Japan Airlines (JAL) has issued its second transition bond. Proceeds from the ¥10bn unsecured ten-year bond issuance will be used to upgrade the airline’s fleet to fuel-efficient aircraft (Airbus A350, Boeing-787, etc.), and to refinancing existing investments. In March 2022, JAL issued the world’s first transition bond in the aviation industry and was the first in the Japanese aviation industry to be selected as a model case for the Ministry of Economy, Trade and Industry’s “Climate Transition Finance Model Project”. JAL has issued this second bond in accordance with the “Transition Bond Framework” formulated for the previous transition bond issuance.

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