GS Yuasa Corporation (TSE: 6674) filed an amended securities registration statement with the Kanto Local Finance Bureau on September 3, 2026, converting a placeholder slot in its debt shelf into a firm plan for its first green bond. The company will raise ¥10bn through a 10-year unsecured note, priced at par, with payment due from September 2026 and maturity from September 2036. Mitsubishi UFJ Morgan Stanley Securities, Nomura Securities and SMBC Nikko Securities are lined up as underwriters, with Mitsubishi UFJ Morgan Stanley also acting as structuring agent; the exact split among the three and the coupon will only be fixed once pricing is set.
| Feature | Detail |
|---|---|
| Size | ¥10bn (planned) |
| Tenor | 10-year note |
| Issue timing | Payment from September 2026; matures from September 2036 |
| Underwriters | Mitsubishi UFJ Morgan Stanley Securities, Nomura Securities, SMBC Nikko Securities |
| Structuring agent | Mitsubishi UFJ Morgan Stanley Securities |
| Use of proceeds | Full amount lent to subsidiary for stationary lithium-ion battery production capacity and manufacturing technology |
Every yen raised has a single destination. GS Yuasa Corporation, the listed holding company, will lend the full ¥10bn to its consolidated operating subsidiary, also called GS Yuasa, which runs the group's battery business. That subsidiary will spend the money building production capacity and improving manufacturing technology for domestically produced stationary lithium-ion batteries, the category the framework labels "storage battery business spending". The wider framework also covers solar equipment installation and renewable power purchases, though this particular note funds only the battery capex.
Japan Credit Rating Agency gave a third-party opinion that the framework conforms to the ICMA Green Bond Principles 2025 and the Ministry of the Environment's 2026 green bond and loan guidelines. GS Yuasa's treasury unit will track allocations quarterly and publish annual reports on spending and environmental impact on the company website until the bond is redeemed, aiming to fully deploy the proceeds within about two years. Any future green financing raised under the same framework is restricted to wholly owned units of the battery subsidiary, not partially held affiliates.
The March 2026 shelf registration left the offering's terms undecided. The September 3 filing fills in the blanks on size, tenor and underwriters, but the coupon and the final underwriting split remain open until pricing.