Japanese shipping major Mitsui OSK Lines (MOL), the first company in Japan to issue sustainability bonds aimed at individual investors, has revealed interest and investor details of its new JPY 20bn ($185.7 million) “sustainability bonds” to fund its latest green initiatives.

The funds raised will be used for several purposes, including establishing a maritime academy in the Philippines and installation of environmentally friendly equipment or scrubbers on board its vessels.

 The new bonds will be offered to both institutional and individual investors. Top Japanese companies in Japan have pledged to invest in the green bonds. The company published the list which includes banks, insurance companies, financial institutions, universities etc.

"These bonds are unsecured and carry no guarantees. Also, no particular assets have been placed in reserve to cover these bonds," said the press release.

The bond is rated as A- by Japan Credit Rating Agency, Ltd. The sustainability bonds are co-lead managed by Daiwa Securities Co., Ltd., SMBC Nikko Securities Inc.    Daiwa Securities Co., Ltd, and Mizuho Securities Co., Ltd.

 In the management plan "Rolling Plan 2019," MOL's goals include "develop environment and emission-free businesses into core businesses," which continues from "Rolling Plan 2018," and "promote initiatives for United Nation's Sustainable Development Goals (SDGs)."