Nasu is a well-regarded, 20-year veteran of the Japanese debt market. He joined Mizuho Bank immediately after attending Tokyo University and worked at Mizuho Securities after it was set up from a merger of DKB Securities, Fuji Securities, and IBJ Securities in 2000. He will answer to the co-heads of UBSÆs global capital markets division in Japan (which comprises equity capital markets and debt capital markets), namely Nick Ross and Shoji Tsuboyama.
ôThe appointment reflects our commitment to the Japanese market, and we are delighted to have someone with Nasu-sanÆs market presence to take our strategy to the next level,ö says Ross.
Nasu replaces Hiroshi Aoki who left earlier this year. Prior to NasuÆs appointment, Lawrence Temlock took over on a temporary basis.
According to Dealogic data, the Japanese debt market is dominated by the domestic bank-affiliated securities houses. Mizuho, Mitsubishi and Daiwa Securities SMBC take the top three positions for all debt issuance, including Samurai bonds. Citi does best among the foreign banks in fourth place, followed by Nomura, Goldman Sachs, Morgan Stanley and UBS. UBS is fourth in Samurai issuance behind Daiwa, Citi and Mizuho. All figures are on a year-to-date basis.
The Japanese bond market is far healthier than the equity market. Also according to Dealogic, Japanese corporate bond and Samurai issuance volumes are up 26% and a very respectable 67% respectively year-to-date. By contrast, Japan ECM volume is down 55% so far this year, compared with a 20% decline in global ECM volumes.