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Deals of the Year 2012: Takeda Pharmaceutical

Takeda Pharmaceutical
Size $3-billion two-tranche 144A/RegS offering. Comprising $1.5 billion three-year and $1.5 billion five-year (Japan)
Joint bookrunners Nomura, Morgan Stanley, BAML, Citi
return to the Asia Deals of the Year index

In July, Takeda, Japan’s largest pharmaceutical company, successfully priced its first $3 billion, two-tranche, 144a/RegS benchmark offering. The transaction was split into a $1.5 billion three-year and a $1.5 billion five-year tranche. The deal stood out not least because it was the first time in more than 20 years that Takeda had accessed the public debt markets. It was also the first global issuance for a Japanese corporate since NTT’s global dollar bond offering in 1999. Takeda was introduced to institutional investors in Asia and north America via a non-deal roadshow in late May and early June. Despite the generally weaker market tone globally, the offering received strong initial demand from Asia accounts. The scarcity of dollar-denominated issuance by Japan’s corporations was not the sole distinguishing factor of the deal. Takeda’s relative financial stability and rating strength compared with its global peer group meant that the deal attracted several global investors.

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