Nomura Holdings completed SEC-registered offerings totaling $2.25 billion, consisting of an offering of $1 billion 7% Fixed-Rate Resetting Perpetual Subordinated Debt Securities (the AT1 Securities) and a separate offering of $750 million 4.904% Senior Fixed-Rate notes due 2030 and $500 million 5.491% Senior Fixed-Rate notes due 2035 (the TLAC Notes).
The AT1 Securities represent Nomura’s inaugural U.S. dollar-denominated AT1 Securities issuance and the first SEC-registered issuance of AT1 capital securities by a Japanese non-bank financial institution.
The TLAC Notes represent Nomura’s ninth SEC-registered TLAC-qualifying notes issuance, of which S&C has represented Nomura on all nine and are the only SEC-registered issuances of TLAC-qualifying notes by a Japanese non-bank financial institution.
Nomura is a leading financial services group in Japan and has global operations, with offices in Japan, the United States, the United Kingdom, Singapore and Hong Kong.
The S&C team advising Nomura on the offerings included Keiji Hatano, Nirav Mehta and Robert Okada. Jeff Hochberg, Saul Brander and Brett Greene advised on tax matters. Saul Brander, Sizhuang Miao and Ted Danielson advised on ERISA matters. Vanessa Blackmore, Ruby Avison, Siddhant Iyer and trainee solicitor Alex Goulding advised on UK law- and EU law-related matters.