Japan

Nomura’s new chief executive is off to a strong start. Mark that down as a point for investment bankers.

Nomura said that net revenues in its investment banking business for the last three months of 2020 were the highest in nine years. Yet while it was a good quarter overall for the firm's wholesale business, revenue fell year on year in Europe, the Middle East and Africa.

The Japan Bank for International Cooperation has picked backs for a sterling five year benchmark, replacing its last bond in the currency — a trade issued in February 2014 that matured in December 2020.

Credit Suisse has boosted its investment banking operation in Japan by creating a new equity capital markets unit in the country.

BPCE incorporated a call option into one of its Samurai deals for the first time on Thursday, when it raised about $430m equivalent of non-preferred senior paper, including one social leg.

MUFG is overhauling personnel and its business model to try to escape a cycle of low returns, writes David Rothnie.

The Bank of Japan has said that it will pay extra on reserves deposited by banks that become more cost efficient or that merge. A similar policy could well be introduced in Europe too, although perhaps with different aims.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, October 12. The source for secondary trading levels is ICE Data Services

Banque Fédérative du Crédit Mutuel made its annual visit to the Samurai bond market this week, raising ¥63.6bn ($600m) across three tranches in a senior preferred format.

Sumitomo Mitsui Trust Bank (Sumitr) mustered a reasonable order book for its debut contractual covered bond issued on Wednesday, and was able to meet its minimum size ambition at a fair spread.

Yorkshire Building Society (YBS) has mandated leads for the first euro covered bond from the UK since January, My Money Bank has also mandated and, after concluding a roadshow, Sumitomo Mitsui Trust Bank is due this week too. All three bonds will offer a temptingly high spread.

Credit Suisse has appointed Ryuya Hishinuma to lead its investment banking and capital markets business in Japan, according to an internal memo.