SMBC Nikko reinforced its position as the leading international yen house in 2025, acting as bookrunner on nearly two-thirds of all international yen transactions and extending its multi-year dominance of the Samurai bond market. The firm distinguished itself through a deliberate strategy to expand issuer diversity, leading landmark debut transactions for emerging and frontier borrowers while maintaining strong execution across JPY public bonds, MTNs and private placements. Extensive global roadshow activity, unmatched issuer country coverage and a powerful domestic distribution network underpin a franchise that continues to deepen and diversify the yen market. Supported by strong market feedback and survey results, SMBC Nikko is a deserving winner of the 2025 Best JPY Bookrunner/Dealer and Best Samurai Bookrunner/Dealer Awards. Full reasoning can be found in the official Award Statement.