Commentary & Deal Flow

Tokyo Metropolitan Government, (ticker: "TOKYO"), rated A+ (stable, Stand-Alone Credit Profile: aa+) by S&P, has mandated Barclays, Crédit Agricole CIB (Structuring Coordinator), Morgan Stanley and Daiwa as Joint Lead Managers.

An expected €400m, Reg S, senior unsecured 5yr EUR offering will follow, subject to market conditions.

• Format: Reg S only
• ECB Eligibility: The Bonds are intended to be eligible for the Eurosystem credit operations (ECB repo eligible).
• Stabilisation: FCA/ICMA stabilisation.
• Use of proceeds: The net proceeds of the issue of the Bonds will be used to fund existing and future Eligible Projects in accordance with the Metropolis' Resilience Bond Framework. The Metropolis has obtained a Second Party Opinion from Moody's Japan K.K. on 28-Aug-26, on the Resilience Bonds Framework's conformity with the International Capital Markets Association ("ICMA") Green Bond Principles 2025, the ICMA Social Bond Principles 2025 and the ICMA Sustainability Bond Guidelines 2021. The Bonds have also aligned with Climate Bonds Standard version 4.3, the Water Infrastructure Criteria version 3.4, the Electrical Grids and Storage Criteria (March 2022) and the Criteria for Certification under the Climate Bonds Resilience Taxonomy of the Climate Bonds Initiative.