We provide unrivaled value propositions and services to our clients by best utilizing our unique business model, a combination of a bank-affiliated Japanese securities firm and a foreign-capitalized investment bank.
Retail Client Businesses
Since 2011, Mitsubishi UFJ Morgan Stanley Securities (MUMSS) has been selling “uridashi” bonds issued by Morgan Stanley through its retail network.
MUMSS has also been providing its retail clients with Morgan Stanley’s research reports and in 2014, started offering webinar contents featuring analysts of Morgan Stanley MUFG Securities (MSMS) as well as Morgan Stanley in its Internet seminars designed exclusively for online trading customers.
In the area of investment trust products, MUMSS collaborated with Morgan Stanley Investment Management on the development of such products as “Morgan Stanley Global Premium Stock Open” and “USD-denominated Morgan Stanley Global Premium Equity Open,” and has been selling them through its retail network.
In wealth management, Mitsubishi UFJ Morgan Stanley PB Securities* has been offering products and advisory services tailored to each client’s specific needs by leveraging MUFG’s broad array of retail financial services and Morgan Stanley’s global know-how.
* Mitsubishi UFJ Morgan Stanley PB Securities Co., Ltd. became a subsidiary of MUMSS in March 2014.
Investment Banking Businesses
We have engaged in a number of industry-defining transactions by effectively and swiftly catering to client needs, leveraging the benefits of our collaboration with MUFG Bank, which utilizes MUFG’s strong capital and client base, and by providing high-quality strategic advice and highly creative solutions backed by Morgan Stanley’s global network and track record.
In equity underwriting, our joint venture continues contributing to the development of Japan’s equity capital market, being involved in a series of large Japanese initial public offerings and follow-on offerings. In 2018, we acted as joint global coordinator and/or bookrunner on significant transactions such as Mercari’s global IPO (listed June 2018 / approximately JPY130.7 billion), the second largest IPO ever on TSE Mothers, LINE’s Euro-Yen convertible bonds (September 2018 / approximately JPY146.4 billion), and Renesas Electronics’ global follow-on offering (April 2018 / approximately JPY292.3 billion) which followed a similar global offering by the company a year earlier. In prior years, our joint venture acted as joint bookrunner on both the domestic and international tranches of large Japanese equity offerings such as the global IPOs of Japan Post Holdings, Japan Post Bank and Japan Post Insurance (listed November 2015 / approximately JPY1.4 trillion), an unprecedented concurrent tri-IPO of group companies, the global IPO of Kyushu Railway (listed October 2016 / approximately JPY416 billion), the fourth Japan Railways company to go public, the dual listing in New York and Tokyo by LINE in its global IPO (listed July 2016 / approximately JPY132.8 billion), Suntory Beverage & Food’s global IPO (listed July 2013 / approximately JPY390 billion), and the global IPO by Japan Airlines (listed September 2012 / approximately JPY663.2 billion).
In debt underwriting, we continued contributing to the expansion and activation of Japan’s corporate bond market by acting as joint bookrunner in transactions such as Mitsubishi Estate’s green bonds (June 2018 / JPY20 billion), the first green bond by a Japanese real estate developer, and numerous other ESG bonds, Fast Retailing’s straight bonds (May 2018 / JPY250 billion), the first POT method used for Japanese senior debt, Takeda Pharmaceutical’s dual-currency bonds (November 2018 / EUR7.5 billion and US$5.5 billion), and a series of Samurai bonds by the Export-Import Bank of Korea, the Republic of the Philippines, and other issuers.
In M&A advisory, MUMSS continues to serve as a trusted financial advisor in numerous large transactions involving Japanese corporates, fully utilizing Morgan Stanley’s global and sophisticated information-gathering capability, industry know-how and proven track record. In 2018, MUMSS acted as financial advisor in key transactions such as CK Holdings’ acquisition of Magneti Marelli (announced in October 2018 / approximately JPY803.3 billion), Hitachi’s sale of Clarion (announced in October 2018 / approximately JPY151.7 billion), Takeda Pharmaceutical’s acquisition of Shire (announced in April 2018 / approximately US$77 billion), and Chubu Electric Power and TEPCO Fuel & Power’s integration of their thermal power generation businesses into JERA (announced in February 2018 / approximately JPY1.2 trillion).
In prior years, we acted as financial advisor in key transactions including the acquisition of Toshiba Memory by a consortium of Japanese, U.S. and South Korean companies (announced in September 2017 / approximately JPY2 trillion), Suntory Holdings’ acquisition of U.S.-based Beam Inc. (announced in January 2014 / approximately JPY1.6 trillion), Canon’s acquisition of Toshiba Medical (announced in March 2016 / approximately JPY670 billion), KKR’s acquisition of Calsonic Kansei (announced in November 2016 / approximately JPY500 billion), and Komatsu’s acquisition of U.S.-based Joy Global Inc. (announced in July 2016 / approximately JPY385 billion).