Sony Financial Group (TYO:8729) said it has set the terms for a 100 billion yen subordinated unsecured bond offering, according to a Friday filing on the Tokyo Stock Exchange.
The bonds carry a 2.431% coupon until December 2030, after which the rate resets to the 5-year JGB yield plus 1.0% through 2035, and then to the 5-year JGB yield plus 2.0% with resets every five years. Maturity is December 2055, with optional redemption in 2030 and every five years after that, subject to regulatory approval.
The issue price and redemption price are both 100 yen per 100 yen in principal. Interest will be paid semiannually.
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