v3.26.1
Borrowings
 12 Months Ended
Mar. 31, 2026
Borrowings [Abstract]  
Borrowings
13. Borrowings:
The following table presents short-term and long-term borrowings of Nomura as of March 31, 2025 and 2026.
 
    
Millions of yen
  
    
March 31
  
    
2025
     
2026
  
Short-term borrowings
(1)
:
      
Commercial paper
    ¥ 113,765      ¥ 90,795  
Bank borrowings
      341,561        700,802  
Other
      661,966        961,072  
  
 
 
     
 
 
  
Total
    ¥ 1,117,292      ¥ 1,752,669  
  
 
 
     
 
 
  
Long-term borrowings:
      
Long-term borrowings from banks and other financial institutions
(2)
    ¥ 4,213,264      ¥ 5,165,056  
Bonds and notes issued
(3)
:
      
Fixed-rate obligations:
      
Japanese Yen denominated
      1,170,404        1,116,741  
Non-Japanese
Yen denominated
      4,778,830        5,724,325  
Floating-rate obligations:
      
Japanese Yen denominated
      603,794        522,891  
Non-Japanese
Yen denominated
      708,559        841,213  
Index / Equity-linked obligations:
      
Japanese Yen denominated
      926,572        941,444  
Non-Japanese
Yen denominated
      510,126        687,917  
  
 
 
     
 
 
  
     8,698,285        9,834,531  
  
 
 
     
 
 
  
Subtotal
      12,911,549        14,999,587  
  
 
 
     
 
 
  
Trading balances of secured borrowings
      462,129        545,369  
  
 
 
     
 
 
  
Total
    ¥ 13,373,678      ¥ 15,544,956  
  
 
 
     
 
 
  
 
(1
)
Includes secured borrowings of ¥119,682 million and ¥113,315 million as of March 31, 2025 and March 31, 2026 respectively.
(2)
Includes secured borrowings of ¥472,328 million and ¥670,182 million as of March 31, 2025 and March 31, 2026 respectively.
(3)
Includes secured borrowings of ¥811,118 million and ¥720,958 million as of March 31, 2025 and March 31, 2026 respectively.
Trading balances of secured borrowings
These are liabilities recognized when a transfer of a financial asset does not meet the criteria for sales accounting under ASC 860 and therefore the transaction is accounted for as a secured borrowing. These borrowings are part of Nomura’s trading activities intended to generate profits from the distribution of financial products secured by those financial assets.
 
 
Long-term borrowings consisted of the following:
 
    
Millions of yen
  
    
March 31
  
    
2025
     
2026
  
Debt issued by the Company
    ¥ 3,465,010      ¥ 3,872,736  
Debt issued by subsidiaries
—
guaranteed by the Company
(1)
      6,568,898        7,923,892  
Debt issued by subsidiaries
—
not guaranteed by the Company
(1)
      3,339,770        3,748,328  
  
 
 
     
 
 
  
Total
    ¥ 13,373,678      ¥ 15,544,956  
  
 
 
     
 
 
  
 
(1)
Includes trading balances of secured borrowings.
As of March 31, 2025, fixed-rate long-term borrowings mature between 2025 and 2067 with interest rates (including contractual interest rates) ranging from 0.00% to 44.00%. Floating-rate obligations, excluding perpetual subordinated debts, which are generally based on TIBOR, Tokyo Overnight Average rate and Secured Overnight Financing Rate, mature between 2025 and 2069 with interest rates (including contractual interest rates) ranging from 0.00% to 17.00%. Index / Equity-linked obligations mature between 2025 and 2055 with interest rates (including contractual interest rates) ranging from 0.00% to 36.80%.
As of March 31, 2026, fixed-rate long-term borrowings mature between 2026 and 2067 with interest rates (including contractual interest rates) ranging from 0.00% to 37.10%. Floating-rate obligations, excluding perpetual subordinated debts, which are generally based on TIBOR, Tokyo Overnight Average rate and Secured Overnight Financing Rate, mature between 2026 and 2070 with interest rates (including contractual interest rates) ranging from 0.00% to 12.89%. Index / Equity-linked obligations mature between 2026 and 2056 with interest rates (including contractual interest rates) ranging from 0.00% to 45.00%.
Certain borrowing agreements contain provisions whereby the borrowings are redeemable at the option of the borrower at specified dates prior to maturity and include various equity-linked or other index-linked instruments.
Nomura enters into swap agreements to manage its exposure to interest rates and foreign exchange rates. Debt securities and notes issued are typically converted to Tokyo Overnight Average rate and Secured Overnight Financing Rate-based floating rate obligations through such swap agreements. The carrying value of the long-term borrowings includes adjustments to reflect fair value hedges.
The following table presents the effective weighted-average interest rates of borrowings, including the effect of fair value hedges, as of March 31, 2025 and 2026.
 
    
March 31
  
    
 2025 
    
 2026 
  
Short-term borrowings
      2.77 %      2.75 % 
Long-term borrowings
      3.19 %      3.01 % 
Fixed-rate obligations
      3.77 %      3.28 % 
Floating-rate obligations
      2.74 %      2.78 % 
Index / Equity-linked obligations
      1.99 %      2.52 % 
 
 
Maturities of long-term borrowings
The following table presents the aggregate annual maturities of long-term borrowings, including adjustments related to fair value hedges and liabilities measured at fair value, as of March 31, 2026:
 
Year ending March 31
   
Millions of yen
  
2027
    ¥ 1,431,899  
2028
      1,759,717  
2029
      1,862,534  
2030
      1,754,773  
2031
      1,973,293  
2032 and thereafter
      6,217,371  
  
 
 
  
Subtotal
      14,999,587  
  
 
 
  
Trading balances of secured borrowings
      545,369  
  
 
 
  
Total
    ¥ 15,544,956  
  
 
 
  
Borrowing facilities
As of March 31, 2025 and 2026, Nomura had unutilized borrowing facilities of ¥nil and ¥nil, respectively.
Subordinated borrowings
As of March 31, 2025 and 2026, subordinated borrowings were ¥414,500 million and ¥874,309 million, respectively.