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Mizuho Taps Its Bond Shelf for ¥290bn of Subordinated Perpetual Notes

Mizuho Financial Group is selling ¥209bn and ¥81bn tranches of unsecured perpetual bonds carrying debt-exemption and subordination clauses, the latest draw on a ¥3tn shelf registration filed with Japan's Kanto Local Finance Bureau.

Jul 16, 20262 min readMizuho Financial Group, Inc.8411
Illustration of stacked layered blocks of varying thickness representing tranches of subordinated bonds arranged by seniority, in navy and steel tones with a thin red accent line.

Mizuho Financial Group filed a shelf registration supplement with the Kanto Local Finance Bureau on July 16, 2026, to issue ¥290bn in unsecured perpetual bonds. The sale splits into two series: ¥209bn of 27th series notes and ¥81bn of 28th series notes. Both series carry optional redemption rights along with debt-exemption and subordination clauses written into the bond terms.

Mizuho's July 2026 Bond Supplement
Figures from Mizuho's July 16, 2026 shelf registration supplement filed with the Kanto Local Finance Bureau.
SeriesAmountClauses
27th series unsecured perpetual bonds¥209bnOptional redemption, debt exemption, subordination
28th series unsecured perpetual bonds¥81bnOptional redemption, debt exemption, subordination
Total¥290bn

The supplement draws on a shelf registration statement Mizuho filed on February 4, 2026, which took effect February 12, 2026 and runs until February 11, 2028, with a planned total issuance ceiling of ¥3tn. Today's filing carries the reference number 8-Kanto1-3, the third supplement submitted against that shelf registration (number 8-Kanto1).

The filing's cover page also lists a "remaining amount" of ¥2.81tn against the ¥3tn ceiling. That figure is calculated using only the ¥190bn already actually offered under the shelf, per a submission dated March 6, 2026 that recorded no reduction or amendment. Per the filing's own footnote, the ¥2.81tn has not been adjusted for the ¥290bn described here. It also excludes a separate ¥180.5bn combined issuance, ¥73.5bn of 34th series notes and ¥107bn of 35th series notes, that Mizuho filed on July 2, 2026, because settlement on that batch was due July 17, one day after this supplement was submitted.

The supplement was submitted by Mizuho's representative executive officer and president, Kihara Masahiro, from the group's registered headquarters at 1-5-5 Otemachi, Chiyoda-ku, Tokyo. Mizuho's EDINET filer code is E03615 and its securities code is 8411. The filing states that documents related to the offering can be inspected at the Tokyo Stock Exchange, at 2-1 Nihonbashi-kayabacho, Chuo-ku.