Nomura
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What will be the key investment themes in Asia over the coming decade? -
The CEO of Japan’s largest bank joined Nomura in 1981 as a retail salesperson, and worked his way up to become a manager, overseeing three branches of the bank at different periods. Koji Nagai then moved to investment banking, where he was eventually promoted to run the division, before becoming president of Nomura Securities in April 2012 and group CEO in August of the same year. He tells Asiamoney how Nomura can benefit from Asia’s growing economies.
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The yield play sector suffered another blow on Friday after Lotte Shopping announced that it was postponing its $1bn Real Estate investment Trust IPO in Singapore.
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Three periphery issuers took the limelight in the senior market this week — Banco Espírito Santo, Bank of Ireland and La Caixa all selling euro benchmarks. All three issuers can be pleased with their order books — La Caixa recording hefty demand and Bank of Ireland and BES impressing on quality.
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Getting ahead of international capital requirements and cutting costs early helped Nomura report a solid set of wholesale results on Wednesday. The numbers, according to the bank, reveal its stability in fixed income at a time when its rivals have been less fortunate.
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Bank of Ireland highlighted the rehabilitation of financials from the eurozone's periphery in the eyes of investors on Wednesday by drawing a high quality order book for a new three year benchmark. La Caixa was also in the market with a comfortably oversubscribed three year bond.
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Strong demand from European investors allowed Intralot, the Greek gambling products and services provider, to increase its high yield bond to €250m today and close the books ahead of schedule.
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Japanese bank Nomura Holdings on Wednesday reported its best results in eight years, with a 52% jump in pre-tax profits for the year ending March 31, buoyed by the strong performance of its retail and wholesale arms.
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Bank of Ireland is set to sell its third senior unsecured benchmark since the financial crisis on Wednesday, choosing a three year deal. Meanwhile, La Caixa has drawn a strong response for a euro benchmark senior unsecured of its own.
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Taiwanese banks considering Chinese hotel chain 7 Days Group Holdings’ $300m leveraged loan are demanding an upward revision in fees for underwritten commitments, several sources have told GlobalCapital Asia. The appetite to lend still remains, but overexposure to China names, a fear of defaults and a steep rise in funding costs are backing lenders into a corner, writes Rashmi Kumar.
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Arion Banki's planned euro bond sale — the first such deal from an Icelandic institution since the credit crisis — has got market participants speculating where the deal will price, with some arguing that demanding UK investors will push the spread to 350bp over mid-swaps.
