S&C advised on two capital markets transactions recognized by the London Stock Exchange Group’s DealWatch Awards 2025:
“Issuer of the Year” – In the largest offering of convertible bonds by a Japanese corporation ever, S&C represented Nippon Steel Corporation, the largest steelmaker in Japan and the fourth largest globally, on its Regulation S offering of ¥600 billion of convertible bonds. The S&C team included Keiji Hatano, Nirav Mehta, Xiaoyu Duan and Robert Okada.
“Innovative Equity Deal of the Year” – S&C advised SoftBank Corp. as a major shareholder of PayPay in the company’s $880 million U.S. IPO, marking the first time a Japanese company achieved a standalone listing on the NASDAQ. The S&C team included Keiji Hatano, Nirav Mehta and Sebastian Miao.
Nippon Steel’s bond offering was the largest and PayPay’s IPO was the third largest equity & equity-related deal in Japan in the first quarter of 2026, per LSEG.
The annual DealWatch Awards reward excellence and innovation in Japan’s capital markets and has become the industry standard in recognizing achievements in Japan’s investment banking community.