Daiwa delivered a standout year across MTN private placement markets, combining scale, product diversity and strong investor connectivity to lead activity in JPY, AUD and USD callable formats. The bank executed a wide range of transactions spanning conventional, callable and sustainability-linked structures in JPY, ranked at the top of the league tables in AUD MTNs through consistent fixed-rate issuance, and demonstrated particular strength in USD callable MTNs for SSA borrowers. Supported by deep domestic distribution and an increasingly international investor base, Daiwa’s ability to tailor structures while maintaining high execution volumes underlines its leadership in the MTN private placement market, making it a deserving winner of the 2025 Best JPY MTN Private Placement Dealer, Best AUD MTN Private Placement Dealer and Best USD Callable MTN Private Placement Dealer awards. Full reasoning can be found in the official Award Statement.