In the largest offering of convertible bonds by a Japanese corporation ever, Nippon Steel Corporation, the largest steelmaker in Japan and the fourth largest globally, completed a Regulation S offering of ¥600 billion of convertible bonds.
The offering consisted of ¥300 billion of 102.5% Zero Coupon Convertible Bonds due 2029 and ¥300 billion of 102.5% Zero Coupon Convertible Bonds due 2031. The bonds are listed on the Singapore Exchange Securities Trading Limited. This is Nippon Steel’s second international offering of convertible bonds.
The S&C team included Keiji Hatano, Nirav Mehta, Xiaoyu Duan and Robert Okada.