1615 (Unit: 100 million yen)COVID-19 Response Bonds **: JPY60 billionFY2017FY2023FY2018FY2019FY2020FY2021FY2022Series1JPY20 billion(JPY10 billion)Series2JPY20 billion(JPY10 billion)Series3JPY20 billion(JPY10 billion)Series4JPY30 billion(JPY10 billion)Series5JPY40 billion(JPY10 billion)Series6JPY40 billion(JPY10 billion)FY2024Series8JPY20 billion(JPY10 billion)Series7JPY50 billion(JPY10 billion) *The figures shown in parentheses ( ) are the amounts of the Tokyo Green Bonds and Tokyo Green and Blue Bonds issued for individual investors (estimated amounts converted to yen, bonds worth 10 billion yen are issued every year). **All bonds have been certified by a third party excluding those issued in FY2020 to finance measures against COVID-19 (JPY60 billion).Green＊bondsGreen and Blue Bonds *Series1&2 JPY60 billionSeries3&4 JPY60 billionSeries5&6 JPY60 billionSeries7&8 JPY45 billionSocial bondsSeries1 JPY48.7 billionSustainability Bonds (Foreign)1st green bond issued by Japanese local government1st social bond issued by Japanese local governmentUpgraded to Green and Blue Bonds1st sustainability bond issued in foreign currency by a Japanese local government201720182019202020212022400400300100200200200600455600600500202345020048720241,6084,0044,187Process from Project Selection to Reporting (Appendix)(notification)(allocation)Announcement of frameworkCareful project examination/selection of eligible projects(coordination)Submission of information on eligible projectsEvaluation of eligible projects and selection of candidate projectsDecision and announcement of selected projectsIssuance ofTokyo Social BondsReport on project progress, etc.ReportingSubmission of financialsFund management＜Budget planning phase＞・ The Bureau of Finance selects eligible projects and the projects to be financed by the proceeds in consultation with the bureau responsible for each project and the department responsible for the environment.・ Where stipulated by the applicable law, such as the Local Government Finance Act, a local government may issue local bonds as specified in the budget, which needs to be adopted by the local assembly before the start of the fiscal year concerned. TMG bonds, including Tokyo Social Bonds, are issued in accordance with this procedure. The feasibility of the selected projects and the sustainability of their effects are also verified in the budgetary process.＜Budget execution phase＞・ We manage the allocation of proceeds to selected projects following the issuance of Tokyo Social Bonds while clarifying the use of the allocated funds by classifying the revenue budget into accounting segments under the TMG budget rules. ＜Fiscal year after issuance＞・ Ｒegarding reporting, we publish the results of fund allocation by the end of the fiscal year following the issuance of Tokyo Social Bonds.・ With regard to the revenues and expenditures of the TMG, including those pertaining to the projects financed by the proceeds of Tokyo Social Bonds, documents required for financial statements are prepared after the end of the fiscal year, reviewed by the Audit and Inspection commissioners, and then submitted to the Tokyo Metropolitan Assembly for approval, along with the commissioner's opinion.・ Throughout this process, the TMG ensures the appropriateness and transparency of the evaluation and selection of financed projects as well as fund management.・ To capture the momentum of the SDGs and ESG, TMG issued Tokyo Environmental Supporter Bonds in FY2016.・ With the issuance of Tokyo Green Bonds in FY2017, the TMG became the first local government in Japan to issue green bonds, thus contributing to the development of the domestic market since its inception.・ In response to the momentum toward sustainable recovery both in Japan and overseas, in FY2020 TMG issued bonds earmarked for action to cope with the COVID-19 pandemic. In FY2021, TMG launched Tokyo Social Bonds – the first of its kind for a Japanese local government – to assist Tokyo residents and businesses in need of social support.・ TMG has also gradually scaled up the issuance of bonds since the initial offer of JPY20 billion. In addition to the continued issuance of Tokyo Social Bonds, Tokyo Green and Blue Bonds were issued in FY2024, and Tokyo Sustainability Bonds in foreign currency were also issued. In FY2025, we will upgrade the Tokyo Sustainability Bonds and issue the TOKYO Resilience Bonds in international markets. By continuing to issue sustainable bonds, we aim to become a leading city in “Sustainable and Resilient Finance,” supporting the realization of a sustainable and resilient society from a financial perspective.Issuance Result of TMG's Sustainable Bonds (Appendix)Budget execution (year of issuance)Following yearBudgeting*Verification of the feasibility and sustainability of the effect of the selected projectsBureau of FinanceOther relevant bureausDraft budget approval■ Tokyo Green and Blue Bonds■ Tokyo Social Bonds■ Tokyo Sustainability Bonds■ Other municipalitiesAwards wonTMG sustainable bonds’ share in the domestic sustainable municipal bond market◯ Refinitiv Japan, K.K. "DEALWATCH AWARDS2022" Sustainable Finance Issuer of the Year "TMG made its presence felt by proactively engaging in financing with ESG bonds. It attracted immense demand by enhancing communication both in Japan and overseas and gaining endorsement from investors."◯ Japan Times "Sustainable Japan Award2023" Jury's Special Award, ESG Category "Including Green and Social Bond issues, the forward-looking initiatives of TMG substantially contribute to the activation of the local government ESG bond market."◯ Environmental Finance (British journal specialized in environmental finance), ・"Environmental Finance Bond Awards 2023" Social Bond of the Year – local authority/municipality "As the first local government to participate in the sustainable bond market, TMG demonstrated a wide range of use of proceeds by expanding the scope of financed projects in its June 2022 issue." ・"Sustainable Debt Award 2025" Sustainability Bond of the Year ‒ local authority/municipality The Tokyo Sustainability Bonds are the first ESG-labeled foreign bonds for the Tokyo metropolitan government, and Moody’s provided a second party opinion that “the bonds demonstrate a significant contribution to sustainability and the expected impact of the eligible projects is significant.”3issuers7issuers20issuers55issuers58issuersThe number ofissuers and issuingamount haveincreased steadilysince the issuance ofTMG bonds.Social BondsImpact Report
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