Mizuho Markets Cayman notes win Fitch 'A' rating under Mizuho Bank guarantee
Mizuho Markets Cayman LP secures an 'A' long-term rating for USD22 million of senior guaranteed notes due in 2031. The rating reflects an unconditional and irrevocable guarantee from Japan-based Mizuho Bank under the group's USD10 billion medium-term note programme.
Highlights
- Mizuho Markets Cayman LP issued USD22 million senior guaranteed notes maturing 27 October 2031 under a USD10 billion MTN programme.
- Fitch assigned an 'A' rating to the notes, aligning them with Mizuho Bank's Long-Term Issuer Default Rating due to an irrevocable guarantee.
- Any change in Mizuho Bank's Long-Term IDR will directly and immediately impact the rating on the guaranteed notes.
Note structure and guarantee backing
As reported by Fitch Ratings, the USD22 million senior guaranteed notes mature on 27 October 2031 and are issued under a USD10 billion medium-term note programme described in a base offering memorandum dated 31 August 2026.The notes constitute direct, unconditional and unsubordinated obligations of Mizuho Markets Cayman LP and, through the guarantee, of Mizuho Bank, Ltd. Fitch says the note rating is aligned with the guarantor's Long-Term Issuer Default Rating of A, in line with its ratings criteria.
Mizuho Markets Cayman LP is a wholly owned subsidiary of Mizuho Americas LLC, a U.S. bank holding company wholly owned by Mizuho Bank. Mizuho Bank is a core operating banking arm of Mizuho Financial Group, Inc., which Fitch rates at A-/Stable/F1.
Implications for investors and rating outlook
The guarantee structure means repayment of principal, interest and other amounts payable on the notes is backed unconditionally and irrevocably by Mizuho Bank. That support is the key factor underpinning the assigned rating on the issuance.Fitch says any negative rating action on Mizuho Bank's Long-Term IDR will lead to similar action on the guaranteed notes. Likewise, any positive rating action on the bank's Long-Term IDR will also be mirrored in the rating on the notes.
In our earlier article, we covered Fitch’s BBB- rating on Hainan Rubber’s proposed subordinated perpetual sustainable securities to be issued by Halcyon Agri and guaranteed on a subordinated basis by Hainan Rubber. We explained that the rating sits below the issuer’s level due to the instruments’ junior ranking in the capital structure and features such as coupon deferral, alongside Fitch’s view of the group’s leverage and liquidity profile.
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