Nature loss

Marubeni benchmark issuance: engagement opportunity

Written by Patricia Hutchinson & Rose Choy

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Marubeni, a Japanese integrated trading and business conglomerate, conducted investor meetings on 10 March 2025 and is expected imminently to price a 10-year USD benchmark note.

This increasing reliance on USD debt financing presents investors with the opportunity to engage on forest impact.

Marubeni has one existing green bond whose proceeds allocation includes accredited land afforestation. The hectares of land owned, controlled or managed by Marubeni and affected by deforestation and conversion are undisclosed, making net forest impact impossible to calculate.

The company is financially reliant on deforestation-linked commodities, and within these commodities has stronger commitments for palm oil, timber, and pulp & paper than for beef and soy. We emphasise the opportunity to advance commitments relating to beef and soy, and to progress forest targets.

About the authors

Rose Choy

Rose Choy

Research Director, APAC

Based in Singapore, Rose has over 20 years’ experience in capital markets, most recently as a Senior PM at Conning Asia, and her research focuses on credit research and analysis on the energy transition in the Asia-Pacific region.

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