Commentary & Deal Flow

Reoffer: 5yr: MS+39bp / 99.866 / 3.78%
Benchmark: 5yr: OBL 2.9 10-Aug-31 @ 98.776 / B+61.4bp

Tranche 1 (5yr): Final books > €1.25bn (excl. JLM). Peak book > €1.25bn (excl. JLM).

Launched: 5yr: €400m @ MS+39bp - Books in excess of €1.2bn (excl. JLM)
Revised guidance: 5yr: MS+41a - Books in excess of €900m (excl. JLM)
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
• Coupon: 3.750% Fixed, Annual, Act/Act-ICMA
• Final spread: MS+39bp
• Reoffer: 99.866 / 3.780%
• Govt ref: +61.4bps vs OBL 2.9 10-Aug-31 (HR 99% - 98.776 / 3.166%)
• Settlement: 22-Oct-26 (T+5)
• Maturity: 22-Oct-31 (5 years)
• Format: Reg S Resilience Bond
• 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: Barclays / CACIB (Structuring Coordinator) / Morgan Stanley (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: PRICED. TOE: 15:18 LDN / 16:18 CET – FTT immediately