A total of twenty-five SLBs and TLBs (JPY472 billion) are scheduled for SPT determination between 2023 and September 2026. Six bonds have reached their observation dates to date, resulting in four 'Met' and two 'Missed' outcomes, with missed SPTs leading to donation-based consequences.
For the nineteen remaining bonds, issuer disclosures indicate nine 'On Track', eight 'Off Track', and two 'Insufficient Data' assessments. These upcoming determinations will offer a broader evidence base on issuer performance, SPT calibration, and how structure design functions in practice.
Observed outcomes to date are consistent with prevailing SLB structure features, where consequences are commonly based on donations or emission-credit purchases, generally outside coupon cashflows. As the market develops, there may be scope for future structure evolution that balances environmental intent with clearer financial signalling.
