Japan’s second largest telecoms operator by subscribers, KDDI Corp, has revealed it is selling JPY50 billion (USD545 million) worth of corporate bonds, starting 26 February. According to a Bloomberg report, the company will issue JPY40 billion of bonds in five-year notes – to be managed by Daiwa Securities – and a further JPY10 billion worth of ten-year notes – managed by Mizuho Securities Company and Daiwa. Tokyo-based KDDI is increasing its borrowing to shore up its free cash-flow. It previously raised JPY80 billion from the sale of debt in December 2007.