Filed Pursuant to Rule 433
Registration No. 333-282497
Pricing Term Sheet
Senior Callable Fixed-to-Fixed Reset Rate Notes due 2031
| Issuer: | Mizuho Financial Group, Inc. (the “Issuer”) | |
| Expected Security Ratings:* | A1 (Moody’s) / A- (S&P) | |
| Securities Offered: | Aggregate principal amount of U.S.$700,000,000 5.098% senior callable fixed-to-fixed reset rate notes due 2031 | |
| Issue Price: | 100.000% | |
| Maturity Date: | May 13, 2031 | |
| Treasury Benchmark: | 5-year U.S. Treasury, 4.250% due January 31, 2030 | |
| Treasury Benchmark Price / Yield: | 99-28 / 4.278% | |
| Spread to Treasury Benchmark: | 82 basis points | |
| Reoffer Yield: | 5.098% | |
| Coupon: | From and including February 13, 2025 to, but excluding, May 13, 2030 (the “Reset Date”), the Notes will bear interest at the fixed rate of 5.098% per annum.
From and including the Reset Date to, but excluding, the Maturity Date, the Notes will bear interest at a fixed per annum rate equal to the applicable U.S. Treasury Rate (as defined in the preliminary prospectus supplement) as determined by The Bank of New York Mellon as calculation agent on the second Business Day (as defined below) immediately preceding the Reset Date, plus 0.82% (the “Reset Fixed Rate”).
The determination of the applicable U.S. Treasury Rate and the Reset Fixed Rate is subject to the provisions set forth under “Description of the Notes—Fixed-to-Fixed Reset Rate Notes—Reset Fixed Rate Period” in the preliminary prospectus supplement. | |
| Interest Payment Dates: | Semi-annually in arrears on May 13 and November 13 of each year, starting on May 13, 2025 (short first coupon) | |
| Day Count: | 30/360 | |
| Ranking: | Direct, unconditional, unsubordinated and unsecured obligations of the Issuer and rank pari passu and without preference among themselves and with all other unsecured obligations, other than subordinated obligations of the Issuer (except for statutorily preferred exceptions) from time to time outstanding. | |
| Trade Date: | February 6, 2025 | |
| Settlement Date: | February 13, 2025 (T+5) | |
| Business Days: | New York and Tokyo | |
| Minimum Denomination: | U.S.$200,000 or integral multiples of U.S.$1,000 in excess thereof. | |
| Optional Redemption: | The Issuer may redeem the Notes, at its option, in whole, but not in part, on May 13, 2030, upon not less than 15 nor more than 60 days’ prior notice, at a redemption price equal to the sum of 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the date of redemption. | |
| Use of Proceeds: | The Issuer intends to use the net proceeds of the offering to make a loan that is intended to qualify as internal TLAC under the Japanese TLAC Standard to Mizuho Bank, Ltd. (“Mizuho Bank”), and Mizuho Bank intends to utilize such funds for its general corporate purposes. | |
| Listing: | Luxembourg Stock Exchange’s Euro MTF Market | |
| Billing and Delivering: | Mizuho Securities USA LLC | |
| Joint Lead Managers and Joint Bookrunners: | Mizuho Securities USA LLC, BofA Securities, Inc. and TD Securities (USA) LLC | |
| Joint Lead Managers: | Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC | |
| Co-Managers: | BBVA Securities Inc., Danske Markets Inc., ING Financial Markets LLC, Natixis Securities Americas LLC, Daiwa Capital Markets America Inc., BNY Mellon Capital Markets, LLC, CIBC World Markets Corp., KKR Capital Markets LLC, Academy Securities, Inc., AmeriVet Securities, Inc., CastleOak Securities, L.P., Drexel Hamilton, LLC, Great Pacific Securities, Loop Capital Markets LLC, Mischler Financial Group, Inc., R. Seelaus & Co., LLC, Samuel A. Ramirez & Company, Inc. and Siebert Williams Shank & Co., LLC | |
| CUSIP: | 60687Y DH9 | |
| ISIN: | US60687YDH99 | |
| Common Code: | 299677273 | |
*Note: A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, revision or withdrawal at any time by the assigning rating agencies.
This communication is intended for the sole use of the person to whom it is provided by us. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.
The Issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the Issuer has filed with the SEC and which are incorporated by reference therein for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the preliminary prospectus supplement if you request it by calling Mizuho Securities USA LLC, toll free at 1-866-271-7403, BofA Securities, Inc., at 1-800-294-1322 or TD Securities (USA) LLC at 1-855-495-9846.
No EEA or UK PRIIPs KID – No EEA or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK. See “Prohibition of Sales to EEA Retail Investors” and “Prohibition of Sales to UK Retail Investors” in the preliminary prospectus supplement.
Pricing Term Sheet
Senior Callable Fixed-to-Fixed Reset Rate Notes due 2036
| Issuer: | Mizuho Financial Group, Inc. (the “Issuer”) | |
| Expected Security Ratings:* | A1 (Moody’s) / A- (S&P) | |
| Securities Offered: | Aggregate principal amount of U.S.$900,000,000 5.422% senior callable fixed-to-fixed reset rate notes due 2036 | |
| Issue Price: | 100.000% | |
| Maturity Date: | May 13, 2036 | |
| Treasury Benchmark: | 10-year U.S. Treasury, 4.250% due November 15, 2034 | |
| Treasury Benchmark Price / Yield: | 98-15+ / 4.442% | |
| Spread to Treasury Benchmark: | 98 basis points | |
| Reoffer Yield: | 5.422% | |
| Coupon: | From and including February 13, 2025 to, but excluding, May 13, 2035 (the “Reset Date”), the Notes will bear interest at the fixed rate of 5.422% per annum.
From and including the Reset Date to, but excluding, the Maturity Date, the Notes will bear interest at a fixed per annum rate equal to the applicable U.S. Treasury Rate (as defined in the preliminary prospectus supplement) as determined by The Bank of New York Mellon as calculation agent on the second Business Day (as defined below) immediately preceding the Reset Date, plus 0.98% (the “Reset Fixed Rate”).
The determination of the applicable U.S. Treasury Rate and the Reset Fixed Rate is subject to the provisions set forth under “Description of the Notes—Fixed-to-Fixed Reset Rate Notes—Reset Fixed Rate Period” in the preliminary prospectus supplement. | |
| Interest Payment Dates: | Semi-annually in arrears on May 13 and November 13 of each year, starting on May 13, 2025 (short first coupon) | |
| Day Count: | 30/360 | |
| Ranking: | Direct, unconditional, unsubordinated and unsecured obligations of the Issuer and rank pari passu and without preference among themselves and with all other unsecured obligations, other than subordinated obligations of the Issuer (except for statutorily preferred exceptions) from time to time outstanding. | |
| Trade Date: | February 6, 2025 | |
| Settlement Date: | February 13, 2025 (T+5) | |
| Business Days: | New York and Tokyo | |
| Minimum Denomination: | U.S.$200,000 or integral multiples of U.S.$1,000 in excess thereof. | |
| Optional Redemption: | The Issuer may redeem the Notes, at its option, in whole, but not in part, on May 13, 2035, upon not less than 15 nor more than 60 days’ prior notice, at a redemption price equal to the sum of 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the date of redemption. | |
| Use of Proceeds: | The Issuer intends to use the net proceeds of the offering to make a loan that is intended to qualify as internal TLAC under the Japanese TLAC Standard to Mizuho Bank, Ltd. (“Mizuho Bank”), and Mizuho Bank intends to utilize such funds for its general corporate purposes. | |
| Listing: | Luxembourg Stock Exchange’s Euro MTF Market | |
| Billing and Delivering: | Mizuho Securities USA LLC | |
| Joint Lead Managers and Joint Bookrunners: | Mizuho Securities USA LLC, BofA Securities, Inc. and TD Securities (USA) LLC | |
| Joint Lead Managers: | Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC | |
| Co-Managers: | BBVA Securities Inc., Danske Markets Inc., ING Financial Markets LLC, Natixis Securities Americas LLC, Daiwa Capital Markets America Inc., BNY Mellon Capital Markets, LLC, CIBC World Markets Corp., KKR Capital Markets LLC, Academy Securities, Inc., AmeriVet Securities, Inc., CastleOak Securities, L.P., Drexel Hamilton, LLC, Great Pacific Securities, Loop Capital Markets LLC, Mischler Financial Group, Inc., R. Seelaus & Co., LLC, Samuel A. Ramirez & Company, Inc. and Siebert Williams Shank & Co., LLC | |
| CUSIP: | 60687Y DJ5 | |
| ISIN: | US60687YDJ55 | |
| Common Code: | 299677290 | |
*Note: A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, revision or withdrawal at any time by the assigning rating agencies.
This communication is intended for the sole use of the person to whom it is provided by us. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.
The Issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the Issuer has filed with the SEC and which are incorporated by reference therein for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the preliminary prospectus supplement if you request it by calling Mizuho Securities USA LLC, toll free at 1-866-271-7403, BofA Securities, Inc., at 1-800-294-1322 or TD Securities (USA) LLC, at 1-855-495-9846.
No EEA or UK PRIIPs KID – No EEA or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK. See “Prohibition of Sales to EEA Retail Investors” and “Prohibition of Sales to UK Retail Investors” in the preliminary prospectus supplement.
Pricing Term Sheet
Senior Callable Floating Rate Notes due 2031
| Issuer: | Mizuho Financial Group, Inc. (the “Issuer”) | |
| Expected Security Ratings:* | A1 (Moody’s) / A- (S&P) | |
| Securities Offered: | Aggregate principal amount of U.S.$300,000,000 senior callable floating rate notes due 2031 | |
| Issue Price: | 100.000% | |
| Maturity Date: | May 13, 2031 | |
| Interest Rate: | A per annum rate equal to Compounded Daily SOFR (as defined below), plus 1.08%, payable quarterly in arrears, subject to the benchmark transition provisions set forth in the preliminary prospectus supplement. | |
| Compounded Daily SOFR: | In respect of each Interest Period (as defined below), the rate of return on a daily compounded interest investment during the relevant SOFR Observation Period (as defined below) (with the daily SOFR reference rate as the reference rate for the calculation of interest) which will be determined by The Bank of New York Mellon as calculation agent on the relevant Interest Determination Date (as defined below) in accordance with the specific formula described under “Description of the Notes—Floating Rate Notes—Compounded Daily SOFR” in the preliminary prospectus supplement. | |
| Interest Payment Dates: | February 13, May 13, August 13 and November 13 of each year, starting on May 13, 2025, subject to adjustment as explained below (each, an “Interest Payment Date”), and ending on the Maturity Date or, if redeemed early, the date of such redemption, with interest accruing from (and including) the Settlement Date.
If any Interest Payment Date (other than the Maturity Date or any early redemption date for taxation reasons) falls on a day that is not a Business Day (as defined below), that Interest Payment Date will be adjusted in accordance with the Modified Following Business Day Convention.
The term “Modified Following Business Day Convention” means that the relevant date shall be postponed to the first following day that is a Business Day (and interest will continue to accrue to, but excluding, such succeeding Business Day), unless that day falls in the next calendar month in which case that date will be the first preceding day that is a Business Day (and interest will accrue to, but excluding, such preceding Business Day). | |
| Interest Period: | Each period beginning from (and including) February 13, 2025 to (but excluding) the first Interest Payment Date, or from (and including) any Interest Payment Date to (but excluding) the next Interest Payment Date, or from (and including) any Interest Payment Date immediately preceding the applicable redemption date to (but excluding) such redemption date; provided, however, that, in the case of any Interest Period during which any Floating Rate Notes become due and payable on a date other than an Interest Payment Date, such Interest Period will end on (but exclude) such date on which such Floating Rate Notes have become due and payable. | |
| Interest Determination Date: | The date that is five Business Days before each Interest Payment Date. | |
| SOFR Observation Period: | In respect of each Interest Period, the period from, and including, the date that is five Business Days preceding the first date in such Interest Period to, but excluding, the date that is five Business Days preceding the Interest Payment Date for such Interest Period (or in respect of the payment of any interest in connection with any redemption of any Notes, the period from, and including, the date that is five Business Days preceding the first date in the Interest Period in which such redemption occurs to, but excluding, the date that is five Business Days before such redemption date). | |
| Day Count: | ACT/360 | |
| Ranking: | Direct, unconditional, unsubordinated and unsecured obligations of the Issuer and rank pari passu and without preference among themselves and with all other unsecured obligations, other than subordinated obligations of the Issuer (except for statutorily preferred exceptions) from time to time outstanding. | |
| Trade Date: | February 6, 2025 | |
| Settlement Date: | February 13, 2025 (T+5) | |
| Business Days: | A day which is a U.S. Government Securities Business Day (as defined below) and which is not a day on which banking institutions in New York or Tokyo are authorized by law or regulation to close.
The term “U.S. Government Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. | |
| Minimum Denomination: | U.S.$200,000 or integral multiples of U.S.$1,000 in excess thereof. | |
| Optional Redemption: | The Issuer may redeem the Notes, at its option, in whole, but not in part, on May 13, 2030, upon not less than 15 nor more than 60 days’ prior notice, at a redemption price equal to the sum of 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the date of redemption. | |
| Use of Proceeds: | The Issuer intends to use the net proceeds of the offering to make a loan that is intended to qualify as internal TLAC under the Japanese TLAC Standard to Mizuho Bank, Ltd. (“Mizuho Bank”), and Mizuho Bank intends to utilize such funds for its general corporate purposes. | |
| Listing: | Luxembourg Stock Exchange’s Euro MTF Market | |
| Billing and Delivering: | Mizuho Securities USA LLC | |
| Joint Lead Managers and Joint Bookrunners: | Mizuho Securities USA LLC, BofA Securities, Inc. and TD Securities (USA) LLC | |
| Joint Lead Managers: | Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC | |
| Co-Managers: | BBVA Securities Inc., Danske Markets Inc., ING Financial Markets LLC, Natixis Securities Americas LLC, Daiwa Capital Markets America Inc., BNY Mellon Capital Markets, LLC, CIBC World Markets Corp., KKR Capital Markets LLC, Academy Securities, Inc., AmeriVet Securities, Inc., CastleOak Securities, L.P., Drexel Hamilton, LLC, Great Pacific Securities, Loop Capital Markets LLC, Mischler Financial Group, Inc., R. Seelaus & Co., LLC, Samuel A. Ramirez & Company, Inc. and Siebert Williams Shank & Co., LLC | |
| CUSIP: | 60687Y DK2 | |
| ISIN: | US60687YDK29 | |
| Common Code: | 299677320 | |
*Note: A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, revision or withdrawal at any time by the assigning rating agencies.
This communication is intended for the sole use of the person to whom it is provided by us. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.
The Issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the Issuer has filed with the SEC and which are incorporated by reference therein for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the preliminary prospectus supplement if you request it by calling Mizuho Securities USA LLC, toll free at 1-866-271-7403, BofA Securities, Inc., at 1-800-294-1322 or TD Securities (USA) LLC, at 1-855-495-9846.
No EEA or UK PRIIPs KID – No EEA or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK. See “Prohibition of Sales to EEA Retail Investors” and “Prohibition of Sales to UK Retail Investors” in the preliminary prospectus supplement.
