Deals
Daiwa Wins $8.5 Billion JAL Deal as Nomura Faces Regulators’ Ire
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Daiwa Securities Group Inc. won the mandate to lead Japan’s biggest share sale this year, benefiting from an insider-trading scandal that prompted regulators to punish larger rival Nomura Holdings Inc.
Daiwa will coordinate Japan Airlines Co.’s $8.5 billion global initial public offering, the second biggest this year after Facebook Inc., while Nomura will play a supporting role, the carrier said yesterday. Daiwa yesterday posted net income that beat analysts’ estimates and was bigger than Nomura’s first-quarter earnings.