Mizuho Financial offers three tranches of senior notes in bank’s first social bond deal

By Cristal Cody

Tupelo, Miss., July 6 – Mizuho Financial Group, Inc. plans to price three tranches of senior notes (A1/A-/) on Monday in the first diversity and inclusion bond offering for a Japanese bank, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

The registered benchmark offering includes four-year fixed-to-floating rate notes with initial price talk at the Treasuries plus 130 basis points area, four-year floating-rate notes talked at a Libor benchmark and 11-year fixed-to-floating rate notes guided at the Treasuries plus 180 bps area.

Mizuho Securities USA Inc. and J.P. Morgan Securities LLC are the active bookrunners. Passive bookrunners are BofA Securities, Inc. and Goldman Sachs & Co. LLC.

The four-year tranches are redeemable after three years, while the 11-year issue is callable on July 10, 2030.

Proceeds will be used to make loans that qualify as internal TLAC to Mizuho Bank, which will use the proceeds for general corporate purposes.

Settlement is expected on Friday.

Mizuho Financial Group is a bank holding company based in Tokyo.

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