City 4th 30-Year publicly offered public debt" (a conditional decision on March 7, 2007) was recognized as a pioneering project in the capital market because it attracted high interest from overseas investors and showed the growing importance of the local bond market in Japan and overseas.

Best Deal in Municipal Bonds
[No. 1]　Yokohama City 4th 30-year publicly offered public debt
[No. 2]　Yokohama City 3rd 10-year publicly offered public debt

　Yokohama Municipal Bonds are the best municipal bonds in the 2007 Deal of the Year, which comprehensively evaluates financing projects in 2007 by the Nihon Keizai Shimbun, Inc. ("Nikkei Corporation Bond Information"). Received the first and second place in the “Best Deal in Local Bonds” as a bond issue.
　The 4th Yokohama City 30-Year Public Offering Debt (determined on March 7, 2007) was recognized as having used the first Japanese local government to develop a large number of overseas investors who need to be credited to make investment decisions. After that, the acquisition of ratings spread to other local governments, which triggered a wide range of overseas investors to enter the Japanese local bond market.
　The 3rd 10-Year publicly offered public debt in FY2007 (conditional decision on August 29, 2007) was recognised by the U.S. subprime loan issue, which brought back the demand for investors that had cooled down due to the market conditions.

1st place in the best deal in local bond sector Yokohama City 10th 20-year publicly offered public debt
　Yokohama Municipal Bonds is the best municipal bond issue in the 2006 Deal of the Year, which comprehensively evaluates financing projects in 2006 by Nihon Keizai Shimbun, Inc. (Nikkei Corporation Bond Information magazine) Received the first place in the “Best Deal in the Local Bonds” category.
　The award-winning “Yokohama City 10th 20-year publicly offered public debt” (conditional decision on October 12, 2006) was the first bond issuance after Yokohama City obtained a request rating, but ahead of other local governments The market was highly evaluated by market officials for obtaining the requested rating and becoming a leading player in the change in the local bond system.

　The city of Yokohama was the first local government to receive the Ishear of the Year in fiscal 2006 as the best issuer in the bond and stock market in fiscal 2006, sponsored by Thompson Financial, a major U.S.
　In this award, the following points were generally highly evaluated by market participants.
1 Acquisition of the first request rating of local governments
The first local government to obtain a request rating (October 2006) accurately grasp the timing of changes in the local bond market and provide new means for domestic and foreign capital market participants to evaluate local governments.
2 Direct dialogue with capital markets ahead of the whole country
While urging the local bond market to introduce the principle of competition through the review of the share of the first underwriter of municipal bonds (September 2002) and the introduction of the first lead secretary method of local bonds (July 2003), the merits of the business, including the disclosure of debts including the balance of municipal bonds in all accounts and the debts of affiliated organizations, and its efforts to reduce the amount of funds.
3 Expand the number of investors to overseas investors
Overseas investors are increasingly interested in Japanese municipal bonds, but the international reputation that Yokohama City has built up in the capital market while pushing information disclosure to the forefront, such as acquiring ratings, provided a foothold.