What we offer

The group's equities business includes brokerage and investment research, focusing on Pan-Asian equities, which are offered through the Pan Asian Equities Desk to a wide range of traditional and alternative fund managers in Europe and the Middle East. Research includes investment and investment strategy recommendations for listed equities to institutional clients. DCMD itself does not issue buy or sell recommendations but distributes relevant research products of the Daiwa Group. Additionally, "Execution Service" is offered through the group's access to the Tokyo Stock Exchange and other Asian exchanges (secondary market). New issues can be accompanied in the primary market. Embedded in the group's organization and overall strategy, DCMD's business model mainly involves offering Japanese and Asian financial products to European institutional investors.

Research:

Daiwa offers company and industry reports backed by detailed earnings forecasts, based on complex earnings models and in-depth research built on exhaustive company interviews, as well as special reports written jointly by analysts and strategists in Japan and overseas. Daiwa delivers bottom-up research on small-, medium- and large-cap stocks, boasting the highest number of Japanese stocks covered in the industry with more than 650 covered companies.

As a true Pan-Asia specialist, we provide deep market knowledge complemented by a local perspective. Working in coordination with our local alliance partners, our coverage spans more than 1,600 Asian stocks in Japan, China/HK, India, Korea, Thailand, Malaysia, Taiwan, Vietnam, Indonesia, Philippines and Singapore.

The Fixed Income business segment of the group includes trading in fixed-income securities with Investment Grade Credit Rating (IG Credit Trading), trading in government bonds (Japanese Government Bonds, US Treasuries and Australian Government Bonds), trading in medium-term notes (MTN Trading), trading in syndicated loans (Debt Syndication), as well as the distribution and placement of Daiwa's global Fixed Income product portfolio in both the primary and secondary markets for European clients.

The International Convertible Bonds (ICB) division offers Japanese and Asian convertible bonds to its Asian and European clients and generates income through “bid-offer spreads”. In this regard, business is driven by market maker activities as well as by the objective of participating in the primary market together with the presence of Daiwa’s Equity Capital Markets (ECM) in the Asian and Japanese markets.

The Debt Capital Markets (DCM) division is a part of investment banking. This division advises bond issuers on primary market issues and coordinates marketing activities with German and international institutional investors. The DCMD-based origination team is part of the European franchise and is further expanding the DCM business within its core regions in the European Economic Area (EEA). The main products and services offered to clients are:

• International bonds: both in the Global and Eurobond format. Primarily Yen, USD and AUD denominated issues;
• Domestic bonds: "Samurai" format for international borrowers issuing Yen denominated debt securities;, widely distributed to the domestic Japanese retail and institutional investor base;
• Euro Medium Term Notes, targeted at institutional investors inside and outside Japan;
• Deal specific and general debt investor relations roadshows, predominantly in the Middle East and Asia;
• Documentation preparation and advice.