Traders should monitor the yen/USD exchange rate as it will impact the effective yield for non-JPY investors. The notes' lack of liquidity and yen denomination create currency risk that may affect secondary market pricing. The partial use of proceeds for the Tokio Marine investment suggests ongoing strategic expansion in insurance.
Price Chart
Executive Summary
Berkshire Hathaway is issuing ¥272.3 billion in senior unsecured notes across six tranches with maturities from 2029 to 2056 to refinance $133.9 billion in maturing debt and partially fund a minority stake in Tokio Marine. The notes are denominated in yen but can be paid in USD if yen becomes unavailable.
Key Facts
- Berkshire Hathaway is issuing ¥272.3 billion in senior unsecured notes with maturities from 2029 to 2056
- Notes are denominated in yen but can be paid in USD if yen becomes unavailable
- Proceeds will refinance ¥133.9 billion in maturing 2026 notes and partially fund acquisition of minority stake in Tokio Marine
- No public market exists for the notes and they will not be listed on any exchange
- Underwriters include Mizuho and BofA Securities with stabilization rights
Financial Impact
Raises ¥272.3 billion ($1.7 billion) in debt capital, refinances ¥133.9 billion in maturing debt, and partially funds acquisition of minority stake in Tokio Marine
Risk Factors
- Currency risk due to yen denomination
- Lack of established trading market
- Interest rate risk if rates rise
- Potential yen unavailability requiring USD payments
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-154274 |
| Document: d81172dexfilingfees.htm | 0001193125-26-154274 |
| Document: 0001193125-26-154274-index-headers.html | 0001193125-26-154274 |
| Document: 0001193125-26-154274-index.html | 0001193125-26-154274 |
| Document: 0001193125-26-154274.txt | 0001193125-26-154274 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | Institutional Cluster | $789,486.00 $820,500.00 | ▲ +3.93% | ▲ +4.94% | $817,699.88 (+3.57%) |
May 15, 2026 23w ago | 13F-HR | $730,000.00 $724,500.00 | ▼ −0.75% | ▼ −2.37% | $817,699.88 (+12.01%) |
Apr 14, 2026 28w ago | 424B5 | $716,783.00 $703,700.00 | ▼ −1.83% | ▼ −3.22% | $817,699.88 (+14.08%) |
Apr 1, 2026 29w ago | 424B5 | $716,300.00 $720,003.00 | ▲ +0.52% | ▼ −3.10% | $817,699.88 (+14.16%) |
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