Mizuho lays out ¥180.5bn subordinated bond plan with callable second tranche
The move: Mizuho's plan pairs a ¥73.5bn 10-year subordinated note with a ¥107.0bn callable 10-year tranche. The catch is in the clauses, both carry write-down-upon-insolvency and subordination terms, so the filing reads as capital management as much as funding.