Regulation
Estate Duty Act(Chapter 96, Section 12(1)(c))Estate Duty Exemptions — Asian Dollar Bonds —
(Consolidation) NotificationN 1G.N. No. S 190/1977REVISED EDITION 1990(25th March 1992)The Minister for Finance has approved the following Asian Dollar Bonds for exemption from estate duty:1.The Development Bank of Singapore Ltd — US$10 million 8 1/2% Guaranteed Bonds 1982.The United Overseas Bank Ltd — US$30 million 6 1/ 2% Convertible Bonds 1988.The Development Bank of Singapore Ltd — US$60 million 6 1/2% Convertible Bonds 1991.The Keppel Shipyard Ltd — US$12 million 9 1/ 2% Guaranteed Bonds 1982.The Keppel Shipyard Ltd — US$25 million 9% Guaranteed Bonds 1983.NMB Singapore Ltd — US$12 million 8 1/ 2% Guaranteed Notes 1983.The United Overseas Bank Ltd — US$25 million Floating Rate Notes 1981.Singapore Airlines Ltd — DM50 million 8 3/ 4% Bearer Bonds 1983.The Republic of Singapore — US$20 million 7 3/ 4% External Loan Bonds 1987.The Republic of Singapore — DM100 million 7% Bonds 1982.The Republic of Singapore — Japanese Yen 10 billion 8.9% Bonds 1988.The Republic of Singapore — S Fr50 million Bearer 5 1/ 2% Bonds 1989.The Orient Leasing (Carribean) NV — US$10 million 8 3/4% Bearer Bonds 1983.The Y S Line (Cayman) Ltd — US$15 million 9 1/ 2% Guaranteed Notes 1980.The European Investment Bank — US$20 million 9% Bonds 1982.The Bank of Tokyo Ltd — US$50 million 8 1/ 2% Notes 1981.The Industrial Bank of Japan Ltd — US$20 million 8 1/ 2% Notes 1981.The European Investment Bank — US$30 million 8 1/ 4% Bonds 1983.Korea Development Bank — US$25 million 9 1/ 2% Guaranteed Bonds 1981.Credit Lyonnais — US$30 million Floating Rate Notes 1983.The Long-Term Credit Bank of Japan Finance N.V. — US$40 million Floating Rate Notes 1982. 2.The Keppel Shipyard Ltd. — US$15 million 85/8% Bonds 1984.[S 190/77][29.7.77]The Bank of Tokyo (Curacao) Holding N.V. — US$50 million 7 5/8% Guaranteed Notes 1984.Sumitomo Electric Industries Ltd. — US$20 million 6% Convertible Bonds 1992. 3.The European Investment Bank — US$30 million 8 1/4% Bonds 1987.[S 266/77][21.10.77]The Bank of Tokyo (Curacao) Holding N.V. — US$60 million Guaranteed Floating Rate Notes due 1984.C. Itoh 30 Co. (HK) International Ltd. — US$15 million 8 1/8% Guaranteed Notes due 1984.Orient Leasing (Caribbean) N.V. — US$20 million 8 1/4% Guaranteed Notes due 1984.The Settsu Paperboard Mfg. Co., Ltd. — US$15 million 6 3/8% Convertible Bonds due 1992.Hokushin Electric Works, Ltd. — US$10 million 6 3/ 8% Convertible Bonds 1992.The Australian Resources Development Bank Ltd. — US$10 million 8 1/4% Deposit Notes due 1982.The Australian Resources Development Bank Ltd. — A$10 million 10% Deposit Notes due 1982. 4.The Nippon Credit Bank, Ltd. — US$20 million Floating Rate Notes due 1983.[S 8/78][27.1.78]Sumitomo Heavy Industries Ltd. — US$25 million Guaranteed Floating Rate Notes due 1983. 5.The Long-Term Credit Bank of Japan Finance N.V. — US$60 million Guaranteed Floating Rate Notes due 1983.[S 102/78][5.5.78]Republic of Panama — US$30 million 9 1/ 2% Notes 1983.United Overseas Bank Ltd. — US$25 million Floating Rate Notes due 1983. 6.The African Development Bank — US$40 million Floating Rate Notes due 1983.[S 157/78][14.7.78]The Asian Development Bank — Japanese Yen 15,000 million Bond Issue due September, 1988. 7.Bank of Tokyo (Curacao) Holding N.V. — US$30 million Guaranteed Floating Rate Notes due 1993.[S 250/78][27.10.78]Casio Computer Co. Ltd. — DM40 million 3 1/ 2% Convertible Bearer Debentures 1978/85. 8.Banque Nationale D’Algerie — US$25 million Floating Rate Notes 1985. [S 265/78][24.11.78][S 10/79][19.1.79]9.Sveriges Investeringsbank Aktiebolag (Swedish Investment Bank Limited) — SDR 25 million 9% Bonds due 1985. [S 11/79][19.1.79]10.United Overseas Bank Limited — US$25 million Floating Rate Notes due 1989. [S 119/79][1.6.79]11.Minolta Camera Co Ltd., of Japan — DM70 million 4% Deutsche Mark Convertible Bearer Bonds of 1979 (1989). [S 128/79][22.6.79]12.Orient Leasing (Caribbean) N.V. — US$25 million 9 1/2% Guaranteed Notes due 1986. [S 197/79][14.9.79]13.Société Nationale pour la Recherche, la Production, le Transport, la Transformation et la Commercialisation des Hydrocarbures — US$25 million Guaranteed Floating Rate Notes due 1987. [S 221/79][19.10.79]14.Republic of the Philippines — US$100 million Floating Rate Notes due 1986. [S 246/79][30.11.79]15.Bank of Tokyo (Curacao) Holding N.V. — US$50 million Guaranteed Floating Rate Notes due 1989. [S 256/79][7.12.79]16.Long-Term Credit Bank of Japan Finance N.V. — US$75 million Guaranteed Floating Rate Notes due 1986. [S 11/80][18.1.80]17.Meidensha Electric Manufacturing Co., Ltd. — US$20 million 7% Convertible Bonds due 1994. [S 37/80][8.2.80]18.The Fujikura Cable Works, Ltd. — US$15 million Guaranteed Floating Rate Notes due 1987. [S 179/80][20.6.80]19.The State Bank of India — US$30 million Floating Rate Notes due 1987. [S 180/80][20.6.80]20.The Nippon Credit Bank (Curacao) Finance N.V. — US$30 million Guaranteed Floating Rate Notes due 1987. [S 181/80][20.6.80]21.European Coal and Steel Community — US$40 million 11 1/2% Notes 1988. [S 182/80][20.6.80]22.Ente Nazionale Per L’Energia Elettrica — US$100 million Floating Rate Debentures due 1987, convertible at the holders’ option into 9 1/2% Fixed Rate Debentures due 1995.Orient Leasing (Carribean) N.V. — US$30 million 12% Guaranteed Notes due 1985. 23.Long-Term Credit Bank of Japan Finance N.V. — US$25 million Guaranteed Floating Rate Notes due 1988. [S 275/80][3.10.80][S 280/80][17.10.80]24.Republic of Panama — US$25 million Floating Rate Notes due 1987. [S 330/80][19.12.80]25.Tokyu Corporation — US$70 million 7 3/4% Convertible Bonds due 1995.Mitsui Real Estate Development Co., Ltd. — US$35 million 7 1/4% Convertible Bonds due 1996.Banco De La Nacion Argentina — US$25 million Floating Rate Notes due 1987. 26.Minolta Camera Co., Ltd. — US$30 million 7 1/4% Convertible Bonds 1995. [S 13/81][16.1.81][S 24/81][23.1.81]27.The Australian Industry Development Corporation — US$14 million 9 1/ 2% Notes due 1983. [S 27/81][23.1.81]28.Ente Nazionale Per L’Energia Elettrica — US$100 million Floating Rate Debentures due 1987 Convertible at the holders’ option into 9 1/2% Fixed Rate Debentures due 1995. [S 43/81][13.2.81]29.Credit Lyonnais — US$30 million Floating Rate Notes due 11th September 1988. [S 114/81][10.4.81]30.Bank of Tokyo (Curacao) Holding N.V. — US$75 million Guaranteed Floating Rate Notes due 1991. [S 140/81][24.4.81]31.The Republic of Costa Rica — US$20 million Floating Rate Notes 1985.Asian Development Bank — 15,000 million Japanese Yen 8 1/4% Japanese Yen Bonds of 1981, due 15th April 1991.Banco de Chile — US$30 million Floating Rate Notes due 1986. 32.International Bank for Reconstruction and Development — Japanese Yen 20,000 million 83/ 4% Yen Bonds of 1981 due February 20, 1991. [S 190/81][12.6.81][S 191/81][12.6.81]33.The Korea Development Bank — US$30 million Floating Rate Notes due 1989. [S 237/81][17.7.81]34.Banco Nacional De Desarrollo — US$70 million Floating Rate Notes due 1987. [S 270/81][14.8.81]35.Hitachi Credit Corporation — US$40 million 5% Convertible Bonds due 1996. [S 306/81][25.9.81]36.Daiwa Securities Co. Ltd. — US$50 million 5 1/2% Convertible Bonds due 1996. [S 325/81][9.10.81]37.Sumitomo Finance (Asia) Limited — US$30 million Guaranteed Floating Rate Notes due 1988. [S 335/81][23.10.81]38.Petroleos Mexicanos — US$100 million Floating Rate Notes due 1988 (extendable at noteholder’s option to 1991, 1992 and 1993).Minolta Camera Co., Ltd. — US$40 million 5% Convertible Bonds 1996. 39.Cómisión Federal de Electricidad — US$100 million Floating Rate Notes due 1988.[S 346/81][6.11.81]Tokyu Land Corporation — US$15 million 5 3/ 4% Convertible Bonds due 1996.Korea Exchange Bank — US$30 million Floating Rate Notes due 1988. 40.Rhythm Watch Co., Ltd. — US$15 million 6% Convertible Bonds due 1997.[S 383/81][18.12.81]The Industrial Credit and Investment Corporation of India Limited — US$30 million Guaranteed Floating Rate Notes due 1991.Sakai Heavy Industries, Ltd. — US$15 million 5 3/4% Convertible Bonds due 1996.Banque Francaise Du Commerce Exterieur — USD125 million Guaranteed Floating Rate Notes due 1988.HCA (Hospital Corporation of America) Finance N.V. — US$50 million 15 1/2% Guaranteed Notes due December 15, 1988. 41.Orient Finance Co., Ltd. — US$60 million 5 1/4 Convertible Bonds due 1997. [S 39/82][19.2.82][S 55/82][12.3.82]42.The Seiyu Stores, Ltd. — US$18 million 11% Guaranteed Bonds due 1987.Best Denki Co., Ltd. — US$15 million 5 7/ 8% Convertible Bonds due 1997. 43.Japan Air Lines Company, Ltd. — US$ Denominated 7 7/8% Yen-Linked Guaranteed Notes 1987. [S 100/82][16.4.82][S 135/82][21.5.82]44.ASICS Corporation — US$12,500,000 7% Convertible Bonds due 1997. [S 142/82][28.5.82]45.Bank of Tokyo (Curacao) Holding N.V. — US$100 million Guaranteed Floating Rate Notes due 1991. [S 164/82][18.6.82]46.The Long-Term Credit Bank of Japan Finance N.V. — US$60 million Guaranteed Floating Rate Notes due 1992. [S 191/82][2.7.82]47.Keppel Shipyard Limited — US$50 million 6 3/4% Convertible Bonds due 1992. [S 204/82][16.7.82]48.Credit Lyonnais — US$200 million Floating Rate Notes due 1994. [S 233/82][20.8.82]49.Ente Nazionale per I’Energia Elettrica — US$100 million Floating Rate Debentures due 1989, convertible at the holders’ option into 13% Fixed Rate Debentures due 1992, guaranteed by the Republic of Italy. [S 236/82][27.8.82]50.Asian Development Bank — 15,000 million Japanese Yen 8 5/8% Bonds of 1982 due 10th August 1992. [S 244/82][3.9.82]51.European Investment Bank — 15,000 million Japanese Yen 8 1/4% Bonds due 1992. [S 275/82][8.10.82]52.CSR Limited — US$75 million 16% Notes 1989. [S 286/82][22.10.82]53.The Development Bank of Singapore Limited — US$75 million 15 1/2% Notes due August 12, 1989 and 75,000 warrants to purchase US$75 million 14 3/8% Notes due August 12, 1989. [S 1/83][7.1.83]54.Credit Foncier de France — US$60 million Floating Rate Notes due 1990. [S 18/83][28.1.83]55.Banque Nationale de Paris — US$150 million Floating Rate Notes due 1989. [S 69/83][31.3.83]56.Credit Lyonnais — US$150 million Floating Rate Notes due 1995. [S 113/83][6.5.83]57.Tokyu Land Corporation — US$40 million 7 3/4% Convertible Bonds due 1996. [S 177/83][15.7.83]58.Daiwa Securities Co., Ltd. — US$60 million 5 1/2% Convertible Bonds due 1998. [S 222/83][23.9.83]59.The Nippon Credit Bank (Curacao) Finance N.V. — US$100 million 11% Guaranteed Notes due 1990.The Mortgage Bank and Financial Administration Agency of the Kingdom of Denmark — US$80 million Guaranteed Floating Rate Notes due 1990, Series 84.Istituto per lo Sviluppo Economico dell’Italia Meridionale — US$70 million Floating Rate Notes due 1990.Province de Quebec — US$50 million 10% Bonds due 1995. 60.International Bank for Reconstruction and Development — US$100 million 11% Notes 1983 due 1988. [S 248/83][28.10.83][S 265/83][11.11.83]61.Primary Industry Bank of Australia, Limited — A$30 million 14 1/ 4% Capital Bonds due August 1988. [S 273/83][18.11.83]62.The Development Bank of Singapore Limited — US$70 million 5 1/2% Convertible Bonds due 1998. [S 281/83][25.11.83]63.Sears Overseas Finance N.V. — US$50 million 11 1/4% Guaranteed Notes due 1989. [S 21/84][1.2.84]64.The Nomura Securities Co., Ltd. — US$100 million 6 1/4% Bonds due 1988. [S 37/84][17.2.84]65.Security Pacific Overseas Finance N.V. — US$75 million 11 5/8% Guaranteed Notes due 1989. [S 38/84][17.2.84]66.Asian Development Bank — 15,000 million Japanese Yen 7 3/8% Bonds due 1994. [S 78/84][23.3.84]67.European Investment Bank — US$150 million 11 5/8% Bonds due 1999. [S 135/84][25.5.84]68.The International Bank for Reconstruction and Development — US$100 million 12 5/ 8% Bonds due 1991. [S 237/84][14.9.84]69.The Citicorp Overseas Finance Corporation N.V. — US$100 million 11 1/ 2% Bonds due 1988. [S 307/84][30.11.84]70.Banque Nationale de Paris — US$125 million Floating Rate Notes due 1996.Communaut urbaine de Montreal — US$50 million Floating Rate Notes due 1989. 71.International Bank for Reconstruction and Development — 20,000 million Japanese Yen 6 5/8% Bonds due 1994. [S 5/85][4.1.85][S 14/85][11.1.85]72.Credit Lyonnais — US$250 million Subordinated Floating Rate Notes due December 1999. [S 49/85][1.3.85]73.The International Bank for Reconstruction and Development — Canadian $75 million 12 1/2% Bonds due 1991. [S 69/85][22.3.85]74.Banca Nazionale Dell’Agricoltura S.p.A. — US$75 million Floating Rate Depositary Receipts due 1991. [S 134/85][17.5.85]75.Fuji Bank Limited — US$100 million Convertible Bonds due 2000. [S 1/86][10.1.86]76.National Bank of Hungary — US$100 million Floating Rate Notes due 2001. [S 115/86][9.5.86]77.Ajinomoto Co., Inc. — US$120 million 5 3/8% Bonds due 1990. [S 120/86][9.5.86]78.Hanwa Co., Ltd. — US$130 million 4 1/8% Guaranteed Notes due 1991 with warrants. [S 201/86][8.8.86]79.Development Bank of Singapore Ltd. — US$100 million 4% Subordinated Convertible Bonds due 2001. [S 18/87][16.1.87]80.Fujian Investment and Enterprise Corporation — US$50 million 8% Bonds due 1996.Yamaichi Securities Company, Limited — US$40 million 4% Bonds with Warrants due 1996.Yamaichi Security Company, Limited — US$30 million 3 1/4% Bonds with Warrants due 1993.Daiwa Securities Company, Limited — US$120 million 2 5/8% Bonds with Warrants due 1991. 81.C. Itoh 30 Co., Ltd. — US$500 million 2 1/4% Notes due 1992 with Warrants to subscribe for shares of common stock. [S 111/87][3.4.87][S 275/87][23.10.87]82.Nippon Shinpan Co., Ltd. — US$400 million 1 3/8% Guaranteed Bonds 1992 with Warrants to subscribe for shares of common stock. [S 280/87][30.10.87]83.US$300 million 2% Guaranteed Notes due 1992 by Marubeni Corporation unconditionally and irrevocably guaranteed by the Fuji Bank, Limited. [S 305/87][20.11.87]84.Hanwa Co., Ltd. — US$190 million 3 ¼% Guaranteed Notes due 1992 with Warrants. [S 1/88][8.1.88]85.Yasuda Fire and Marine Insurance Company, Limited — US$150 million 2 1/ 4% Bonds due 1992 with Warrants. [S 18/88][29.1.88]86.Nippon Credit Bank, Ltd. — US$150 million 1 3/4% Convertible Bonds 2002. [S 59/88][18.3.88]87.Sanwa Bank, Limited — US$300 million 1 3/4% Convertible Bonds due 2002. [S 67/88][25.3.88]88.China International Trust and Investment Corporation (Holdings) — Japanese Yen 15,000 million 5 1/4% Notes due 1993. [S 232/88][2.9.88]89.Nomura Securities Co., Ltd. — US$200 million 4 3/8% Bonds due 1993 with Warrants. [S 87/89][10.3.89]90.NKK Corporation US$700 million 4 1/8% Notes due 1992 with Warrants. [S 155/89][14.4.89]91.Nippon Telegraph and Telephone Corporation US$250 million 9 1/2% Notes due 1995. [S 198/89][12.5.89]92.Canon Inc. US$1,000 million 4 1/8% Notes 1993 with Warrants. [S 304/89][14.7.89]93.Nissho Iwai Corporation — US$800 million 4 1/8% Bonds due 1993 with Warrants. [S 346/89][18.8.89]94.Asahi Glass Company, Limited — US$600 million 4 1/8% Notes 1993. [S 378/89][8.9.89]95.Far East-Levingston Shipbuilding Limited — US$80 million 1.25% Unsecured Bonds due 1994 with Warrants. [S 416/89][20.10.89]96.Nippon Shinpan Co., Ltd. US$250 million 2 3/4% “A” Guaranteed Bonds 1991 with “A” Warrants. [S 463/89][1.12.89]97.Nippon Shinpan Co., Ltd. US$50 million 2 3/4% “B” Guaranteed Bonds 1991 with “B” Warrants.98.Kobe Steel, Ltd. US$600 million 4% Bonds 1993 with Warrants. [S 490/89][22.12.89]99.Olympus Optical Co., Ltd. US$300 million 4% Notes 1993 with Warrants.100.Nippon Shinpan Co., Ltd., US$450 million 4 3/8% Guaranteed Bonds 1993 with Warrants. [S 74/90][23.2.90]101.Nisshin Steel Co., Ltd. US$600 million 3 3/4% Bonds due 1993 with Warrants.102.Federal Business Development Bank Can. $50 million 9 1/2% Notes due July 23, 1991. [S 90/90][2.3.90]103.Asahi Glass Company, Limited US$250 million 3% Notes 1992 with Warrants.104.DBS Land Limited US$75 million 1% Bonds due 1995 with Warrants. [S 108/90][16.3.90]105.Bank Negara Indonesia 1946 US$50 million Floating Rate Notes due 1994. [S 117/90][23.3.90]106.Marubeni Corporation US$800 million 4% Notes due 1993 with Warrants. [S 163/90][20.4.90]