Itochu has sold Japan’s first so-called orange bonds to fund gender equality projects, and data indicated there was strong investor demand for these ESG notes.

The Japanese trading house raised ¥15.2 billion ($103 million) from the debt sale, more than the initial plan for a ¥10 billion offering, according to lead manager Daiwa Securities.

In another sign of firm demand for the still-rare securities, the three-year notes priced at a spread of 17 basis points over government debt, tighter than the 19 basis points Itochu paid on similar-maturity notes issued in April. In contrast, Japanese company bond spreads have widened overall since April, according to a Bloomberg index.