Is it true that they exist or just a rumor?
It was released in some gameguide that they exist but I doubt it since I looked for one a whole day. lol
It's supposed to be lvl 99 and drop a few ribbons and stuff.

yeh its true, i forgot what the chances were to find it, but very very low

Yes, it exist and has a 1/256 chance of appearing on Ozmone Plains.
Well, good luck to you if you want to look for one

true. gives ribbon with 100% chance. i also think that they can give something else but im not sure what it is. i cant remember

yay

Ah, cool.
Guess I'll have to keep looking for it then.
That is the only thing I have yet to complete.
I did everything else.
All hunts and everything. haha.

I Sadly Encountered One On My First Expedition to Ozmone Plains.

I Got Owned Cuz I Was Like Lvl 30 Back In The Days LOL (well idk what lvl ur supposed to be but i was around that lol)

I think you need to be 80+
Well, you can finish the game at level 30 but then you can't do much of the side quests.

Oh yea, I forgot I didn't get that fisherman badge or w/e it's called, the one you need to get that sword... When you need omega badge and that.
Yiazmat was pretty fun to fight, took pretty long though. haha

You mean a lv 20-21 red chocobo, because you can't spawn this lv 99 red chocobo before you have the treaty blade in Giruvegan.