Earthquake response to be focus of social bond planned by Tokyo

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The Tokyo Metropolitan Government is proposing to issue 30 billion yen ($231 million) of five-year social bonds later this month. About 80% of the proceeds will be used on disaster prevention measures as well as renovating old bridges and buildings that are at risk of collapse in a major quake, according to Kazumichi Saga, director of the bond section at the city’s finance bureau.

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The social bond will be the third by Tokyo. Its previous note in February earmarked 42.7% of proceeds to disaster prevention steps. The city’s debut social note sold last June focused primarily on helping small-to-mid-sized businesses hurt by the pandemic.

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Tokyo is aiming to sell about 60 billion yen of social bonds in the fiscal year started April 1.