Sustainability Finance

Sustainability finance refers to financing projects that meet both the Green Bond Principles and the Social Bond Principles. There are also growing variety of funding methods which does not specify the use of proceeds - i.e. bonds and loans that link the issuer's improvement in sustainability performance to the terms of the funding, or, positive impact finance in which both borrowers and lenders are committed to addressing the SDGs of the overall corporate activities. R&I provides Second Opinions for such financing on their alignment with various principles related to SDGs/ESG finance, not limited to either environmental conservation or social contribution.

(*1) Includes the sponsor of the project and the originator of the securitized project, etc.

Published Date Issuer, etc.*1 Instrument Name Use of Proceeds Opinion Issue Amount
(mn)
Latest Date of Monitoring
Aug. 10, 2022 Tel-mic Co., Ltd. Positive Impact Finance - Second Opinion - -
Aug. 10, 2022 The Yamaguchi Bank,Ltd.(Lender) <Yamaguchi Bank> Green Loan <Yamaguchi Bank> Sustainablity Linked Loan - Second Opinion - -
Aug. 10, 2022 Momiji Bank,Ltd.(Lender) <Momiji Bank> Green Loan <Momiji Bank> Sustainablity Linked Loan - Second Opinion - -
Aug. 10, 2022 The Kitakyushu Bank,Ltd.(Lender) <Kitakyushu Bank> Green Loan <Kitakyushu Bank> Sustainablity Linked Loan - Second Opinion - -
Aug. 08, 2022 Sato kigata seisakusho Co., Ltd Positive Impact Finance - Second Opinion - -
Aug. 05, 2022 KITZ Corporation KITZ Corporation Sustainability-Linked Bond Framework - Second Opinion - -
Aug. 03, 2022 University of Tsukuba University of Tsukuba Sustainability Bond Framework Renewable energy/Energy efficiency/ Green buildings/Access to essential services Second Opinion - -
Jul. 29, 2022 SHINSHOWA CORPORATION SHINSHOWA CORPORATION Sustainability-Linked Loan - Second Opinion - -
Jul. 29, 2022 Saibi Gakuen Positive Impact Finance - Second Opinion - -
Jul. 29, 2022 Ohsho Food Service Corp. Ohsho Food Service Corp. Sustainability-Linked Loan - Second Opinion - -
Jul. 29, 2022 INTELLEX Co.,Ltd. INTELLEX Co.,Ltd. Sustainability-Linked Loan - Second Opinion - -
Jul. 29, 2022 The Iyo Bank, Ltd. (LENDER) Positive Impact Finance Framework - Second Opinion - -
Jul. 27, 2022 TOMISHIN Co.,Ltd. TOMISHIN Co.,Ltd. Sustainability-Linked Loan - Second Opinion - -
Jul. 22, 2022 REFINE HOLDINGS Co., Ltd. REFINE HOLDINGS Co., Ltd. Sustainability-Linked Loan - Second Opinion - -
Jul. 15, 2022 Sears Home Group HD Positive Impact Finance - Second Opinion - -
Jul. 15, 2022 Kumamoto Toyopet Positive Impact Finance - Second Opinion - -
Jul. 15, 2022 Adel Cars Co., Ltd. Positive Impact Finance - Second Opinion - -
Jul. 15, 2022 Aso farm co.,Ltd Positive Impact Finance - Second Opinion - -
Jul. 13, 2022 The Aichi Bank, Ltd. (LENDER) AIGIN Positive Impact Finance Framework - Second Opinion - -
Jul. 11, 2022 The TOCHIGI Bank, Ltd.(Lender) TOCHIGIN Sustainable Finance Framework - Second Opinion - -
Jun. 30, 2022 Tokyo Century Corporation Tokyo Century Sustainability Linked Loan (Lender: MUFG) - Second Opinion - -
Jun. 30, 2022 Torigoe Plastic Industory CO.,LTD. Positive Impact Finance - Second Opinion - -
Jun. 29, 2022 &Do Holdings Co.,Ltd. &Do Holdings Co.,Ltd. Sustainability-Linked Loan - Second Opinion - -
Jun. 27, 2022 YAMANAKA CO.,LTD. Positive Impact Finance - Second Opinion - -
Jun. 10, 2022 Daishi Hokuetsu Bank, Ltd.(Lender) SDGs Link Finance Framework - Second Opinion - -
Jun. 10, 2022 The Gunma Bank, Ltd.(Lender) Gungin SLL Framework - Second Opinion - -
Jun. 03, 2022 NEC Corporation NEC Corporation Sustainability-Linked Bond Framework - Second Opinion - -
Jun. 01, 2022 THE SAN-IN GODO BANK, LTD.(Lender) Gogin Sustainability Link Loan(Self-assessment type) Framework - Second Opinion - -
Jun. 01, 2022 Aozora Bank, Ltd.(Lender) Aozora Bank, Ltd.'s Aozora ESG Framework Loan - Second Opinion - -
May. 31, 2022 Kumamoto Toyota Positive Impact Finance - Second Opinion - -
May. 31, 2022 The Kiyo Bank, Ltd.(Lender) The Kiyo Bank ,Ltd.'s Kiyo Green Loan, Kiyo Green Bond, Kiyo Sustainability Link Loan, Framework - Second Opinion - -
May. 31, 2022 Bright Co.,Ltd. Positive Impact Finance - Second Opinion - -
May. 17, 2022 Sotetsu Holdings, Inc. Sotetsu Holdings, Inc. Sutainability Finance Framework Clean transportation / Affordable basic infrastructure Second Opinionpdf - -
May. 12, 2022 AIR WATER Inc. AIR WATER Inc. Sustainability Finance Flamework Renewable energy/Pollution prevention and control/Access to essential services/Employment generation/Food security Second Opinion - -
May. 10, 2022 NAGASE & CO., LTD. NAGASE & CO., LTD. Sustainability-Linked Bond Framework - Second Opinion - -
May. 09, 2022 Mizuho Bank, Ltd.(Lender) Sustainable Supply Chain Finance Scheme - Second Opinionpdf - -
Apr. 19, 2022 The Ehime Bank, Ltd.(Lender) Himegin Sustainable Loan Framework - Second Opinion - -
Apr. 15, 2022 Ishizaki Shoten Co., Ltd. Ishizaki Shoten Sustainability Linked Loan - Second Opinion - -
Apr. 15, 2022 The Hyakugo Bank, Ltd.(Lender) Hyakugo Sustainable Loan Framework - Second Opinion - -
Apr. 12, 2022 YANMAR HOLDINGS CO., LTD YANMAR HOLDINGS CO., LTD Sustainability Linked Loan - Second Opinion - -
Apr. 11, 2022 The Musashino Bank,Ltd.(Lender) Musashino Sustainability Framework Loan - Second Opinion - -
Apr. 08, 2022 AEON MALL Co., Ltd. AEON MALL Co., Ltd. The 30th Unsecured Corporate Bond(Sustainability-Linked Bond) - Second Opinionpdf - -
Apr. 01, 2022 The Minato Bank, Ltd(Lender) Minato SX Framework Loan - Second Opinion - -
Apr. 01, 2022 Kansai Mirai Bank, Limited(Lender) Mirai SX Framework Loan - Second Opinion - -
Mar. 31, 2022 JR Kyushu FG Lease Inc. JR Kyushu FG Lease Inc. Sustainability Linked Loan - Second Opinion - -
Mar. 31, 2022 Higin Lease Co.,Ltd. Higin Lease Co.,Ltd. Sustainability Linked Loan - Second Opinion - -
Mar. 31, 2022 AEON TOWN Co., Ltd. AEON TOWN Sustainability Linked Loan made by The Keiyo - Second Opinion - -
Mar. 31, 2022 AEON TOWN Co., Ltd. AEON TOWN Sustainability Linked Loan arranged by Resona - Second Opinion - -
Mar. 31, 2022 AEON TOWN Co., Ltd. AEON TOWN Sustainability Linked Loan made by MUFG - Second Opinion - -
Mar. 31, 2022 Tokyo Century Corporation Tokyo Century Sustainability Linked Loan arranged by SMBC - Second Opinion - -
Mar. 31, 2022 KODENSYA Inc. KODENSYA Inc. Sustainability Linked Loan - Second Opinion - -
Mar. 31, 2022 Marusumi Paper Co.,Ltd. Marusumi Paper Co.,Ltd. Sustainability Linked Loan - Second Opinion - -
Mar. 30, 2022 KYOKUYO-DENKI Co.,ltd. KYOKUYO-DENKI Co.,ltd. Sustainability Linked Loan - Second Opinion - -
Mar. 30, 2022 Juroku Lease Co., Ltd. Positive Impact Finance - Second Opinion - -
Mar. 30, 2022 The Juroku Bank, Ltd.(LENDER) Positive Impact Finance Framework - Second Opinion - -
Mar. 30, 2022 Mebuki Lease Co.,Ltd. Mebuki Lease Co.,Ltd. Sustainability Linked Loan - Second Opinion - -
Mar. 30, 2022 Makes Co.,Ltd. Makes Co.,Ltd. Sustainability Linked Loan - Second Opinion - -
Mar. 29, 2022 The Awa Bank,Ltd(Lender) Awagin GL/SL/SLL Framework - Second Opinion - -
Mar. 29, 2022 The Hiroshima Bank, Ltd.(Provider) HiroshimaBank Sustenability-Linked Derivatives Framework - Second Opinion - -
Mar. 29, 2022 UOROKU HOLDINGS Co.,Ltd. UOROKU HOLDINGS Co.,Ltd. Sustainability Linked Bond - Second Opinion - -
Mar. 24, 2022 Tokyo Century Corporation Tokyo Century Sustainability Linked Loan arranged by MIZUHO - Second Opinion - -
Mar. 23, 2022 Sapporo Hokuyo Lease Co.,Ltd. Sapporo Hokuyo Lease Co.,Ltd. Sustainability Linked Loan - Second Opinion - -
Mar. 23, 2022 North Pacific Bank,Ltd.(Lender) Hokuyo Sustainable Loan Sustainability Linked Loan Framework type Framework - Second Opinion - -
Mar. 23, 2022 AEON TOWN Co., Ltd. AEON TOWN Sustainability Linked Loan arranged by MIZUHO - Second Opinion - -
Mar. 14, 2022 OBAYASHI CORPORATION OBAYASHI CORPORATION Sustainability-linked Finance Framework - Second Opinionpdf - -
Mar. 10, 2022 MEGMILK SNOW BRAND Co.,Ltd. MEGMILK SNOW BRAND Co.,Ltd. Sustainability Linked Loan - Second Opinion - -
Feb. 28, 2022 Tekunohomenagano Co.,Ltd. Tekunohomenagano Co.,Ltd. Sustainability Linked Loan - Second Opinion - -
Feb. 28, 2022 XSOL Co.,Ltd. XSOL Co.,Ltd. Sustainability Linked Loan - Second Opinion - -
Feb. 25, 2022 Japan Ecosystem Co., Ltd. Positive Impact Finance - Second Opinion - -
Feb. 24, 2022 NIPRO CORPORATION NIPRO CORPORATION Sustainability Linked Loan - Second Opinion JPY10,000 -
Feb. 22, 2022 Mizuho Bank, Ltd (Lender) Mizuho Sustainability Link Private Placement Bond PRO Framework - Second Opinion - Apr. 28, 2022
Feb. 10, 2022 KAJIMA CORPORATION KAJIMA CORPORATION Sustainability Bond Framework Renewable energy/Green buildings/Access to essential services/Socioeconomic advancement and empowerment Second Opinionpdf - -
Feb. 10, 2022 TODA CORPORATION TODA CORPORATION SLB Framework - Opinionpdf - -
Feb. 01, 2022 THE SAN-IN GODO BANK, LTD. (Lender) Gogin Sustainability Link Loan(Self-assessment type) Framework - Second Opinion - -
Jan. 27, 2022 The ChibaBank, Ltd. (Lender) Chibagin SDGs Leader's Loan Framework - Second Opinion - -
Jan. 14, 2022 The Hyakujushi Bank, Ltd. (Lender) 114 Sustainable Loan Framework - Second Opinion - -
Jan. 14, 2022 Mitsui Fudosan Co., Ltd. Mitsui Fudosan Sustainability Linked Loan Framework - Second Opinion - -
Jan. 11, 2022 The Bank of Nagoya, Ltd.(LENDER) Positive Impact Finance Framework - Second Opinion - -
Dec. 28, 2021 Saitama Resona Bank,Limited (Lender) Saitama Resona SX Framework Loan - Second Opinion - -
Dec. 27, 2021 Pharma Foods International Co., Ltd. Positive Impact Finance - Second Opinionpdf - -
Dec. 24, 2021 THE SHIZUOKA BANK, Ltd., (Lender) Shizugin Sustainable Finance Framework - Second Opinion - -
Dec. 24, 2021 The Higo Bank, Ltd.(LENDER) Positive Impact Finance Framework - Second Opinion - -
Dec. 23, 2021 YASUNARI Co., Ltd. YASUNARI Co., Ltd. Sustainability Linked Loan - Second Opinion - -
Dec. 22, 2021 RYUTSU Corp. RYUTSU Corp. Sustainability Linked Loan - Second Opinion - -
Dec. 22, 2021 Tokyo Century Corporation Tokyo Century Sustainability Linked Loan arranged by MUFG - Second Opinion - -
Dec. 20, 2021 The Hiroshima Bank, Ltd., (Lender) Sustainable Loan Framework - Second Opinion - -
Dec. 17, 2021 Ichigo Inc. Ichigo Inc. Sustainability Linked Loan Framework - Second Opinion - -
Dec. 03, 2021 Nissha Co.,Ltd. Nissha Co.,Ltd. Sustainability Linked Loan Framework - Second Opinion - -
Dec. 03, 2021 East Japan Railway Company East Japan Railway Company Sustainability Bond Framework Green buildings/Affordable basic infrastructure/Socioeconomic advancement and empowerment Second Opinionpdf - -
Nov. 24, 2021 Nagoya Railroad Co.,Ltd. Sustainability Finance Framework Clean transportation/Energy efficiency/Socioeconomic advancement and empowerment Second Opinionpdf - -
Nov. 24, 2021 NAKASHIMA CHEMICAL CO.,LTD. NAKASHIMA CHEMICAL Co.,Ltd. Sustainability Linked Loan - Second Opinion - -
Nov. 15, 2021 SHIMIZU CORPORATION SHIMIZU CORPORATION Sustainability Bond Framework Green buildings/Affordable basic infrastructure/Socioeconomic advancement and empowerment Second Opinionpdf - -
Nov. 05, 2021 ASICS Corporation ASICS Corporation Sustainability-linked Bond - Second Opinion - -
Nov. 04, 2021 MINO INDUSTRY Co.,Ltd. MINO INDUSTRY Co.,Ltd. Sustainability Linked Loan - Second Opinion - -
Nov. 01, 2021 THE BANK OF NAGOYA,Ltd. (Lender) Meigin Sustainability Linked Loan Framework - Second Opinion - -
Oct. 29, 2021 Hankyu Hanshin Holdings, Inc. Hankyu Hanshin Holdings, Inc. Sustainability Bond Framework Green buildings/Affordable basic infrastructure/Socioeconomic advancement and empowerment Second Opinionpdf - -
Oct. 27, 2021 Sanyo Homes Corporation Sanyo Homes Sustainability-Linked Loan - Second Opinion - -
Oct. 22, 2021 AEON MALL Co., Ltd. AEON MALL Co., Ltd. Sustainability-Linked Bond - Second Opinion - -
Oct. 22, 2021 The Bank of Yokohama, Ltd. (Lender) Sustainability Loan Framework - Second Opinion - -
Oct. 20, 2021 TDK Corporation TDK Sustainability-Linked Bond - Second Opinion - -
Oct. 07, 2021 Mizuho Bank, Ltd. (Lender) Mizuho Sustainability Link Loan PRO Framework - Second Opinion - Apr. 28, 2022
Oct. 01, 2021 Sumitomo Mitsui Auto Service Co., Ltd. Sumitomo Mitsui Auto Service Sustainability Bond Framework Clean transportation/Access to essential services Second Opinionpdf - -
Sep. 30, 2021 Resona Bank, Limited. (Lender) Resona SX Framework Loan - Second Opinion - -
Sep. 30, 2021 Hamagin Finance Co.,Ltd. Hamagin Sustainability Linked Loan - Second Opinion - -
Sep. 30, 2021 Kumagai Gumi Co.,Ltd. Kumagai Gumi Sustainability Linked Loan - Second Opinion - -
Sep. 30, 2021 Watami Co., Ltd. Watami Sustainability Linked Loan - Second Opinion - -
Sep. 28, 2021 Ohara Pharmaceutical Co., Ltd. Positive Impact Finance - Second Opinion - -
Sep. 28, 2021 THE SHIGA BANK,LTD.(LENDER) Impact Finance Framework - Second Opinion - -
Sep. 28, 2021 Kyushu Leasing Service Co.,Ltd. Kyushu Leasing Service Sustainability Linked Loan - Second Opinion - -
Sep. 28, 2021 Ajinomoto Co., Inc. Ajinomoto Co., Inc. Sustainability Finance Framework Renewable energy/ Energy efficiency/ Access to essential services/ Food security and sustainable food systems Second Opinionpdf - -
Sep. 28, 2021 City of Kitakyushu City of Kitakyushu Sustainability Bond Framework Renewable energy/ Climate change adaptation/ Sustainable water and wastewater management/ Pollution prevention and control/ Environmentally sustainable management of living natural resources and land use/ Energy efficiency/ Affordable basic infrastructure Second Opinionpdf - -
Aug. 31, 2021 Tokyo Metro Co., Ltd. Tokyo Metro Sustainability Bond Framework Clean transportation/Climate change adaptation/Renewable energy/Affordable basic infrastructure Second Opinion - -
Aug. 06, 2021 ASICS Corporation ASICS Corporation Sustainability-linked Foreign Exchange Forwards - Second Opinionpdf - -
Jul. 30, 2021 Nomura Real Estate Holdings, Inc. Nomura Real Estate Holdings, Inc. Sustainability Linked Loan Framework - Second Opinionpdf - -
Jul. 28, 2021 NIPRO CORPORATION NIPRO CORPORATION Sustainability Linked Loan - Second Opinion JPY15,000 -
Jun. 22, 2021 Keihan Holdings Co.,Ltd. Keihan Holdings Co.,Ltd. Sustainability Bond Framework Clean transportation/Green buildings/Circular economy adapted products, production technologies and processes and/or certified eco-efficient products/Affordable basic infrastructure/Socioeconomic advancement and empowerment Second Opinionpdf - -
Jun. 15, 2021 Kawasaki Heavy Industries, Ltd. Kawasaki Heavy Industries, Ltd. Sustainability Bond Framework Renewable energy/Clean transportation/Access to essential services Second Opinionpdf - -
May. 19, 2021 The Gunma Bank,Ltd. The Gunma Bank,Ltd. Green/Social/Sustainability Bond Framework Renewable energy/Energy efficiency/Clean transportation/Green buildings/Employment generation/Access to essential services /Socioeconomic advancement and empowerment Second Opinionpdf - -
May. 19, 2021 ANA HOLDINGS INC. ANA HOLDINGS INC. Sustainability Linked Bond - Second Opinion JPY10,000 -
Apr. 07, 2021 CHUGOKU bank Ltd. (Lender) Chugin Sustainable Loan - Second Opinion - -
Mar. 31, 2021 Tsubaki Nakashima Co.,ltd. Tsubaki Nakashima Co.,ltd. Sustainability Linked Loan - Second Opinionpdf JPY5,000 -
Mar. 29, 2021 THE SHIGA BANK,LTD. (Lender) ShigaBank Sustainability-Linked Loan - Second Opinion - -
Mar. 15, 2021 Nomura Research Institute, Ltd. Nomura Research Institute, Ltd. Sustainability Linked Bond - Second Opinionpdf JPY5,000 -
Feb. 05, 2021 Nippon Yusen K.K. Nippon Yusen K.K. Sustainability Linked Loan - Second Opinionpdf USD 50mil. -
Jan. 19, 2021 Nomura Real Estate Holdings, Inc. Nomura Real Estate Group Sustainability Bond Framework Green buildings/Energy efficiency/Affordable basic infrastructure/Socioeconomic advancement and empowerment/Access to essential services Second Opinionpdf JPY10,000 -
Dec. 01, 2020 East Japan Railway Company East Japan Railway Company Sustainability Bond Framework Renewable energy/Clean transportation/Affordable basic infrastructure Second Opinionpdf - Dec. 01, 2021
Nov. 30, 2020 SymEnergy Inc. SymEnergy Sustainability Linked Loan - Second Opinion JPY 2,500 -
Sep. 29, 2020 Japan Water Agency Japan Water Agency Sustainability Bond Framework Climate change adaptation/Sustainable water and wastewater management/Affordable basic infrastructure Second Opinionpdf - -
Sep. 17, 2020 Yamazaki Gravel Inc. Yamazaki Gravel Inc. Sustainability Linked Loan - Second Opinionpdf JPY 500 -
Aug. 28, 2020 AEON MALL Co., Ltd. AEON MALL Sustainability Bond Framework Green buildings/Renewable energy/Energy efficiency/Socioeconomic advancement and empowerment/Employment generation/Access to essential services Second Opinionpdf JPY30,000 -
May. 13, 2020 Tokyo Metro Co., Ltd. Tokyo Metro Sustainability Bond Framework Clean transportation/Climate change adaptation/Renewable energy/Affordable basic infrastructure Second Opinion - Jun. 01, 2021
Apr. 10, 2020 Ricoh Co., Ltd. Ricoh Co., Ltd. Sustainability Linked Loan - Second Opinionpdf JPY 10,000 -
Dec. 03, 2019 East Japan Railway Company East Japan Railway Company sustainability Bond Clean transportation/Climate change adaptation/Affordable basic infrastructure Second Opinionpdf - Dec. 01, 2021
Jun. 14, 2019 OBAYASHI CORPORATION OBAYASHI CORPORATION Unsec. Str. Bonds No. 24(Obayashi Corporation Sustainability Bond) Green buildings/Renewable energy/Access to essential services Second Opinionpdf JPY 10,000 Jun. 30, 2022
Mar. 07, 2019 ASICS Corporation ASICS Corporation Unsecured Straight Bond No.2(ASICS Corporation Sustainability Bond) Eco-efficient and/or circular economy adapted products, production technologies and processes/Energy efficiency/Renewable energy/Pollution prevention and control/Access to essential services/Socioeconomic advancement and empowerment Second Opinionpdf JPY 20,000 Jun. 15, 2022
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ESG-related services is not the Credit Rating Business, but one of the Ancillary Businesses (businesses excluding Credit Rating Service but are ancillary to Credit Rating Activities) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining to such business would not unreasonably affect the Credit Rating Activities, as well as measures to prevent such business from being misperceived as the Credit Rating Business.