Another failure to call

From the FT:

Mizuho Financial, Japan’s second largest bank, has opted not to repay a $1.5bn junior security at the first opportunity, adding to the list of [4] institutions globally that have not repaid similar debt and potentially aggravating some of its investors.

The instruments are perpetual subordinated bonds with calls and no-steps, paying 8.375%. This will further spook Tier 2 and hybrid Tier 1 investors.