In Mizuho | Greenhill’s Beyond The Obvious podcast channel, we uncover the value that others miss.
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2026 year to date has been defined by strong performance across both Equity Capital Markets and M&A; however, with recent valuation pushback in the equity markets, could a dual-track process be the answer for dealmakers looking to drive competitive tension and maximize valuation?
In this episode of M&A Corner, Mizuho | Greenhill’s Kevin Costantino, Co-Head of Corporate Finance and Head of M&A, is joined by Josh Weismer, Head of Equity Capital Markets, and Jessica Goldstein, Managing Director in M&A.
They discuss the current landscape across Equity Capital Markets and M&A, and explore the benefits of preparing for an IPO and M&A sale side-by-side.
Watch now and hear our experts’ view on the strongest candidates for a dual-track approach, how dealmakers can navigate the process to their advantage and how regulatory changes could work in their favor.
29 Jul 2026
Markets Mindset: Q3 2026 Debt Capital Markets: Absorbing the Tech Issuance Surge
With year-to-date issuance up significantly in both tech and communications, will the surge of AI hyperscalers continue to alter the complexion of the market?
In our latest episode of Markets Mindset, filmed on July 22, 2026, Mizuho’s Head of Investment Grade Capital Markets and Syndicate, Victor Forte, is joined by Head of Investment Grade Debt Capital Markets, Moshe Tomkiewicz, to analyze the shifting landscape ahead of a major tech earnings rollout.
Their conversation centers on the unprecedented shifts in debt supply from AI-driven hyperscalers, how this is forcing a credit spread repricing of the tech sector and its impact on broader market dynamics.
Join Victor and Moshe as they discuss the changing environment of debt capital markets ahead of a potentially record-heavy August.
29 Jun 2026
Markets Mindset: Q3 2026 Equity Capital Markets: Utilizing POWL for IPO Demand in Japan
U.S. issuers are increasingly looking at the opportunities that exist in Japanese retail and institutional investment. This trend is highlighted in the SpaceX IPO, the largest in history, which raised $2.2 billion from Japan, representing the largest retail allocation to any country outside of the U.S.
In our latest episode of Markets Mindset, Mizuho’s Head of Equity Capital Markets, Josh Weismer, sits down with Managing Director of Equity Capital Markets, Richard Soto, to discuss the Japanese POWL structure and what makes it an attractive prospect for U.S. issuers.
Our experts explore the role of Japanese investment in the future of equity capital markets, touching on how the POWL played an important role in two of Mizuho’s recent deals.
Some key questions addressed in the episode include:
What is the Public Offering Without Listing (POWL) structure?
A POWL is a unique regulatory and financing structure primarily used in Japanese equity capital markets. It allows companies issuing equity in the U.S. to make an offering directly to Japanese retail and institutional investors without having to list those securities on a domestic Japanese stock exchange.
What are the Japanese regulatory changes impacting individual participation in IPO investing?
While historically only 14% of total Japanese household wealth has been invested in equities, the Japanese regulatory authority introduced new changes in 2024 allowing investors to avoid paying capital gains on equities for the foreseeable future.
How is use of the POWL beneficial to issuers, for example, in the case of the SpaceX IPO?
Offerings that incorporate a POWL mechanism, like the SpaceX IPO, can offer issuers direct access to Japan’s massive retail liquidity, in line with timing of the U.S. offer.
Josh and Rich discuss why this can benefit issuers looking to capitalize on the buying power of high-quality, ultra-high-net-worth Japanese retail investors.
What is driving increased demand for IPOs among Japanese retail investors?
The relative domestic IPO drought in Japan, combined with over $15 trillion in untapped cash assets have made high-profile foreign IPOs like SpaceX highly attractive.
Our experts expect more jumbo IPOs in the future, availing themselves of this structure.
Get answers to these questions and more in this episode of Markets Mindset.
Who has been a guest on Beyond The Obvious
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Stephen Amdur
Josh Weismer
Mariano Gaut
Moshe Tomkiewicz
Victor Forte
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