Mitsubishi UFJ Financial Group filed two separate shelf-registration supplements with the Kanto Local Finance Bureau on July 17, lining up ¥257bn of new 10-year subordinated bonds. The larger filing covers ¥227bn split across two series; the smaller covers ¥30bn across two more.
The bigger tranche breaks down into a ¥101bn 42nd series and a ¥126bn 43rd series that carries an early-redemption (callable) clause. The smaller filing splits ¥10bn into a plain 44th series and ¥20bn into a callable 45th series. All four series are unsecured bonds carrying clauses that exempt the debt from repayment if MUFG were to face substantial insolvency, plus subordination terms that rank them behind senior creditors.
| Series | Size | Feature |
|---|---|---|
| 42nd series | ¥101bn | 10-year, non-callable |
| 43rd series | ¥126bn | 10-year, callable (early redemption clause) |
| 44th series | ¥10bn | 10-year, non-callable |
| 45th series | ¥20bn | 10-year, callable (early redemption clause) |
Both filings sit under the same ¥5tn debt shelf, which took effect on June 24, 2025 and runs until June 23, 2027. Before this week's filings, MUFG had already drawn ¥522bn from that shelf across three earlier tranches: ¥162bn in July 2025, ¥10bn in October 2025 and ¥350bn in April 2026. That leaves ¥4.478tn of shelf capacity, according to the filing tied to the smaller of the two July 17 supplements.
The detail worth flagging for anyone tracking Japanese bank funding: that ¥4.478tn remaining-capacity figure does not yet include the ¥227bn filing. The smaller supplement explicitly notes that the ¥227bn tranches were also filed on July 17 but have a payment date of July 31, so they had not settled by the time the running total was calculated and are excluded from it. In other words, MUFG's disclosed headroom under the shelf is set to shrink by roughly ¥227bn once that payment clears, on top of whatever the ¥30bn tranches consume.
None of this is unusual for a bank the size of MUFG, which uses shelf registrations to keep a standing pipeline of subordinated debt ready to issue without a fresh full prospectus each time. What is useful for readers outside Japan is the mechanic itself: two supplements filed hours apart, under the same programme, can report different running totals depending on which side of a settlement date they fall.