On December 20, 1994 the Nippon Telegraph & Telephone Corporation (NTT) issued ¥1 billion of 10-year debentures due December 20,2004. The debenture carried a 4 % coupon. They were priced at par, that is, they cost the investor ¥100 per ¥100 of face value. The entire amount of borrowed principal would be repaid at maturity. Interest would be paid annually upon the anniversary date of the issuance (i.e., on December 20tg of each tear). The debentures carried a AAA credit rating.