社債

• Reading: しゃさい
• Romaji: shasai
• Kanji breakdown: 社 (sha) — company, firm; 債 (sai) — debt, bond, obligation
• Pronunciation: /ɕa.sa.i/

Meaning

Corporate bond; debenture. Debt securities issued by a company to raise capital from investors.

A financial term for bonds issued by corporations, as opposed to government bonds (国債). Companies issue 社債 to raise long-term capital; investors receive fixed interest payments. Types include 普通社債 (straight bonds) and 転換社債 (convertible bonds). Credit rating agencies assess the risk level of each issuance.

Examples

1. 大手製造業者が総額500億円の社債を発行すると発表した。 A major manufacturer announced the issuance of corporate bonds totalling 50 billion yen.
2. 格付け機関による社債の信用評価が引き下げられた。 The credit rating assigned to the corporate bonds by a rating agency was downgraded.
3. 低金利環境が続く中、機関投資家の社債需要が高まっている。 Amid a prolonged low-interest-rate environment, institutional investor demand for corporate bonds is rising.

Usage Guide

Context: finance, capital markets, corporate finance, investment

Tone: neutral

Origin & History

Compound of 社 (sha, company/firm) and 債 (sai, debt/bond/obligation). The character 債 contains 人 (person) and 責 (responsibility), capturing the binding obligation to repay borrowed funds.

Cultural Context

Era: Modern

Generation: Business professionals

Social background: Corporate