Domestic Issuance List of Sustainability Linked Bond

The first sustainability linked bond in Japan was issued in 2020. The following are major issuance cases in Japan.

Case study of major Sustainability Linked Bond in Japan

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Issuer Categories Date of Issuance Redemption Period External Reviewer Issuance Amount Currency Sustainability Performance Targets Bond characteristics Reporting Policy
JA Mitsui Leasing, Ltd. Finance (including REITs) 2024/1/25 5 years Japan Credit Rating Agency, Ltd. 2 billion yen SPT 1: Targets for each fiscal year from FY2025 onward for cumulative renewable energy-related investments of 500 billion yen by the Company and its Group companies in FY2030 (base date: March 31 of each year, determination date: September 30 of each year)
(Actual result for FY2021: 56 billion yen)
【Target 】
250 billion yen in FY2025
300 billion yen in FY2026
350 billion yen in FY2027
400 billion yen in FY2028
450 billion yen in FY2029

SPT 2: Targets for each fiscal year after FY2025 (compared to FY2021) for a 50% reduction in greenhouse gas emissions (Scope 1 and Scope 2) by the Company and domestic group companies in FY2030 (base date: March 31 of each year, determination date: September 30 of each year)
[Target] (compared to FY2021)
40% in FY2025
42% in FY2026
44% in FY2027
46% in FY2028
48% in FY2029
① Step Up/Down of Interest Rate
If any of the SPTs has not been achieved on the determination date, the interest rate will increase by the annual percentage rate specified in the statutory disclosure documents from the interest payment date immediately following the determination date to the redemption date.
If any of the SPTs are achieved on the determination date, the interest rate will decrease by the annual percentage rate specified in the statutory disclosure documents from the interest payment date immediately following the determination date to the redemption date.
② Purchase of Emission Credits
If any of the SPTs has not been achieved as of the determination date, the Company will purchase emission credits (credits/certificates of GHG reduction value) in an amount corresponding to the percentage of the amount raised through SLB/SLL as specified in the legal disclosure documents, etc., until the maturity date.
③ Donation
If any of the SPTs have not been achieved as of the judgment date, the amount corresponding to the percentage of the amount procured by SLB/SLL as specified in the legal disclosure documents, etc. is donated to public interest incorporated associations, public interest foundations, international organizations, NPOs authorized by local governments, local governments or similar organizations that aim at environmental conservation activities by the redemption date.
JA Mitsui Leasing will disclose the following information on its website on an annual basis until the SLBs are redeemed.
・KPI results
・Material information (information that may affect the achievement of SPTs)
・Details of purchase or donation of emission credits
TOYOBO CO., LTD. Manufacturing 2023/12/7 5 years Japan Credit Rating Agency, Ltd. 1 billion yen SPT ① Scope 1 & 2 Greenhouse gas (GHG) emissions per unit sales: FY2027: 35.0% reduction (compared to FY2020)

SPT ② CDP Score (Climate Change Response) 2027: "A-" or better
If neither SPT (1) nor SPT (2) has been achieved as of the judgment date, emission credits (credits/certificates of CO2 reduction value) equivalent to 0.1% of the issue amount of the bonds shall be purchased prior to the redemption of thebBonds.

In the event of a force majeure event (e.g., a change in trading system regulations, etc.) that prevents the Bondholders from choosing to purchase emission credits, the Bondholders will make a donation to a qualified donor (a public interest incorporated association, public interest incorporated foundation, international organization, local government-approved NPO, local government or similar organization whose purpose is to conduct environmental conservation activities).

The amount of emission credits purchased or donated shall be equivalent to 0.07% of the amount of the Bonds issued if only SPT (1) is not achieved, or 0.03% of the amount of the Bonds issued if only SPT (2) is not achieved.
Annual disclosure of the status of achievement of the established KPIs/SPTs will be made on the company's website until the redemption of the Bonds.

GHG emissions for Scope 1 and 2 of KPI①/SPT① will be disclosed after obtaining an independent third-party verification report.
Keihanshin Building Co., Ltd. Real estate and construction 2023/11/29 7 years Rating & Investment Information, Inc. 0.5 billion yen Achieve "41% reduction by FY2028" in GHG emissions reduction rate (Scope 1+2, base year: FY 2019)
(KPI actual reduction rate: FY2020: 5.2%, FY2021: -13.6%, FY2022: -6.4%)
(Scope 1 + 2 emissions (t-CO2e): FY2019: 4,684, FY2020: 4,440, FY2021: 5,319, FY2022: 4,984)
The characteristics of the bonds, if not achieved on the determination date, will be varied and will have one or both of the following characteristics.

As to the nature of the variation, after the above determination date, the Company will determine whether to (1) donate or (2) purchase emission rights as described below.

(1) Donation
If the SPT is not achieved, an amount equivalent to 0.1% of the bond issue amount will be donated to public interest incorporated associations, public interest foundations, international organizations, municipal authorized NPOs, local governments and similar organizations that are engaged in environmental conservation activities before the redemption of the Bonds.
Candidates for donation recipients will be organizations whose activities are consistent with the benefits that could be brought to the environment and society when the SPT is achieved, such as decarbonization, etc., after careful examination of the factors that led to the failure to achieve the SPT.

(2) Purchase of Emission Credits
If the SPT is not achieved, emission credits (credits/certificates of the value of GHG reductions) equivalent to 0.1% of the bond issue amount will be purchased prior to the redemption of the bonds.
The actual performance of KPIs from FY2024 onward will be disclosed annually on the Keihanshin Building website or in publicly disclosed materials. Disclosed items include actual KPI values and information that may have a significant impact on the achievement of SPTs (e.g., setting and updating sustainability strategies).

In addition to the above, if a donation is made based on the characteristics of Sustainability Linked Finance, the name of the donor, the reason for selection, and the amount of the donation (if emission credits or certificates are purchased, the name, purchase amount, and transfer date) shall be disclosed.
Fuyo General Lease Co., Ltd. Finance (including REITs) 2023/10/27 5 years Japan Credit Rating Agency, Ltd. 27 billion yen SPT 1: Contribute 500,000 t-CO2/year to CO2 reduction in FY2026
SPT 2: Increase the material/chemical recycling rate of plastics (originating from returned properties) to 100% in FY2026
Regarding SPT① and SPT②, the achievement status of each SPT will be determined at the end of August 2027, and from the date of determination until the redemption of the Bonds, an amount equivalent to 0.05% of the bond issue amount will be donated if SPT① has not been achieved, and an amount equivalent to 0.05% of the bond issue amount will be donated if SPT② has not been achieved.
Candidates for donation recipients include public interest incorporated associations, public interest foundations, international organizations, local government-approved NPOs, local governments and similar organizations that aim to conduct environmental conservation activities, contribute to local communities, etc. Appropriate recipients will be selected.
The recipients of donations shall be selected after necessary institutional decisions, focusing on those that implement the activities stipulated in the Company's Social Contribution Policy.
The following information will be disclosed on our website until the Sustainability Linked Bonds are redeemed.
The latest results related to the KPIs:
- Progress of the SPTs
- Information on the latest sustainability strategies related
to the KPIs and SPTs
- In case of donations made after SPTs are not achieved,
the recipients of donations, the amount of donations,
and the period during which donations are made
Shiga Prefecture Municipalities 2023/9/29 10 years Japan Credit Rating Agency, Ltd. 5 billion yen Reduce greenhouse gas emissions at prefectural government offices by 50% in FY2030 compared to FY2014 The arrangement changes the financial characteristics if the SPT is achieved; if the SPT is not achieved, 0.1% of the amount of the bond issue will be contributed to a prefectural fund to finance projects that contribute to greenhouse gas reduction. Shiga Prefecture plans to disclose the performance of KPIs in terms of GHG emission reductions (prefectural government) for each fiscal year in the following fiscal year. Among the KPIs, the prefectural government's GHG emissions, which are SPT, will be verified by a third-party organization.
CITIZEN WATCH CO., LTD. Manufacturing 2023/9/20 5 years Rating & Investment Information, Inc. 10 billion yen SPT-1: Business activity greenhouse gas emissions (Scope 1+2) reduction rate (compared to FY 2018) 33.6% reduction by FY2026
FY2018:179,508(t-CO2
SPT-2: Business activity greenhouse gas emissions (Scope 1+2) reduction rate (compared to FY 2018): 50.4% reduction by FY2030
FY2018:0%
If the SPT is not achieved as of the Determination Date (October 31, 2027), the characteristics of the Bonds will be varied and will have either or both of the following characteristics. The Company will determine the nature of the change to be either ① or ② below on or after the above determination date.
① If the SPT is not achieved, an amount equivalent to 0.1% of the amount of the Bonds issued will be donated to public interest incorporated associations, public interest foundations, international organizations, local government-approved NPOs, local governments, etc. (*) for the purpose of environmental conservation activities by the redemption date of the Bonds.
*The names of the corporations, organizations, etc. to which donations were actually made and the amount of donations are disclosed on the Company's website.

②If the SPT is not achieved, an amount equivalent to 0.1% of the bond issue amount will be purchased by the redemption date of the Bonds (GHG reduction credits/certificates(*)).
*The types of emission credits to be purchased are expected to include J-Credits and Green Power Certificates, etc. The names of the emission credits actually purchased, the amount purchased, and the purchase price are disclosed on the Company's website.
If we are unable to purchase emission credits due to force majeure, donations equivalent to the estimated amount of emission credits purchased will be made to the corporations and organizations listed in ① above.
Until the determination date of each SPT set, the base year results of KPI and the results of each fiscal year will be disclosed annually in the Citizen Group's Integrated Report or on its website.
NSK Ltd. Manufacturing 2023/9/11 5 years Rating & Investment Information, Inc. 15 billion yen Reduce CO2 emissions by 50% in FY2026 compared to FY2017
FY2035 Scope 1+2 Achieve carbon neutrality
Determination date: End of September 2027
The bond characteristics of the Bonds will vary depending on the achievement of the SPT. The details of the fluctuation will be determined after the Bonds' determination date to be either (1) or (2).
(1) If the SPT is not achieved, emission credits equivalent to 0.1% of the issue amount of the Bonds (credits/certificates for the value of CO2 reductions, etc.) will be purchased prior to the redemption of the Bonds.
(2) If the SPT is not achieved, an amount equivalent to 0.1% of the bond issue amount will be donated to public interest incorporated associations, public interest foundations, international organizations, NPOs authorized by local governments, local governments, etc., for the purpose of environmental conservation activities by the time the Bonds are redeemed.
Until the Sustainability Linked Bonds are redeemed, NSK will disclose on its website the latest results regarding the KPIs set on an annual basis and the results of the SPT determination.

In addition, as a characteristic of the bond, if the company purchases emission credits or makes a donation when the SPT is not achieved, the details of the implementation will be disclosed on the website.
DAIWA HOUSE INDUSTRY CO., LTD. Real estate and construction 2023/9/7 5 years Rating & Investment Information, Inc. 41 billion yen SPT1-1 Business activity emissions: 55% reduction in FY2026 (compared to FY2015)
SPT1-2 Community development emissions: 54% reduction in FY2026 (compared to FY2015)
If the SPTs have not been achieved as of the determination date, we will make donations to public interest incorporated associations, public interest foundations, international organizations, certified municipal NPOs, local governments, and similar organizations that aim to conduct environmental conservation activities, or purchase emission credits (credits/certificates of CO2 reduction value).
A certain percentage of the bond issue amount will be allocated for donation to environmental conservation organizations or purchase of emission credits, depending on the items that have not been achieved as of the predetermined determination dates (end of August 2027 and end of August 2031).
Daiwa House Industry shall disclose the following information on its website on an annual basis until the judgment date.
(1) KPI results
(2) Information on the latest sustainability strategy related to the KPI and SPTs
(3) Status of donation and purchase of emission credits if SPTs are not achieved
DAIWA HOUSE INDUSTRY CO., LTD. Real estate and construction 2023/9/7 10 years Rating & Investment Information, Inc. 19 billion yen SPT2-1 Business activity emissions 70% reduction in FY2030 (compared to FY2015)
SPT2-2 Community development emissions 63% reduction in FY2030 (compared to FY2015)
If the SPTs have not been achieved as of the determination date, we will make donations to public interest incorporated associations, public interest foundations, international organizations, certified municipal NPOs, local governments, and similar organizations that aim to conduct environmental conservation activities, or purchase emission credits (credits/certificates of CO2 reduction value).
A certain percentage of the bond issue amount will be allocated for donation to environmental conservation organizations or purchase of emission credits, depending on the items that have not been achieved as of the predetermined determination dates (end of August 2027 and end of August 2031).
Daiwa House Industry shall disclose the following information on its website on an annual basis until the judgment date.
(1) KPI results
(2) Information on the latest sustainability strategy related to the KPI and SPTs
(3) Status of donation and purchase of emission credits if SPTs are not achieved
TRE HOLDINGS CORPORATION Others (including service industry) 2023/9/6 5 years Rating & Investment Information, Inc. 5.2 billion yen SPT1; Reduce Scope 1 and Scope 2 CO2 emissions by 35.18% in FY2026 (base year: FY 2013)
SPT2: Achieve a recycling rate of 92.72% in FY2026
Date of decision: End of September 2027
The characteristics of the bond will fluctuate depending on the achievement of the SPTs. The fluctuations are assumed to be (1) Donations or (2) Purchases of emission credits or certificates as follows.
(1) Donation
If a third-party verified report stating that the SPTs have been achieved is not received by the determination date, the following amounts will be paid to the eligible donors by the redemption date.
SPT-1: 0.05% of the amount of the bonds issued SPT-2: 0.05% of the amount of the bonds issued qualified donors are public interest incorporated associations, public interest foundations, international organizations, certified municipal NPOs, local governments and similar groups and organizations that contribute to climate change, recycling and other activities related to the improvement of the SPTs that have not been achieved.
The recipient of the donation will be decided by a necessary resolution by the redemption date.
(2) Purchase of emission credits or certificates
If a report verified by a third party stating that the SPTs have been achieved is not submitted by the determination date, the following amount of emission credits (credits/securitization of CO2 reduction value) or certificates (green power certificates, non-fossil certificates, etc.) will be purchased by the redemption date. In the event of a force majeure event (e.g., a change in regulations of the trading system, etc.) that prevents the bondholders from purchasing the emission credits or certificates, the bondholders will make a donation to a qualified donation recipient.
SPT-1: 0.05% of the bond issue amount
SPT-2: 0.05% of the bond issue amount
The following information shall be published annually until determination date, starting with the first publication in the year following the implementation of the Sustainability Linked Financing.
1 Actual performance of KPIs
2 Status of achievement of SPTs
3 Information on the company's latest sustainability strategy in relation to the KPIs and SPTs
4
- Amount and recipients of donations in the event that SPTs are not achieved and "donations" are made
- Name and purchase price of emission credits or certificates if SPTs have not been met and the company has purchased emission credits or certificates.
JA Mitsui Leasing, Ltd. Finance (including REITs) 2023/9/1 5 years Japan Credit Rating Agency, Ltd. 20 billion yen SPT 1: Targets for each fiscal year from FY2025 onward for cumulative renewable energy-related investments of 500 billion yen by the Company and its Group companies in FY2030 (base date: March 31 of each year, determination date: September 30 of each year)
(Actual result for FY2021: 56 billion yen)
【Target 】
250 billion yen in FY2025
300 billion yen in FY2026
350 billion yen in FY2027
400 billion yen in FY2028
450 billion yen in FY2029

SPT 2: Targets for each fiscal year after FY2025 (compared to FY2021) for a 50% reduction in greenhouse gas emissions (Scope 1 and Scope 2) by the Company and domestic group companies in FY2030 (base date: March 31 of each year, determination date: September 30 of each year)
[Target] (compared to FY2021)
40% in FY2025
42% in FY2026
44% in FY2027
46% in FY2028
48% in FY2029
① Step Up/Down of Interest Rate
If any of the SPTs has not been achieved on the determination date, the interest rate will increase by the annual percentage rate specified in the statutory disclosure documents from the interest payment date immediately following the determination date to the redemption date.
If any of the SPTs are achieved on the determination date, the interest rate will decrease by the annual percentage rate specified in the statutory disclosure documents from the interest payment date immediately following the determination date to the redemption date.
② Purchase of Emission Credits
If any of the SPTs has not been achieved as of the determination date, the Company will purchase emission credits (credits/certificates of GHG reduction value) in an amount corresponding to the percentage of the amount raised through SLB/SLL as specified in the legal disclosure documents, etc., until the maturity date.
③ Donation
If any of the SPTs have not been achieved as of the judgment date, the amount corresponding to the percentage of the amount procured by SLB/SLL as specified in the legal disclosure documents, etc. is donated to public interest incorporated associations, public interest foundations, international organizations, NPOs authorized by local governments, local governments or similar organizations that aim at environmental conservation activities by the redemption date.
JA Mitsui Leasing will disclose the following information on its website on an annual basis until the SLBs are redeemed.
・KPI results
・Material information (information that may affect the achievement of SPTs)
・Details of purchase or donation of emission credits
AEON Co., Ltd. Wholesale and retail trade 2023/8/17 5 years Rating & Investment Information, Inc. 35 billion yen SPT3: Reduce food waste generation (per million yen in sales) by 50% by 2025 (compared to FY2015) Determination date (SPT3: end of March 2028, SPT1 and SPT2: end of March 2033) If the SPT is not achieved, the donation will be made from after the determination date until the redemption of the Bonds.
The amount shall be equivalent to 0.1% of the bond issue amount if SPT1 is not achieved, 0.1% of the bond issue amount if SPT2 is not achieved, and 0.2% of the bond issue amount if SPT3 is not achieved.
Candidates for donation recipients will be examined carefully by the environmental and social contribution department to determine the factors for non-achievement of SPT, the appropriate recipients will be selected from public interest incorporated associations, public interest foundations, international organizations, local government-approved NPOs, local governments, and similar organizations that are engaged in activities that contribute to decarbonization.
Once a year, Aeon will disclose the latest actual results related to the KPIs, the progress of the SPTs, and information on the latest sustainability strategies related to the KPIs in the Aeon Sustainability Data Book or on its website.
In case of donation, the recipient of the donation, the amount of the donation, and the timing of the donation shall be disclosed in the same manner.
AEON Co., Ltd. Wholesale and retail trade 2023/8/17 10 years Rating & Investment Information, Inc. 15 billion yen SPT1: Switch 50% of electricity used in stores to renewable energy by 2030 ( Domestic)
SPT2: Reduce disposable plastic usage (usage per 100 million yen in sales) by 50% by 2030 (compared to FY 2018)
Determination date (SPT3: end of March 2028, SPT1 and SPT2: end of March 2033) If the SPT is not achieved, the donation will be made from after the determination date until the redemption of the Bonds.
The amount shall be equivalent to 0.1% of the bond issue amount if SPT1 is not achieved, 0.1% of the bond issue amount if SPT2 is not achieved, and 0.2% of the bond issue amount if SPT3 is not achieved.
Candidates for donation recipients will be examined carefully by the environmental and social contribution department to determine the factors for non-achievement of SPT, the appropriate recipients will be selected from public interest incorporated associations, public interest foundations, international organizations, local government-approved NPOs, local governments, and similar organizations that are engaged in activities that contribute to decarbonization.
Once a year, Aeon will disclose the latest actual results related to the KPIs, the progress of the SPTs, and information on the latest sustainability strategies related to the KPIs in the Aeon Sustainability Data Book or on its website.
In case of donation, the recipient of the donation, the amount of the donation, and the timing of the donation shall be disclosed in the same manner.
NISHIMATSU CONSTRUCTION CO.,LTD. Real estate and construction 2023/7/27 5 years Rating & Investment Information, Inc. 20 billion yen SPT 1: 42% reduction of CO2 emissions (Scope 1+2) in FY2026 (compared to FY2020)
SPT 2: 25% reduction in CO2 emissions (Scope 3) in FY2026 (compared to FY2020)
If either SPT1 or SPT2 is not achieved, emission credits (J-credits, non-fossil certificates) or green power certificates shall be purchased by the redemption date. If SPT1 is not achieved, an amount equivalent to 0.07% of the bond issue amount shall be purchased, and if SPT2 is not achieved, an amount equivalent to 0.03% of the bond issue amount shall be purchased.
If any force majeure event occurs in the emission rights purchase agreement, donations will be made to public interest incorporated associations, public interest foundations, international organizations, local government-approved NPOs, local governments, and similar organizations that are implementing climate change initiatives.
Until the judgment date of each established SPT, the annual results of each KPI for each fiscal year shall be disclosed in the NISHIMATSU CONSTRUCTION Group's Integrated Report or on its website.
Orient Corporation. Finance (including REITs) 2023/7/13 3 years Rating & Investment Information, Inc. 20 billion yen Annual volume of auto loans in Southeast Asia to be 81.9 billion yen by FY03/2025. If the SPT is not achieved, an amount equivalent to 0.10% of the total issue proceeds will be donated after the SPT determination date to a generally recognised legal entity or organisation working to create a positive impact on the countries in South East Asia where the company operates. Disclose the SPTs achievement status for the period up to the redemption of this Sustainability Linked Bond on an annual basis on the website .
NEC Corporation Manufacturing 2023/7/11 5 years Rating & Investment Information, Inc. 20 billion yen SPT 1: Reduce CO2 emissions in Scope 1 & 2 by 30.0% in FY2026 (compared to FY2020)  Reference period: April 2026 - March 2027
SPT 2: Maintain final CDP climate change score of "A
The bond characteristics of the Bonds will change depending on the achievement of the SPTs. Details of the variation will be determined after the bond determination date to be either ① or ②.
①  If either SPT 1 or 2 is not achieved, emission credits equivalent to 0.1% of the bond issue amount (a credit/certificate for the value of CO2 reductions) will be purchased before the Bonds are redeemed. If SPT 1 has not been achieved, 7/10ths of the amount equivalent to 0.1% of the bond issue amount will be purchased, and if SPT 2 has not been achieved, 3/10ths of the amount equivalent to 0.1% of the bond issue amount will be purchased.
② If either SPT is not achieved, an amount equivalent to 0.1% of the Bond issue amount will be donated to public interest incorporated associations, public interest foundations, international organizations, local government-approved NPOs, local governments and similar organizations that are engaged in environmental conservation activities before the Bonds are redeemed. If SPT 1 is not achieved, 7/10ths of the amount equivalent to 0.1% of the bond issue amount will be donated, and if SPT 2 is not achieved, 3/10ths of the amount equivalent to 0.1% of the bond issue amount will be donated.
Once a year, the actual performance values of the KPIs will be disclosed on the NEC website together with an assurance report obtained from an independent third party (subject to KPI 1).If the company purchases emission credits or donates based on the characteristics of the Sustainability Linked Bonds, it will disclose such details.Information that may affect the achievement of SPTs (e.g., setting or updating sustainability strategies) will also be disclosed on the website.
NEC Corporation Manufacturing 2023/7/11 10 years Rating & Investment Information, Inc. 20 billion yen SPT 1: Reduce CO2 emissions in Scope 1 & 2 by 55.0% in FY2031 (compared to FY2020)  Reference period: April 2031 - March 2032
SPT 2: Maintain final CDP climate change score of "A
The bond characteristics of the Bonds will change depending on the achievement of the SPTs. Details of the variation will be determined after the bond determination date to be either ① or ②.
①  If either SPT 1 or 2 is not achieved, emission credits equivalent to 0.1% of the bond issue amount (a credit/certificate for the value of CO2 reductions) will be purchased before the Bonds are redeemed. If SPT 1 has not been achieved, 7/10ths of the amount equivalent to 0.1% of the bond issue amount will be purchased, and if SPT 2 has not been achieved, 3/10ths of the amount equivalent to 0.1% of the bond issue amount will be purchased.
② If either SPT is not achieved, an amount equivalent to 0.1% of the Bond issue amount will be donated to public interest incorporated associations, public interest foundations, international organizations, local government-approved NPOs, local governments and similar organizations that are engaged in environmental conservation activities before the Bonds are redeemed. If SPT 1 is not achieved, 7/10ths of the amount equivalent to 0.1% of the bond issue amount will be donated, and if SPT 2 is not achieved, 3/10ths of the amount equivalent to 0.1% of the bond issue amount will be donated.
Once a year, the actual performance values of the KPIs will be disclosed on the NEC website together with an assurance report obtained from an independent third party (subject to KPI 1).If the company purchases emission credits or donates based on the characteristics of the Sustainability Linked Bonds, it will disclose such details.Information that may affect the achievement of SPTs (e.g., setting or updating sustainability strategies) will also be disclosed on the website.
Kao Corporation Manufacturing 2023/6/15 5 years Rating & Investment Information, Inc. 25 billion yen Reduce scope 1+2 CO2 emissions (absolute value) by 39% by FY2026
(Base year: FY2017)
If the SPT is not achieved by the judgment date, the interest rate will increase by 0.10% from the day following the interest payment date that arrives immediately after the judgment date until the redemption date. Disclose KPI performance and SPT achievement status on an annual basis on Kao's website, including information that may affect SPT achievement (e.g., setting and updating sustainability strategies).
Ajinomoto Co., Inc. Food, Beverages, Tobacco, etc. 2023/6/15 5 years Sustainalytics 10 billion yen SPT1: Target consistent with the KPI 1 target of 50% reduction in GHG emissions (absolute emissions) in FY2030 (compared to FY18, the base year) for Scope 1 and 2
【Target】 April 1, 2026 - March 31, 2027 36%

SPT2: Target consistent with the KPI2 target of 24% reduction in GHG emissions intensity in FY2030 (compared to FY 2018, the base year) for Scope 3.
【Target】 April 1, 2026 - March 31, 2027 10%
If any of the SPTs cannot be achieved, or if the achievement status of each SPT cannot be confirmed on the determination date of the SPT, emission credits (credits/certificates of CO2 reduction value) are purchased from the determination date until the redemption of the Bonds. Ajinomoto will report on the progress of KPIs on its website on an annual basis. Ajinomoto will also disclose relevant information, such as changes in the implementation of sustainability strategies and action plans that may affect the KPIs.
Ajinomoto Co., Inc. Food, Beverages, Tobacco, etc. 2023/6/15 10 years Sustainalytics 20 billion yen SPT1: Target consistent with the KPI 1 target of 50% reduction in GHG emissions (absolute emissions) in FY2030 (compared to FY18, the base year) for Scope 1 and 2
【Target】 April 1, 2030 - March 31, 2031 50%

SPT2: Target consistent with the KPI2 target of 24% reduction in GHG emissions intensity in FY2030 (compared to FY 2018, the base year) for Scope 3.
【Target】 April 1, 2030 - March 31, 2031 24%
If any of the SPTs cannot be achieved, or if the achievement status of each SPT cannot be confirmed on the determination date of the SPT, emission credits (credits/certificates of CO2 reduction value) are purchased from the determination date until the redemption of the Bonds. Ajinomoto will report on the progress of KPIs on its website on an annual basis. Ajinomoto will also disclose relevant information, such as changes in the implementation of sustainability strategies and action plans that may affect the KPIs.
MITSUBISHI ESTATE CO., LTD. Real estate and construction 2023/5/2 5 years Japan Credit Rating Agency, Ltd. 30 billion yen SPT1: Achieve 100% share of power derived from renewable energy sources in FY2025 If third-party verified reporting has not been made by the determination date that SPTs have been achieved in the reference period, "donation" or "purchase of voluntary credits, etc. recognized under the Japanese system or recognized by an international certification body" by the redemption date. The following items will be posted on the Mitsubishi Estate website annually.
1. Actual results of KPIs for the reporting period
2. Status of achievement of SPTs during the reporting period
3. Information on Mitsubishi Estate's latest sustainability strategy related to the KPI and SPT
4. Status of implementation of donations/payments in case of SPT underachievement(Release in a timely manner)
MITSUBISHI ESTATE CO., LTD. Real estate and construction 2023/5/2 10 years Japan Credit Rating Agency, Ltd. 30 billion yen SPT2-1:Reduce the sum of Scope 1 and 2 by at least 70% and Scope 3 by at least 50% in FY2030 within the Group's own value chain (base year: FY 2019) If third-party verified reporting has not been made by the determination date that SPTs have been achieved in the reference period, "donation" or "purchase of voluntary credits, etc. recognized under the Japanese system or recognized by an international certification body" by the redemption date. The following items will be posted on the Mitsubishi Estate website annually.
1. Actual results of KPIs for the reporting period
2. Status of achievement of SPTs during the reporting period
3. Information on Mitsubishi Estate's latest sustainability strategy related to the KPI and SPT
4. Status of implementation of donations/payments in case of SPT underachievement(Release in a timely manner)
Kajima Corporation Real estate and construction 2023/3/16 5 years Rating & Investment Information, Inc. 10 billion yen SPT1: The average of Scope 1 and Scope 2 CO2 emissions intensity (unit: t-CO2/100 million yen) is 13.0 tCO2/100 million yen or less.
(actual results: 18.4 in FY2019, 14.4 in FY2020, 15.3 in FY2021)

SPT2: The average of Scope 3 CO2 emissions intensity (unit:t-CO2/100 million yen) is 442.8 t-CO2/100 million yen or less.
(actual results:294.2 in FY 2019, 173.4 in FY 2020, 490.4 in FY 2021)

SPT3:CDP Climate Change Score A or A-
(actual results:B in FY2019, A in FY2020, A- in FY2021, A- in FY2022)
If any SPTs are not met, either purchase or donation of emission credits, or a combination of purchase and donation of emission credits, within one year of the redemption of this Sustainability Linked Bond Kajima will disclose the results of the KPIs and other information on an annual basis on the own website, beginning at the end of December 2024 for each fiscal year. Details of the type of emission credits or donations determined, as well as information that may affect the achievement of SPTs (e.g., establishment or update of sustainability strategies) shall also be disclosed timely.
The numerical values of the items on which the calculation of SPT1 and SPT2 is premised shall be disclosed in Kajima Corporation's Annual Securities Report and Environmental Data Book, and shall be confirmed/verified by an independent third party.
TOYOBO CO., LTD. Manufacturing 2023/3/9 5 years Japan Credit Rating Agency, Ltd. 20 billion yen SPT1: Reduction rate of GHG emissions intensity relative to sales in FY2026 (compared to FY2020, the base year): 28.5%
SPT2: CDP score (climate change action) "A-" or better in FY2026
If neither SPT1 nor SPT2 has been achieved as of the determination date, the company will purchase emission credits (credits/certificates of CO2 reduction value) equivalent to 0.1% of the bond issue amount prior to the redemption of the Bonds. TOYOBO plans to disclose the status of achievement of the established KPIs/SPTs on an annual basis on its website. Furthermore, TOYOBO plans to disclose GHG emissions for Scope 1 and 2 of KPI①/SPT① after obtaining an independent third-party verification report.
Orient Corporation Finance (including REITs) 2023/3/6 5 years Rating & Investment Information, Inc. 10 billion yen Annual auto loan transaction volume in Southeast Asia (new cars limited to EVs) to be 81.9 billion yen by the fiscal year ending March 2025 If the SPT is not achieved, an amount equivalent to 0.10% of the total issuance amount will be donated after the SPT determination date to a publicly recognized corporation or organization that works to create a positive impact on the countries in Southeast Asia where the company has a business presence. Disclose annually on the website the status of achievement of the established SPTs until the redemption of this Sustainability Linked Bond.
Chuo-Nittochi Group Co., Ltd. Real estate and construction 2023/2/16 5 years Japan Credit Rating Agency, Ltd. 18 billion yen SPT1-1: By the end of December 2027, complete construction of three high-rise, large-scale office buildings with a total floor area of 50,000 m2 or more that have ZEB-Oriented or higher environmental performance.
SPT1-2: At least one of the buildings in SPT1-1 will have ZEB-ready or better environmental performance.
SPT2: Obtain at least one environmental certification for all office buildings to be completed after February 2023.
If SPTs are not achieved, donations will be made to qualified donors (public interest incorporated associations, public interest foundations, international organizations, NPOs certified by local governments, local governments, or equivalent organizations engaged in environmental conservation activities) in an amount corresponding to the achievement status of SPTs. Chuo-Nittochi Group Co., Ltd. will disclose the latest performance figures related to KPIs (progress on SPTs) and information on the latest sustainability strategy related to KPIs and SPTs on its website on an annual basis.
Shiseido Company, Limited Manufacturing 2022/12/8 5 years Japan Credit Rating Agency, Ltd. 20 billion yen SPT1: Carbon neutral by 2026
SPT2: 40% domestic female management ratio by January 1, 2026
The bond characteristics of the bonds will vary depending on the achievement of the SPTs. Shiseido plans to disclose the progress of the SPTs that constitute the KPIs on its website on an annual basis. In addition, Shiseido plans to obtain an independent third-party verification of the progress of the SPTs that comprise the KPIs once a year, and to disclose the information related to the verification on its website on an annual basis.
TOKYU CORPORATION Transportation 2022/12/6 10 years Japan Credit Rating Agency, Ltd. 10 billion yen Reduce CO2 emissions by 46.2% by FY2030 compared to FY2019 (Decision date: end of December 2031) If the SPT is not achieved on the determination date, an amount equal to 0.1% of the bond issue amount will be contributed prior to redemption Tokyu plans to disclose to investors the progress of KPI performance after the end of each fiscal year. Tokyu plans to obtain an independent third-party assurance report on the progress of SPT at least once a year until the date of determination, and report it on the Tokyu website or to the lender.
KITZ Corporation Manufacturing 2022/9/14 5 years Rating & Investment Information, Inc. 10 billion yen Reduce Scope 1 and 2 CO2 emissions in FY2025 by 81.7% (compared to FY 2013)
Reference period: January 2025 - December 2025
Determination date: The end of July 2026
Bond characteristics vary depending on the SPT achievement status, with (1) purchase or (2) donation of emission credits obligatory Annually, KITZ publishes the actual performance of the KPIs on its website along with an assurance report obtained from an independent third party.
MITSUBISHI ESTATE CO., LTD. Real estate and construction 2022/7/22 5 years Japan Credit Rating Agency, Ltd. 20 billion yen SPT1: Achieve 100% share of power derived from renewable energy sources in FY2025 In case of underachievement of SPT, 1) "donation" or 2) "purchase of voluntary credits, etc. recognized under the Japanese system or recognized by an international certification body" will be implemented. The following items will be posted on the Mitsubishi Estate website.
1. Actual results of KPIs for the reporting period
2. Status of achievement of SPTs during the reporting period
3. Information on Mitsubishi Estate's latest sustainability strategy related to the KPI and SPT
4. Status of implementation of donations/payments in case of SPT underachievement
MITSUBISHI ESTATE CO., LTD. Real estate and construction 2022/7/22 10 years Japan Credit Rating Agency, Ltd. 20 billion yen SPT2-1: Reduce the sum of Scope 1 and 2 by at least 70% and Scope 3 by at least 50% in FY2030 (base year: FY 2019) In case of underachievement of SPT, 1) "donation" or 2) "purchase of voluntary credits, etc. recognized under the Japanese system or recognized by an international certification body" will be implemented. The following items will be posted on the Mitsubishi Estate website.
1. Actual results of KPIs for the reporting period
2. Status of achievement of SPTs during the reporting period
3. Information on Mitsubishi Estate's latest sustainability strategy related to the KPI and SPT
4. Status of implementation of donations/payments in case of SPT underachievement
MITSUBISHI ESTATE CO., LTD. Real estate and construction 2022/7/22 30 years Japan Credit Rating Agency, Ltd. 20 billion yen SPT2-2: Achieve net zero in 2050 and
SPT3: Achieve 40% female management ratio in FY2050.
In case of underachievement of SPT, 1) "donation" or 2) "purchase of voluntary credits, etc. recognized under the Japanese system or recognized by an international certification body" will be implemented. The following items will be posted on the Mitsubishi Estate website.
1. Actual results of KPIs for the reporting period
2. Status of achievement of SPTs during the reporting period
3. Information on Mitsubishi Estate's latest sustainability strategy related to the KPI and SPT
4. Status of implementation of donations/payments in case of SPT underachievement
NEC Corporation Manufacturing 2022/7/12 5 years Rating & Investment Information, Inc. 60 billion yen SPT1: Reduce Scope 1 and Scope 2 CO2 emissions by 33.6% in FY2025 (compared to FY2017)
(Actual result: 470,510t in FY2017, 327,177t in FY2020)
Reference period: April 2025 - March 2026 (Determination date: the end of July 2026)
SPT2: Maintain final CDP climate change score of A
・If any of the SPTs are not achieved, NEC will purchase emission credits (CO2 reduction value in the form of credits or certificates) equivalent to 0.1% of the amount of the bond issue before the redemption of the Bonds. If SPT 1 has not been achieved, 7/10ths of the amount equivalent to 0.1% of the bond issue amount will be purchased, and if SPT 2 has not been achieved, 3/10ths of the amount equivalent to 0.1% of the bond issue amount will be purchased.

・If neither SPT is achieved, an amount equivalent to 0.1% of the bond issue amount will be donated to public interest incorporated associations, public interest foundations, international organizations, NPOs authorized by local governments, local governments and similar organizations that are engaged in environmental conservation activities before the bonds are redeemed. If SPT 1 is not achieved, 7/10ths of the amount equivalent to 0.1% of the bond issue amount will be donated, and if SPT 2 is not achieved, 3/10ths of the amount equivalent to 0.1% of the bond issue amount will be donated.
Once a year, the actual performance values of the KPIs will be disclosed on NEC's website together with an assurance report obtained from an independent third party (subject to KPI-1).
In cases where emission credits are purchased or donated based on the characteristics of the Sustainability Linked Bonds, the relevant details will be disclosed.
Information that may affect the achievement of SPTs (e.g., establishment or update of sustainability strategies) will also be disclosed on the website.
NEC Corporation Manufacturing 2022/7/12 7 years Rating & Investment Information, Inc. 20 billion yen SPT 1: Reduce Scope 1 and Scope 2 CO2 emissions by 42.0% in FY2027 (compared to FY2017)
(Actual:470,510t in FY2017, 327,177t in FY2020)
Reference period: April 2027 - March 2028 (Determination date: The end of July 2028)
SPT 2: Maintain final CDP climate change score of A
・If any of the SPTs are not achieved, NEC will purchase emission credits (CO2 reduction value in the form of credits or certificates) equivalent to 0.1% of the amount of the bond issue before the redemption of the Bonds. If SPT 1 has not been achieved, 7/10ths of the amount equivalent to 0.1% of the bond issue amount will be purchased, and if SPT 2 has not been achieved, 3/10ths of the amount equivalent to 0.1% of the bond issue amount will be purchased.

・If neither SPT is achieved, an amount equivalent to 0.1% of the bond issue amount will be donated to public interest incorporated associations, public interest foundations, international organizations, NPOs authorized by local governments, local governments and similar organizations that are engaged in environmental conservation activities before the bonds are redeemed. If SPT 1 is not achieved, 7/10ths of the amount equivalent to 0.1% of the bond issue amount will be donated, and if SPT 2 is not achieved, 3/10ths of the amount equivalent to 0.1% of the bond issue amount will be donated.
Once a year, the actual performance values of the KPIs will be disclosed on NEC's website together with an assurance report obtained from an independent third party (subject to KPI-1).
In cases where emission credits are purchased or donated based on the characteristics of the Sustainability Linked Bonds, the relevant details will be disclosed.
Information that may affect the achievement of SPTs (e.g., establishment or update of sustainability strategies) will also be disclosed on the website.
NEC Corporation Manufacturing 2022/7/12 10 years Rating & Investment Information, Inc. 30 billion yen SPT 1: Reduce Scope 1 and Scope 2 CO2 emissions by 54.6% in FY2030 (compared to FY2017)
(Actual:470,510t in FY2017, 327,177t in FY2020)
Reference period: April 2030 - March 2031 (Determination date: The end of July 2031)
SPT 2: Maintain final CDP climate change score of A
・If any of the SPTs are not achieved, NEC will purchase emission credits (CO2 reduction value in the form of credits or certificates) equivalent to 0.1% of the amount of the bond issue before the redemption of the Bonds. If SPT 1 has not been achieved, 7/10ths of the amount equivalent to 0.1% of the bond issue amount will be purchased, and if SPT 2 has not been achieved, 3/10ths of the amount equivalent to 0.1% of the bond issue amount will be purchased.

・If neither SPT is achieved, an amount equivalent to 0.1% of the bond issue amount will be donated to public interest incorporated associations, public interest foundations, international organizations, NPOs authorized by local governments, local governments and similar organizations that are engaged in environmental conservation activities before the bonds are redeemed. If SPT 1 is not achieved, 7/10ths of the amount equivalent to 0.1% of the bond issue amount will be donated, and if SPT 2 is not achieved, 3/10ths of the amount equivalent to 0.1% of the bond issue amount will be donated.
Once a year, the actual performance values of the KPIs will be disclosed on NEC's website together with an assurance report obtained from an independent third party (subject to KPI-1).
In cases where emission credits are purchased or donated based on the characteristics of the Sustainability Linked Bonds, the relevant details will be disclosed.
Information that may affect the achievement of SPTs (e.g., establishment or update of sustainability strategies) will also be disclosed on the website.
OKAMURA CORPORATION. Wholesale and retail trade 2022/6/16 5 years Japan Credit Rating Agency, Ltd. 5 billion yen Reduce greenhouse gas emissions by 25% in FY2025 compared to FY2020 If the SPT is not achieved as of the judgment date, donation equivalent to 0.15% of the bond issue amount to public interest incorporated associations, public interest foundations, international organizations, local government-approved NPOs, local governments, etc. that aim at environmental conservation activities by the redemption date At least once a year, Okamura publishes its latest performance on KPIs and the results of SPT judgments in the Group's Sustainability Report or on its website.
NAGASE & CO., LTD. Manufacturing 2022/6/9 10 years Rating & Investment Information, Inc. 10 billion yen SPT 1: Reduce the Group's greenhouse gas emissions by 46% in FY2030 (compared to FY2013) (Scope 1 and 2)
(Actual result: Scope 1,2 total amount (t-CO2) 86,197 in FY2013, 73,818 in FY2018, 68,807 in FY2019, 63,643 in FY2020)

SPT 2: Reduce the Group's greenhouse gas emissions by at least 12.3% in FY2030 (compared to FY2020) (Scope 3)
(Actual result: Scope 3 total amount (t-CO2) 3,064,973 in FY2019, 2,808,895 in FY2020)
If it is confirmed that any of the SPTs have not been achieved, emission credits (credits/certificates of CO2 reduction value) will be purchased in an amount corresponding to the achievement of the SPTs before the redemption of the bonds in order to accelerate efforts to address climate change.
If SPT1 is not achieved, an amount equivalent to 0.10% of the bond issue amount will be purchased; if SPT2 is not achieved, an amount equivalent to 0.05% of the bond issue amount will be purchased (if both SPTs are not achieved, a total amount equivalent to 0.15% will be purchased).
Once a year, Nagase publishes the performance values of KPIs on its website along with a limited assurance level third-party assurance report.
For the fiscal years subject to SPTs assessment, a report on the status of achievement of SPTs will also be published.
TODA CORPORATION Real estate and construction 2022/6/2 10 years Rating & Investment Information, Inc. 10 billion yen SPT-1: Reduce total GHG emissions in Scope 1 and 2 defined by SBT by 42% from FY2020 by the end of FY2030.

SPT-2: 25% reduction of total GHG emissions in Scope 3 defined by SBT by the end of FY2030 compared to FY2020.
・If SPT-1 is confirmed to have not been achieved by the judgment date, 0.10% of the bond issue amount will be used to purchase Green Power Certificates by the end of March 2032. In the event of a force majeure event or other event that prevents the purchase of Green Power Certificates, donations will be made to qualified donors.

・If it is confirmed that SPT-2 has not been achieved by the judgment date, 0.05% of the bond issue amount will be donated to qualified donors by the end of March 2032.
The actual results of KPIs and the status of achievement of SPTs in the previous fiscal year shall be disclosed on the website together with information on the latest sustainability strategy related to other KPIs and SPTs by the end of September of each year up to the judgment date. When purchasing and/or donating Green Power Certificates, in principle, the details of such purchases and/or donations shall be disclosed on the website.
Daiwa House REIT Investment Corporation Finance (including REITs) 2022/5/25 7 years Japan Credit Rating Agency, Ltd. 4 billion yen To be recognized as an A-list company, the highest rating in the CDP Climate Change Program ・If the SPT is achieved, the interest rate for the one-year period to which such determination applies shall be reduced by 0.025% from the initial interest rate at the time the terms are determined.

・If the SPT is determined not to have been achieved, the interest rate shall be increased by 0.010% from the initial interest rate if the CDP rating is "A-" rating, and by 0.025% from the initial interest rate if the CDP rating is "B" rating or lower.
Daiwa House REIT Investment will promptly disclose the results of the CDP evaluation, which is a KPI, to investors on its website. In addition, SPT is a CDP score, and is disclosed by CDP.
Shiga Prefecture Municipalities 2022/5/12 10 years Japan Credit Rating Agency, Ltd. 5 billion yen Reduce greenhouse gas emissions at the Shiga Prefectural Government by 50% in FY2030 compared to FY2014
(Actual result: Greenhouse gas emissions 171,845 t-CO2 in FY2014)
If the target is not met, an additional contribution equivalent to 0.1% of the bond issue amount will be made to a fund established by Shiga Prefecture to finance projects that contribute to the reduction of greenhouse gas. Shiga Prefecture plans to disclose the performance of KPIs in terms of GHG emission reductions (prefectural government) for each fiscal year in the following fiscal year.
Among the KPIs, the prefectural government's GHG emissions, which are SPT, will be verified by a third-party organization.
AEON Mall Co., Ltd. Wholesale and retail trade 2022/4/28 5 years Rating & Investment Information, Inc. 40 billion yen To achieve CO2-free electricity use at all AEON Malls in Japan by the end of FY2025 If the SPT is not achieved at the time of determination at the end of FY2025, an amount equivalent to 0.2% of the bond issue amount will be donated to a public interest incorporated foundation (e.g. AEON Environmental Foundation) by the end of October 2026. AEON Mall will disclose on its website once a year the latest performance figures related to KPIs, the status of SPT achievement, and information on its sustainability strategy.
OBAYASHI CORPORATION Real estate and construction 2022/4/27 5 years Rating & Investment Information, Inc. 20 billion yen SPT 1: Targets for each fiscal year consistent with the KPI 1 targets of Scope 1 and 2 of a 46.2% reduction in CO2 emissions in FY2030 (compared to FY 2019, the base year)
<5-year bonds> 25.2% (April 2022 - March 2026)
<7-year bonds> 33.6% (April 2022-March 2028)

SPT 2: Targets for each fiscal year consistent with the KPI 2 target of Scope 3 of a 27.5% reduction in CO2 emissions in FY2030 (compared to FY 2019, the base year)
<5-year bond> 15.0% (April 2022 - March 2026)
<7-year bond> 20.0% (April 2022-March 2028)
If none of the SPTs are achieved, an amount equivalent to 0.1% of the bond issue amount will be donated after the determination date to public interest incorporated associations, public interest foundations, international organizations, municipal authorized NPOs, local governments and similar organizations whose purpose is environmental conservation activities, to be completed before redemption of the bonds. If SPT1 is not achieved, 7/10ths of an amount equivalent to 0.1% of the bond issue amount will be donated, and if SPT2 is not achieved, 3/10ths of an amount equivalent to 0.1% of the bond issue amount will be donated. Obayashi will disclose the actual performance values of the KPIs (i.e., the status of achievement of the SPTs) on its website, along with information that may affect the achievement of the SPTs and an assurance report by an independent third party.
OBAYASHI CORPORATION Real estate and construction 2022/4/27 7 years Rating & Investment Information, Inc. 10 billion yen SPT 1: Targets for each fiscal year consistent with the KPI 1 targets of Scope 1 and 2 of a 46.2% reduction in CO2 emissions in FY2030 (compared to FY 2019, the base year)
<5-year bonds> 25.2% (April 2022 - March 2026)
<7-year bonds> 33.6% (April 2022-March 2028)

SPT 2: Targets for each fiscal year consistent with the KPI 2 target of Scope 3 of a 27.5% reduction in CO2 emissions in FY2030 (compared to FY 2019, the base year)
<5-year bond> 15.0% (April 2022 - March 2026)
<7-year bond> 20.0% (April 2022-March 2028)
If none of the SPTs are achieved, an amount equivalent to 0.1% of the bond issue amount will be donated after the determination date to public interest incorporated associations, public interest foundations, international organizations, municipal authorized NPOs, local governments and similar organizations whose purpose is environmental conservation activities, to be completed before redemption of the bonds. If SPT1 is not achieved, 7/10ths of an amount equivalent to 0.1% of the bond issue amount will be donated, and if SPT2 is not achieved, 3/10ths of an amount equivalent to 0.1% of the bond issue amount will be donated. Obayashi will disclose the actual performance values of the KPIs (i.e., the status of achievement of the SPTs) on its website, along with information that may affect the achievement of the SPTs and an assurance report by an independent third party.
UOROKU CO. ,LTD Wholesale and retail trade 2022/3/29 - Rating & Investment Information, Inc. 1 billion yen ①Benchmark indicators for the food supermarket industry based on the Agency for Natural Resources and Energy's benchmarking system, an evaluation system to be 0.799 in FY2030
(Actual: 0.862 in FY2020)
【Targets for each fiscal year】
0.841 in FY2022
0.817 in FY2023
0.812 in FY2024
0.808 in FY2025
②CO2 emissions per unit generated (t-CO2/m2)
0.0101 in FY2030
(Actual: 0.0171 in FY2020)
【Targets for each fiscal year】
0.0147 in FY2022
0.0141 in FY2023
0.0138 in FY2024
0.0134 in FY2025
The guarantee fee rate will be reduced if both SPT1 and SPT2 are achieved. UOROKU will report to its agents once a year on the status of SPT achievement. In addition, the information will be disclosed on the UOROKU Group's website.
ASICS Corporation Manufacturing 2021/12/2 5 years Rating & Investment Information, Inc. 10 billion yen Maintain leadership level in CDP climate change in 2025 (maintain A- or above) The bond is scheduled to be redeemed at the end of December 2026, and the achievement of the SPT will be judged based on the results in 2025; if the SPT is not achieved, emission credits (credits/certificates of CO2 reduction value) equivalent to 0.1% of the bond issue amount will be purchased. Once a year, ASICS reports the KPI results on its website, along with its efforts to achieve SPT.
TDK Electronic components, devices, information equipment, etc. 2021/12/2 7 years Rating & Investment Information, Inc. 40 billion yen (1) Improve CO2 emissions per unit of sales by 30% in FY2025 compared to FY2014
(2) Maintain A/A- in the final CDP climate change score by 2025
(3) Achieve a 50% adoption rate of renewable energy by FY2025
If any two or more of the three SPTs are not achieved, a cumulative amount equivalent to 0.3% of the bond issue amount will be donated to public interest incorporated associations, etc., whose purpose is environmental conservation activities by the time the bonds are redeemed. TDK publishes information on the latest performance of KPIs, achievement status of SPTs, and sustainability strategies on its website once a year. The report of the judgment results is scheduled for around January 2027, and when making a donation, the name of the recipient, the reason for selection, the amount of the donation, and the timing of the donation will be included in the report.
AEON MALL Co., Ltd. Wholesale and retail trade 2021/11/26 5 years Rating & Investment Information, Inc. 20 billion yen CO2-free electricity used at all AEON MALLs in Japan at the end of 2025 If the SPT is confirmed to be unachievable at the time of determination at the end of FY2025, an amount equivalent to 0.2% of the bond issue amount will be donated to a public interest incorporated foundation (e.g. AEON Environmental Foundation) by the end of October 2026. AEON MALL discloses the latest performance values for KPIs, SPT judgment results, and information on sustainability strategies on its website once a year.
The report of the judgment results is scheduled to be disclosed in the integrated report around September 2026, and when making a donation, the donation destination, donation amount, and donation implementation time will be included in the report content.
ARAKAWA CHEMICAL INDUSTRIES, LTD. Chemical Industry 2021/11/26 5 years Japan Credit Rating Agency, Ltd. 5 billion yen SPT1: Reduce CO2 emissions by 30% in FY2025 compared to FY2015

SPT2:Increase the consolidated sales index of sustainable products by 25% or more in fiscal 2025 compared to fiscal 2019
If SPTs have not been achieved as of the end of FY2025 (March 31, 2026), donations will be made to corporations and organizations that plant pine trees and seedlings, which are effective in absorbing CO2 (donation recipient 1), and donations will be made to corporations and organizations that provide education to students and children who will be leading the future in order to improve product development capabilities (donation recipient 2) for each fiscal year from FY2026 to FY2030.
If only SPT1 is not achieved, donation equivalent to 0.30% of the bond issue amount will be made to recipient 1.
If only SPT2 is not achieved, donation equivalent to 0.30% of the amount of bonds issued will be made to donation recipient 2.
If both SPT1 and SPT2 are not achieved, donations equivalent to 0.15% of the amount of bonds issued will be made to recipients 1 and 2, respectively (total amount equivalent to 0.30% of the amount of bonds issued)
●The following items will be disclosed at least once a year
・Updates on the performance of selected KPIs (including baseline assumptions)
・Information useful for lenders to gauge the level of ambition of SPTs

● Disclose the following information to the extent possible
・A qualitative and quantitative description of the main factors that contributed to the improvement in performance/KPIs (including M&A activities, etc.)
・Explanation of how improved performance will impact the borrower's sustainability
・Whether or not KPIs are reevaluated, whether or not established SPTs are revised, and whether or not baseline assumptions or the scope of KPIs are changed
Tokyu Fudosan Holdings Corporation Real estate and construction 2021/10/11 10 years Japan Credit Rating Agency, Ltd. 10 billion yen SPT1: Reduce greenhouse gas emissions by 46.2% by FY2030

SPT2: Achieve carbon-negative status by FY2025
(The amount of reduction contribution from renewable energy generation, etc. exceeds the company's own CO2 emissions)
If the SPTs are not met at the time of determination, the following amounts will be paid on the redemption date to the donors related to the "Green Linkage Project" and other similar environmental organizations

SPT1: 0.25% of the issue amount
SPT2: 0.25% of the issue amount
At the end of each fiscal year, the status of GHG emissions and carbon-minus initiatives for the fiscal year under review will be disclosed on the Tokyu Land Corporation website with respect to KPI performance.
The disclosure of GHG emissions and carbon minus emissions to confirm the progress of SPTs will be subject to third-party verification by an external certification body.
GLP J-REIT Finance (including REITs) 2021/9/28 7 years Japan Credit Rating Agency, Ltd. 6 billion yen The percentage of GLP J-REIT's portfolio with high-ranked environmental certifications* is 80% or more (based on total floor area).

*DBJ Green Building certification: 5, 4, or 3 stars; CASBEE: S, A, or B+; BELS: 5, 4, or 3; LEED: Platinum, Gold, or Silver; or equivalent or higher rank in the successor certification
If it is determined on the determination date that the SPTs have been achieved on the determination date, the interest rate on and after September 28 of the year following the determination date will be stepped down to 0.234% (-0.05% from the initial interest rate) (reward type).
If the SPTs are not achieved on the base date, the interest rate on and after September 28 of the year following the base date will be 0.284%, the same as the initial interest rate.
With regard to the status of achievement of the SPTs, JRF plans to obtain a limited verification report from JCR by the judgment date in July 2025 and make it public. In addition, regarding the achievement status of SPTs thereafter, JRF plans to obtain a limited verification report from JCR by the judgment date in July of each year and disclose it.
ANA HOLDINGS INC. Transportation 2021/6/8 5 years Rating & Investment Information, Inc. 20 billion yen ① Selected as a constituent of DJSI World and DJSI Asia Pacific
② Selected as a constituent of the FTSE4Good Index
③ Selected as a constituent of the MSCI Japan ESG Select Leaders Index
④ Obtained evaluation of CDP "A-" or higher
If two or more of the above four SPTs have not been achieved as of the end of FY2022 (March 31, 2023), donations are made to generally recognized corporations and organizations that are engaged in activities aimed at creating a positive impact on the environment and society. In addition to its own ESG initiatives, donation activities create additional positive impact through support. ANA Holdings plans to disclose the evaluation results of the four external indicators listed in the SPTs as of the end of each fiscal year to the public through its website and integrated report once a year.
Nomura Research Institute, Ltd. Others (including service industry) 2021/3/26 12 years Rating & Investment Information, Inc. 5 billion yen (1) Reduce greenhouse gas emissions of the NRI Group by 72% in FY2030 (compared to 2013) (Scope1 + 2)
(Actual(t-CO2):108,000 in FY2013, 75,000 in FY2017, 66,000 in 2018, 60,000 in 2019)
(2) Increase the renewable energy utilization rate of data centers to 70% in FY2030
(Actual:0.1% in FY2017, 0.1% in FY2018, 0.1% in FY2019)
It has a step-up interest rate and has a call option that can be redeemed in advance on September 30, 2031 before the step-up interest rate is applied if it is determined that the target has been achieved. The interest rates stated in bond disclosure documents and NRI's performance against SPT are linked, providing an incentive to achieve SPT goals. Post Third-party warranty report on KPI baseline (2013 standard value) and KPI actual value on the NRI Group's ESG databook or website, and include information on NRI's sustainability strategy in an integrated report
TAKAMATSU CONSTRUCTION GROUP CO.,LTD. Real estate and construction 2021/3/19 5 years Japan Credit Rating Agency, Ltd. 10 billion yen Achieved cumulative sales of SDGs contribution of more than 391.1 billion yen from the fiscal year ending March 2022 to the fiscal year ending March 2025
KPI: SDGs contribution sales
If SPTs cannot be achieved, a premium of 0.5 yen will be paid for every 100 yen of corporate bonds. The progress of KPI performance is planned to disclose to investors after the end of each fiscal year.
Limited third-party verification will be also obtained from JCR regarding disclosure items related to the progress of SPTs.
If there is a delay in progress due to unexpected circumstances, disclosure of cause analysis and future countermeasures will be considered.
Fuyo General Lease Co., Ltd. Finance (including REITs) 2020/12/24 7 years Japan Credit Rating Agency, Ltd.

Rating & Investment Information, Inc.
10 billion yen The following three items will be set as SPT
① The percentage of electricity consumed by the Fuyo Group from renewable energy sources will be 50% or more by July 2024.

② Cumulative transaction amount for "Support Program for Fuyo Renewable Energy 100 Declaration" and "Fuyo Zero Carbon City Support Program"※2: 5 billion yen or more by July 2024

※1: Preferential financing program for companies participating in RE100 and RE Action, a program to declare 100 percent renewable energy.

※2: A finance program aiming to boost the efforts of "Zero Carbon City" promoted by the Ministry of the Environment.
The terms and conditions of the interest rate are as follows

0.380% per annum for the period from the day after December 24, 2020 to December 24, 2024

From the day after December 24, 2024, 0.10% coupon step-up will occur if any of the SPTs linked to the issue terms are not met on July 31, 2024
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Hulic Co., Ltd. Real estate and construction 2020/10/15 10 years Japan Credit Rating Agency, Ltd.

E&E Solutions Inc.
10 billion yen The following 2 items are set as SPT
① Achieve RE100 by 2025
② By 2025, the construction of Japan's first fireproof, 12-story wooden commercial facility in the Ginza 8-chome development plan will be completed.
0.44% per year from the day after October 15, 2020 to October 15, 2026, and the day after October 15, 2026, a coupon step-up of 0.10% will occur if any of the SPTs linked to the terms of issue are not met on August 31, 2026 Hulic Co., Ltd. has disclosed that the development of its own non-FIT solar power generation facilities needed to achieve RE100 will result in up to 40 power plants and a total output of up to about 50 MW by 2025

In addition, details of projects under development as fireproof wooden buildings are disclosed on the company's website and in integrated reports.

By the end of the period, the company plans to disclose the total output of renewable energy developed to achieve RE100

Progress of the SPT will be disclosed on Hulic's website and in the integrated report, etc., along with other KPIs for non-financial information
  • As of February 5, 2024
  • Prepared by the Ministry of the Environment based on the websites of fundraisers, financial institutions, and third-party evaluation institutions
  • * This database is not screened by the Ministry of the Environment and is compiled based on the labeling declared by issuers and financial institutions.