Mizuho Financial Group Inc. (8411) Chief Executive Officer Yasuhiro Sato will meet with counterparts from seven Asian lenders in Tokyo today for talks on how they might ally to win more bond business in the region, said two people with knowledge of the meeting.
Sato, who heads the No. 4 bond underwriter in Asia, including Japan, will discuss Mizuho’s expertise in the market with lending executives from countries including Singapore, India and Vietnam, said the people, who asked not to be identified because the talks are private. Mizuho’s Tokyo-based spokeswoman Masako Shiono declined to comment.
Mizuho is looking for ways to boost its share of the market, currently dominated by U.S. and European banks, as demand for equity underwriting and acquisition advising in Asia wanes. Asia bond underwriting, led by Morgan Stanley (MS:US), HSBC Holdings Plc and JPMorgan Chase & Co., has risen to $911 billion this year from $844 billion in 2011, according to data compiled by Bloomberg.
Nomura Holdings Inc. (8604), Mizuho and Bank of China Ltd. are the only Asian firms ranked among Asia’s top 10 debt underwriters, including self-led offerings, so far this year, the data show.
Global banking executives are congregating in Tokyo this week for the annual meeting of the Institute of International Finance, which is being held in conjunction with gatherings of the International Monetary Fund and World Bank. The IIF represents more than 460 banks and financial companies.
Also taking advantage of the gatherings in the capital, Morgan Stanley Chief Executive Officer James Gorman and Katsunori Nagayasu, president of Mitsubishi UFJ Financial Group Inc., planned to meet today to discuss deepening their global tie-ups including Japan investment ventures, two people with knowledge of the meeting said on Oct. 10.
Morgan Stanley and Mitsubishi UFJ, whose joint venture ranks No. 1 in Japan bond underwriting this year, aim to boost investment banking business as the nation’s companies look overseas to tap faster-growing markets.
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