Japanese department store chain Marui (OIOI) has issued blockchain-based corporate bonds direct to its customers, sidestepping intermediaries, although Nomura acted as a financial adviser. The first issuance on June 20 was just over 120 million yen ($860,000). The original target was 100 million yen, but the issuance was 20 times oversubscribed. It’s about to release a second similarly sized tranche.
The corporate bond was unique in several ways, not just because it was direct or used distributed ledger (DLT). The proceeds of the one-year bond were for social purposes rather than for Marui’s internal use. That likely appeals to the company’s 25-30 year old target market.
The retailer worked in partnership with Gojo & Company, which targets financial inclusion and has $649 million in assets under management. In late June, Marui committed one billion yen that Gojo used for loans to Indian microfinance associates.
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