Daiwa Securities Group Annual Report 2012 Akio Takahashi Deputy President Deputy Head of Wholesale Daiwa Securities Group Inc. 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. 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  * Provides investors with credit securities, funding and market access through portfolio  swaps (swap trading using a securities portfolio as the underlying asset) 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) IPO Bonds KDDI Euro/Yen CB ¥200.0 billion Skymark Airlines Subscription sales ¥20.4 billion REXLot Holdings CB HK$9.6 billion Sichuan Yimikang  Environmental Tech Shenzhen IPO CN¥340 million Beijing Jingneng Clean Energy Hong Kong IPO HK$2.1 billion ORIX Yuan-denominated  bonds (Dim sum bonds) CN¥500 million Republic of Turkey  (guaranteed by JBIC) Samurai bonds ¥90.0 billion Int’l Bank for Reconstruction  & Development Global US dollar- denominated bonds US$6.2 billion  in total Teva Pharmaceutical Industries’ acquisition  of Taiyo Pharmaceutical Industry Advisor to  Taiyo Pharmaceutical Taisho Pharmaceutical’s acquisition of  Hoepharma Holdings Advisor to  Hoepharma Holdings Daicel Corporation’s acquisition of  Special Devices Inc. Advisor to  Daicel Corporation M&A 25