The Legal 500

Anderson Mori & Tomotsune continues to garner some of the most high-profile deals in the market, regularly advising both issuers and underwriters on the Japanese aspects of major cross-border transactions. Akiko Kimura is a ‘real capital markets specialist’, and advised Nomura Holdings on the Japanese aspects of its $3bn issuance of US dollar senior notes. Hironori Shibata is also a noted name and acted as Japanese counsel for the underwriters on the $12.2bn demutalisation, offering and listing on the Tokyo Stock Exchange of shares of common stock in Daiichi Life Insurance Company.

Mori Hamada & Matsumoto’s lawyers are recommended for their ‘vision and ability to keep ahead of the market trends’ and rivals ‘are simply not able to compare with their high levels of expertise’. Katsumasa Suzuki attracts plaudits for his ‘knowledge of the law, financial acumen, and excellent understanding of the market’, while the prolific Toru Ishiguro is ‘one of the most experienced pair of hands in the domestic market’. In a landmark piece of work, the team advised Nomura on the Japanese aspects of its issuance of the first US dollar-denominated sukuk for a Japanese corporation.

At Nagashima Ohno & Tsunematsu, Toshio Kobayashi heads a strong team which also includes ‘market leader’ Fumihide Sugimoto and the ‘very hardworking’ Miyuki Ishiguro. In 2010, Masayuki Yoshida left the firm to become a Commissioner of the Securities & Exchange Surveillance Commission, but the promotion of Shinichi Araki to partner fills the gap. The firm has excellent referral relationships with leading international firms, particularly US-based names, ensuring an enviable client list of major Japanese and multinational companies such as Sumitomo Mitsui, JPMorgan Securities and RBS. Highlights included advising Mizuho Financial Group on the ¥780bn international and Japanese offerings of shares of common stock in Mizuho Financial Group.

Nishimura & Asahi capital markets practice has always been well-hedged between domestic and international clients, and this has paid off recently as the firm continues to secure roles on major cross-border mandates. Most notably, in 2010 the team advised Dai-ichi Insurance on its mammoth $11bn IPO (the largest in the Japanese market for nearly a decade) but it has also been active advising clients on offerings overseas. Both Mitsuhiro Yasuda Hideki Ebata are Japan and New York-qualified and attract praise as ‘among the most experienced partners in the market’. Yasutaka Nishikori is also recommended.

Atsumi & Sakai’s team continues to grow its profile under the leadership of team head Hiroo Atsumi, with the arrival of well-known capital markets partner Yutaka Sakai from TMI Associates adding some serious firepower. Among its recent mandates, the firm advised on the ¥20bn structured securitization of NEXI Insured Bonds.

TMI Associates has particular experience across securities issuance and derivatives matters. Finance in general is a focus for the firm, and on the convertible bonds side, Kunio Namekata and Yoshiyasu Yamaguchi are the main contacts.