Fixed Income

We meet our investors' needs by offering a broad fixed income solution set and targeted global market intelligence.

Our experienced sales, trading and analyst teams keep us ahead of the curve and our clients well informed.  The deep expertise of our Origination team allows us to partner with large corporate clients on all their capital raising and debt financing needs.

Our Purpose

Our approach and actions are underpinned by our core values:

Tom Hartnett

Tom Hartnett

Head of Fixed Income

Click here to visit Tom Hartnett's linkedin

"Our Fixed Income platform combines a strong balance sheet with an experienced and diverse team that is focused on adding value to our clients. It’s incredibly rewarding to see this operating model in action on market-leading transactions, both domestically and globally."

Our Strengths

Strong Global Counterparty with Substantial Risk Capital

Fixed Income is a naturally global product and Mizuho offers an extensive span into the key asset class and investor segments in the US and Internationally

Our entity structure in the US, including a Bank Holding Company and a Foreign Bank Branch, enables Mizuho to commit capital across a variety of vehicles and activities

Mizuho Bank’s strong rating (A1/A) positions the firm as a high-quality counterparty for the most demanding clients

Our position in Japan and Asia ex. Japan complements our strong US position, offering clients a unique perspective on the activity and opportunities for partnership with this vital investor and issuer region.
 

Expert Team with Diverse Experiences and Ideas

Fixed Income is an ever changing landscape and our team brings a level of experience and perspectives that is unparalleled in the industry

We have a diverse and dynamic culture that emphasizes a collaborative approach to solving client needs and a sense of urgency in adding value to both new and existing relationships

 

Complete Offering of Products and Solutions

Mizuho Americas offers the complete range of Fixed Income and Currencies products that can serve clients’ needs across these sectors

We have strong capabilities in Interest Rates, Securitized Products, Corporate Bonds, Foreign Exchange and Municipals, in both Cash and Derivative instruments

Our client teams cover the full array of investors and issuers, including Asset Managers, Central Banks, Financial Institutions, Alternative Managers, Corporates, Private Equity & Credit Sponsors, and Project Finance managers

As one of the leading foreign bank lenders to US Corporates, our visibility into the supply side of US debt capital markets uniquely positions the firm to deliver solutions to both investors and issuers

 

Our Expertise

Interest Rate Products

Our Interest Rate business provides cash and derivatives trading services informed by our team's deep understanding of the U.S. and Japanese fixed-income markets. Our broad product suite enables us to offer clients integrated solutions backed by our superior execution capabilities. We serve a global client base that includes Asset Managers, Alternative Managers, Insurance Companies, Corporates, Pension Funds, Sovereign Wealth Funds, and Supra-nationals.

We offer bespoke financing and hedging solutions for Institutional clients by leveraging our integrated relationship with the Investment Banking franchise.

Product Suite
 

Repo/Financing
US Government Bond trading
Agency Debentures
Interest Rate Swaps
Interest Rate Options
Cross-Currency Swaps
Exotics

Rankings
 

#5 Hit Rate in U.S. Treasury Bills Interest Rate Trading (Tradeweb, April 2020)

#2 Agency Discount Notes by Volume (Tradeweb, April 2020)

#10 US Agency Debt by Volume (Bloomberg. April 2020)

#2 in JGB Trading by Volume, April 2018 - March 2019 (Tradeweb)

#2 Greenwich Associates Quality Index for JGBs (Greenwich Associates, 2019 (July/2018 – Jun/2019)

Notable Deal Highlights
 

Lead Coordinator on a multi-bank, multi-billion dollar loan refinancing hedge termination and restructuring

Cross-border deal contingent / M&A transaction for international assets against a $8bn financing through bridge facility and bond takeout

New issuance cross-currency swap that provided necessary liquidity to Corporates during the most volatile period of the COVID crisis

Multi-billion dollar Treasury Lock programs on US Treasuries in front of significant USD bond issuances

Foreign Exchange

With offices in New York, London and Tokyo, our Foreign Exchange Products group offers 24-hour trading capability and unique knowledge of the Japanese market. We are market makers in all major and most emerging-markets currency pairs, providing expert solutions and seamless execution. We continue to develop innovative tools as a leader in an evolving FX marketplace.

We cover both institutional and corporate clients and are a leading provider of event-driven, deal contingent FX hedging solutions tied to M&A and project finance deals for major corporations, infrastructure companies and financial sponsors.

Product Suite
 

FX Spot
FX Forwards and Swaps
Non-Deliverable Forwards (NDF)
FX Options (including Non-Deliverable Options)

Notable Deal Highlights
 

Strips of long-tenor USD/CAD FX forwards to mitigate cashflow risk for clients

Multi-billion dollar USD/JPY spot FX trade to receive USD against a new JPY loan

Several landmark FX forward deals as a part of our Deal Contingent platform servicing global clients

Securitized Products

We have a diverse Securitized Products franchise that serves a broad array of Domestic and Foreign Banks, Insurance Companies, Alternative Managers, Asset Managers, REITs, and State and Local Governments. We leverage our unparalleled insight into the Japanese markets and access to the country’s vast investor base to gain a distinct advantage in tapping this large marketplace.

Product Suite
 

Agency Mortgages (including CMO’s & CMBS)
Non- Agency RMBS
Asset-Backed Securities
Collateralized Loan Obligations (CLO Trading & Warehousing)

Rankings
 

#10 US-Marketed ABS Bookrunner by Volume (excluding self-led issues and CDOs) (Dealogic, December 2019)

Notable Deal Highlights
 

Lead manager on 22 Non-Agency RMBS securitizations

Led and priced the largest post-pandemic CLO to date (2020)

Corporate Bonds

Our strong trading capabilities, coupled with our broad DCM platform, enable us to offer our institutional clients services that span the gamut of corporate credit products. Our client roster is extensive and diverse, including Domestic and Global Asset Managers, Insurance Companies, Pension Finds, Sovereign Wealth Funds and Alternative Managers.

Product Suite
 

Investment Grade
High Yield
Emerging Markets
Commercial Paper

Rankings
 

Ranked #1 in Secondary IG US Corporate Floating rate Notes by Volume (Market Axess, 12/31/19)

Consistently ranked Top 10 in the Investment-Grade Corporate League Tables (Bloomberg)

Notable Deal Highlights
 

Participated as an active DCM lead manager in 112 Investment Grade Credit transactions in 2019

Served as a bookrunner on 5 of the 10 largest bond deals ever sold (Credit Flow Research, Bloomberg)

Led comprehensive refinancing of Pemex’s debt (US$20bn+), the 2019 Deal of the Year Winner by Latin Finance and IFR

Municipal Markets

Our Municipal strategy provides direct funding, financing and risk-management solutions to municipal market issuers, obligors and investors. We strive to deliver innovative solutions that match our clients' needs.

In addition to the traditional municipal market sectors, our team works with Issuers, Obligors and Investors in social impact sectors of the municipal market, including affordable housing, charter schools and PACE.

Product Suite
 

Total Return Swaps
Customer Tender Option Bonds
Interest Rate Swaps
Derivative products
Direct purchases
Private Placements
Cash trading

Notable Deal Highlights
 

Direct tax-exempt funding novated from other banks for (I) two of the largest not-for-profit healthcare systems and (II) affordable housing properties owned by a publicly traded REIT

Novation and restructuring of a deep out of the money interest rate swap for a large not-for-profit healthcare system

Structured financing for (I) a private equity fund’s municipal bond acquisition secured by a large nationwide portfolio of charter schools, (II) an investment firm’s PACE portfolio, (III) a family office’s municipal bond portfolio secured by property taxes on a large residential community and (IV) an investment firm’s municipal bond acquisition secured by a portfolio of nursing homes

Client Coverage

We benefit from an enormous level of connectivity with Fixed Income clients, both domestically and globally. This foundation, alongside an ever growing presence in the Americas capital markets, informs the “think globally, act locally” strategy employed by our experienced coverage professionals.

We are proud to serve both investor and issuer relationships with a comprehensive coverage model organized into two teams:

Institutional Sales
 

Our investor coverage team covers all major buy-side sectors, including Asset Managers, Central Banks, Financial Institutions and Alternatives Mangers.  We can offer unparalleled solutions by leveraging our strong credit rating and balance sheet position, coupled with our unique insight into the pan-Asian market. Our experienced sales team works seamlessly with our trading franchise to deliver exceptional service, deep analysis and effective execution.

Derivative Solutions
 

Our solutions team works closely with our Banking, Debt Capital Markets, and Fixed Income trading desks to construct bespoke hedging solutions and provide seamless trade execution to large Corporates, Project Finance, and Private Equity Sponsors.  By combining extensive experience in analyzing and articulating strategies around risk exposures with our traders’ ability to navigate complex and volatile markets, this team performs leadership roles on some of the largest transactions in the market today

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