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Mizuho Corporate Bank to cut long-term prime rate 0.05 point to 2.3%.

TOKYO, Nov. 9 Kyodo

Mizuho Corporate Bank said Thursday it will lower its long-term prime lending rate 0.05 percentage point to 2.30 percent per annum Friday to reflect the ongoing decline in other long-term interest rates.

The cut in the long-term prime rate, or interest charged on loans of one year or longer to the most creditworthy corporate clients, will come only one month after it was raised by the same amount to 2.35 percent Oct. 11.

The rate is set at a level 0.9 percentage point above the coupon on the bank's newest five-year debenture.

When the gap between the coupon rate and market yields on the latest month's debenture widens to more than 0.2 point, the coupon on the new issue and the long-term prime rate are revised the following month.
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Publication:Japan Weekly Monitor
Date:Nov 13, 2006
Words:138
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