As funding markets continue to evolve, European financial institutions are increasingly looking beyond their domestic currencies to access deeper pools of liquidity, broaden investor relationships and optimise execution. For Eralda Tirana, Head of FIG DCM, EMEA, success in this environment depends on taking a genuinely global view.
"What our clients value most is our currency-agnostic approach to advice," says Tirana. "Rather than starting with a particular market, we start with the client's strategic objectives and identify the funding solutions that best meet their needs."
Mizuho's approach has helped the firm strengthen its position across multiple international funding markets while deepening relationships with more than 40 European banking and insurance clients.
Remaining the Partner of Choice in Yen
The Japanese yen market continues to play a critical role in the funding strategies of many leading European financial institutions, providing valuable currency diversification and access to a highly engaged investor base.
"The yen market remains strategically important for many large European issuers," Tirana explains. "Our ambition is not simply to execute repeat transactions but to be the trusted adviser on landmark and strategic deals that help clients broaden and strengthen their funding franchises."
Recent transactions demonstrate this approach in action. Mizuho advised Zurich Insurance on its inaugural yen issuance, acting as the only Japanese bank in the transaction, while also supporting UBS' return to the market through one of the largest euro-yen deals completed in recent years.
"These transactions highlight the value of combining deep local investor insight with a global understanding of our clients' funding strategies," she says.
Expanding a Leading Position in Australian Dollars
Another area of significant growth has been the Australian dollar market, which has become increasingly attractive for European issuers seeking diversification outside traditional funding channels.
"The Australian dollar market has almost doubled in size and is now viewed by many issuers as a highly relevant source of funding," says Tirana. "For some clients, the depth and execution certainty available in Australian dollars have made it an increasingly important part of their funding mix."
Mizuho has built a differentiated position by leveraging its deep understanding of Asian investors and combining regional expertise across Europe, Asia and Australia via great collaboration with Daniel Leong and team.
"Our strength comes from connecting local market intelligence with global client relationships," she explains. "That allows us to bring something different to clients and compete effectively alongside domestic Australian banks."
This strategy has already delivered important milestones, including advising Caixa Bank and Commerzbank on their inaugural Australian dollar transactions.
"Those were highly strategic deals for both clients and demonstrate the trust they place in our ability to guide them through new markets," Tirana adds.
"We have become a trusted adviser to a growing number of Europe's leading financial institutions, and that is a reflection of the expertise, collaboration and commitment of our teams around the world."
Eralda Tirana, Head of FIG DCM EMEA
Capturing Opportunities in the World's Largest Funding Market
While diversification remains a key theme, the scale and liquidity of the US dollar market mean it continues to be a major focus for issuers and banks alike.
"Given its size, depth and overall wallet opportunity, the US dollar market remains incredibly important," says Tirana. "We have been very focused on strengthening our position and are pleased with the progress we have made."
Recent mandates for leading European financial institutions across both the banking and insurance sectors highlight Mizuho’s growing relevance and momentum in this market. Mizuho’s success has been driven by a distinctive approach: leveraging the strength of its USD Investment Grade franchise while combining it with its knowledge of European financial institutions. This has been made possible through excellent collaboration with US colleagues, enabling Mizuho to connect global capabilities with local client insights.
"What is particularly encouraging is that these were high-profile transactions where we were able to compete successfully and win market share from some of the largest global investment banks," she says. "They also represent new relationships and new opportunities to continue building our franchise."
Staying Relevant in Core European Markets
Despite the growing importance of global funding markets, euro and sterling remain the foundation of many institutions' funding programmes.
"Euro and sterling markets are highly competitive, but they remain absolutely essential," Tirana notes. "Being active and relevant in these markets helps us identify opportunities across currencies and provide more holistic advice to clients."
Mizuho has continued to deliver successful outcomes for existing issuers while also onboarding new clients, supported by close collaboration across coverage, syndicate, sales and trading teams.
"Many of our successes are the result of strong teamwork across the platform," she says. "The collaboration between our teams in Europe and colleagues across the globe is a real differentiator."
Becoming a Trusted Global Adviser
For Tirana, the firm's most significant achievement is not any single transaction, but the deeper relationships that have been built with clients across the region.
"What we value most is the progress we have made in increasing client penetration and strengthening relationships," she says. "We have become a trusted adviser to a growing number of Europe's leading financial institutions, and that is a reflection of the expertise, collaboration and commitment of our teams around the world."
As funding markets become increasingly interconnected, Mizuho's global platform and multi-currency expertise continue to help clients navigate opportunities across regions, currencies and investor bases.
"Ultimately, our role is to provide clients with access to the right market, at the right time, with the right strategy, "Tirana concludes. "That is where we believe we can create the greatest value."
