The earthquake response to be the focus of the social bonds planned by Tokyo

Tokyo plans to sell a social bond to help prepare for the possibility of a giant earthquake in the world’s largest metropolitan area.

The Tokyo metropolitan government is proposing to issue five-year social bonds worth 30 billion yen ($231 million) later this month. About 80% of the proceeds will be used for disaster prevention measures as well as renovating old bridges and buildings at risk of collapsing in a major earthquake, according to Kazumichi Saga, director of the bond division in the city’s office of finance.

Japan is one of the most earthquake-prone countries in the world. Tokyo sees a 70% chance of a 7.0-magnitude earthquake hitting directly under the city in the next 30 years, and could kill more than 6,000 people, injure more than 90,000 people, and damage more than 190,000 buildings in the densely populated city.

The social bond will be the third by Tokyo. Its previous note in February allocated 42.7% of the proceeds to disaster prevention steps. The city’s first social note was sold last June and focused mainly on helping small and medium-sized businesses hit by the pandemic.

Tokyo aims to sell about 60 billion yen of social bonds in the fiscal year that began on April 1.

Tokyo hired Mitsubishi UFJ Morgan Stanley Securities, Goldman Sachs Securities and Nomura Securities to secure the deal.

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