Industrial bonds

Japanese: 事業債 - じぎょうさい（英語表記）industrial bonds

A type of corporate bond issued by companies that do not operate as financial institutions. It is a fixed-income security with a relatively long maturity, usually 5 years or more. In Western countries where the corporate bond market is well developed, the issuance conditions such as interest rate and maturity date are usually determined by the supply and demand relationship in the market, but in Japan, interest rates and issuance amounts have been determined based on various regulations and practices. The issuance limit was also set by the Commercial Code, but the 1993 amendment to the Commercial Code abolished the issuance limit and revised the trustee system. This was in response to the increasing importance of corporate bonds as a means of raising funds for companies and aimed to strengthen creditor protection, and it is thought that various regulations will also be abolished.

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

社債の一種で，金融機関以外の事業を営む企業が発行する債券。通常5年以上の比較的長期の確定利付証券。利率，償還期限などの発行条件は，欧米諸国のように社債市場が整備されているところでは市場の需給関係によって決るのが普通であるが，日本では利率，発行金額などは種々の規制や慣行に基づいて決められてきた。また発行限度額も商法によって定められていたが，1993年の商法改正により，発行限度枠の撤廃，受託制度の見直し等が行われた。これは企業の資金調達としての社債の重要性の増大に対応するとともに，債権者保護の強化を目的としたもので，各種の規制も廃止に向うと考えられる。

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