M&A Corner: Exploring a Dual-Track Process

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.

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.

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.  

As dealmakers navigate a competitive and fast-moving M&A environment, questions around risk allocation, execution speed and emerging technology are becoming increasingly important.In this episode of M&A Corner, Mizuho | Greenhill’s Co-Head of U.S. M&A, Doug Jackson, sits down with Bill Kucera, Partner and Head of Global M&A at Mayer Brown, to discuss M&A trends from a market and legal perspective.Our guests explore: The dynamics behind the megadeals that are currently dominating the M&A market volumesHow financial sponsors are navigating a “softer” private equity transaction environmentThe growing adoption of representations and warranties insurance among strategic buyersThe implications of regulatory changes requiring shorter tender offer periods for certain public deals The practical ways AI is already changing the M&A processJoin our experts as they discuss how deal teams can manage emerging risks while staying focused on one of the fundamentals of transaction success: backing the right management team.

The effects of the geopolitical climate over the past few months have rippled out across Debt Capital Markets. From the conflict in the Middle East and its impact on global oil prices, to questions around the upcoming midterm elections, navigating the current environment has been a key concern for both issuers and investors.In our latest episode of Markets Mindset, Mizuho Americas’ Head of Investment Grade Capital Markets and Syndicate, Victor Forte, leads a discussion around the surprising resilience and potential causes for concern that have surfaced last quarter.Victor speaks with Moshe Tomkiewicz, Head of Investment Grade Debt Capital Markets, and Colby Griffith, Head of U.S. Debt Syndicate, to hear their perspectives on the current environment and the best courses of action for issuers going forward.Our experts touch on:The state of investment grade net issuance The midterm election’s impact on M&A financing  Where spreads are heading into summerWhy European credit markets have underperformedHow rate volatility might affect the credit curve Market projections going into Q2Hear from our experts as they discuss what investors and issuers need to know as the market weathers global uncertainty.

Within leveraged finance, there has been a shift in activity in term loan B, high yield and CLO markets as the industry contends with the resetting of software valuations as a result of the AI disruption. In the middle of this uncertain environment, what should leveraged finance investors and issuers know moving into the next quarter? In our latest episode of Markets Mindset, Mizuho Americas’ Head of Leveraged Finance, Jeb Slowik, is joined by Managing Director of Leveraged Finance, Jim Boland, and Head of U.S. CLO trading, Stefan Kullberg, for a discussion on how the software sector has impacted leveraged finance markets this past quarter.Our guests give their insights into their respective markets to provide clarity around:How software is influencing CLO market trendsHigh yield market strengthThe sustainability of refinancing private credit The health and stability of the AAA bid in the CLO marketThe trajectory of the new issue and secondary marketsHear from our experts as they analyze the state of leveraged finance and offer their views on which KPIs investors and issuers should watch in the months ahead.

Equity capital markets are off to a strong start in 2026, with IPO activity accelerating after several years of subdued issuance. Early momentum, improving performance and a growing pipeline across sectors are setting the stage for a potentially robust year ahead.But as financial sponsors return to the market and a new wave of mega-cap and SMID-cap IPOs line up, is there sufficient demand across the public markets to absorb deals of all sizes?In this episode of Markets Mindset, Mizuho’s Head of Equity Capital Markets, Josh Weismer, is joined by Managing Director in Equity Capital Markets, Richard Soto to discuss the state of the IPO market, the strength of the global technology, media and telecom (TMT) pipeline and what’s driving renewed confidence among issuers and investors alike.They share perspectives on sponsor-backed IPOs, the mechanics of executing very large public offerings and the growing breadth of sector participation, from TMT and industrials to biotech. The conversation also explores how institutional investors are positioning to put capital to work as market conditions evolve.Hear our experts outline what to expect across the IPO market in 2026, and what this next phase of equity capital markets activity could mean for companies considering a path to the public markets.

Leveraged finance markets experienced a meaningful pick up of activity in 2025 driven largely by continued high volumes of data center financings, including several of Mizuho’s recently lead deals.  But as we enter 2026 with even more data center projects on the horizon, is the market equipped to meet demand for financing?   In our latest episode of Markets Mindset, Mizuho’s Managing Director in Leveraged Finance, Jim Boland, is joined by Nicholas Brice, Head of Leveraged Finance Trading, and Rahul Shah, Head of Project Finance, for a discussion on how this year is shaping up in their markets and what lessons can be learned from 2025. Our guests offer their insights on the reception from high yield investors on the data center growth, discuss the opportunities and challenges around data center construction and share their thoughts on whether banks can cope with the volume of demand. Hear from our experts as they outline what to expect within leveraged finance markets throughout the coming year as new data center projects get the green light.

Debt Capital Markets are off to a running start in the new year, with heavy supply flooding the markets in the first week of January.Looking ahead to the rest of 2026, how will the lofty market estimates hold up against the backdrop of heavy tech bond issuance and a midterm election year?In our latest episode of Markets Mindset, Mizuho Americas’ Head of Investment Grade Capital Markets and Syndicate, Victor Forte, is in conversation with Moshe Tomkiewicz, Head of Investment Grade Debt Capital Markets, and Colby Griffith, Head of U.S. Debt Syndicate, to analyze January’s heavy supply and how this will impact the market in the year to come.Our guests dive into the current state of U.S. data center and broader tech supply, examine the attraction of issuing into Europe, explore the growing desire for longer-dated bids and discuss the implications of a non-inflationary growth environment.Hear from our experts as they reflect on the current market and give their projections for the coming year.

Consumer habits are evolving at an unprecedented pace, reshaping M&A activity in the sector worldwide. Companies are using acquisitions to capture growth, enter new markets, and acquire on-trend brands, while divesting slower-growing assets. Charles Gournay, Managing Director, Greenhill Consumer & Retail London, explores how societal shifts, technology and macro trends are influencing consumer behavior and driving global M&A strategy. Learn how a combined global perspective across the U.S., Europe and Asia helps companies navigate this dynamic sector. Tune in for analysis on the current state of consumer M&A and what it means for companies worldwide. Discover expert insights and global perspectives from Mizuho | Greenhill, your bank for M&A.