Archive for  July 2016

Home / July 2016
8 Posts

(Bloomberg) Mizuho Financial Group Inc. is hiring for bond underwriting on Wall Street, emboldened by winning a bigger slice in managing deals since adding bankers from Royal Bank of Scotland Group Plc in 2015.

Mizuho managed $31.7 billion in U.S. investment-grade note offerings in the fiscal year to March 31, excluding self-led deals, making it the 10th-biggest underwriter in the period, five places higher than a year earlier, according to data compiled by Bloomberg. Japan’s third-biggest lender by market value said in April last year that it hired bankers from RBS to join its underwriting business in the U.S. after Mizuho’s purchase of the U.K. firm’s loan assets in North America.

“Our debt capital markets business in the U.S. is expanding strongly and we want to capture upcoming opportunities,” Yuzo Kanamori, an executive officer at Mizuho Securities Co. and head of global investment banking said in an interview in Tokyo. Mizuho plans to boost staff at its U.S. securities unit this fiscal year by about 50 to 60 people, and that will include hires for its underwriting business, he said, declining to specify further.

Mizuho group Chief Executive Officer Yasuhiro Sato said in May that the hires from RBS helped boost the Japanese bank’s presence in the U.S. market “massively,” and the firm set a target in May of being “10th or above” in managing investment-grade bond offerings by U.S. companies. Mizuho and its domestic peers Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. are expanding their underwriting operations in the U.S., as they seek to boost fees and income overseas while margins on loans at home are near zero.

Screen Shot 2016-07-25 at 10.36.31

“I was in New York on a business trip last month, and people now don’t use the term ex-RBS,” according to Kanamori. “We’re moving to the next stage. We’ve got extremely good, capable, team workers with us that are highly motivated.”

Mizuho has helped finance some of the largest global acquisitions in the last 12 months with loans, and then has been tapped as an underwriter for re-financing the deals with bonds or equity. The Japanese bank co-managed Teva Pharmaceutical Industries Ltd. sale of dollar and euro bonds last week, and share offering in December to help fund the Israeli drugmaker’s $40.5 billion-acquisition of Allergan Plc’s generic-drug business.

Mizuho’s Strategy

Kanamori said while Mizuho is hiring for its fixed-income team in the U.S., even as some banks on Wall Street are making cuts, it is doing so cautiously and keeping an eye on market developments. Mizuho’s bond operations there are still “under construction,” and the additional returns it can generate by investing more are likely different from “bulge” banks, he said.

The Japanese bank also plans to boost staff “a little” in its capital markets businesses in Asia and Europe as it strengthens its cross-border underwriting operations, according to Kanamori. Mizuho was a co-lead manager on dollar-bond sales by Korea’s Shinhan Bank and China’s Sinopec Group Overseas Development Ltd. earlier this year.

“Mizuho’s strategy is to make up for the potentially narrower net interest margins by using its balance sheet to generate fees,”said Michael Makdad, a banking analyst in Tokyo at Haitong International Securities Group. “There will be a continuing movement of Japanese assets into USD bonds. If Mizuho is able to leverage its large balance sheet and that trend to boost its securities fees overseas, it’s a positive.”

NEW YORK, NY –(Marketwired – July 18, 2016) – Mizuho Americas has announced the appointment of Thomas Hartnett as Senior Managing Director and Head of Fixed Income Sales and Trading. In this role, Hartnett will lead Mizuho’s US execution and distribution capabilities for clients across all fixed income asset classes, including rates, investment grade and high-yield credit, emerging markets and securitized products.

In addition, Hartnett will be tasked with driving product initiatives critical to further enhancing Mizuho’s growing US business. He will report to Jerry Rizzieri, President and CEO of Mizuho Securities USA.

Prior to joining Mizuho, Hartnett spent the majority of his career with Deutsche Bank, where he held senior fixed income leadership positions in multiple product areas including derivatives, cash rate products, municipal capital markets and corporate bonds. As Head of North America Interest Rates for Deutsche Bank, Hartnett built one of the leading rates platforms in the industry as ranked by clients for the past three years.

“We continue to invest in strengthening and diversifying our product offering in order to better serve clients,” said Rizzieri.
“Tom’s strong track record in both developing and leading key product areas makes him a great addition to our team.”

Hartnett received his MBA from Columbia University and is currently a board member of Swarthmore College, where he earned his Bachelor of Science in engineering.

Bill Garvey moves from Santander to Scotiabank to trade Energy.
Mike DiSanto moves from Santander to SMBC Nikko to trade TMT.
Michael Killeen moves from Cantor to Oppenheimer to trade IG Credit and Taxable Munis.
Rob Williams joins Nomura from RBC.
Robert Agans joins Brownstone from RBS.

After losing MD Marc Badner to Deutsche Bank earlier in the year, and a round of layoffs including Helen Keegan in Dealer Sales, and Brian Healion who joins Nomura in IG Sales, BNP Have added Danielle Vasak, VP from Deutsche Bank, and Ryan Jones, VP from Goldman to the IG Sales team. Ryan and Danielle will report to Randy Chalker and Nick Stratopoulos.

On top of our existing Executive Head Hunting, we have decided to develop a Predictive Recruitment approach.

Screen Shot 2016-07-11 at 12.03.49

What is our target?

  • 85% of recruited people successfull in their new job
  • 85% of recruited people happy in their new job

 

How can we reach it?

 

All candidates fill a unique questionnaire designed by Assessfirst to analyse 20 personality criterias.

All results are accessible by candidates FREE OF CHARGE.

Our team then selects and send to Candidates all job offers matching their unique personality.

 

Screen Shot 2016-07-11 at 12.05.39

 

 

 

 

 

Click here to take the test!

http://my.assessfirst.com/i1hqn

(Bloomberg) Sumitomo Mitsui Financial Group Inc.’s U.S. brokerage unit is hiring for its fixed-income sales and trading team, with the Japanese bank adding its first dedicated salesperson for asset-backed securities. The team has more than doubled to 18 since last year.

SMBC Nikko Securities America Inc. hired Stacey Kane Thursday to sell ABS, as the brokerage underwrote about $8.3 billion in debt in the U.S. so far this year, exceeding the total for all of 2015, according to Kei Tanaka, a Tokyo-based spokesman for SMBC Nikko Securities Inc. That figure includes investment-grade and high-yield bonds, together with asset-backed securities.

Japan’s three megabanks — Mitsubishi UFJ Financial Group Inc., Mizuho Financial Group Inc. and SMFG — have underwritten a combined $42 billion in U.S. investment-grade debt so far this year, or about 6 percent of the market, according to data compiled by Bloomberg. In 2011, they accounted for about 1.4 percent, and the increase comes as Japanese banks have been taking market share while some European firms such as Royal Bank of Scotland Group Plc pull back overseas.

Japanese banks have been expanding lending and underwriting businesses overseas as the Bank of Japan’s policies squeezed yields they can earn from lending at home to almost zero. MUFG boosted credit costs by 58 percent to 255.1 billion yen ($2.5 billion) in the year ended March, citing higher charges related to oil and gas lending in the U.S., while SMFG said a deterioration in the debt quality of overseas resource-related borrowers had also pushed up credit costs.

Growing Presence

Mizuho leads Japanese banks in managing about $19.6 billion in investment-grade bonds in the U.S. so far this year, followed by MUFG and then SMFG. Sumitomo Mitsui is already underwriting more corporate debt in the U.S. than in its home market, where sales in the corporate bond market last year totaled about $68.5 billion. Investment-grade and junk bond issuance in the U.S. was about $1.58 trillion for the same period.

SMBC Nikko already originates asset-backed securities from industries including automobiles, credit cards, and aircraft and is expanding that coverage, according to the company.

Businessman doing paperwork in office with laptop, clipboard and other items on desktop. Window with New York city view in the background. 3D Rendering

Take 5 mins to complete our latest survey on Salary Vs Commission!

Jersey city and New York City with Manhattan Skyline over Hudson River

Goldman have informed the regulator of a further 44 job cuts in NYC. This is in addition to the 98 announced in June, and brings the total number of job cuts to over 400 for 2016.

The cuts will be made by the end of the year.

Goldman sighted weaker dealmaking, and trading slump for the cuts.

Earlier in the year they announced that the Fixed Income department would be cut by 10%, double its usual 5% trimming.