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Markets, and with the aim of maximizing the impact of this merger, a sales support structure (providing information and product pro- posals) was established to target the so-called “middle market”—a segment that offers Daiwa Securities the best prospects for future earnings growth. 

In equity finance, the Global Investment Banking business leveraged synergies developed through the acquisition of a global CB business division from KBC, a leading Belgian financial group, to win the sole lead manager role in KDDI’s ¥200 billion CB issue despite the harsh business climate. This was the largest single issue won in FY2011. By winning several large-scale debt financing issues in FY2011, Daiwa Securities claimed second place in the league table for straight corporate bonds (excluding issuance of 

the company’s own bonds). The M&A business was also quite successful. Revenues in Europe increased year on year and coop- eration with Sagent Advisors, with which the Group has capital ties, earned Daiwa Securities an advisory role in Daicel Corporation’s acquisition of US company, Special Devices Inc. (SDI). Cross-border M&A business is increasing in general. This shows that the global business strategy—leveraging offices in the world’s four major financial centers—is starting to bear fruit. 

* Provides investors with credit securities, funding and market access through portfolio swaps (swap trading using a securities portfolio as the underlying asset) 

## Akio Takahashi 

Deputy President Deputy Head of Wholesale Daiwa Securities Group Inc. 

## Major Lead-Managed Deals and Publicly Announced M&A Advisory Activities in FY2011 (Including Participation as Joint Book-Runner) 

## Primary and Secondary Equity Offerings (Including CBs) 

<img src='content_image/171069.jpg'>

## IPO 

<img src='content_image/171070.jpg'>

## Bonds 

<img src='content_image/171071.jpg'>

## M&A 

<img src='content_image/171072.jpg'>

