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NANKAI Prices ¥20bn Two-Tranche Bond to Refinance Debt Due by March 2027

NANKAI's ¥20bn refinancing splits into three-year notes at 2.375% and ten-year notes at 3.407%, both rated A by R&I, with net proceeds set aside to repay loans due before the end of March 2027.

Sep 3, 20262 min readNANKAI Co.,Ltd.9044
Editorial illustration of railway tracks overlaid with abstract bond and ledger line work, representing a rail company's debt refinancing.

NANKAI Co., Ltd., the Osaka railway operator that trades as 9044 on the Tokyo Stock Exchange, is raising ¥20bn through two unsecured bond tranches priced on September 3. The three-year notes (the 56th series) carry a 2.375% coupon and mature on September 7, 2029. The ten-year notes (the 55th series) carry a 3.407% coupon and mature on September 9, 2036. Both tranches carry an A rating from Rating and Investment Information (R&I), dated the same day as pricing.

NANKAI's two new bond tranches
Terms as disclosed in the September 3, 2026 shelf registration supplement.
SeriesSizeCouponMaturity
55th series (10-year)¥10bn3.407%Sept. 9, 2036
56th series (3-year)¥10bn2.375%Sept. 7, 2029

After roughly ¥118mn in issuance costs, net proceeds of about ¥19.881bn will go toward repaying borrowings that come due by the end of March 2027. That is a straightforward maturity swap: borrowings due by the end of March 2027 get replaced with bond paper stretching out to 2036, spreading repayment further into the future.

Nomura Securities leads the underwriting syndicate with ¥4.9bn of commitment on each tranche, followed by Daiwa Securities and Mitsubishi UFJ Morgan Stanley Securities at ¥2bn apiece, Mizuho Securities at ¥600mn, SMBC Nikko Securities at ¥300mn and Shinkin Securities at ¥200mn. Underwriting fees run 45 sen per ¥100 of face value on the ten-year tranche and 35 sen per ¥100 on the three-year tranche.

The deal is the second drawdown under a ¥50bn shelf registration that NANKAI filed in April 2025 and that runs through April 2027; the company had already raised ¥20bn under the same shelf in October 2025. No bond administrator has been appointed for either tranche, and Mitsubishi UFJ Bank acts as fiscal agent handling payment administration.