Japan HousingFinance Agency is expected to issue up to ¥255.6 billionpass-through notes in mid-July, S&P Global Ratings said.

The fixed-rate notes will ultimately be backed byresidential mortgage loans purchased from private-sector financialinstitutions.

S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.

As of July 14, US$1was equivalent to ¥105.37.