According to people familiar with the matter, IBM is planning to issue multiple batches of yen bonds. Term and spread: 3-year term: Japanese medium-term treasury yield +70-80 basis points; 5-year term: YMS + 90-100 basis points; 7-year term: YMS + 105-115 basis points; 10-year term: YMS + 125-135 basis points; 15-year term: YMS + about 140 basis points; 20-year term: YMS + about 145 basis points; 30-year term: YMS + about 155 basis points; estimated pricing date: November 13. Co-lead underwriters: Mizuho Bank, Mitsubishi UFJ Bank, Sumitomo Mitsui Nikko Securities.

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