Beyond The Obvious

Mizuho | Greenhill

In Mizuho | Greenhill’s Beyond The Obvious podcast channel, we uncover the value that others miss.

Our podcast is a source for the latest discussions on topics related to capital markets, dealmaking activity, business leadership and more.

Delve into insights from our investment & corporate banking thought leaders to hear their unique perspectives on current trends and market influences.

Learn how industry icons and influential figures began their journeys, overcame adversity and rose to success.

Discover insights that look deeper.

Podcast and Video Recording Disclaimer

This podcast or video recording is for informational purposes only and should not be copied, distributed, published, or reproduced in whole or in part without permission. The information contained in this podcast or video recording does not constitute research or recommendation from any Mizuho entity to the listener or viewer. Neither Mizuho nor any of its affiliates make any representation or warranty as to the accuracy or the completeness of the statements or any of the information contained in this podcast, and any liability therefor, including in respect of direct or indirect or consequential losses or damage, is expressly disclaimed.

The views expressed in this podcast or video recording are not necessarily those of Mizuho, and Mizuho is not providing any financial, economic, legal, accounting, or tax advice, or recommendations in this podcast. In addition, the receipt of the podcast by any listener is not to be taken as the giving of investment advice by Mizuho, nor to constitute that person a client of any Mizuho entity.

For additional disclaimers and regulatory disclosures, please visit Mizuhogroup.com/americas.

Subscribe Listen in podnod RSS feed Show website

20 episodes
Updated Wednesday

Episodes20

Newest first

Wednesday · 13 min
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.
June 29 · 6 min
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.
June 3 · 20 min
M&A Corner: Managing Risks in the M&A Process
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 volumes How financial sponsors are navigating a “softer” private equity transaction environment The growing adoption of representations and warranties insurance among strategic buyers The implications of regulatory changes requiring shorter tender offer periods for certain public deals The practical ways AI is already changing the M&A process Join 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.
April 28 · 19 min
Markets Mindset: Q2 2026 Debt Capital Markets: Weathering the Geopolitical Climate
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 summer Why European credit markets have underperformed How rate volatility might affect the credit curve Market projections going into Q2 Hear from our experts as they discuss what investors and issuers need to know as the market weathers global uncertainty.
April 22 · 15 min
Markets Mindset: Q2 2026 Leveraged Finance: Software Sector Impact
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 trends High yield market strength The sustainability of refinancing private credit The health and stability of the AAA bid in the CLO market The trajectory of the new issue and secondary markets Hear 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.
February 5 · 9 min
Markets Mindset: Q1 2026 Equity Capital Markets: The Return of IPOs
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.
January 21 · 13 min
Markets Mindset: Q1 2026 Leveraged Finance: A Deep Dive into Data Center Financing
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.
January 16 · 16 min
Markets Mindset: Q1 2026 Debt Capital Markets: Ready, Supply, Go!
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.
Dec 10, 2025 · 1 min
Connected Perspectives: Consumer Habits Drive Global M&A
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.
Dec 8, 2025 · 12 min
Markets Mindset: Q4 2025 Debt Capital Markets: A Supply Driven Market
Debt Capital Markets have seen a period of record-breaking supply post-Labor Day, particularly around the AI and AI adjacent space and the recent flurry of U.S. data center transactions. As we approach the end of the year with full-year issuance up 9% on gross supply this year and trillion-dollars maturing next year, what should issuers be aware of as they plan their next moves? In our latest episode of Markets Mindset, filmed on November 24, 2025, Mizuho’s Head of Investment Grade Capital Markets and Syndicate, Victor Forte, is joined by Moshe Tomkiewicz, Head of Investment Grade Debt Capital Markets, for a discussion on DCM activity, including the impact of the current supply, recent spread levels, view on duration, expectation of Fed decision on rates and early 2026 market predictions. Victor and Moshe share insights on the recent pace of long-dated bonds supply, whether there is elevated tail risk within the credit market, the increase in money market funds and how hybrid capital is being used within M&A. Hear from our experts as they give their market predictions for the remainder of Q4 and heading into next year.
Dec 3, 2025 · 2 min
Connected Perspectives: German M&A in a Shifting Europe
Europe’s M&A landscape is undergoing rapid change. A softening economy, rising energy costs and global competition are forcing companies to refocus and redefine their core strategies. For many, that means divesting non-core assets and accelerating transformation through targeted acquisitions. Michael Cramer, Managing Director, Greenhill Industrials Frankfurt, explores how European and German companies are navigating these headwinds and why every crisis still presents new opportunities for growth and reinvention. Tune in for analysis into how strategic M&A can help businesses adapt and thrive amid Europe’s evolving landscape. Discover expert insights and global perspectives from Mizuho | Greenhill, your bank for M&A.
Nov 25, 2025 · 2 min
Connected Perspectives: Rising M&A Activity in Asia
Asia is a global growth hotspot, with a digitizing economy, rising middle class and accelerating urbanization driving strong M&A activity. From digital infrastructure to consumer, financial services, and industrials, the region has seen ~$6 trillion in transactions over the last five years. Arnaud Granger, responsible for Greenhill’s M&A business in Asia, discusses how financial sponsors, local and regional conglomerates, and private equity are pursuing growth, scale and consolidation opportunities across Asia and developed economies. He also explores the challenges of navigating fragmented regulations, relationship-driven networks and market complexity. Tune in to hear expert insights into Asia’s evolving M&A landscape and what it means for global companies. Discover expert insights and global perspectives from Mizuho | Greenhill, your bank for M&A.
Nov 19, 2025 · 2 min
Connected Perspectives: Drivers of Spanish M&A
From slowing volumes to evolving sector trends, the Spanish M&A market has seen several developments shaping dealmaking activity in 2025. As the year progresses, what are the key challenges and opportunities for companies and private equity targeting Spain? Javier Gonzalez, Head of Greenhill Iberia, examines how private equity continues to drive buy-side activity, how consolidation is reshaping industries like telecom and how disciplined valuations are influencing deal structures. Hear expert analysis of Spain’s current M&A landscape and what these trends may mean for interest in Europe and beyond. Discover expert insights and global perspectives from Mizuho | Greenhill, your bank for M&A.
Nov 12, 2025 · 2 min
Connected Perspectives: The Steady Strength of Nordic M&A
The Nordic region continues to outperform much of Europe when it comes to M&A. Combining stability, low inflation, and well-capitalized markets, it remains a magnet for private equity and corporate investment. Mats Bremberg, Head of Greenhill Nordic, explains how private equity remains a driving force, with roughly 14% of all European PE investments flowing into Nordic portfolio companies. Meanwhile, a resurgent IPO market is reigniting confidence among financial sponsors and corporates alike. Explore why the Nordics continue to punch above its weight in European M&A, and what’s driving renewed optimism across the region. Discover expert insights and global perspectives from Mizuho | Greenhill, your bank for M&A.
Nov 4, 2025 · 2 min
Connected Perspectives: Balancing Opportunity and Risk in Australian M&A
Australia remains one of the most attractive destinations for foreign investment, supported by low sovereign risk, a transparent regulatory framework and a favorable exchange rate. The country averages approximately A$60 billion in transactions annually, with a similarly active private treaty mergers & acquisitions market. Richard Phillips, Chairman of Greenhill Australia, highlights while deal completion risk continues to be a factor, disciplined structuring and the prevalence of all-cash offers have improved success rates. With strong cross-border participation, the Australia market continues to offer compelling opportunities for global companies seeking stability and growth. Tune in to learn how global capital is shaping M&A trends across Australia’s resilient and resource-rich economy. Discover expert insights and global perspectives from Mizuho | Greenhill, your bank for M&A.
Oct 20, 2025 · 16 min
M&A Corner: European Dealmaking Landscape
From shifting political environments to macroeconomic uncertainties, the European market has seen several trends that have influenced dealmaking activity in 2025. As we move into the end of the year, what are the challenges and opportunities for corporates looking to Europe? In this episode of M&A Corner, Mizuho | Greenhill's Co-Head of Corporate Finance and Head of M&A, Kevin Costantino, sits down with two of our European colleagues to examine the current state of dealmaking in their nations – Amélie Oyarzabal, Head of Greenhill France, and Dean Rodrigues, Head of Greenhill U.K. Our guests discuss key M&A deals in 2025 and give their analysis of the current M&A landscape across Europe and how this will impact the U.S. and global markets.
Aug 11, 2025 · 7 min
Markets Mindset: Q3 2025 Equity Capital Markets: Mid-Year Snapshot
Is the long-awaited return of the IPO market finally upon us? This year, the IPO market is on track to surpass last year’s ~$30 billion of issuance, as tech IPOs rebound and a wave of diversified companies hit the market, led by tech, industrial, defense and sponsor-related transactions. As we head into the remainder of the year, what are the key trends that equity capital investors should be looking out for? In our latest episode of Markets Mindset, Mizuho's Head of Equity Capital Markets, Josh Weismer, is joined by Managing Director of Equity Capital Markets, Richard Soto for their mid-year outlook on the industrials, consumer and TMT sectors. Our experts outline their post-Labor Day outlook, anticipating a rise in IPO activity across TMT areas – including companies benefiting from artificial intelligence tailwinds, cryptocurrency, broader fintech, cybersecurity and infrastructure software. They also touch on Mizuho’s recent deals and give their thoughts on the expected Fed’s rate cuts in September and the potential impact on financial sponsors. Hear our reflections on the IPO market year-to-date and where we see equity capital markets activity trending into Q3 and beyond.
Jul 25, 2025 · 9 min
Markets Mindset: Q3 2025 Debt Capital Markets: Mid-Summer Update
Investment Grade Debt Capital Markets are seeing strong momentum this summer, with year-to-date supply pacing toward the second-largest year on record, following the highs of 2020. In this latest episode of Markets Mindset, Mizuho’s Head of Investment Grade Capital Markets and Syndicate, Victor Forte, is joined by Moshe Tomkiewicz, Head of Investment Grade Debt Capital Markets, for a deep dive into Q3 DCM market dynamics. They discuss what’s driving current conditions in the IG new issue and broader DCM landscape, including strong investor demand, tight spreads and copious amounts of excess liquidity. With financials leading supply and corporates remaining flat year-over-year, our experts break down how technicals are shaping strategy, the influence of government spending and private credit, and where risks may emerge as rate expectations evolve. Hear their insights on current conditions, how long they may last and what issuers should prioritize in the second half of 2025.
Jul 15, 2025 · 9 min
M&A Corner: The Business of Sports
In the current era of must-see live sporting events, sports leagues and teams are becoming increasingly attractive to private equity investors. In part two of this installment of M&A Corner, Mizuho | Greenhill's Co-Head of Corporate Finance and Head of Greenhill International, Kevin Costantino, continues his conversation with Stephen Amdur, Partner at Pillsbury Winthrop Shaw Pittman LLP, as they discuss the growing appetite for institutional investment in the sports industry. Stephen provides his insight into the world of finance for professional sports teams and leagues, with the discussion exploring the rigor required to manage successful sports deals and the opportunities that exist for private equity investors in professional sports. In this episode, our experts analyze the evolving sports landscape in the context of law and finance and cover topics such as the developing secondary market, the international market for sports franchises and how this investor interest impacts college sports.
Jun 30, 2025 · 9 min
M&A Corner: Market Confidence Returning
Market certainty drives businesses to take action, and returning confidence has led to a flurry of transactions across several sectors. In part one of this installment of M&A Corner, Mizuho | Greenhill's Co-Head of Corporate Finance and Head of Greenhill International, Kevin Costantino, sat down with Stephen Amdur, Partner at Pillsbury Winthrop Shaw Pittman LLP, to discuss the recent resurgence in dealmaking and what is driving it. Stephen reflects on the uptick in activity his law firm has seen in recent months, touching on: The uptick in deal activity as private equity sponsors are becoming more comfortable with new market conditions following an extended period of uncertainty How Mizuho | Greenhill has navigated inconsistent markets to successfully advise our clients on recently announced deals New statute changes in the state of Delaware and how they will impact businesses looking to incorporate there