Mitsubishi to issue first FRN linked to Japan’s risk-free rate

Issuer to use a compounded in-arrears average of Tona with 10-day observation shift

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Mitsubishi Corporation is to issue a floating rate note benchmarked to the Tokyo overnight average rate (Tona), in what will be the first public bond tied to the Japanese yen Libor replacement.  

The ¥1.6 billion ($14 million) note is a fixed-to-floating callable bond, which – if early redemption does not occur – will pay a floating rate based on a backward-looking compound average of Tona from September 2026. Details of the debt, which is expected to be issued on September 13, were revealed in

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