Tokio Marine & Nichido Fire Insurance Co., Ltd. has fixed the terms of a ¥200bn unsecured bond sale in four maturities, according to an amended securities registration statement dated 16 October 2026. The company decided the amounts and coupons that day and signed the purchase underwriting agreement the same day.
Four tranches, rising coupons
The ¥200bn is more than the ¥150bn in the filing's earlier expected amounts, which were ¥30bn, ¥80bn, ¥10bn and ¥30bn across the four tranches. The five-year tranche is the largest at ¥100bn.
| Tranche | Maturity | Amount | Coupon |
|---|---|---|---|
| First unsecured bond | 2 years | ¥40bn | 2.221% |
| Second unsecured bond | 5 years | ¥100bn | 2.748% |
| Third unsecured bond | 7 years | ¥25bn | 3.030% |
| Fourth unsecured bond | 10 years | ¥35bn | 3.468% |
R&I rated the bonds AA+ on 16 October 2026. The filing notes that a rating is R&I's opinion on creditworthiness, not a statement of fact. Each tranche is underwritten jointly, with MUFG Morgan Stanley Securities taking the largest share in each. In the two-year tranche its share is ¥16bn of ¥40bn.
Proceeds earmarked to 2029
Estimated net proceeds are ¥199.55bn after about ¥449mn of issuance costs, excluding consumption tax. The company plans to allocate all of it by the end of September 2029 to eligible projects under its Green/Nature Finance Framework. That is a spending plan. The filing reports no completed project investment or environmental result.
The figures in the table are coupons, not yields, and the filing gives no spread over government bond yields for the final pricing.