Japan Railway Construction, Transport and Technology Agency
JRTT is an “Independent Administrative Institution” set up by the national government of Japan in 2003. It is responsible for the construction and maintenance of the high speed (“Shinkansen”) parts of the railway network in Japan as well as smaller, local lines such as airport express lines and portions of urban routes. It leases these rail lines to the train operators. It is also part funded by the national government.
In February 2019, JRTT announced their plans for issuing the first debt programme which will receive Climate Bonds Certification in Japan. It will be a JPY 114 billion (USD 1.1 billion) bond program over the 2019 Financial Year.
They had previously issued two Green Bonds (JPY 20bn) in November 2017 and (JPY 24.5bn) in February 2018.
The proceeds will be used to finance and refinance their construction of rail track and related infrastructure across 18 railway lines in Japan, with a combined length of 231km. These routes are all electrified.
On March 22, 2019, they began the first issuance in this program with a loan arranged with Mizuho Bank.
|Date of Issue||Type of Instrument||Size||Tenor||Country of Issuance||CLIMATE BONDS SECTOR CRITERIA||VERIFIER'S REPORT||Annual Report||Further Information|
|March 2019||Loan||JPY 55.3bn (USD 500m)||4 years||Japan||Low Carbon Land Transport|
|May 2019||Use of Proceeds Bond||JPY 43 bn (USD 390m)||multiple tranches, up to 30 years||Japan||Low Carbon Land Transport||same report as above||as above|
|August 2019||Use of Proceeds Bond||JPY 34bn (USD 321m)||multiple tranches, up to 20 years||Japan||Low Carbon Land Transport||same report as above||as above|
|November 2019||Use of Proceeds Bond||JPY 20bn (USD 182m)||multiple tranches, up to 10 years||Japan||Low Carbon Land Transport||same report as above||as above|