Samurai Bonds
They are publicly issued yen denominated bonds. They are issued by non-Japanese entities.
The Japanese Ministry of Finance lays down the eligibility guidelines for potential foreign borrowers. These specify the minimum rating, size of issue, maturity and so forth. Floatation costs tend to be high. Pricing is done with respect to Long-term Prime Rate.
Shibosai Bonds
They are private placement bonds with distribution limited to banks and institutions. The eligibility criteria are less stringent but the MOF still maintains control.
Shogun / Geisha Bonds
They are publicly floated bonds in a foreign currency while Geisha are their private counterparts.
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