tokyo city slashed funding costs thanks to rampant global demand for the first social bond offered by a local government in japan the coupon of 0005 is half the going rate for plain fiveyear municipal notes priced earlier this month applications for the fiveyear social bonds outstripped the 30 billionyen 270 million issue about 12 times enabling the reduction in funding costs according to goldman sachs group inc one of the banks underwriting the deal