TOKYO Resilience Bonds

TOKYO Resilience Bonds

About TOKYO Resilience Bonds

To attract a broader range of investors from both domestic and international markets, the Tokyo Metropolitan Government issued the "Tokyo Sustainability Bonds," denominated in foreign currency, in FY2024.
In FY2025, this initiative has further evolved into the "TOKYO Resilience Bonds," with proceeds dedicated exclusively to projects under the "TOKYO Resilience Project."

• TOKYO Resilience Project    Website    Video

• TOKYO Resilience Bonds     Press Release (October 10, 2025)

Issuance Results

• Issuance Results

Framework

TOKYO Resilience Bonds (For International Markets)

• TOKYO Resilience Bond Framework  (August 2026)

TOKYO Resilience Bonds (For the Domestic Market)

• Tokyo Sustainable and Resilient Finance Framework  (May 2026)

Tokyo Sustainability Bonds

• Tokyo Sustainability Bonds Framework (August 2024)

External Review(pre-issuance)

To ensure the competency and transparency of the bonds, external reviews are obtained.
(The opinions expressed in the reviews represent those of the providers, not of TMG.)

TOKYO Resilience Bonds (For International Markets)

• FY2026

　　  SPO from Moody's

• FY2025

SPO from Moody's

External Review Report from R&I

Certification from Climate Bonds Initiative

The "TOKYO Resilience Bonds" mark the world's first resilience bond to be certified under the expanded Climate Bonds Standard, which incorporates the Climate Bonds Resilience Taxonomy.
In conjunction with this certification, the Climate Bonds Initiative has issued a press release. 

TOKYO Resilience Bonds (For the Domestic Market)

• FY2026

Tokyo Sustainability Bonds

• FY2024

SPO from Moody's

Announcement of Decision on Projects

TOKYO Resilience Bonds (For International Markets)

• FY2026

• FY2025

Tokyo Sustainability Bonds

• FY2024

Announcement of Allocation Results on Projects

Tokyo Sustainability Bonds

• FY2024

Impact Report

TOKYO Resilience Bonds (For International Markets)

• FY2025    e-book   PDF

Tokyo Sustainability Bonds

• FY2024    e-book   PDF

External Review(post-issuance)

Tokyo Sustainability Bonds

• FY2024