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Honda Motor Co. raised $2.75 billion (¥318 billion) in bonds meant to benefit the environment for the first time, joining its competitor Ford Motor Co. in tapping the booming world of sustainable finance to fund a transition to electric vehicles.

The Tokyo-based automaker sold dollar-denominated green bonds in three categories, according to a person with knowledge of the matter. The longest portion of the offering, a 10-year security, yields 1.12 percentage points above Treasurys after an initially discussed level of as high as 1.4 percentage points, said the person, who asked not to be identified as the details are private.

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