Green Finance
グリーンファイナンス
Please refer to "Sustainable Finance" for Mori Building's Framework and Second-Party Evaluation.
Records of Issues
26th unsecured corporate pari-passu bond (green bond issued on November 14, 2019)
Name of bond | Mori Building Co., Ltd. 26th unsecured corporate pari-passu bond (green bond), also known as "Mori Building Green Bond" |
Maturity term | 10 years |
Total amount of issue | JPY 15 billion |
Coupon rate | 0.32% |
Terms-determination date | November 8, 2019 |
Issue date | November 14, 2019 |
Use of proceeds | All funds are for capital expenditures related to "A district" facilities of the Azabudai Hills (Toranomon-Azabudai District Category 1 Urban Redevelopment Project) |
Bond rating | A+ (Japan Credit Rating Agency, Ltd.) |
Underwriters | Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. |
Green Bond Structuring Agent | Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. |
Investors
- Japan Credit Rating Agency, Ltd.
- Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
- Mizuho Securities Co., Ltd.
- Nomura Securities Co.,Ltd.
- Oita-Ken Credit Cooperative
- The Gamagori Shinkin Bank.
- JAPAN POST INSURANCE Co.,Ltd.
- KIRYU SHINKIN BANK
- The Saitamaken Shinkin Bank
- THE SHIGA BANK,LTD.
- Suwa Shinkin Bank
- The Tsuru Credit Cooperative.
- Tono Shinkin Bank
- The Bank of Nagoya, Ltd.
- Nippon Life Insurance Company
- The Nishi-Chugoku Shinkin Bank
- Numazu Shinkin Bank
- Hamamatsu Iwata Shinkin Bank
- JA Fukuoka Shinren
- The Mishima Shinkin Bank
- Ryobi Shinkumi Bank
Second series of domestic subordinated unsecured bond with interest-deferral and early-redemption options (green bond issued on October 19, 2020)
Name of bond | Mori Building Co., Ltd. second series domestic subordinated unsecured bond with interest-deferral and early-redemption options (green bond) |
Total amount of issue | JPY 45,000 million |
Coupon rate (*1) | 1.17% per year |
Interest payment date | April 19 and October 19 of each year |
Closing date | October 19, 2020 |
Maturity date | October 19, 2056 |
Early redemption (*2) | Shall be redeemable prior to maturity at the company's discretion on October 19, 2026 and each interest payment date thereafter |
Clauses on interest payment | The company may, at its discretion, defer payment of all or part of the interest |
Payment priority | The payment priority of this bond is subordinated to general debt of the company and prior to common stock |
Offering method | Public offering in Japan (mainly for institutional investors) |
Use of proceeds | All funds are for capital expenditures related to "A district" facilities of the Azabudai Hills (Toranomon-Azabudai District Category 1 Urban Redevelopment Project) |
Bond rating | A- (Japan Credit Rating Agency, Ltd.) |
Equity credit evaluation | Middle, 50% (Japan Credit Rating Agency, Ltd.) |
Underwriters | Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. |
Green Bond Structuring Agent | Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. |
- Fixed rate from the day immediately following October 19, 2020 until October 19, 2026. Floating rate with step-up thereafter.
- In the event of early redemption of the bond, the company expects to refinance the bond with instruments recognized by Japan Credit Rating Agency, Inc. as having equal or superior capitalization. However, if either of the following conditions is met, the company may forego refinancing with an instrument certified as having equal or higher capitalization:
1) Consolidated balance sheet’s debt-to-equity ratio is less than 3.0 times.
2) Shareholder equity in consolidated balance sheet increases at least 22.5 billion yen from the end of March 2020.
List of investors
The bond has received 111 investment proposals from investors (as of 13 October, 2020), the largest number in the history of Japan ESG bond* issuances in Japan.
"Japan ESG bond" is a generic term used Japan for green bonds (environmental bonds), social bonds (social-contribution bonds), and sustainability bonds (bonds with both environmental and social-contribution features).
- Japan Credit Rating Agency, Ltd.
- Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
- Mizuho Securities Co., Ltd.
- SMBC Nikko Securities Inc.
- GOLDMAN SACHS JAPAN CO., LTD.
- The Aichiken iryo Credit Cooperative
- The Aichikenchuo Credit Cooperative
- Aozora Bank, Ltd.
- Akita Shinkin Bank
- Asset Management One Co., Ltd.
- Anan Shinkin Bank
- Alps Chuo Shinkin Bank
- The Awaji Shinkin Bank
- THE IIDA SHINKIN BANK
- The Iizuka Shinkin Bank
- JA Ise
- Ichinoseki Shinkin Bank
- IBARAKI Prefectural Credit Federations of Agricultural Cooperatives
- Iwateken Ishi Shinkumi Bank
- JA BANK IWATE
- Ueda Shinkin Bank
- Ugo Shinkin Bank
- THE OSAKA CITY SHINKIN BANK
- Osaka Shoko Shinkin Bank
- Osaka Prefectural Credit Federation of Agricultural Co-operatives
- Okayama Shinkin Bank
- KANAGAWAKENSHINREN.
- JA-kanagawaseisho
- THE KAWAGUCHI SHINKIN BANK
- The Kita Osaka Shinkin Bank
- The Kita-Nippon Bank, Ltd.
- Kitami Shinkin Bank
- Gifu Shoko Shinkumi Bank
- The Gifu Shinkin Bank
- KIRYU SHINKIN BANK
- Kesennuma Shinkin Bank
- Kobeshi Shokuin Shinkumi Bank
- JA-Bank SAGA
- Saga Higashi Shinkumi Bank
- Sapporo Chuo Shinkumi Bank
- Shichitou Shinkumi Bank
- Shibata Shinkin Bank
- Shimane Shinkin Bank
- Public Corporation for Housing Improvement and Development
- The Sugamo Shinkin Bank
- SUMITOMO LIFE INSURANCE COMPANY
- General incorporated foundation Japan Petroleum Energy Center
- Japan Fisheries Credit Foundation Association
- Soka University
- THE TAIKO BANK，LTD．
- Taiyo Life Insurance Company
- Daiwa Asset Management Co. Ltd.
- Takaoka Shinkin Bank
- Takamatsu Shinkin Bank
- JA TAKIGUN
- Tajima Shinkin Bank
- Tanyo Shinkin Bank
- The Chunichi Shinkin Bank
- Choshi Shoko Shinkumi Bank
- Tsuruoka Shinkin Bank
- DMW Corporation Co., Ltd.
- The Toa Reinsurance Company, Ltd.
- THE TOKYO HIGASHI SHINKIN BANK
- Toshun Shinkin Bank
- The Tono Shinkin Bank
- Tokushima Shinkin Bank
- Toda Finance Co., Ltd.
- The Bank of Toyama, Ltd.
- Toyamaken Ishi Shinkumi Bank
- Toyamaken Shinkumi Bank
- Toyota Shinkin Bank
- Toyohashi Shoko Shinkumi Bank
- Nagasakiken Ishi Shinkumi Bank
- Naganokenshinren
- The Nagano-ken Shinkumi Bank
- Nakanogou Credit Cooperative
- Nagahama Shinkin Bank
- The Nanto Bank,Ltd.
- Niigataken Shinkumi Bank
- Niigata Shinkin Bank
- Nishi-Chugoku Shinkin Bank
- Nishihyogo Shinkin Bank
- General incorporated foundation The Building Center of Japan
- Development Bank of Japan Inc.
- THE HANNO SHINKIN BANK
- Higashi Yamaguchi Shinkin Bank
- Bisai Shinkin Bank
- Hyogo Shinkin Bank
- Hirakata Shinkin Bank
- JF Bank Federation Hiroshima
- Fukuoka Prefecture Doctor's Credit union
- JA Fukuoka Shinren
- Fukuoka Hibiki Shinkin Bank
- Fukuchi Town
- Fukoku Mutual Life Insurance Company
- Hokuriku Labour Bank
- Mainichi Shinkumi Bank
- Maki Shinkumi Bank
- JA-Mienaka（JA Matsusaka）
- Matsumoto Shinkin Bank
- Manulife Investment Management (Japan) Limited
- Maruhachi Shinkumi Bank
- JA Mie Shinren
- JA-Mienaka（JA Mie Chuo）
- The Mishima Shinkin Bank
- Mizusawa Shinkin Bank
- Sumitomo Mitsui DS Asset Management Company, Limited
- Sumitomo Mitsui Trust Asset Management Co., Ltd.
- Midori Life Insurance Co., Ltd.
- Local Employee Mutual Union Miyagi
- Miyako Shinkin Bank
- The Miyazaki Taiyo Bank, Ltd.
- Meiji Gakuin University
- Meiji Yasuda Life Insurance Company
- MEISHO UNYU Co.,Ltd.
- Morioka Shinkin Bank
Third series of domestic subordinated unsecured bond with interest-deferral and early-redemption options (green bond issued on October 11, 2022)
Name of bond | Mori Building Co., Ltd. third series domestic subordinated unsecured bond with interest-deferral and early-redemption options (green bond) |
Total amount of issue | JPY 50,000 million |
Coupon rate (*1) | 1.36% per year |
Interest payment date | April 11 and October 11 of each year |
Closing date | October 11, 2022 |
Maturity date | October 11, 2057 |
Early redemption (*2) | Shall be redeemable prior to maturity at the company's discretion on October 11, 2027 and each interest payment date thereafter |
Clauses on interest payment | The company may, at its discretion, defer payment of all or part of the interest |
Payment priority | The payment priority of this bond is subordinated to general debt of the company and prior to common stock |
Offering method | Public offering in Japan (mainly for institutional investors) |
Use of proceeds | All funds will be used for the acquisition of a reserved floor in the A District Tower of the Azabudai Hills (Toranomon-Azabudai District Category 1 Urban Redevelopment Project) |
Bond rating | A- (Japan Credit Rating Agency, Ltd.) |
Equity credit evaluation | Middle, 50% (Japan Credit Rating Agency, Ltd.) |
Underwriters | Mizuho Securities Co., Ltd. |
Green Bond Structuring Agent | Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. |
- Fixed rate from the day immediately following October 11, 2022 until October 11, 2027. Floating rate with step-up thereafter.
- In the event of early redemption of the bond, the company expects to refinance the bond with instruments recognized by Japan Credit Rating Agency, Inc. as having equal or superior capitalization. However, if either of the following conditions is met, the company may forego refinancing with an instrument certified as having equal or higher capitalization:
1) Consolidated balance sheet’s debt-to-equity ratio is less than 3.0 times.
2) Shareholder equity in consolidated balance sheet increases at least 25 billion yen from the end of March 2022.
List of investors
The bond has received 78 investment proposals from investors (as of 4 October, 2022).
- AICHI POLICE CREDIT UNION
- Akita Shinkin Bank
- Aozora Bank, Ltd.
- Asahi Mutual Life Insurance Company
- ASAHISHIMBUN CREDIT COOPERATIVE
- Asset Management One Co., Ltd.
- Chiba Shinkin Bank
- Choshi Shoko Shinkumi Bank
- DAIDO LIFE INSURANCE COMPANY
- Daiwa Asset Management Co. Ltd.
- Danyo Shinkumi Bank
- Development Bank of Japan Inc.
- FUKOKU MUTUAL LIFE INSURANCE COMPANY
- Gifu Shoko Shinkumi Bank
- Gunmaken Shinkumi Bank
- Hanno-Shinkin Bank
- Hokuriku Labour Bank
- HYOGO SHINKIN BANK
- Ichinoseki Shinkin Bank
- JAPAN SEAFARERS RELIEF ASSOCIATION
- KANAGAWA PREFECTURAL CREDIT FEDERATION OF AGRICULTURAL CO-OPERATIVES
- KITAMI SHINKIN BANK
- Kobeshi Shokuin Shinkumi Bank
- Kyoei Community Bank
- Manulife Investment Management (Japan) Limited
- Maruhachi Credit Cooperative
- Matsumoto Shinkin Bank
- Mienaka Agricultural Cooperative
- Mie Prefecture credit federation of agricultural cooperatives
- Mitsui Sumitomo Insurance Company, Limited
- Momiji Bank,Ltd.
- Murakami Shinkin Bank
- Musashi Academy of the Nezu Foundation
- Nagahama Shinkin Bank
- NAGASAKI MITSUBISHI CREDIT UNION
- Naraken Japan Agricultural Co-operatives
- Nishihyogo Shinkin Bank
- Nissay Asset Management Corporation
- Osaka Doctor′s Credit Union
- Osaka Prefectural Credit Federation of Agricultural
- Osaka Shoko Shinkin Bank
- SAGAHIGASHI SHINYOUKUMIAI
- SAGA PREFECTURAL CREDIT FEDERATION OF AGRICULTURAL COOPERATIVES
- SBI Insurance Co., Ltd.
- shimane credit guarantee corporation
- SHIMANE SHINKIN BANK
- SHOWA SHINKIN BANK
- SOKA University
- Sompo Asset Management Co., Ltd.
- Tagawa Shinkin Bank
- Takaoka Shinkin Bank
- Tama Art University
- The Aichi Bank, Ltd.
- The Awa Bank, Ltd.
- The Bank of Toyama, Ltd.
- THE EIWA SHINKIN BANK
- The Gamagori Shinkin Bank
- The Hokusei Shinkin Bank
- The Kimitsu Credit Cooperative
- The Kyoto Chuo Shinkin Bank
- The Miyazaki Taiyo Bank, Ltd.
- THE MIZUSAWA SHINKIN BANK
- THE NAGANO-KEN SHINKUMI BANK
- The Osaka-kyoei Credit Cooperative
- THE SEISHIN SHINKIN BANK
- THE SUGAMO SHINKIN BANK
- The Takinogawa Shinkin Bank
- THE TOKYO HIGASHI SHINKIN BANK
- THE TOYOTA SHINKIN BANK
- The Yokohama Shinkin Bank
- TOKOHA UNIV.
- TOKUSHIMA SHINKIN BANK
- TONO SHINKIN BANK
- TSURU Educational Foundation
- TSURUOKA SHINKIN BANK
- YAMAGUCHI PREFECTURAL CREDIT FEDERATION OF AGRICULTURAL CO-OPERATIVES
- Yokohama Agricultural Cooperative
- Zenkokugyogyoushinyoukikinkyoukai
27th unsecured corporate pari-passu bond (green bond issued on July 11, 2024)
Name of bond | Mori Building Co., Ltd. 27th unsecured corporate pari-passu bond (green bond) |
Maturity term | 5 years |
Total amount of issue | JPY 10 billion |
Coupon rate | 0.893% |
Terms-determination date | July 5, 2024 |
Issue date | July 11, 2024 |
Use of proceeds | All funds will be allocated to the decreased cash reserves to cover the expenses for Azabudai Hills Mori JP Tower (completed in June 2023) |
Bond rating | AA- (Japan Credit Rating Agency, Ltd.) |
Underwriters | Mizuho Securities Co., Ltd. |
List of investors
The bond has received 21 investment proposals from investors (as of 5 July, 2024).
- The IO Shinkin Bank
- Asset Management One Co., Ltd.
- The Bank of Iwate, Ltd.
- The Sawayaka Shinkin Bank
- SUMITOMO LIFE INSURANCE COMPANY
- TATEBAYASHI SHINKIN BANK
- Chiba Shinkin Bank
- Choshi Shoko Shinkumi Bank
- Tokio Marine Asset Managemant Co., Ltd.
- The Tono Shinkin Bank
- THE NAGANO SHINKIN BANK
- THE NISHIO SHINKIN BANK
- Nissay Asset Management Corporation
- Hagi-Yamaguchi Shinkin Bank
- Hokuriku Labour Bank
- Mitsui Sumitomo Insurance Company, Limited
- Mitsui Direct General Insurance Co., Ltd.
- Mitsubishi UFJ Asset Management Co., Ltd.
- THE YUKI SHINKIN BANK
- The Yokohama Shinkin Bank
- LIFENET INSURANCE COMPANY
Allocation Reports
The status of allocation of funds raised through the green bonds is as follows (as of October 31, 2024).
| 26th | Second series of domestic subordinated unsecured bond with interest-deferral and early-redemption options | Third series of domestic subordinated unsecured bond with interest-deferral and early-redemption options | 27th |
|---|---|---|---|---|
Amount procured | JPY 14,915 | JPY 44,618 | JPY 49,578 | JPY 9,950 |
Use of proceeds | Capital expenditures related to A District facilities (the acquisition of a reserved floor) of the Azabudai Hills (Toranomon-Azabudai District Category 1 Urban Redevelopment Project) | |||
Amount allocated | JPY 14,915 million | JPY 44,618 million | JPY 49,578 million | JPY 9,950 million |
Amount unallocated | JPY 0 | JPY 0 | JPY 0 | JPY 0 |
Share of financing | 100% | 100% | 100% | 100% |
Impact Reports
Regarding the third series of subordinated bonds (green bonds), we have reported for the fiscal year 2023.
Project Category | Green Building | |
Property name | Azabudai Hills Mori JP Tower | |
Certification acquisition/Rank | CASBEE (New Construction) | S |
CASBEE (Wellness Office) | S | |
WELL | Platinum | |
Energy consumption | 16,472MWh | |
Water consumption | 155,465m³ | |
CO2 emissions | 4,546t-CO2 | |
CO2 emissions of total floor area | 0.0137t-CO2/m² | |
- The data aggregation period for the fiscal year 2023: from June 30, 2023 to March 31, 2024.
- Azabudai Hills opening date: November 24, 2023.
External Review
We have obtained an external review from a third-party evaluation organization, for reporting on the allocation of funds as set forth in the green bond framework and indicators related to environmental improvement effects.
No. | External review | Acquisition date |
|---|---|---|
1 | April 2023 | |
2 | October 2024 |