Kubota issues first dollar bonds in 31 years as U.S. business grows

TOKYO — Japanese machinery maker Kubota has issued $500 million in dollar-denominated bonds, its first since 1992, to meet its increasing capital needs in the U.S. as sales of its farm and construction equipment grow.

The three-year debt issued by Kubota Credit U.S.A. in late May, guaranteed by its Japanese parent, carries a 4.958% coupon and an A rating from S&P Global. Morgan Stanley was among the lead underwriters.