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Duncan Phillips, Ipreo

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First domestic deal executed on IssueNet in Japanese fixed income new issue market

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Ipreo, a provider of workflow solutions and market intelligence to financial services and corporate professionals, has completed the first domestic fixed income new issue deal in Japan on IssueNet, the company’s fixed income syndicate connectivity software.

The transaction was done for hybrid bonds issued by Sekisui House, Ltd. The deal’s bookrunner was Mitsubishi UFJ Morgan Stanley Securities Co, Ltd. (MUMSS), with co-lead managers Mizuho Securities Co, Ltd. and SMBC Nikko Securities Inc. IssueNet enabled the banks involved in the deal to work simultaneously in one orderbook, and for the issuer to have a real-time view into the book during the transaction.
 
The use of the pot system, which has become standard in the US Dollar and Euro markets, and is gaining popularity in Japan, was a key component in this transaction to deliver transparency to the fixed income Japanese market.
 
“Changing the way deals are done in the fixed income market in Japan has been a long-term business goal of mine,” says Hajime Suwa, Managing Director, Co-General Manager of Debt Capital Markets Division at MUMSS. “When compared to other markets globally, increased transparency in the domestic corporate bond market is a crucial issue, for which the use of pot deals is an effective measure. We chose Ipreo’s IssueNet, which is widely used in the U.S. and Europe, as the common platform for the deal in order to execute the pot deal smoothly.”
 
Duncan Phillips (pictured), Ipreo’s Managing Director, Global Head of Capital Markets, says: “For years, we have been delivering efficiency to the global fixed income market through our bookbuilding and connectivity solutions. Having spent several years working in Japan and elsewhere I know that this development will bring greater efficiency and transparency to all participants in the Japan market.”

Ipreo is private-equity held by Blackstone and Goldman Sachs Merchant Banking Division.

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