IFR: So might it? DA: Well I think it’s common knowledge that Mizuho would benefit from some additional common equity. The shelf registration did not surprise anyone in the market and I think they welcomed it; the stock price was actually up on the shelf registration filing, which was quite a vote of confidence from investors. And you know, we’ll have to see whether or not they launch and if they launch when they would launch. They said that they now have an option over the next 12 months. IFR:

IFR: So Doug investors are driving pricing at the moment. Can they continue to demand that you price in their favour? To what extent will the balance shift the other way or when? DH: Well as Otsuka-san mentioned, it’s pretty much standard for all Japanese deals right now that you go out on a 3% to 5% discount and the vast majority of deals are tending to price around the 3% discount. It is certainly true that all investors would try to get the most attractive terms for themselves. So, but the mo

IFR’s Japanese ECM roundtable, which took place in Tokyo on May 19, covered a wide range of subjects, from general sentiment in the market to prospects for equity capital markets issuance and key market drivers and themes. Even though the Japanese economy continues to show signs of weakness, participants were relatively upbeat. Japanese corporate earnings are holding up and the market has remained if not immune to global market volatility, then at the very least removed from many of its direct c

Doug Howland - JP Morgan Doug Howland heads Capital Markets at JP Morgan, having joined the firm in 2007. Prior to that, he worked at Deutsche Bank, Goldman Sachs, and Morgan Stanley. He has worked in investment banking for 25 years, primarily in Equity Capital Markets. He has been based in Tokyo for the past seven years. Mr Howland has prior experience working on transactions from the US, Europe, and Asia-Pacific. Masao Ito - Tokyo Stock Exchange Masao Ito is a manager of the Tokyo Stock Exchan

IFR: Let’s start by setting the general scene for our discussion today; I wanted to pick up on general market sentiment here in Japan. Clearly there’s been severe market dislocation globally, we’ve seen volatility in Europe; we’ve seen prices moving very wildly. How is that impacting on sentiment here in Japan? Shinohara-san, do you want to give us some general thoughts about how you see the market? Minoru Shinohara (MS), Nomura: For equity and equity related products, I don’t think that the Gre

IFR: So might it? DA: Well I think it’s common knowledge that Mizuho would benefit from some additional common equity. The shelf registration did not surprise anyone in the market and I think they welcomed it; the stock price was actually up on the shelf registration filing, which was quite a vote of confidence from investors. And you know, we’ll have to see whether or not they launch and if they launch when they would launch. They said that they now have an option over the next 12 months. IFR:

IFR: So Doug investors are driving pricing at the moment. Can they continue to demand that you price in their favour? To what extent will the balance shift the other way or when? DH: Well as Otsuka-san mentioned, it’s pretty much standard for all Japanese deals right now that you go out on a 3% to 5% discount and the vast majority of deals are tending to price around the 3% discount. It is certainly true that all investors would try to get the most attractive terms for themselves. So, but the mo

IFR: Let’s start by setting the general scene for our discussion today; I wanted to pick up on general market sentiment here in Japan. Clearly there’s been severe market dislocation globally, we’ve seen volatility in Europe; we’ve seen prices moving very wildly. How is that impacting on sentiment here in Japan? Shinohara-san, do you want to give us some general thoughts about how you see the market? Minoru Shinohara (MS), Nomura: For equity and equity related products, I don’t think that the Gre

IFR’s Japanese ECM roundtable, which took place in Tokyo on May 19, covered a wide range of subjects, from general sentiment in the market to prospects for equity capital markets issuance and key market drivers and themes. Even though the Japanese economy continues to show signs of weakness, participants were relatively upbeat. Japanese corporate earnings are holding up and the market has remained if not immune to global market volatility, then at the very least removed from many of its direct c

Doug Howland - JP Morgan Doug Howland heads Capital Markets at JP Morgan, having joined the firm in 2007. Prior to that, he worked at Deutsche Bank, Goldman Sachs, and Morgan Stanley. He has worked in investment banking for 25 years, primarily in Equity Capital Markets. He has been based in Tokyo for the past seven years. Mr Howland has prior experience working on transactions from the US, Europe, and Asia-Pacific. Masao Ito - Tokyo Stock Exchange Masao Ito is a manager of the Tokyo Stock Exchan