Neither deal is labelled, despite both issuers having previously used transition or green financing in JPY. KYUSEL's bonds also include substitution provisions allowing the issuer's obligations to be transferred to KYUDEN Holdings without bondholder consent, ahead of the group's transition to a pure holding-company structure in April 2027.
USD issuance among Japanese utilities continues to broaden, following Chugoku Electric, Kansai Electric, Hokkaido Electric and Tohoku Electric. Offshore USD markets offer deeper liquidity and a broader investor base than the domestic JPY market, though often at a premium. JPY remains the core funding market and principal venue for labelled issuance, while USD is becoming a more regular source of conventional funding diversification.
