Capital Markets: Domestic

What the team is known for

Highly thought-of firm acting for clients on a variety of debt and equity transactions, including convertible bonds, MTN programmes, J-REIT offerings and high-profile global IPOs. Works with top-tier issuers and underwriters. Continues to demonstrate impressive expertise in structured finance products and derivatives matters, including receivables, tokenised derivatives and non-recourse property finance lending.

Strengths

An impressed client says: "They can be entrusted with all research, advice and documentation of international capital markets transactions. They accurately identify legal issues and propose reasonable solutions."

Another interviewee observes that the "very experienced team" offers a "client-first attitude" and is "closely engaged, from junior to senior level."

Work highlights

Advised Recruit Holdings and its five selling shareholders on its JPY325.3 billion equity public offering.

Notable practitioners

Akira Ehira is highly active in the field of securitisation and structured products, where he is valued by clients for his "deep insight into the subject area" and "swift work and understandable advice." His practice includes capital relief transactions, securitised lending and various types of derivatives transactions.

Katsumasa Suzuki is a vastly experienced adviser, frequently entrusted by issuers to lead sophisticated equity offerings. He is characterised by market sources as "an innovator" and a "deep and careful thinker" who "will guide the client very closely and has the experience and confidence."

Masanori Sato is a structured finance expert described by interviewees as "one of the most respected lawyers in the practice area." His work includes advice on derivatives transactions, regulatory issues and securitisation deals, including margin loans and receivables. Another source describes him as "very smart and reasonable," and feels "very confident working with him on securitisation transactions."

Peers describe Taro Omoto as an "experienced" and "very reasonable" REIT practitioner. He is noted for his aptitude for REIT offerings and is equally popular with underwriter and issuer clients. He also demonstrates skill as counsel on equity and debt offerings, including global IPOs.

Rising in the rankings, Toshimitsu Nemoto is increasingly instructed to lead large international debt and equity offerings, as well as hybrid placements. Interviewees attest to his "excellent business, negotiation and deal management skills," as well as his "dedication to the deal."

Yasuhiko Fujitsu comes recommended by market sources for his track record of handling REIT offerings on behalf of issuers. He is also active on debt issuances and receives praise from interviewees for his cooperative approach to mandates, with one source describing him as a "really pleasant" partner who "doesn't score points."