Hikari Tsushin, the Tokyo-listed telecoms-and-insurance holding company, filed a shelf registration supplement with the Kanto Local Finance Bureau on September 3, 2026, setting terms for ¥30bn of unsecured bonds split into two tranches.
The two tranches
The 58th unsecured bond is a four-year issue of ¥10bn priced at 3.021%, maturing September 9, 2030. The 59th unsecured bond is a seven-year issue of ¥20bn priced at 3.977%, maturing September 9, 2033. Both price at par, pay interest twice a year on March 9 and September 9, and settle on September 9, 2026. The same four securities houses underwrite both tranches, in the same proportions.
| Feature | 58th bond (4-year) | 59th bond (7-year) |
|---|---|---|
| Size | ¥10bn | ¥20bn |
| Coupon | 3.021% | 3.977% |
| Maturity | September 9, 2030 | September 9, 2033 |
| Nomura underwriting | ¥4.2bn | ¥8.4bn |
| Daiwa underwriting | ¥3.3bn | ¥6.6bn |
| Mizuho Securities underwriting | ¥1.6bn | ¥3.2bn |
| SMBC Nikko underwriting | ¥0.9bn | ¥1.8bn |
Mizuho Bank acts as bond trustee and paying agent. Japan Credit Rating Agency assigns the notes A+; Rating and Investment Information gives them A, both ratings dated September 3, 2026. Neither series carries collateral or a guarantee, and each includes a negative-pledge clause tying its seniority to the other tranche.
Where the money goes
Net proceeds come to ¥29.872bn after ¥128mn of issuance costs. Hikari Tsushin says the entire amount will go toward redeeming bonds, including short-term notes, that mature by the end of October 2026. This is refinancing, not fresh borrowing for new projects.
Shelf math
The new bonds draw on a ¥200bn shelf registration Hikari Tsushin filed in July 2025, effective through July 2027. Before this week's supplement, the company had already placed four tranches under that shelf: ¥20bn and ¥15bn in October 2025, ¥91bn in February 2026 and ¥20bn in April 2026, for a cumulative ¥146bn. The shelf's own cover page listed ¥54bn of unused capacity heading into this filing. This week's ¥30bn tranche draws further against that room, though the filing does not print a separate post-issuance capacity figure.