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Published August 2021
Official sponsor of Tokyo Disneyland®Mizuho Securities has endorsed Tokyo Disneylandʼs concept of a “Kingdom of Dreams and Magic” and currently sponsors The Enchanted Tiki Room: Stitch Presents ʻAloha E Komo Mai!ʼ show. We will continue to support everyoneʼs dreams by providing services clients can always rely on and by contributing to commu-nity development.
I would like to take this opportunity to express my deepest sympathies to all those who have suffered,
as well as all those whose work and lives have been impacted, as a result of the ongoing COVID-19
pandemic.
Mizuho Securities is a team of professionals that connects capital markets and clients. Leveraging our
extensive network in Japan and around the world, we strive to offer our deep expertise, knowledge,
and above all, our passion, sincerity and ingenuity. Based on the Group's "5-Year Business Plan:
Transitioning to the Next Generation of Financial Services,” we have been undertaking structural
reforms to strengthen our management foundations and enhance the added value we offer.
In an age where 100-year lifespans are becoming the norm, our mission is to realize a prosperous
future for our clients, society and the world. We pursue your best interests, constantly upgrading our
ability to offer comprehensive asset consulting expertise while providing services tailored to your
specific needs and circumstances. Mizuho, as a united group, offers sophisticated, diverse and
seamless financial solutions. We serve your needs in accordance with our groupʼs shared philosophy
aimed at building your wealth based on a “long-term, diversified, and continuous” approach.
In this era of dramatic change, we leverage our professional knowledge and experience to accurately
anticipate industrial and societal trends. We sincerely listen to issuers and investors and offer
highly-advanced solutions tailored to their needs. The COVID-19 pandemic has accelerated change
on a global scale, transforming peopleʼs lives and the very fabric of society. It is increasingly urgent
that we transform our operations to achieve sustainable growth, such as digitalization, carbon neutral
operations, and governance reforms. In the post-COVID-19 world, in partnership with you, we will
strive for sustainable growth and provide best solutions to a wide range of issues by keeping our
finger on the pulse of global trends and dynamic structural change.
We are dedicated to staking out our own unique evolutionary path. As client needs further diversify,
we will continue to refine our products, services, and solutions. In responding to ongoing changes in
how clients access services and products, we will further expand channels to offer more advantages
by combining real and virtual access. By leveraging the collective strength of the entire group, by
further strengthening our partnerships with clients, and by offering new added value as a financial
firm, we will strive to be the most-trusted partner for our clients as well as the markets and
communities we serve.
It is always an honor to serve you and we look forward to not only meeting but exceeding your
expectations.
President & CEOMizuho Securities Co., Ltd.
In an era of “the 100-year life” and dramatic changewe strive for your happiness and prosperity
Message from the President & CEO
Mizuho Securities Co., Ltd. 01
Mizuho Securit iesAsset managementAsset successionReal estate
Capital policyCorporate strategyFinancial strategy
Mizuho BankAsset management
Capital policy
Corporate strategy
Financial strategy
Mizuho Trust & Banking
Other core group companiesAsset management
Real estate
Capital policy
Corporate strategy
Financial strategy
As a member of Mizuho Financial Group, we at Mizuho Securities have garnered extensive praise from our clients thanks to our sophisticated one-stop service options forged through close collab-oration among all of our Group partner companies.
By undertaking the kind of product development which consistently results in market-desirable products and by quickly and accurately responding to the diverse financial needs of clients both in Japan and around the world, we are building bridges to a more prosperous future for our clients, the economy, and society.
Mizuho Securit ies Overview --- Our strengths ---
Retail
Wholesale
Sustainable finance
Over JPY 1 trillion for past 6 years
Japan publicly-offered domestic bond total
End of March 2021
48.3trillion
End of March 2016
26.6trillion
3.1trillion
JPY
Amount 1No.Amount 2No. 2No. 3No.
Deals Amount
AUM
Domest ic equi t ies tota l
Asset in f lows
Comprehensive ABS lead manager
Deals
Amount 1No.US IG USD bonds
1No.Past 2yearsFY20
592.3billion
S D G - l i n k e d b o n d u n d e r w r i t t e n a m o u n t
M i z u h o F i n a n c i a l G r o u p
Mizuho Securities presence FY20
Clients
JPY JPY
FY17
41.1billion
JPY JPY
Amount 9No.Asset management
Asset succession
Real estate
Capital policy
Corporate strategyFinancial strategy
Number of lead-managed IPOs / amount underwritten
02 Mizuho Securities Co., Ltd. Mizuho Securities Co., Ltd. 03
Mizuho Securit ies business --- Realizing client happiness and a prosperous future ---
04 Mizuho Securities Co., Ltd.
Advent of 100-year lifespans
Digitalization
Globalization
Perpetually-low interest rates
Structural change across economies, industries, and
society will accelerate even faster
Optimal solutions combining the
strengths of the entire Group
Mizuho Securities strength
Client-centric, client-first
consulting services
Highly-trained organization of
professionals able to offer clients
sophisticated and highly-specialized
knowledge
Largest client base in Japan along with
the industryʼs highest number of
domestic sales branches
Global network and strong presence in growing US
market
Megatrends
COVID & post-COVID
Sustainability
Highly-skilled in and knowledgeable of every business arena
Solid proposal capabilities underpinned by industry group specialization and extensive knowledge
Cutting-edge ESG/SDG initiatives based on leading presence in DCM
Well-established global collaborative securities-banking framework, including the CIB model launched in the Americas
Investment banking business P. 08
Sophisticated and comprehensive asset consulting linking multiple channels
Global equity strategy focused on "long-term, diversified, and ongoing"
Proposal strengths underpinning ability to support growth stage of startup companies from start to finish
P. 06Japan midcap retail business
Extensive product lineup at appealing price points tailored to diverse investor needs
Ongoing rollout of securities-banking derivatives business
Solutions which bridge the needs of Japanese and overseas investors and issuers
Market & product business P. 10
Mizuho Securities Co., Ltd. 05
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Retail and medium-sized corporate business
We offer comprehensive asset consulting aimed at maximizing client profit
The Retail & Business Banking Division offers sophisticated comprehensive consulting services through dialogue with our clients, aligning ourselves with the goals (targets and visions) of each—from individual to corporate clients.
Moreover, we have developed a broad spectrum of channels, including call center services and online services (Mizuho Securities Net Club) in addition to an industry-leading retail network, to meet increasing-ly diverse client needs.
1. Sixteen investment funds investing in global equities, global emerging markets, and US equities.2. Calculated by subtracting the net increase of publicly offered stock investment trusts from their valuations.
Global Equities Strategy Funds show steady growth
At Mizuho Securities, we want clients to experience success using a long-term, diversified, and ongoing approach to investing.
Rated “S+” by R&I in recognition of our fiduciary initiatives First in the industry to be awarded “S+” by R&I in recognition of our “client-first” investment trust sales & marketing approach and initiatives based on “excellent fiduciary approach in conducting investment trust sales”
▲649
Global equities-related funds balance1 (JPY 100 million)Valuation profit/loss plus realized profit/loss2 (JPY 100 million)
16/12 17/12 18/3 18/6 18/9 18/12 19/3 19/6 19/9 20/620/319/12 20/9 20/12 21/317/3 17/6 17/9
1,759 2,807 4,486
6,129 8,585 9,522 10,036
12,077 10,551
12,133 11,587
12,933 15,679
13,960
20,567
26,448
32,224
35,338
At Mizuho Securities, individual clients are provided a wide range of investment information and financial products, including equities, bonds, investment trusts, and wrap accounts. At the same time, we also offer individual clients professional financial services backed by our expert knowhow in close collaboration with other Mizuho companies.
Corporate clients, on the other hand, can choose from among a diverse array of investment banking solutions, including support for companies transitioning from private to public, capital raising, business succession, and investment products, all expertly designed to resonate with the specific corporate strategies of each client.
Furthermore, we encourage our staff to acquire financial planner qualifications and other qualifications to further enhance consulting capabilities.
Offering comprehensive consulting services
At Mizuho Securities, we cater to increasingly diverse client needs via our key highly-advanced online (Mizuho Securities Net Club) and call center services in addition to an industry-leading domestic retail network. In addressing significant changes brought about by the COVID pandemic, we have expanded our online services, upgrading our digital content production, and rolled out teleconferencing and video conferencing systems. Such initiatives have enhanced our ability to communicate with clients remotely.
Channels
Number of employees with financial planner qualifications at record highNumber of employees with financial planner qualifications
1. The percentage of qualification holders is the percentage of Retail & Business Banking Division employees with financial planner qualifications
Drawing on an industry-leading Japan-wide retail network, our sales offices offer clients expert guidance on how to manage their assets, underpinned by carefully tailored services to perfectly match their needs. Furthermore, we continue to roll out joint branches (linking Mizuhoʼs banking, trust banking, and securities arms) to enhance integrated consulting advantages for clients.
Sales offices
Both online, and via our smartphone app, we provide access to trading services. We also deliver timely and relevant investment information via e-mail and LINE app.
Online
Call centerIn addition to accepting client orders, our call center handles a wide array of inquiries in an attentive and easy-to-understand manner.
Top-rated for client service by HDI for the fifth year in a rowIn 2020, we were again awarded three stars—the highest possible rating—by the Japanese branch of HDI, the worldʼs largest membership association and certification body for the IT support industry.
COPC® CX CSP Certification acquired for the fourthyear in a rowObtained international quality assurance standards certification for contact centers, granted only to those organizations which achieve excellent performance as evaluated by US-based Customer Operations Performance Center Inc. (COPC).
Business model
107 107 319 319 653 653 1,093 1,093 719 719 1,124 1,124 1,241 1,241 1,109 1,109 1,428 1,428 962 962
2,809 2,809
4,748 4,748
8,243 8,243
12,306 12,306 12,804 12,804
313 313
Number of qualification holders (persons)
19/3 20/3 21/318/317/3
4,083 4,234 4,2963,652
2,218 79.179.1 83.483.4 85.985.9
70.770.7
42.542.5 Percentage of qualification holders (%)1
To realize this goal, we have selected, from investment trusts around the world, a few of the very best funds with investment strategies matching our own and have made them available to clients through our Global Equities Strategy Fund lineup.
Brokerage app
Market/investment information (LINE)
Mizuho Securities Net Club online trading service
06 Mizuho Securities Co., Ltd. Mizuho Securities Co., Ltd. 07
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706.0
15.715.72020
4,642.4
21.221.2
Our Global Investment Banking Division comprises “coverage” units, which directly interface with clients, and “product” units which create highlyadvanced solutions for them. These units work in harmony to provide tailored investment banking services, including equity and bond financing through capital markets and M&A advisory services, as part of global management strategies.
To meet the increasingly sophisticated and diverse needs of our clients, we are building strategic partnerships with them by offering customized solutions based on our business and financial strategy expertise, our knowledge of industry and production, and our investment banking track record.
Equity underwriting
Mizuho Securities has achieved sector-leading performance in equity underwriting operations, serving as a lead underwriter in a number of large finance deals thanks to superior underwriting knowhow and strong equity selling power both in Japan and overseas. We also provide extensive support to companies transitioning from private to public.
Investment banking business
Offering cutting-edge investment banking services of the highest quality to clients around the world
Bond underwriting
Mizuho Securities has earned a first-class reputation as an industry leader in bond underwriting operations backed by proven skills in proposing solutions inherently suited to market conditions and issuer needs, an ability to determine prices that accurately reflect investor demands, an incomparable responsiveness to market changes, and a strong track record in bond sales.
Based on underwriting amount and issuance date. Figures above include straight bonds, investment corporation bonds, FILP agency bonds, local government bonds (lead manager method only), samurai bonds, and preferred securities, and exclude corporate treasury debt.Source: Prepared by Mizuho Securities based on Refinitiv data
Total domestic bonds from public offerings (April 1, 2020 - March 31, 2021)
3,845.3
Mizuho SecuritiesSMBC Nikko SecuritiesNomura Securities
Daiwa Securities
123
5
4,642.44,138.94,117.0
Company name Amount (JPY bn) Share (%)Rank
3,872.117.6
21.218.918.817.74 Mitsubishi UFJ Morgan Stanley Securities
Based on underwriting amount and issuance date. Figures above are the sum of equities from initial public offerings, equities from existing public offerings, and convertible bonds (including REITs)Source: Prepared by Mizuho Securities based on Refinitiv data
Total domestic and cross-border equities (April 1, 2020 - March 31, 2021)
9.1
Nomura HoldingsMizuho Financial GroupDaiwa Securities Group Inc.
Morgan Stanley
123
5
22.615.714.7
Company name Amount (JPY bn) Share (%)Rank
409.3
1,014.2706.0659.1627.6 14.04 Sumitomo Mitsui Financial Group
Structured finance
Deals
Amount
ABS Lead Manager (April 1, 2020 - March 31, 2021)
Mizuho Financial GroupSumitomo Mitsui Financial GroupMorgan Stanley
Sumitomo Mitsui Trust Holdings
123
5
Amount (JPY bn)Company name No. of dealsRank
35
156291112
401.9
1,337.1631.5439.6417.64 Nomura Holdings
M&A advisory
Mizuho Securities has a top-class track record in M&A advisory business, underpinned by cutting-edge knowledge and expertise that enables us to offer clients advice in line with their management strategies. Our advisory services reach far beyond Japanʼs borders, to cross-border deals, which have experienced a substantial increase in recent years.
Mizuho Securities has also achieved a strong track record and earned a first-class reputation in structured finance operations, particularly regarding the securitization of various financial assets such as monetary claims and real estate. Accordingly, we have lived up to our reputation as a front runner in Japanʼs securitization market.
M&A advisory for announced deals (April 1, 2020 - March 31, 2021)
Mitsubishi UFJ Morgan Stanley SecuritiesNomura SecuritiesGoldman Sachs
Mizuho Financial Group
123
15
Amount (JPY bn)Company name No. of dealsRank
90
37901988
885.0
11,514.011,385.7
7,535.36,083.14 Deloitte
No.1Amount
Based on number of deals; any Japanese-related deals Real estate deals excludedSource: Prepared by Mizuho Securities based on Refinitiv data
Based on deal amounts and settlement datesSource: Prepared by Mizuho Securities based on Refinitiv data
Deals No. 2
Total domestic bonds from public offerings
(FY)
Amount(JPY bn)Share (%)
(FY)
Total domestic and cross-border equities
2016 2017 2018 2019
443.1583.7
746.7331.7
12.612.6 12.712.7 13.113.1 14.714.72020
Amount (JPY bn)Share (%)
M&A advisory for announced deals
Amount (JPY bn)No. of deals
(FY)
ABS Lead Manager
Amount (JPY bn)No. of deals
(FY)
2016 2017 2018 2019
3,195.2 2,749.13,718.8 4,163.2
20.820.8 18.918.9 21.421.4 20.320.3
2017 2018 20192016
1,642.6 1,450.7 1,462.6 1,643.1
148148 146146 1531532020
1,337.1
1561561541542017 2018 20192016
21821818218211,096.7
6,836.82,528.2 166166 137137
2020
90906,970.66,970.6 885.0885.0
Amount
Business model
FY20 deal highlightsMizuho Securities provides solutions tailored to the sophisticated and diverse needs of clients.
HulicSustainability-linked bonds
JPY 10bn October 2020
Asahi Group Holdings Subordinated bonds, green
bonds, etc.
JPY 410bn October 2020
Bond underwriting
Hitachi Transport SystemSale of Sagawa Express equity to SG Holdings via Hitachi Transport System
Acquisition of treasury shares from SG Holdings
September 2020
Showa Denko Organizational restructuring including divesture of aluminum rolling business to the successor
entity Showa Denko Sakai AluminumOrganizational restructuring including divesture
of aluminum can business to the successor entity Showa Aluminum Can.
January 2021
Royal Holdings Capital and business alliance with Sojitz
Private placement of common shares and share acquisition rights
Private placement (banking syndicate) of preferred stock February 2021
M&A advisory
Japan Airlines Global offering
JPY 191.6bn November 2020
GLP J-REITGlobal offering
JPY 55.6bn November 2020
PlaidIPO
(global offering)
JPY 24.1bn November 2020
Equity underwriting
Kyushu Electric PowerSubordinated bonds
JPY 200bn October 2020
No. 2
No.1
08 Mizuho Securities Co., Ltd. Mizuho Securities Co., Ltd. 09
Our Global Markets Div. offers domestic and overseas investors (including institutional investors, financial institutions, and corpora-tions) a wide range of products and services, including fixed income and equities, as well as structured bonds, derivatives, securitized products, and algorithm-based Japanese equities trading.
In todayʼs difficult investing environment where perpetually-low interest rates have become the norm, we offer clients round-the-clock sales and trading in conjunction with our bases around the world including Tokyo, Hong Kong, London, and New York. This global network enables us to connect investors and issuers worldwide to offer high value-added solutions customized to client investment policies and risk preferences.
Markets & products business
Establishing a top-tier presence in financial markets by offering investment products and services tailored to client needs
Fixed income
Mizuho Securities has established itself as the market leader in government bonds, having secured top market share. We dedicate our efforts to delivering products expertly tailored to our clientsʼ investment strategies, proactively engaging in market making, and providing timely and insightful information.
Furthermore, we are strengthening cross-border transactions through fully-integrated domestic and overseas operations to effectively leverage global markets in responding to our clientsʼ diverse needs.
In a survey conducted by Greenwich Associates on yen-denominated bond trading quality in 2020, Mizuho Securities received high marks for the quality of both sales and trading.
Share of yen-denominated bond market
Source: Prepared by Mizuho Securities based on information provided by Greenwich Associates.
17 19 2016 18 (FY)
15(%)
10
5
0
4.0(%)
In a survey conducted by Greenwich Associates in 2020, Mizuho Securities received high marks in the categories of Japan Equity Research and Advisory vote share and Japanese equity trading share.
Share of TSE trading value
(FY)
3.0
2.0
1.0
0
17H1
17H2
18H1
18H2
16H1
19H1
19H2
16H2
20H2
20H1
Equity
In the equity business, Mizuho Securities is committed to satisfying increasingly sophisticated client needs by providing enhanced execution services for electronic transactions, etc., expanding IR services for clients both in Japan and overseas, and offering products such as derivatives and equity finance, in addition to top-class research.
Likewise, through ongoing upgrades, we ensure that both corporate and individual clients are able to take advantage of state-of-the-art transaction methods and cutting-edge research.
Business model
10 Mizuho Securities Co., Ltd. Mizuho Securities Co., Ltd. 11
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Utilizing our team of highly specialized analysts, economists, and strategists, we survey, analyze, and evaluate various spheres including Japanese and global industry trends, listed companies, economic conditions in Japan and around the world, interest rates, forex, and credit from a variety of different angles. Based on these results, we provide investors with information critical to asset management, such as forecasts and invest-ment strategies, through sources including various reports, seminars/investor events, and media sources.
Research (in-depth investment information)
Our analysts are among the highest ranked in the industry and provide comprehensive survey and analyst reports to investors in a timely manner.
Research business
In response to the needs of institutional investors both in Japan and overseas, our equities research business is currently developing an even stronger research team across Pan Asia, including Japan. Our top-class strategists and sector analysts in Japan address the entire range of information needs by providing information on industry trends, stock valuations of individual companies, equity investment strategies, quantitative analysis, and various thematic reports.
Our fixed income research team, which includes some of Japanʼs foremost economists and analysts, provides Japan and overseas economic, interest rate, and forex forecasts, analyzes the credit of issuing corporations, analyzes overseas financial institutions, evaluates the impact of foreign and Japanese monetary policy, and proposes fixed income strategies.
Furthermore, in recent years we have been focusing on the enhancement of research which leverages digital innovation as well as supplying clients with the latest information on various ESG investments.
Seminars and investor events
Mizuho Securities hosts a wide range of small to large seminars and events for institutional investors. In the large event category, every September in Tokyo we hold a "Confer-ence" (from 2020 onward this has been the "Japan Alpha Conference") which comprises a series of one-on-one meetings between companies and investors, and workshops on key topics. The FY20 conference was held online and we invited approximately 480 Japanese and overseas institutional investors and approximately 180 companies in what culminat-ed as a very successful gathering.
We also hold seminars on a daily basis on themes of key significance for investors. We share ideas that are helpful for making investment decisions, as well as Nikkei Veritas information, in a timely and user-friendly format.
33nd Annual Survey on Most Popular Equity Analyst (Overall Company Ranking) of Nikkei Veritas
Nikkei Veritas 26th Annual Survey on Most Popular Bond/Forex Analyst/Economist by company/group
Year after year, we continue to be recognized as the top research house in Japan for both equities and fixed income.For equity research, we ranked 2nd among all research houses for Nikkei Veritas 2021 "Most Popular Analyst Survey." Six of our analysts ranked 1st in category rankings.
For bond research, Mizuho Financial Group ranked 2nd among all companies and groups for Nikkei Veritas 2021 "Most Popular Bond/Forex Analyst/Economist Survey." Two of our analysts ranked 1st in category rankings.
While our achievements are notable, our quest to improve our research capabilities is unending.
A team of experts dedicated to addressing the various potential challenges Mizuho clients face
Business model
No. 2 No. 212 Mizuho Securities Co., Ltd. Mizuho Securities Co., Ltd. 13
Mizuho Financial Groupʼs sustainability initiatives
The promotion of sustainability initiatives enables us to enhance value creation for our stakeholders, achieve stable and ongoing growth for the group as a whole, and contribute to the realization of SDGs.
In response to the expectations and demands of our stakeholders, we have identified key sustainability areas which we have included in our 5-Year Plan based on their importance to and affinity with Mizuhoʼs overall group strategy and impact on our mid-to-long-term corporate value. Moreover, we have set targets and KPIs, and are promoting such activities as a unified group.
Icons indicate relevant Sustainable Development Goals (SDGs).Key sustainability areas
FY20 sustainability KPI/target track record
Please see pp. 16 and 17 for details regarding these initiatives.
Bu
sin
es
sM
an
ag
em
en
t b
as
e
Open partnerships/collaboration w
ith diverse stakeholders
Build assets to prepare for the futureTailor services for an aging society with fewer childrenPromote user-friendly services for diverse lifestyles
Functionally enhance financial and capital marketsTransition to a cashless societyCreate environmentally aware social programs
Enhance corporate governanceStreamline risk management, IT infrastructure, and complianceDisclose information to stakeholders as appropriate in a fair and timely manner and promote dialogue
Foster personnel and create workplaces with a sense of purpose
Promote measures to tackle climate change and support the transition to a low-carbon economy
Facilitate smooth business successionTransform industrial structuresAccelerate innovationGrow Asian economiesDevelop resilient social infrastructure
Bu
sin
es
s
Sustainable finance JPY 7.1 trillion Environmental finance portion JPY 2.6 trillion (FY19 - FY20 cumulative total)
●
Industrial development & innovation
Industrial development & innovation / Sound economic growth / Environmental considerations
Top-heavy demographics and health/longevity
Build assets to prepare for the future Net increase for investment products(individual) JPY 805.1bn Number of clients using investment management products 1,526,000 Net increase in publicly offered investment trusts JPY 982.3bn
●
●
●
Facilitate smooth business succession Number of business succession consultations 2,183 companies●
●
●
Accelerate innovation IPO lead management 2nd IPO underwriting amount 3rd
Ad
min
istr
ati
ve
pla
tfo
rm
Personnel—Diversity & InclusionDeadline Latest achievements (July 2021)TargetDescr ip t ion
Female manager ratio (total No. of Div./Dept. Heads and equivalent)1 20% July 2024 18%
Current proportion (FY20)Targets to be maintainedDescr ip t ion
Non-Japanese in management² 65% 64%
Proportion of female graduates employed (management positions)1 3 30% 37%
Percentage of employees taking paid annual leave¹ 70% 70%
Percentage of eligible male employees taking childcare leave¹ 100% 98%
1. Total for Japan (Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities)2. Total outside Japan (Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities) 3. Joined company in April of the year after graduation
4. Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, Mizuho Research Institute5, Mizuho Information & Research Institute5, Asset Management One, and Mizuho Private Wealth Management5. Currently Mizuho Research & Technologies
Social and environmental contributionsFY20 resultsTargetDescr ip t ion
Environmental footprint reduction
Finance/economics training
Green paper purchases4
Paper recycling rate (main offices in Japan)
Number of participants
33.6% reduction from 2009 levels
95% or higher
Consistently 85% or higher
60,000 or more from FY19–FY23
10.5% reduction from FY09 levels by FY20, with a 19.0% reduction by FY30
28,365(FY19-FY20 cumulative)
92.1%
99.9%
Top-heavy demographics and health/longevity
Industrial Development & Innovation
Sound economic growth
Environmental considerations
Corporate governance
Personnel
Environment/society Consider the environment and human rights in the context of investment and financeTackle climate changePromote financial/economic literacy and initiatives that contribute to society
CO2 emitted as a result of electricity consumption in Japanese offices4
(Qty. of CO2 emitted per unit of floor area)
14 Mizuho Securities Co., Ltd. Mizuho Securities Co., Ltd. 15
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Mizuho Financial Groupʼs sustainability initiatives
Japan's sustainable finance market is experiencing dramatic growth. SDG-linked bond issuance in FY20 expanded to JPY 2.3 trillion, which is 46 times that of FY16. Against this backdrop, Mizuho Securities FY20 SDG-linked bond underwriting amount was JPY 592.3 billion, placing us at the very top of SDG-linked bond league tables as market leader.
Recently, we provided issuance support for the first sustain-ability linked bonds ever issued in Japan—a deal officially recognized by the Ministry of the Environment as Japanʼs first model deal for sustainability linked finance. Similarly, we have also been involved in a diverse range of Japan-first and industry-first structuring and underwriting projects, such as the first transition finance deal in Japan.
Our efforts to arrange innovative and unique deals which meet the needs of clients to address social issues while also enabling us to expand the market for SDG bonds have received notable praise from both within and outside the financial industry. As in recent years, in FY20 we received a number of significant awards including Japanʼs Ministry of the Environment ESG Finance Bronze Award.
Mizuho Securities sustainability initiatives Initiatives to spur industry development
Sustainable finance initiatives
Newly established Sustainability Promotion DepartmentTo further enhance our support for sustainable finance, in 2017 we established a dedicated Sustainable Finance Office, and we have continued to provide related bond issuance support for numerous clients. In 2021, we established the Sustainability Promotion Department to provide comprehensive support for client sustainability strategies in addition to offering conventional financing support. We will continue to respond to the increasingly diverse needs of clients while assisting them in the creation of their sustainability stories.
Bronze award OutstandingPerformance Award
Sustainable Finance Houseof the Year
SDG-linked bond league tables
No.1Second year in a row
Academic and industry collaboration, financial and economics education, and investment education
■Endowed courses in universities and graduate schools
We have endowed courses at universities and graduate schools as just one of our industry-academia collaborative initiatives. The goal is to train individuals who will go on to become future specialists in capital markets. We are also involved in ongoing education and research-related activities which draw on the actual business experience of our employees, such as offering specialized and practical courses which address the latest capital market trends (including fintech and sustainable finance) cosponsored symposiums, creating a financial terminology database (website), and conducting joint research on ESGs.
To improve financial literacy across a wide range of age groups, we conduct and support need-based courses and lectures on topics including finance, economics, and investment. Furthermore, we are also engaged in educational innovation initiatives such as expanding remote learning tools.
■Publishing assistance for public library materials
To help elementary school students acquire accurate knowledge about money, we have assisted in the creation of educational materials, such as books and manga, for both parents and children which touch on a variety of related themes (cashless society, etc.)."My First Money Class" four volumesPublisher: Bunken Shuppan (Shinkoshuppansha Keirinkan)
■Development of digital education materials (for secondary education)
As part METIʼs (Ministry of Economy, Trade and Industry) Steam Library digital educational materials development project, in collaboration with Waseda University we developed educational materials and posted them on METI's website for free public use.
https://www.steam-library.go.jp/content/9
■Teacher training research with Waseda University Graduate School of Education Professional Degree Program.
Support for educators is essential to expanding education. We have commissioned Waseda University Graduate School of Education to work with us in providing training to develop teachers who are highly effective in the classroom.
Participants also include educators in fields such as Japanese language, English, and mathematics. Through these efforts, we strive to create classes and teaching materials to enable a broad base of educators to acquire an understanding of finance and economics education.
Social science lessons with graduate school students
SDG-linked bonds issued publicly in JapanNumber of deals serving
as lead manager Underwriting amount
* Based on Capital Eye data. Bookrunner base. REITs and global offerings excluded.
■IPO league tables Mizuho Securities supports client growth by leveraging the collective strengths of the entire Mizuho Group. In FY20, we ranked 2nd for the number of IPOs in which we served as lead manager and 3rd for amount underwritten.Also, in efforts to spur innovation, we have hosted an event called "Innovation Field" five times to date. In FY20, we held this conference online featuring the three themes of open innovation, innovation & the new normal, and supporting growth. A wide range of clients participat-ed, including venture companies, major corporations, and educational academies, enabling us to offer, as well as benefit from, countless networking opportunities.
Green bond Social impact bondSustainability Bond Sustainability-Linked Bond
400500 1,245
4,641
13,380
23,098
600645100 2,9412,941
1,5001,500
200200
The market grows rapidlyThe market grows rapidly
16 17 18 19 20
7,6327,632
8,6058,605
350350
6,5116,511
5,5305,530
6,1106,110
1,7401,740
(FY)
(JPY 100 million)
No. 2 No. 3
16 Mizuho Securities Co., Ltd. Mizuho Securities Co., Ltd. 17
Corporate overview
History
Principal domestic subsidiaries and affiliates
Name
Stock exchangememberships
Associationmemberships
Head Office Location
Registration number
Capital
Number of employees
Mizuho Securities Co., Ltd.
(As of June 30, 2021)
NetworkDomestic: 237 officesOverseas: 19 offices
Tokyo Stock Exchange, Osaka Exchange,Nagoya Stock Exchange, Fukuoka Stock Exchange, Sapporo Securities Exchange, and Tokyo Financial Exchange
Japan Securities Dealers Association,Japan Investment Advisers Association,The Financial Futures Association of Japan, Type II Financial Instruments Firms Association, and Japan Security Token Offering Association
Otemachi First Square, 1-5-1 Otemachi, Chiyoda-ku, Tokyo 100-0004 JapanTel: +81 3-5208-3210
Established July 1917
Representative President & CEO: Yoshiro Hamamoto
Main business Financial instruments business
Registered with the Director of the Kanto Local FinanceBureau of the Ministry of Finance (Kin-sho) No. 94
JPY 125,167 million
7,331 (As of March 31, 2021)
Consulting
Funds
Smartphone securities
Head Office support
(As of June 30, 2021)
●Japan Investor Relations and Investor Support, Inc.Japan Investor Relations and Investor Support offers consulting and survey services such as surveys to identify shareholders, IR arrangements, IPO consulting, and surveys and research related to corporate governance, as well as educational services such as seminars and assistance in obtaining qualifications.
●Mobile Internet Capital, Inc.The company manages investment funds for start-up companies focusing on IT and peripheral sectors.
Principal investment
●PayPay Securities Corporation As Japanʼs first smartphone-dedicated securities option, we offer new, next-gener-ation financial services seamlessly linking your daily needs and your financial business while striving to "always be at your fingertips and user-friendly” and “easy to operate."
●Mizuho Securities Business Service Co., Ltd.●Nippon Securities Technology Co., Ltd.
To conduct smooth and reliable transactions with clients, Mizuho Securities has established subsidiaries and affiliates to provide backup support for its IT and office processing operations.
1967 New Japan Securities2000 Shinko Securities
2000 Mizuho Securities
1927 Daito Securities
1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010
2000
MizuhoInvestorsSecurities
1985 Kokyo Securities
1922 Nippon Kangyo Securities1905 Nippon Kangyo BankGepposha
1965 Public Telephone Securities
1990 Kankaku Securities
1993 IBJ Securities
1994 Fuji Securities
1994 DKB Securities
1937 Kakumaru Securities
1910 Mochizuki Shoten
1888 Imai Shoten
1891 Tamatsuka Shoten
1891 Fukushima Namizo Shoten
1959 DaishoSecurities1917 Osaka Shoji
1947 Ohi Securities2009
MizuhoSecurities
1968 Wako Securities
1967
Nippon KangyoKakumaru Securities
1944 Tamatsuka Securities
1944 Yamakano Securities
1872 Imamura Shoten
1920 Hara Chuzaburo Shoten 1954 MochizukiSecurities (1966)
MergerEstablishment Company name change
2013
Mizuho Securities1993 Norin Chukin Securities Business Transfer (2004)
(1944) 2001
Mizuho InvestorsSecurities
●Mizuho Securities Principal Investment Co., Ltd.Drawing on a wide client base, the company commits capital to its investment funds, corporate investors, and real estate.
18 Mizuho Securities Co., Ltd. Mizuho Securities Co., Ltd. 19
1. Including Tokyo Head Office and regional head offices, which total three, and one sales branch.2. Planet Booths are consulting booths located within Mizuho Bank branches
Europe● Mizuho International plc ● Mizuho Securities Europe GmbH
Asia
● Mizuho Securities Asia Limited ● Mizuho Securities (Singapore) Pte. Ltd. ● Mizuho Securities India Private Limited
■ Beijing Representative Office ■ Shanghai Representative Office
North America● Mizuho Securities USA LLC ● Mizuho Securities Canada Inc.
We deliver expertly-tailored services to clientsnationwide through our network of 237 offices inJapan, the largest in the domestic securities industry.
Nationwide network in Japan Overseas network
(As of June 30, 2021)
Nationwide network in Japan
offices1237Including 103 branches 130 Planet Booths2
(As of June 30, 2021)
Asia● Mizuho Securities Asia Limited
Head office: Hong KongUnderwriting, sales and trading of marketable securities, M&A advisory, investment banking, etc.
● Mizuho Securities (Singapore) Pte. Ltd.Head office: SingaporeUnderwriting, sales and trading of marketable securities, M&A advisory, futures brokerage/clearing, and wealth management.
● Mizuho Securities India Private LimitedHead office: MumbaiIntermediary and introductory services relating to overseas financing,M&A advisory, etc.
■ Beijing Representative OfficeInformation gathering, etc.
■ Shanghai Representative OfficeInformation gathering, etc.
● Mizuho Securities Canada Inc.3
Head Office: TorontoAdvice regarding marketable securities and underwriting of marketable securities.
3. A wholly-owned subsidiary of Mizuho Securities USA LLC.
NorthAmerica
2. Reorganized under the umbrella of Mizuho Americas LLC, a US Bank Holding Company (BHC).
● Mizuho Securities USA Inc.2
Head office: New YorkUnderwriting, sales and trading of marketable securities, exchange listed derivatives brokerage, and M&A advisory, etc.
Europe● Mizuho International plc
Head office: LondonUnderwriting, sales and trading ofmarketable securities, M&A advisory, etc.
● Mizuho Securities Europe GmbH1
1. Wholly-owned subsidiary of Mizuho International plc
Head office: FrankfurtUnderwriting, sales and trading of marketable securities, etc.
Hokkaido/Tohoku
6offices
Kanto (excluding Tokyo)
54officesIncluding 33 Planet
Booths
Kyushu/Okinawa
10officesIncluding 1 Planet
Booths
Hokuriki/Koshinetsu
7officesIncluding 1 Planet
Booths
Chugoku/Shikoku
11officesIncluding 1 Planet
Booths
Tokai
12officesIncluding 2 Planet
Booths
Tokyo
97officesIncluding 77 Planet
Booths
Kinki
Including 15 Planet Booths
40offices
20 Mizuho Securities Co., Ltd. Mizuho Securities Co., Ltd. 21
Organizational Structure Mizuhoʼs Corporate Identity
(As of June 30, 2021)
Basic approach regarding corporate governance
Branches/Planet Booths
Fund Business Division
Investment Banking
Business Division
Products Business Division
Fixed Income Business Division
Equity Business Division
Investment D
ept
Due D
iligence Dept
Retail & Business Banking D
ivision
Global Investm
ent Banking Division
Global M
arkets Division
Research & C
onsulting Unit
Strategic Planning Group
Financial Control & Accounting G
roup
Risk M
anagement G
roup
Hum
an Resources G
roup
IT & Systems G
roup
Operations G
roup
Com
pliance Group
Internal Audit Group
ExecutiveSecretariat
Corporate Secretariat
Executive ManagementCommittee
Business PolicyCommittee
President & CEO
Board of Directors
General Meetingof Shareholders
Audit & SupervisoryCommittee
InternalAudit Committee
Audit & SupervisoryCommittee Office
Syndication Business Division
To ensure effective governance across the entire financial group, each core Mizuho company (including Mizuho Securities) carries
out a system of corporate governance designed to ensure accountability and self-discipline in management. Also, to upgrade audit
and supervisory functions and accelerate the decision-making process, we have adopted the Audit and Supervisory Committee
structure and have introduced an executive officer system to reinforce corporate governance (by separating supervisory functions
from business execution functions) and to clarify authority and responsibilities.
Our subsidiaries have adopted systems to ensure effective and appropriate governance in accordance with the size and obligations
of each and have integrated their approaches closely with the groupʼs administrative framework.
Going forward, we will continue to strive for highly transparent, highly efficient corporate management and seek to promote business
activities based on fairness and honesty in way that is compliant with laws and regulations and conforms to societal norms.
Corporate Philosophy
Mizuho, the leading Japanese financial services group with a global presence and a broad customer base, is committed to:
Providing customers worldwide with the highest quality financial services with honesty and integrity; Anticipating new trends on
the world stage; Expanding our knowledge in order to help customers shape their future; Growing together with our customers
in a stable and sustainable manner; and Bringing together our group–wide expertise to contribute to the prosperity of econo-
mies and societies throughout the world.
These fundamental commitments support our primary role in bringing fruitfulness for each customer and the economies and
the societies in which we operate. Mizuho creates lasting value. It is what makes us invaluable.
Corporate PhilosophyMizuho s̓
fundamentalapproach to business
activit ies, based on theraison dʼêtre of Mizuho
Vision
Mizuhoʼs vision for the future,realized through the practice of the
Corporate Philosophy
The Mizuho
ValuesThe shared values and principles of Mizuhoʼs people, unit ing all
executives and employees together to pursue our Vision
The most trusted financial services group with a global presence and a broad customer base, contributing to the
prosperity of the world, Asia, and Japan.
Customer First
The most trusted partnerlighting the future
Innovative Spirit
Progressive andflexible thinking
Team Spirit
Diversity andcollective strength
Speed
Acuity andpromptness
Passion
Communication andchallenge for the future
The mosttrusted financialservices group
The best financialservice provider
The most cohesivefinancial services
group
1. Fiduciary duty is a general term for the broad range of various roles and responsibilities that fiduciaries are expected to fulfill when engaging in certain business activities in order to live up to the trust that is placed in them by their clients.
Policy on Initiatives for Practicing Fiduciary Duties of Mizuho Securities
As a member of the Mizuho group, Mizuho Securities has adopted “Mizuhoʼs Corporate Identity,” established by Mizuho Finan-
cial Group. As such, we strive to remain our clientsʼ most trusted long-term financial partner in line with Mizuho groupʼs Corpo-
rate Identity vision. To achieve this vision, group employees share a common set of five core values (The Mizuho Values)
beginning with putting our clients first. As a team of finance professionals providing a broad range of financial services, Mizuho
Securities and all Mizuho group companies are committed to fulfilling our fiduciary duty1 in providing the best, most appropri-
ate solutions to meet the diverse needs of our clients.
22 Mizuho Securities Co., Ltd. Mizuho Securities Co., Ltd. 23
Senior Executives
Board of Directors Execut ive Off icers
(as of July 1, 2021) (as of July 1, 2021)
President & CEO(Representative Director)
Yoshiro Hamamoto
Deputy President(Representative Director)
Yuzo Kanamori
Member of the Board of Directors
Tatsufumi SakaiMember of the Board of Directors
(Audit & Supervisory Committee Member)
Yasuto SengokuMember of the Board of Directors
(Audit & Supervisory Committee Member)
Hisashi Kikuchi
Member of the Board of Directors (Audit & Supervisory Committee Member)
Yasuhisa Hashimoto*Member of the Board of Directors
(Audit & Supervisory Committee Member)
Hiroyuki Suzuki*Member of the Board of Directors
(Audit & Supervisory Committee Member)
Seiji Koga*
Deputy President(Representative Director)
Atsushi Takahashi
ChairmanKiyoshi Miyake
* Messrs. Yasuhisa Hashimoto, Hiroyuki Suzuki, and Seiji Koga are “outside directors” as prescribed in Article 2, Item 15 of the Companies Act.
President & CEO
Chairman
Deputy President(Representative
Director)
Managing Executive
Officers
Yoshiro Hamamoto
Kiyoshi Miyake
Yuzo Kanamori
Atsushi Takahashi
Yasuto Hamanishi
Naoki Takahashi
Keiji Maruko
Takuhiko Tochiori
Daishi Sasaki
Norikazu Akedo
Hirobumi Nakayama
Hitoshi Imai
Satoshi Asai
Head of Business Promotion
Head of Resource & Material Industry Group / Head of Global Sector Coverage
Head of Retail & Business Banking Division / Head of Fund Business Division
In Charge of Retail & Business Banking
Head of Human Resources Group / Head of Global Human Resources
Head of Risk Management Group / Head of Compliance Group / In Charge of Due Diligence Department / Head of Global Risk Management / Head of Global Compliance / Internal Administration Supervisor
Head of IT & Systems Group / Head of Operations Group / Head of Global IT / Head of Global Operations
Head of Global Investment Banking Division / Head of Investment Banking Business Division / Head of Global Investment Banking / Head of ICT & Retail Industry Group / Head of Global Sector Coverage
Head of Financial Sponsor & Realty Industry Group / Co-Head of ICT & Retail Industry Group
Head of Global Markets Division / Head of Global Markets / Head of Research & Consulting Unit
Jerry Rizzieri
Suneel BakhshiAttached to Strategic Planning Group (In charge of Strategic Planning for EMEA) / President & CEO of Mizuho International plc
Attached to Strategic Planning Group (In charge of Strategic Planning for the Americas) / President & CEO of Mizuho Securities USA LLC
Joint Head of Global Markets Division / Head of Equity Business Division / Head of Global Equity / Head of Global Product
Itaru Shirakawa Head of Strategic Planning Group
24 Mizuho Securities Co., Ltd. Mizuho Securities Co., Ltd. 25
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