IBM plans to issue multi-tranche yen bonds, according to people familiar with the matter. According to Sina Finance, the proposed spreads are 70–80 basis points over the Japanese mid-term government bond yield (YMS) for the three-year tranche, 90–100 basis points for the five-year, 105–115 basis points for the seven-year, 125–135 basis points for the 10-year, about 140 basis points for the 15-year, about 145 basis points for the 20-year, and about 155 basis points for the 30-year. Pricing is expected on November 13. The joint lead underwriters are Mizuho Bank (B&D), Mitsubishi UFJ Bank (MUFG), and SMBC Nikko Securities (SMBC Nikko).