East Japan Railway Company is selling ¥70bn of unsecured straight bonds in three tranches, with coupons rising from 2.395% on three-year paper to 3.456% on ten-year paper. The terms are in a shelf registration supplement dated October 9, 2026.
The tranches
The three bonds are the 212th (¥20bn), 213th (¥30bn) and 214th (¥20bn) series. All are priced at par, pay interest on February 25 and August 25, and have a first interest date of August 25, 2027. Payment is scheduled for October 16, 2026.
| Series | Tenor | Amount | Coupon | Maturity |
|---|---|---|---|---|
| 212th | 3 years | ¥20bn | 2.395% | Oct 16, 2029 |
| 213th | 5 years | ¥30bn | 2.761% | Oct 16, 2031 |
| 214th | 10 years | ¥20bn | 3.456% | Oct 16, 2036 |
R&I gave the bonds an AA+ rating dated October 9, 2026. The bonds are unsecured and unguaranteed. Under a negative pledge, if JR East gives security to other domestic unsecured bonds, it must give equal-ranking security to these ones, except for unsecured bonds that carry a collateral-switch clause. Daiwa Securities and SMBC Nikko Securities are the underwriters, taking ¥10.4bn and ¥9.6bn of the three-year tranche.
Where the money goes
Estimated net proceeds are ¥69.787bn after about ¥212mn of issuance costs. JR East plans to use them toward repaying ¥30bn of bonds, ¥109.8bn of long-term loans and ¥2.447bn of railway facility purchase payables, all falling due by the end of March 2027.
The shelf programme
The supplement is the fifth drawn from a ¥1tn registration that took effect on March 27, 2025 and expires on March 26, 2027. Earlier draws total ¥255bn, including ¥70bn in April 2026 and ¥50bn in July 2026. The supplement's stated remaining balance of ¥745bn counts only those earlier draws, not this offering.