Metaplanet Issues New ‘BitBonds’ With 4.0%-4.3% Annual Coupon
Summary
- Metaplanet said it privately placed 200 million yen ($1.35 million) of new corporate bonds called BitBonds with annual coupon rates of as much as 4.3%.
- BitBonds are yen-denominated unsecured corporate bonds with a maturity of about three years, under a structure in which investors bear the issuer’s credit risk.
- Metaplanet said it plans to issue BitBonds on a continuing basis, and terms for future offerings may differ from those of this sale.
Forecast Trend Report by Period
Metaplanet, often dubbed Japan’s answer to Strategy, has issued new corporate bonds branded as BitBonds with annual coupon rates of up to 4.3%.
The company said Aug. 13 it issued 200 million yen ($1.35 million) of the new bonds through a private placement to a limited group of investors.
The BitBonds were split into four products. They mature in about three years, with annual coupon rates ranging from 4.0% to 4.3%.
Metaplanet Securities managed the sale. Metaplanet changed the brokerage’s name to Metaplanet Securities after acquiring Shibo Securities last month.
Despite the name, the issuance terms do not specify any Bitcoin price linkage or collateral structure. BitBonds are yen-denominated unsecured corporate bonds issued by Metaplanet, leaving investors exposed to the issuer’s credit risk.
The offering is the first business initiative Metaplanet has pursued since acquiring Metaplanet Securities. The company said it plans to continue issuing BitBonds.
Terms for future BitBond offerings may differ from those of this sale.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul