Better outlook for local state lender.

The article looks at the growth of Japan Finance Corp. for Municipal Enterprises (JFM) in the domestic and international bond markets. JFM does not borrow from the government and is considered the largest Japanese issuer in terms of outstanding paper. Part of its fundraising efforts are issuing bonds such as government guaranteed domestic bonds and private placement bonds. It provides loans to local governments specifically at fixed interest rates with a maximum maturity of 28 years and an average final maturity of 25 years.