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Today, Tokyo Stock Exchange approved a program listing application from Japan Finance Organization for Municipalities for listing on the professional-oriented TOKYO PRO-BOND Market.
Japan Finance Organization for Municipalities is a joint funding organization that is established under the Japan Finance Organization for Municipalities Law with capital contributed by all prefectures, cities, and municipal governments in Japan.
Japan Finance Organization for Municipalities has listed its program information allowing the company to issue individual bonds with a total maximum value of JPY 3 trillion within a one-year period (February 3, 2016 to February 2, 2017). The details of the Program Information can be found on TOKYO PRO-BOND Market website.
About TOKYO PRO-BOND Market
TOKYO PRO-BOND Market was established in May 2011 as a professional-oriented bond market based on the "Professional-oriented Market Rules" introduced in an amendment to the Financial Instruments and Exchange Act in 2008. The market implements program listing, the standard form of corporate bond issuance in overseas markets, and English-only information disclosure. Program listing refers to a system where the fund-raising issuer registers the possible issuance amount, basic information, and financial information on TOKYO PRO-BOND Market as program information, following which it is able to issue bonds as needed within the estimated issuance amount. The market's highly flexible rules offer efficient bond issuance through simplified disclosure documents, and convenient formal requirements, such as acquiring a credit rating as the listing eligibility requirements for program information and individual bonds and securing a lead underwriter(s) specified by the exchange.
