Itochu is preparing to issue up to ¥50 billion ($334 million) in yen bonds and is also weighing dollar notes for the first time in about five years, potentially bringing total issuance this fiscal year to more than ¥100 billion.
The Japanese trading house, backed by Warren Buffett’s Berkshire Hathaway, is planning to issue between ¥30 billion and ¥50 billion in local currency debt and weighing a $500 million bond, said Kenichiro Soma, executive officer and general manager of finance. The company has already raised ¥71.2 billion this fiscal year. If completed, the sales would mark its biggest annual issuance since 1995.
Itochu capped growth investment at ¥1 trillion for a second straight year but is broadening its funding sources after a 2023 Moody’s upgrade eased the shift from bank loans to bonds.
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