Issued in September 2025, ITOCHU became the first non-financial corporate issuer of an 'Orange Bond' after the Japanese trading conglomerate raised JPY15.2 billion ($101 million) from the gender equality-focused transaction.

The three-year bond – with a 1.11% coupon – is also the first orange bond from a Japanese issuer.

The issuance follows ITOCHU publishing its 'Orange Bond Framework' in August. This received an external review from Impact Investment Exchange (IIX), which confirmed it was aligned with the Orange Bond Principles (OBP) it published in 2022.

The bond channels capital into initiatives that support inclusive workplace policies and employee wellbeing, as well as investing in women-focused businesses and strengthening gender-positive supply chains, according to ITOCHU.

It was these initiatives that caught the attention of the judges, who praised ITOCHU for going "beyond internal corporate initiatives by including supply chain and femtech investments", as well as embedding "qualitative beneficiary surveys, which strengthen impact credibility". The "excellent thematic innovation and governance" were also highlighted.

ITOCHU reports it will undertake impact measurement, including independent post-issuance assessments of real-world outcomes for women and gender minorities.

Daiwa Securities served as sole structuring agent as well as joint lead manager on the deal with Mizuho Securities, SMBC Nikko Securities, Nomura Securities, and Okasan Securities.