University of Tokyo to issue its first bond

NHK -- Oct 10
The University of Tokyo is planning to issue its first bond, amid dwindling government grants and subsidies.

The prestigious university is aiming to raise 20 billion yen, or about 190 million dollars, for funding research projects.

The 40-year bond will be the first issued by a Japanese national university. It will offer an annual interest rate of about 0.8 percent.

About 50 companies and organizations, including life insurers, have pledged to invest in the instrument.

The university says some of funds raised will be used for the construction of the Hyper-Kamiokande, an underground neutrino detector that will replace the current facility.

Other money will be used for astronomical observations to unravel the birth of the universe. Some funding will help beef-up coronavirus-prevention measures.

- NHK