Japan’s largest taxi-hailing app operator opened 21.25% above its offer price on the Tokyo Stock Exchange, with Nomura, Goldman Sachs and BofA Securities acting as joint global coordinators.
Patrick Kwan, Nomura’s head of investment banking, Asia ex-Japan, is leaving the Japanese bank “to pursue other interests", according to an internal company memo.
The deal involved the chipmaker's German subsidiary and was the first ever public exchangeable issuance out of a Taiwan group issuer into a non-Taiwanese listed underlying.
Time spent with global investors allowed the central Asian republic to slash funding costs and refocus the economy away from coal while paving way for a future issuance.
Understanding what lies behind the mask is becoming ever more important as a wider variety of credits from across the region access the international bond markets.