Odakyu Electric Railway will pay 2.732% a year on a ¥10.5bn five-year bond and 3.428% on a ¥21.5bn ten-year green bond, according to a shelf registration supplement filed on 14 October 2026.
| Tranche | Size | Coupon | Maturity |
|---|---|---|---|
| Series 94, five-year | ¥10.5bn | 2.732% | 28 Oct 2031 |
| Series 95, ten-year (green) | ¥21.5bn | 3.428% | 28 Oct 2036 |
Terms
Both bonds are unsecured and unguaranteed, issued at 100 per ¥100, with payment due on 28 October 2026. Interest is paid every 25 April and 25 October, starting 25 April 2027. Japan Credit Rating Agency gave both an AA- rating dated 14 October 2026. The supplement does not state the spread to government bond yields, so the coupons are Odakyu's own terms rather than a market benchmark.
Where the money goes
The gross amount is ¥32bn. Estimated issuance costs are ¥155mn, leaving estimated net proceeds of ¥31.844bn.
The five-year bond's net ¥10.448bn goes to capital spending, all of it planned for use by the end of March 2027. The supplement points to the capital expenditure plan in Odakyu's annual securities report for the year to March 2026.
The green bond's net ¥21.395bn is assigned to new investment in clean transport, which the framework describes as including new construction and renewal of rolling stock, with allocation planned by the end of March 2030. Until it is fully allocated, Odakyu says it will hold the money in cash or cash equivalents.
Shelf programme
The supplement draws on a ¥180bn shelf registration effective since 24 May 2025 and valid until 23 May 2027. A December 2025 supplement used ¥30bn, and the cover shows ¥150bn of remaining capacity before this offering.