Commentary & Deal Flow

Guidance: 5yr: MS+43a

• Issuer: Tokyo Metropolitan Government (TOKYO)
• Ranking: Senior Unsecured
• Issuer Ratings: A+ (stable, Stand-Alone Credit Profile: aa+) by S&P
• Issue Size: €400m WNG
• Settlement: 22-Oct-26 (T+5)
• Maturity: 22-Oct-31 (5 years)
• Format: Reg S Resilience Bond
• Coupon: Fixed, Annual, Act/Act-ICMA
• Listing: The Main Market and Sustainable Market of the London Stock Exchange and the TOKYO PRO-BOND Market of the Tokyo Stock Exchange
• Governing Law: English
• Denoms: €100k + €1k
• Sales into Italy: Yes
• Sales into Canada: Yes
• ISIN: XS3524494583
• Bookrunners: Barc / CACIB (Structuring Coordinator) / MS (B&D) / Daiwa
• Target Market: EU MiFID and UK MiFIR Professionals/Eligible Counterparties
• 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.
• ECB repo eligible: The Bonds are intended to be eligible for the Eurosystem credit operations (ECB repo eligible).
• Timing: Books open, Today's businesss