DCM
The Dai-ichi Life Insurance
USD Denominated Subordinated Bond
$2.0bn
January 2025
M&A
Mitsui OSK Lines’ agreement with Ardian (France), APG (Netherlands) and PGGM (Netherlands) to acquire LBC Tank Terminals (Netherlands)
€1.6bn
March 2025
ECM
Japan Post Bank
Global Follow-on Offering
JPY592bn
March 2025
ECM
KKR (US)
Mandatory Convertible
Preferred Stock
$2.6bn
March 2025
DCM
SoftBank Group
Retail bonds
JPY600bn
April 2025
M&A
NTT turning NTT Data Group into wholly owned subsidiary via tender offer
JPY2.4trn
May 2025
M&A / Acquisition & Leveraged Finance
Acquisition of Kereis (France) from Bridgepoint Group (UK) by Advent International (US) and associated financing
Not disclosed / €1.1bn
May 2025
M&A / Acquisition & Leveraged Finance
LBO finance in relation to KKR (US) acquisition of OSTTRA Group (UK)
$1.8bn
May 2025
M&A
Privatization of Toyota Industries via tender offer by Toyota Motor and Toyota Fudosan, and share buyback by four related group companies
Total: JPY9.9trn
June 2025
ECM
HDB Financial Services (India)
Initial Public Offering
INR125bn
June 2025
ECM
Chime Financial (US)
Initial Public Offering
$994m
June 2025
DCM
Debt Management Office (UK)
Gilt Bond
£5.5bn
June 2025
DCM
NTT Finance
USD-denominated bonds / EUR-denominated bonds
$11.3bn / €5.5bn
July 2025
ECM
KOKUSAI ELECTRIC
Follow-on Offering (ABB)
JPY90.9bn
July 2025
ECM
Anthem Biosciences
Initial Public Offering
INR34.0bn
July 2025
M&A / Acquisition & Leveraged Finance
Blackstone Group (US)’s tender offer to make TechnoPro Holdings a wholly owned subsidiary and associated finance deal
JPY475.0bn / Not disclosed
August 2025
M&A
NTT Docomo’s offer to take SBI Sumishin Net Bank private (tender offer and share buyback from SBI Holdings)
JPY239.5bn
August 2025
ECM
Orion Breweries
Initial Public Offering
JPY26.9bn
September 2025
ECM
StubHub Holdings (US)
Initial Public Offering
$800m
September 2025
DCM
Republic of Italy
Sovereign debt
€18.0bn
September 2025
DCM
ZENSHO HOLDINGS
Series 1 Bond-Type Class Shares
JPY50bn
September 2025
M&A / Acquisition & Leveraged Finance
Ontario Teachers’ Pension Plan (Canada)’s acquisition of Donte Group (Spain) from Advent International (US) and associated finance deal
€1.0bn / €620m
September 2025