Daito Trust Construction, the Tokyo-listed builder and apartment-leasing operator, filed two shelf-registration supplements with the Kanto Local Finance Bureau on July 9, 2026, drawing on a ¥50bn bond program that had sat untouched since regulators cleared it in April. Between the two filings, the company is lining up ¥30bn of unsecured debt, though none of it had actually changed hands as of the filing date.
The first filing covers ¥20bn split evenly between two new series. The third unsecured bond is a three-year note maturing July 13, 2029, carrying a 2.086% coupon; the fourth is a five-year note maturing July 15, 2031, at 2.596%. Both settle on July 15, 2026, and share the same underwriting syndicate, led by Nomura Securities at ¥6bn apiece, alongside Mitsubishi UFJ Morgan Stanley, SMBC Nikko, SBI Securities and Daiwa. Neither series appoints a bond administrator, a status the filing says is permitted under the exception in Article 702 of the Companies Act.
| Series | Amount | Coupon | Maturity | Payment date |
|---|---|---|---|---|
| 3rd series (3-year unsecured bond) | ¥10bn | 2.086% | July 13, 2029 | July 15, 2026 |
| 4th series (5-year unsecured bond) | ¥10bn | 2.596% | July 15, 2031 | July 15, 2026 |
| 2nd series (3-year unsecured bond) | ¥10bn | 2.09% | July 27, 2029 | July 27, 2026 |
The second filing, submitted the same day under a separate supplement number, adds a third tranche: a ¥10bn three-year bond priced at 2.09% and maturing July 27, 2029, the second series issued under the same program. Unlike the other two series, this one appoints Mitsubishi UFJ Bank as bond administrator and draws a different underwriter lineup led by SBI Securities, with Mitsubishi UFJ Morgan Stanley, SMBC Nikko and Daiwa filling out the syndicate. Its subscription window runs July 10-24, with payment due July 27, nearly two weeks after the other two tranches settle. Because that payment had not been made as of the July 9 filing date, the company's cumulative-issuance tally under the shelf still shows nothing recorded, and the residual capacity remains listed at the full ¥50bn.
Rating agency R&I assigned an A (single-A) rating to the bonds on July 9.
All three tranches point to the same use for the cash. Daito Trust says the combined net proceeds, after issuance costs, will go entirely toward repaying short-term borrowings that come due by the end of September 2026: about ¥19.89bn from the three- and five-year notes, and a further ¥9.92bn from the third series. Read together, the filings show Daito Trust rolling near-term bank debt into fixed-rate paper across three maturities in a single week, with most of the ¥50bn shelf's capacity still available before the program expires in April 2028.