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A revolution is well under way
 Capitalism is coming to Japan. In 1998, there was record issuance of corporate bonds. Last year there was unprecedented mergers and acquisitions activity, as well as record-levels of new and secondary equity issues. And there is no sign of let up. M&A and equity issuance during the first quarter was ahead of the same period in 1999, and almost every investment banker believes the volume of deals this year will exceed last year's ...more
EQUITY ISSUANCE:
An increase in demand has caught everyone by surprise
Until last year Japanese equity issuance was a predictable and lucrative, though limited, source of business for investment banks. The market was dominated by a few huge privatisation issues - such as NTT and its affiliate NTT DoCoMo, the Japan Railway companies and Japan Tobacco ...more
MERGERS AND ACQUISITIONS:
The momentum remains strong
A measure of the radical changes overwhelming corporate Japan - as well as the scale of the opportunities available to the investment banks - is the sudden upsurge in mergers and acquisitions. The predicted wave of Japanese M&As finally sprang into life last year ...more
DISTRESSED DEBT:
Silence conceals significant tale
As foreign banks have rushed into Tokyo, they have been eager to advertise most of their business successes. But there is one glaring exception: the world of Japanese distressed debt.For though the purchase of Japanese bad debts has become a significant business, it is dogged by an air of secrecy ...more
CORPORATE BONDS:
Reforms moving at a snail's pace
The decision of Bank of Tokyo-Mitsubishi, Japan's largest bank, to merge its operations with Mitsubishi Trust, one of the most powerful trust banks, last month brought the curtain down on the first act of a dramatic bout of banking consolidation in the country ...more
NEW TRADERS:
Global players enjoy feast
Japanese share issuance has been a story of famine followed by feast for foreign investment banks. Ten years ago, Japanese initial public offerings were not considered the franchise of non- Japanese firms, but today the foreign investment banks are winning big IPOs and are competing for a share of a rapidly growing market ...more
GOLDMAN SACHS:
US bank revels in stealing the spotlight
When Mark Schwartz, the Japan president of Goldman Sachs, arrived in his post three years ago, the US investment bank had around 600 Tokyo staff. Since then, staff numbers have doubled - and Mr Schwartz thinks they could double again in the next three years ...more
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