Overview (TPBM)
TOKYO PRO-BOND Market was established in May 2011 as a professional-oriented bond market based on the "Professional-oriented Market Rules" introduced in an amendment to the Financial Instruments and Exchange Act in 2008.
The TOKYO PRO-BOND Market offers flexible and timely issuances of bonds, and provides more convenience to issuers, investors, securities companies and other market participants both in Japan and overseas. The TOKYO PRO-BOND Market contributes to the development of Japan’s bond market toward a central part of Asia’s financial markets.
Flexible and Timely Bond Issuances
- The TOKYO PRO-BOND Market allows for flexible and timely issuances of bonds reflecting the market environment by streamlining procedures to greatly simplify disclosure documents necessary at the time of issuance without compromising the quality of information for investors. Investors are able to easily access all necessary information through the website of the Exchange.
- Issuers can also chose to list a bond program similar to MTN (“medium term note”) programs used overseas. Issuers are able to register their financial data and the planned amount of bond issuances for a given year on the TOKYO PRO-BOND Market (Program Listing). They are then able to swiftly issue bonds up to the limit of the planned amount as and when required.
Flexible and timely bond issuances in response to market conditions, such as interest rates, exchange rates and other factors
Greater Convenience for Overseas Issuers
- The TOKYO PRO-BOND Market accepts disclosure in English and/or Japanese, whereas existing Samurai Bond issuers are required to disclose in Japanese.
- The TOKYO PRO-BOND Market allows the use of Japanese, international or U.S. accounting standards.
- The TOKYO PRO-BOND Market allows issuances denominated in yen and a variety of currencies.
Enhanced convenience for overseas issuers
Overview of the TOKYO PRO-BOND Market System
Types of securities
The securities that may be listed on the TOKYO PRO-BOND Market include bonds issued by Japanese and overseas companies, and bonds issued by government organizations.
Please see here for further details.
New Listings
- Applications for new listings
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- Eligibility criteria
Issuers need to fulfill the following requirements to list on PRO-BOND :
Please see here for further details on listing eligibility requirements.
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Disclosure
- Timely disclosure
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- Financial information
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TOKYO PRO-BOND Market Rules and Regulations
Please see the Special Regulations of Securities Listing Regulations Concerning Specified Listed Securities and the Enforcement Rules for Special Regulations of Securities Listing Regulations Concerning Specified Listed Securities.