Listing

Eligibility Criteria

For issuances of individual bonds on PRO-BOND, the following conditions need to be satisfied.

  • The bonds to be listed must have a rating from a rating agency
  • The security firms acting as principal underwriters for the issuance must be registered on TOKYO PRO Market’s list of lead managing underwriters

Q. How broadly are you using the term “credit rating agency” within the regulations?
Q. Would a rating downgrade infringe on delisting standards?
Q. Are we correct in our understanding that the level of the rating itself is not an issue; for example, you do not require the rating to be, say, BBB or above?
Q. Will there be any exceptions to the lead managing underwriter requirement?
Q. What is a Lead Managing Underwriter List? Is a lead managing underwriter different to a J-Adviser?
Q. Is a Lead Managing Underwriter List to be prepared for each issuing party, or will there just be one list for use with all issues?
Q. What are the criteria for registration on the list, and what does it take to get removed from it?
Q. Would a company have to pay some registration fee to get listed on the Lead Managing Underwriter List?
Q. Will there be any exceptions to the lead managing underwriter requirement?

Please see Q25~33 of FAQs

Listing Application Forms

Q. May we use a form other than Form No. 8 to submit Specified Securities Information?

Please see Q18 of FAQs

Timeline for Listings

Q. What is the standard schedule for a listing based on Program Information?

Please see Q34 of FAQs