Issuance Parameters
2.15%
1.45x
165 bps
18.5%
¥200B ($1.30B)
Simulated Spread
138 bps
Tightened by 27 bps
All-In Coupon Rate
3.53%
Benchmark + Spread
Annual Debt Servicing
$45.89M
¥7.06 Billion
Regulatory Capital Tier
AT1 Perpetual Compliant
Loss-Absorption Eligible
Spread Compression & Term Pricing (Prior vs. Simulated)
● Prior: 165 bps
● New: 138 bps
| Instrument Metric | Prior Issuance Baseline | New Tranche (Priced) | Impact / Compression |
|---|---|---|---|
| Benchmark Credit Spread | 165 bps | 138 bps | -27 bps (-16.4%) |
| Perpetual Coupon (Yield) | 3.80% | 3.53% | -0.27% savings |
| Total Issue Value (USD) | $1.30 Billion | $1.30 Billion | ¥200 Billion JPY Equiv |
| Annual Interest Outflow | $49.40M | $45.89M | $3.51M / yr Saved |
| Capital Structure Rating | Ba1 / BBB- (AT1 Sub) | Ba1 / BBB- (AT1 Sub) | Basel III Additional Tier 1 |