To celebrate its 100th anniversary, Japan’s Okasan Securities plans to issue a digital bond of up to Yen 2 billion ($13.4m) to retail investors in late December. It will use the Progmat security token platform founded by MUFG. Okasan Securities’ market capitalization is just over $1.1 billion and has an asset management joint venture with SBI, unrelated to digital securities.
Like other digital securities issuances, there’s no need to use a central securities depository as Progmat acts as the bond registry. Mizuho Securities is co-underwriting the bond with Okasan. Mizuho Bank will act as bond manager and the custodian is MUFG.
Consumers can subscribe to the one year bond in units of one million yen ($6,700). The securities firm claims this is the largest retail bond issuance to date. There have been other consumer focused security tokens, but most have been real estate based.
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