Clifford Chance
The TOKYO PRO-BOND Market
12 April 2012
End of March 2012 saw the first programme listing on the TOKYO PRO-BOND Market, a new professional debt securities market that was established by TOKYO AIM in May 2011, with a draw-down bond issue listing under the programme taking place in mid-April 2012. We take this opportunity to explore the requirements of this unique Japanese market which, while being a listed securities market where certain disclosure is required, caters for securities to be sold within the framework of a private placement, where only professional investors and certain non-residents of Japan are permitted to participate in the market.
This briefing note is aimed at issuers considering accessing this market as a possible alternative to traditional "samurai bonds", and their advisers.
