Hokkaido Electric Prices ¥80bn Hybrid Bond With a 37-Year Tail and Interest-Deferral Rights
Hokkaido Electric's first public hybrid bond fixes a 3.393% coupon until 2033, runs to a 2063 maturity, and gives the utility discretion to defer interest payments, terms that let R&I and JCR count half the ¥80bn issue as equity rather than debt.