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Japan’s largest lender plans to increase the budget of individual investors to small businesses and hospitals to combat the COVID-19 pandemic.
Mitsubishi UFJ Financial Group Inc. intends to factor sustainable bonds totalling 150 billion yen ($1. 42 billion) in September, after receiving inquiries from retail buyers about ‘a sale of those tickets to institutional investors in June, according to Isamu Murofushi, a bank spokesman.
The pandemic is driving the sale of globally priced tickets to governments, businesses and other establishments to weather the crisis. Borrowers around the world have raised about $77. 5 billion through social and sustainable bonds since the beginning of 2020, compared to approximately $55. 5 billion for the last year’s total, according to knowledge compiled through Bloomberg.
The proceeds from the sale of MUFG’s debt will be used to provide loans to small and medium-sized businesses and hospitals to help them combat the effect of the virus, as well as to drug makers that come with vaccines and drugs, Murofushi said. .
“We are already receiving inquiries from retail investors at our retail branches, that retail investors are interested in environmental, social and governance investments,” said Haruhiro Ikezaki, Managing Director and Head of Debt Financiers, Mitsubishi’s Markets Division. UFJ Morgan Stanley Securities Co. , the main underwriter to the debt offering.
MUFG plans to sell two subordinated bonds maturing in 10 years and 4 months, depending on the presentation; pending issuer approval, one of them would be reimbursable in five years and 4 months; the bond maturing in 10 years and 4 months will most likely be offering a coupon of approximately 0. 7 to 1. 1%, while the redeemable bond may pay between 0. 4 and 0. 8%.
“Given that there are few corporate bonds aimed at retail investors, an ‘ESG-flavored’ product can attract some demand, which is likely due to the growth of the retail credit market,” Ikezaki said.
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