For Issuers

Issuance Procedure: Individual Listings

Update : Aug. 17, 2012

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Issuance Procedure: Individual Listings

Eligibility Criteria

For issuances of individual bonds on PRO-BOND, the following conditions need to be satisfied.

•The bonds to be listed must have a rating from a rating agency
•The security firms acting as principal underwriters for the issuance must be registered on TOKYO PRO Market’s list of lead managing underwriters

Q How broadly are you using the term “credit rating agency” within the regulations?
Q Would a rating downgrade infringe on delisting standards?
Q Are we correct in our understanding that the level of the rating itself is not an issue; for example, you do not require the rating to be, say, BBB or above?
Q Will there be any exceptions to the lead managing underwriter requirement?
Q What is a Lead Managing Underwriter List? Is a lead managing underwriter different to a J-Adviser?
Q Is a Lead Managing Underwriter List to be prepared for each issuing party, or will there just be one list for use with all issues?
Q What are the criteria for registration on the list, and what does it take to get removed from it?
Q Would a company have to pay some registration fee to get listed on the Lead Managing Underwriter List?
Q Will there be any exceptions to the lead managing underwriter requirement?

Listing Application Forms

Q May we use a form other than Form No. 8 to submit Specified Securities Information?

Timeline for Listings

Q What is the standard schedule for a listing based on Program Information?

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