In mid-August, Mizuho acted as Active Bookrunner on three landmark transactions across currencies within a 24-hour period: Haleon’s US$2 billion return to the US dollar market after its initial financing upon demerger offering in 2022, SSE’s inaugural Australian dollar bond and National Grid’s debut Swiss franc financing. This underscores the increasing value of market diversification among investment grade corporate issuers and further endorses Mizuho’s ability to effectively connect clients with investors across global capital markets.
For leading corporates, funding diversification is no longer simply an opportunistic exercise. It is becoming a core strategic discipline that can deepen investor relationships and reduce reliance on any single market.
“Issuers that establish and nurture investor relationships across markets create greater flexibility around timing and execution. Diversification is therefore not only about accessing a new market; it is about strengthening the resilience of the overall funding platform.” said Hampus Falth, Co-Head of DCM & Syndicate, Mizuho EMEA.
“These transactions demonstrate that diversification can take several forms,” said Benjamin Horowitz, Head of UK & Ireland Corporate DCM, Mizuho EMEA. “For one issuer, it may mean returning to a deep, liquid market whilst broadening its domestic investor base with the participation of new local investors as well as some international ones, including notable demand from Japan. For another, it may mean creating an additional and complementary source of medium- to-long term capital. In every case, success depends on matching the issuer’s strategic objectives with the right investor base via a tailored and disciplined execution strategy.”
Scale and profile in the US dollar market
Haleon’s US$2 billion three-part offering across 3, 5- and 10-years represented its first visit to the US debt capital markets since becoming an independent company following the demerger from GSK in 2022. Supported by effective marketing efforts and a strong credit profile, Haleon attracted significant investor demand across tranches, allowing the issuer to fine tune final terms to its objectives.
“Although we have seen greater depth and access across the curve in a number of international markets, the US dollar market remains the deepest, with ample capacity to accommodate multi-tranche transactions,” said Rishi Patel, UK & Ireland Corporate DCM Director, Mizuho EMEA. “A well-executed benchmark can do more than just raise capital. It can introduce the credit profile to a broader community of investors, establish liquid reference points across the curve and support future access.”
The transaction was met with robust demand from investors across the US, Europe, and Asia, including Japan. Total demand for the $2bn transaction peaked at $12.7bn, emphasising the depth of demand for the Haleon credit. Following the pricing revisions, which ensured negligible pricing concessions, demand finished with each tranche in the region of 3.0-3.3x covered.
Opening new pools of capital in Australian dollars
SSE’s inaugural Australian dollar bond added another market to the integrated electricity group company’s diversified funding programme as it supports a planned £33 billion capital investment programme through 2030. The transaction also followed a series of debut Australian dollar issuances supported by Mizuho for international corporates.
“The Australian dollar market can offer issuers access to a distinctive and high-quality investor base,” said Horowitz. “A debut transaction requires careful preparation and clear positioning, but it can create a valuable new funding channel. For issuers with significant long-term investment needs, that additional optionality can become an enduring strategic asset.”
Building a diversified footprint in Swiss francs
National Grid’s inaugural Swiss franc offering, delivered by Mizuho in partnership with UBS following an investor marketing process, further illustrates the value of building access to specialist markets. The financing followed recent landmark on Swiss franc transactions for Severn Trent and Heathrow also led by Mizuho as the active bookrunner.
“Swiss francs can provide an attractive complement to an issuer’s established funding mix, particularly where there is a strong fit between credit quality, maturity requirements and investor demand,” said Falth. “The key is not to view smaller currency markets in isolation, but as part of a coordinated global strategy that expands the range of available execution routes.”
From transaction execution to long-term optionality
Horowitz adds “A globally coordinated syndicate and distribution platform like Mizuho’s is essential in helping clients design tailored funding strategies, execute seamlessly across markets, and achieve strong financing outcomes. By combining deep local market expertise with extensive global investor connectivity, we help clients diversify funding sources, broaden investor reach, and navigate changing market conditions with confidence.”
