Rakuten raises record ¥400B in yen bonds led by retail investors

Rakuten priced ¥400B ($2.5B) of yen bonds, its largest yen bond sale, with ¥360B bought by individual investors. The 5.5-year notes carry a 4.37% coupon and demand reached about 1.3 times the issue size.

• Issue size ¥400B ($2.5B), with ¥360B taken by retail investors
• 5.5-year bonds carry a 4.37% coupon and mature in April 2032
• Final demand was about 1.3 times the issue size
• Japanese firms have sold ¥3.2T of retail bonds in 2026, above 2025's record