Bulletin: Orix Corp.'s Proposed Subordinated Bonds Assessed As Having Intermediate Equity Content - S&P Global Ratings’ Credit Research

Bulletin: Orix Corp.'s Proposed Subordinated Bonds Assessed As Having Intermediate Equity Content

Bulletin: Orix Corp.'s Proposed Subordinated Bonds Assessed As Having Intermediate Equity Content - S&P Global Ratings’ Credit Research
Bulletin: Orix Corp.'s Proposed Subordinated Bonds Assessed As Having Intermediate Equity Content
Published Oct 16, 2024
3 pages (1432 words) — Published Oct 16, 2024
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Abstract:

TOKYO (S&P Global Ratings) Oct. 15, 2024--S&P Global Ratings today said it will classify Orix Corp.'s (BBB+/Stable/--) proposed subordinated bonds as having intermediate equity content. This follows Orix's announcement on Oct. 15, 2024, that it will issue subordinated bonds. Orix said it will issue the bonds to refinance subordinated bonds it issued in March 2020. The issuance amount of the existing bonds totals ¥60 billion. Orix raised ¥40 billion through subordinated bonds in July 2024 to fully refinance the existing bonds by the first call date in March 2025. We classify the bonds as having intermediate equity content and fully include them in its total adjusted capital (TAC) until the first callable date in 2030. The characteristics of the subordinated

  
Brief Excerpt:

...(Editor's Note: In this media release, originally published on Oct. 15, 2024, we incorrectly attributed an issue amount to the proposed subordinated bonds. The issue amount is undetermined. A corrected version follows.)...

  
Report Type:

Bulletin

Ticker
8591@JP
Issuer
Orix Corp.
GICS
Other Diversified Financial Services (40201020)
Sector
Global Issuers, Structured Finance
Country
Japan
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Orix Corp.'s Proposed Subordinated Bonds Assessed As Having Intermediate Equity Content" Oct 16, 2024. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Orix-Corp-s-Proposed-Subordinated-Bonds-Assessed-As-Having-Intermediate-Equity-Content-3267948>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Orix Corp.'s Proposed Subordinated Bonds Assessed As Having Intermediate Equity Content Oct 16, 2024. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Orix-Corp-s-Proposed-Subordinated-Bonds-Assessed-As-Having-Intermediate-Equity-Content-3267948>
  
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