Mizuho Bank is offering ¥281bn of unsecured bonds in four maturities, with coupons rising from 2.465% on the three-year tranche to 3.626% on the ten-year, according to a shelf registration supplement filed with the Kanto Local Finance Bureau on 9 October.
Applications run on 9 October and payment is due on 16 October 2026.
| Tranche | Amount | Coupon | Maturity |
|---|---|---|---|
| No. 39 (3-year) | ¥110.5bn | 2.465% | 16 Oct 2029 |
| No. 40 (5-year) | ¥69bn | 2.811% | 16 Oct 2031 |
| No. 41 (7-year) | ¥28bn | 3.141% | 14 Oct 2033 |
| No. 42 (10-year) | ¥73.5bn | 3.626% | 16 Oct 2036 |
Terms and ratings
The bonds are unsecured, with no collateral or guarantee, and carry a negative pledge clause: if the bank gives security to other domestic unsecured bonds, it must give equal security to these. The clause excludes unsecured bonds that carry collateral-switching provisions and Mizuho Bank's statutory bonds. Interest is paid every 16 April and 16 October, starting 16 April 2027.
R&I and JCR each assigned AA on 9 October. The filing carries the standard disclaimer that a rating is an opinion on credit risk, not a statement of fact or a recommendation.
Proceeds and underwriters
Mizuho Bank expects net proceeds of ¥279.86bn after estimated issuance costs of ¥1.14bn. The filing says the money will go to long-term investment funds and general working capital, with amounts and timing by use still undecided. It describes the issue as aimed at stable medium- and long-term funding.
Mizuho Securities is the lead underwriter and Nomura Securities also underwrites each tranche. Because the bank and Mizuho Securities are both consolidated subsidiaries of Mizuho Financial Group, the filing names Daiwa Securities as independent underwriter to take part in setting the price and rate. The coupons were set through pre-marketing. Underwriting commissions run from 30 sen per ¥100 of face value on the three-year bonds to 45 sen on the ten-year.
The shelf
The supplement draws on a ¥1.2tn shelf registration filed on 14 April 2026, effective from 22 April 2026 and valid until 21 April 2028. The supplement lists no earlier offerings under the shelf.