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[144] Automatic Data Processing SEC Filing

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144
Rhea-AI Filing Summary

Nomura Holdings, Inc. (NYSE: NMR) filed a Form 6-K with the U.S. SEC that primarily furnishes exhibits related to prospective U.S. dollar-denominated debt offerings. The filing attaches:

  • $1.0 billion 7.000% Fixed-Rate Resetting Perpetual Subordinated Debt Securities 鈥� governed by a newly executed perpetual subordinated indenture with Citibank, N.A. as trustee.
  • $750 million 4.904% Senior Fixed-Rate Notes due 2030.
  • $500 million 5.491% Senior Fixed-Rate Notes due 2035.
  • Legal opinions from Sullivan & Cromwell LLP and Anderson Mori & Tomotsune covering validity and enforceability of each security.
The exhibits are incorporated by reference into Nomura鈥檚 effective shelf registration statement on Form F-3 (No. 333-283915) filed 19 Dec 2024, enabling the company to issue up to $2.25 billion of new debt under the program when market conditions are favorable. No financial results, earnings guidance, or transaction pricing details beyond coupon, tenor and principal amount are provided. The filing is procedural, but it signals management鈥檚 intent to bolster liquidity and optimize its capital structure through a mix of senior and subordinated instruments that can qualify as additional Tier 1 capital under Basel standards.

Nomura Holdings, Inc. (NYSE: NMR) ha presentato un Modulo 6-K alla SEC statunitense, che principalmente fornisce documenti relativi a potenziali emissioni di debito denominate in dollari USA. La documentazione allega:

  • Obbligazioni subordinate perpetue a tasso fisso resettable del valore di 1,0 miliardi di dollari al 7,000% 鈥� regolate da un nuovo atto di debito subordinato perpetuo con Citibank, N.A. come trustee.
  • Note senior a tasso fisso del 4,904% per 750 milioni di dollari con scadenza 2030.
  • Note senior a tasso fisso del 5,491% per 500 milioni di dollari con scadenza 2035.
  • Pareri legali di Sullivan & Cromwell LLP e Anderson Mori & Tomotsune riguardanti la validit脿 e l鈥檃pplicabilit脿 di ciascun titolo.
I documenti sono incorporati per riferimento nella dichiarazione di registrazione a scaffale efficace di Nomura sul Modulo F-3 (N. 333-283915) presentata il 19 dicembre 2024, permettendo all鈥檃zienda di emettere fino a 2,25 miliardi di dollari di nuovo debito nell鈥檃mbito del programma quando le condizioni di mercato lo consentono. Non vengono forniti risultati finanziari, previsioni sugli utili o dettagli sui prezzi delle transazioni oltre a cedola, durata e importo principale. La presentazione 猫 di natura procedurale, ma indica l鈥檌ntenzione della direzione di rafforzare la liquidit脿 e ottimizzare la struttura del capitale attraverso una combinazione di strumenti senior e subordinati che possono qualificarsi come capitale Tier 1 aggiuntivo secondo gli standard di Basilea.

Nomura Holdings, Inc. (NYSE: NMR) present贸 un Formulario 6-K ante la SEC de EE. UU., que principalmente proporciona anexos relacionados con posibles emisiones de deuda denominadas en d贸lares estadounidenses. El archivo adjunta:

  • Valores de deuda subordinada perpetua a tasa fija reajustable del 7,000% por 1.000 millones de d贸lares 鈥� regulados por un nuevo contrato perpetuo subordinado con Citibank, N.A. como fiduciario.
  • Notas senior a tasa fija del 4,904% por 750 millones de d贸lares con vencimiento en 2030.
  • Notas senior a tasa fija del 5,491% por 500 millones de d贸lares con vencimiento en 2035.
  • Opiniones legales de Sullivan & Cromwell LLP y Anderson Mori & Tomotsune sobre la validez y exigibilidad de cada t铆tulo.
Los anexos se incorporan por referencia en la declaraci贸n de registro en estanter铆a efectiva de Nomura en el Formulario F-3 (N.潞 333-283915) presentado el 19 de diciembre de 2024, lo que permite a la empresa emitir hasta 2.250 millones de d贸lares en nueva deuda bajo el programa cuando las condiciones del mercado sean favorables. No se proporcionan resultados financieros, previsiones de ganancias ni detalles de precios de la transacci贸n m谩s all谩 del cup贸n, plazo y monto principal. La presentaci贸n es de car谩cter procedimental, pero se帽ala la intenci贸n de la direcci贸n de fortalecer la liquidez y optimizar su estructura de capital mediante una combinaci贸n de instrumentos senior y subordinados que pueden calificar como capital adicional de Nivel 1 seg煤n las normas de Basilea.

Nomura Holdings, Inc. (NYSE: NMR)電� 氙戈淡 SEC鞐� Form 6-K毳� 鞝滌稖頄堨溂氅�, 欤茧 氙戈淡 雼煬 響滌嫓 攵�毂� 氚滍枆瓿� 甏�霠悳 靹滊毳� 韽暔頃橁碃 鞛堨姷雼堧嫟. 鞝滌稖 靹滊鞐愲姅 雼れ潓鞚� 觳秬霅橃柎 鞛堨姷雼堧嫟:

  • 10鞏� 雼煬 攴滊, 7.000% 瓿犾爼旮堧Μ 毽厠 臧�電� 鞓侁惮 頉勳垳鞙� 毂勱秾 鈥� Citibank, N.A.臧� 靾橅儊鞛愲 鞛堧姅 靸堧 觳搓舶霅� 鞓侁惮 頉勳垳鞙� 毂勱秾 瓿勳暯鞐� 霐半澕 甏�毽惄雼堧嫟.
  • 7鞏� 5觳滊 雼煬, 4.904% 瓿犾爼旮堧Μ 靹犾垳鞙� 毂勱秾, 毵岅赴 2030雲�.
  • 5鞏� 雼煬, 5.491% 瓿犾爼旮堧Μ 靹犾垳鞙� 毂勱秾, 毵岅赴 2035雲�.
  • Sullivan & Cromwell LLP 氚� Anderson Mori & Tomotsune鞚� 臧� 歃濌秾鞚� 鞙犿毃靹标臣 歆戫枆 臧�電レ劚鞐� 甏�頃� 氩曤 鞚橁铂靹�.
鞚� 靹滊霌れ潃 2024雲� 12鞗� 19鞚� 鞝滌稖霅� Nomura鞚� 鞙犿毃頃� 靹犽皹 霌彪 氇呾劯靹滌澑 Form F-3 (氩堩樃 333-283915)鞐� 彀胳“搿� 韽暔霅橃柎 鞛堨溂氅�, 鞁滌灔 靸來櫓鞚� 鞙犽Μ頃� 霑� 須岇偓臧� 鞚� 頂勲攴鸽灗 頃橃棎靹� 斓滊寑 22鞏� 5觳滊 雼煬鞚� 鞁犼窚 攵�毂勲ゼ 氚滍枆頃� 靾� 鞛堧弰搿� 頃╇媹雼�. 炜犿彴, 毵岅赴 氚� 鞗愱笀 鞕胳棎電� 鞛 瓴瓣臣, 靾橃澋 鞝勲 霕愲姅 瓯半灅 臧�瓴� 靹鸽秬 鞝曤炒電� 鞝滉车霅橃 鞎婌姷雼堧嫟. 鞚� 鞝滌稖鞚� 鞝堨皑靸侅潣 瓴冹澊歆�毵�, 瓴届榿歆勳澊 鞙犽彊靹膘潉 臧曧檾頃橁碃 氚旍牑 旮办鞐� 霐半澕 於旉皜 Tier 1 鞛愲掣鞙茧 鞚胳爼霅� 靾� 鞛堧姅 靹犾垳鞙� 氚� 頉勳垳鞙� 順柬暕 靸來拡鞚� 韱淀暣 鞛愲掣 甑“毳� 斓滌爜頇旐晿霠る姅 鞚橂弰毳� 雮橅儉雰呺媹雼�.

Nomura Holdings, Inc. (NYSE : NMR) a d茅pos茅 un formulaire 6-K aupr猫s de la SEC am茅ricaine, principalement pour fournir des annexes relatives 脿 des 茅missions potentielles de dette libell茅e en dollars am茅ricains. Le d茅p么t comprend :

  • 1,0 milliard de dollars en titres de dette subordonn茅e perp茅tuelle 脿 taux fixe r茅initialisable de 7,000% 鈥� r茅gis par un acte de dette subordonn茅e perp茅tuelle nouvellement ex茅cut茅 avec Citibank, N.A. en tant que fiduciaire.
  • 750 millions de dollars en billets seniors 脿 taux fixe de 4,904% 茅ch茅ant en 2030.
  • 500 millions de dollars en billets seniors 脿 taux fixe de 5,491% 茅ch茅ant en 2035.
  • Avis juridiques de Sullivan & Cromwell LLP et Anderson Mori & Tomotsune couvrant la validit茅 et l鈥檈x茅cutabilit茅 de chaque titre.
Les annexes sont incorpor茅es par r茅f茅rence dans la d茅claration d鈥檈nregistrement sur 茅tag猫re effective de Nomura sur le formulaire F-3 (n掳 333-283915) d茅pos茅 le 19 d茅cembre 2024, permettant 脿 la soci茅t茅 d鈥櫭﹎ettre jusqu鈥櫭� 2,25 milliards de dollars de nouvelle dette dans le cadre du programme lorsque les conditions du march茅 sont favorables. Aucun r茅sultat financier, pr茅vision de b茅n茅fices ou d茅tail de tarification des transactions au-del脿 du coupon, de la dur茅e et du montant principal n鈥檈st fourni. Le d茅p么t est de nature proc茅durale, mais il signale l鈥檌ntention de la direction de renforcer la liquidit茅 et d鈥檕ptimiser sa structure de capital gr芒ce 脿 un m茅lange d鈥檌nstruments seniors et subordonn茅s pouvant 锚tre qualifi茅s de capital additionnel de niveau 1 selon les normes de B芒le.

Nomura Holdings, Inc. (NYSE: NMR) hat bei der US-SEC ein Formular 6-K eingereicht, das haupts盲chlich Anlagen zu geplanten US-Dollar-verschuldeten Emissionen bereitstellt. Die Einreichung enth盲lt:

  • 1,0 Milliarden US-Dollar 7,000% Festzins-resetbare unbefristete nachrangige Schuldverschreibungen 鈥� geregelt durch eine neu abgeschlossene unbefristete nachrangige Schuldverschreibungsurkunde mit Citibank, N.A. als Treuh盲nder.
  • 750 Millionen US-Dollar 4,904% Senior Festzinsanleihen f盲llig 2030.
  • 500 Millionen US-Dollar 5,491% Senior Festzinsanleihen f盲llig 2035.
  • Rechtsgutachten von Sullivan & Cromwell LLP und Anderson Mori & Tomotsune zur G眉ltigkeit und Durchsetzbarkeit der einzelnen Wertpapiere.
Die Anlagen werden durch Verweis in die wirksame Shelf-Registrierungserkl盲rung von Nomura im Formular F-3 (Nr. 333-283915) vom 19. Dezember 2024 aufgenommen, wodurch das Unternehmen bis zu 2,25 Milliarden US-Dollar neue Schulden im Rahmen des Programms ausgeben kann, wenn die Marktbedingungen g眉nstig sind. Es werden keine Finanzergebnisse, Gewinnprognosen oder Transaktionspreisdaten 眉ber Kupon, Laufzeit und Nennbetrag hinaus bereitgestellt. Die Einreichung ist prozedural, signalisiert jedoch die Absicht des Managements, die Liquidit盲t zu st盲rken und die Kapitalstruktur durch eine Mischung aus Senior- und nachrangigen Instrumenten zu optimieren, die gem盲脽 Basel-Standards als zus盲tzliches Tier-1-Kapital qualifizieren k枚nnen.

Positive
  • Enhanced funding flexibility: Registration of $2.25 billion multi-tenor USD notes gives Nomura quick access to U.S. capital markets when conditions are favorable.
  • Potential AT1 capital boost: The 7.000% perpetual subordinated securities can qualify as Additional Tier 1, strengthening regulatory capital ratios without equity dilution.
Negative
  • High coupon cost: A 7% perpetual coupon is expensive relative to Nomura鈥檚 historical funding levels, potentially pressuring net interest margins once issued.
  • Prospective leverage increase: Issuing the full $2.25 billion would raise gross debt and could elevate leverage metrics if proceeds are not used to refinance existing obligations.

Insights

TL;DR: Nomura pre-positions $2.25 B of USD debt; neutral impact, improves funding flexibility but adds potential leverage.

The 6-K is chiefly administrative, supplying indentures, note forms and legal opinions so Nomura can tap U.S. markets under its F-3 shelf. A $1 B perpetual subordinated at 7% could be classified as AT1 capital, strengthening loss-absorbing buffers without diluting shareholders. The 4.904% 2030 and 5.491% 2035 senior notes extend average debt maturity at fixed coupons below current long-term JPY funding spreads after FX swap, arguably attractive. However, the high absolute coupon on the perpetual reflects investor risk perception and would lock in a sizeable cost of capital until first reset. Because the instruments are not yet issued, the immediate balance-sheet effect is nil; impact will depend on sizing and use of proceeds upon launch. Overall, this is neutral to mildly positive for credit investors and has minimal near-term effect on equity valuation.

TL;DR: Filing facilitates AT1 issuance, modestly strengthens regulatory ratios once executed.

Under Basel III, perpetual subordinated notes with discretionary coupon can qualify as Additional Tier 1. Assuming full issuance and regulatory recognition, Nomura鈥檚 CET1 ratio would remain unchanged, but total capital ratio could rise ~40 bps. The legal opinions included satisfy U.S. disclosure rules, accelerating time-to-market. Because no issuance date or pricing beyond initial coupons is set, this is not immediately impactful, yet it enhances optionality should market windows open. Investors should monitor future 424B filings for final terms and capital impact.

Nomura Holdings, Inc. (NYSE: NMR) ha presentato un Modulo 6-K alla SEC statunitense, che principalmente fornisce documenti relativi a potenziali emissioni di debito denominate in dollari USA. La documentazione allega:

  • Obbligazioni subordinate perpetue a tasso fisso resettable del valore di 1,0 miliardi di dollari al 7,000% 鈥� regolate da un nuovo atto di debito subordinato perpetuo con Citibank, N.A. come trustee.
  • Note senior a tasso fisso del 4,904% per 750 milioni di dollari con scadenza 2030.
  • Note senior a tasso fisso del 5,491% per 500 milioni di dollari con scadenza 2035.
  • Pareri legali di Sullivan & Cromwell LLP e Anderson Mori & Tomotsune riguardanti la validit脿 e l鈥檃pplicabilit脿 di ciascun titolo.
I documenti sono incorporati per riferimento nella dichiarazione di registrazione a scaffale efficace di Nomura sul Modulo F-3 (N. 333-283915) presentata il 19 dicembre 2024, permettendo all鈥檃zienda di emettere fino a 2,25 miliardi di dollari di nuovo debito nell鈥檃mbito del programma quando le condizioni di mercato lo consentono. Non vengono forniti risultati finanziari, previsioni sugli utili o dettagli sui prezzi delle transazioni oltre a cedola, durata e importo principale. La presentazione 猫 di natura procedurale, ma indica l鈥檌ntenzione della direzione di rafforzare la liquidit脿 e ottimizzare la struttura del capitale attraverso una combinazione di strumenti senior e subordinati che possono qualificarsi come capitale Tier 1 aggiuntivo secondo gli standard di Basilea.

Nomura Holdings, Inc. (NYSE: NMR) present贸 un Formulario 6-K ante la SEC de EE. UU., que principalmente proporciona anexos relacionados con posibles emisiones de deuda denominadas en d贸lares estadounidenses. El archivo adjunta:

  • Valores de deuda subordinada perpetua a tasa fija reajustable del 7,000% por 1.000 millones de d贸lares 鈥� regulados por un nuevo contrato perpetuo subordinado con Citibank, N.A. como fiduciario.
  • Notas senior a tasa fija del 4,904% por 750 millones de d贸lares con vencimiento en 2030.
  • Notas senior a tasa fija del 5,491% por 500 millones de d贸lares con vencimiento en 2035.
  • Opiniones legales de Sullivan & Cromwell LLP y Anderson Mori & Tomotsune sobre la validez y exigibilidad de cada t铆tulo.
Los anexos se incorporan por referencia en la declaraci贸n de registro en estanter铆a efectiva de Nomura en el Formulario F-3 (N.潞 333-283915) presentado el 19 de diciembre de 2024, lo que permite a la empresa emitir hasta 2.250 millones de d贸lares en nueva deuda bajo el programa cuando las condiciones del mercado sean favorables. No se proporcionan resultados financieros, previsiones de ganancias ni detalles de precios de la transacci贸n m谩s all谩 del cup贸n, plazo y monto principal. La presentaci贸n es de car谩cter procedimental, pero se帽ala la intenci贸n de la direcci贸n de fortalecer la liquidez y optimizar su estructura de capital mediante una combinaci贸n de instrumentos senior y subordinados que pueden calificar como capital adicional de Nivel 1 seg煤n las normas de Basilea.

Nomura Holdings, Inc. (NYSE: NMR)電� 氙戈淡 SEC鞐� Form 6-K毳� 鞝滌稖頄堨溂氅�, 欤茧 氙戈淡 雼煬 響滌嫓 攵�毂� 氚滍枆瓿� 甏�霠悳 靹滊毳� 韽暔頃橁碃 鞛堨姷雼堧嫟. 鞝滌稖 靹滊鞐愲姅 雼れ潓鞚� 觳秬霅橃柎 鞛堨姷雼堧嫟:

  • 10鞏� 雼煬 攴滊, 7.000% 瓿犾爼旮堧Μ 毽厠 臧�電� 鞓侁惮 頉勳垳鞙� 毂勱秾 鈥� Citibank, N.A.臧� 靾橅儊鞛愲 鞛堧姅 靸堧 觳搓舶霅� 鞓侁惮 頉勳垳鞙� 毂勱秾 瓿勳暯鞐� 霐半澕 甏�毽惄雼堧嫟.
  • 7鞏� 5觳滊 雼煬, 4.904% 瓿犾爼旮堧Μ 靹犾垳鞙� 毂勱秾, 毵岅赴 2030雲�.
  • 5鞏� 雼煬, 5.491% 瓿犾爼旮堧Μ 靹犾垳鞙� 毂勱秾, 毵岅赴 2035雲�.
  • Sullivan & Cromwell LLP 氚� Anderson Mori & Tomotsune鞚� 臧� 歃濌秾鞚� 鞙犿毃靹标臣 歆戫枆 臧�電レ劚鞐� 甏�頃� 氩曤 鞚橁铂靹�.
鞚� 靹滊霌れ潃 2024雲� 12鞗� 19鞚� 鞝滌稖霅� Nomura鞚� 鞙犿毃頃� 靹犽皹 霌彪 氇呾劯靹滌澑 Form F-3 (氩堩樃 333-283915)鞐� 彀胳“搿� 韽暔霅橃柎 鞛堨溂氅�, 鞁滌灔 靸來櫓鞚� 鞙犽Μ頃� 霑� 須岇偓臧� 鞚� 頂勲攴鸽灗 頃橃棎靹� 斓滊寑 22鞏� 5觳滊 雼煬鞚� 鞁犼窚 攵�毂勲ゼ 氚滍枆頃� 靾� 鞛堧弰搿� 頃╇媹雼�. 炜犿彴, 毵岅赴 氚� 鞗愱笀 鞕胳棎電� 鞛 瓴瓣臣, 靾橃澋 鞝勲 霕愲姅 瓯半灅 臧�瓴� 靹鸽秬 鞝曤炒電� 鞝滉车霅橃 鞎婌姷雼堧嫟. 鞚� 鞝滌稖鞚� 鞝堨皑靸侅潣 瓴冹澊歆�毵�, 瓴届榿歆勳澊 鞙犽彊靹膘潉 臧曧檾頃橁碃 氚旍牑 旮办鞐� 霐半澕 於旉皜 Tier 1 鞛愲掣鞙茧 鞚胳爼霅� 靾� 鞛堧姅 靹犾垳鞙� 氚� 頉勳垳鞙� 順柬暕 靸來拡鞚� 韱淀暣 鞛愲掣 甑“毳� 斓滌爜頇旐晿霠る姅 鞚橂弰毳� 雮橅儉雰呺媹雼�.

Nomura Holdings, Inc. (NYSE : NMR) a d茅pos茅 un formulaire 6-K aupr猫s de la SEC am茅ricaine, principalement pour fournir des annexes relatives 脿 des 茅missions potentielles de dette libell茅e en dollars am茅ricains. Le d茅p么t comprend :

  • 1,0 milliard de dollars en titres de dette subordonn茅e perp茅tuelle 脿 taux fixe r茅initialisable de 7,000% 鈥� r茅gis par un acte de dette subordonn茅e perp茅tuelle nouvellement ex茅cut茅 avec Citibank, N.A. en tant que fiduciaire.
  • 750 millions de dollars en billets seniors 脿 taux fixe de 4,904% 茅ch茅ant en 2030.
  • 500 millions de dollars en billets seniors 脿 taux fixe de 5,491% 茅ch茅ant en 2035.
  • Avis juridiques de Sullivan & Cromwell LLP et Anderson Mori & Tomotsune couvrant la validit茅 et l鈥檈x茅cutabilit茅 de chaque titre.
Les annexes sont incorpor茅es par r茅f茅rence dans la d茅claration d鈥檈nregistrement sur 茅tag猫re effective de Nomura sur le formulaire F-3 (n掳 333-283915) d茅pos茅 le 19 d茅cembre 2024, permettant 脿 la soci茅t茅 d鈥櫭﹎ettre jusqu鈥櫭� 2,25 milliards de dollars de nouvelle dette dans le cadre du programme lorsque les conditions du march茅 sont favorables. Aucun r茅sultat financier, pr茅vision de b茅n茅fices ou d茅tail de tarification des transactions au-del脿 du coupon, de la dur茅e et du montant principal n鈥檈st fourni. Le d茅p么t est de nature proc茅durale, mais il signale l鈥檌ntention de la direction de renforcer la liquidit茅 et d鈥檕ptimiser sa structure de capital gr芒ce 脿 un m茅lange d鈥檌nstruments seniors et subordonn茅s pouvant 锚tre qualifi茅s de capital additionnel de niveau 1 selon les normes de B芒le.

Nomura Holdings, Inc. (NYSE: NMR) hat bei der US-SEC ein Formular 6-K eingereicht, das haupts盲chlich Anlagen zu geplanten US-Dollar-verschuldeten Emissionen bereitstellt. Die Einreichung enth盲lt:

  • 1,0 Milliarden US-Dollar 7,000% Festzins-resetbare unbefristete nachrangige Schuldverschreibungen 鈥� geregelt durch eine neu abgeschlossene unbefristete nachrangige Schuldverschreibungsurkunde mit Citibank, N.A. als Treuh盲nder.
  • 750 Millionen US-Dollar 4,904% Senior Festzinsanleihen f盲llig 2030.
  • 500 Millionen US-Dollar 5,491% Senior Festzinsanleihen f盲llig 2035.
  • Rechtsgutachten von Sullivan & Cromwell LLP und Anderson Mori & Tomotsune zur G眉ltigkeit und Durchsetzbarkeit der einzelnen Wertpapiere.
Die Anlagen werden durch Verweis in die wirksame Shelf-Registrierungserkl盲rung von Nomura im Formular F-3 (Nr. 333-283915) vom 19. Dezember 2024 aufgenommen, wodurch das Unternehmen bis zu 2,25 Milliarden US-Dollar neue Schulden im Rahmen des Programms ausgeben kann, wenn die Marktbedingungen g眉nstig sind. Es werden keine Finanzergebnisse, Gewinnprognosen oder Transaktionspreisdaten 眉ber Kupon, Laufzeit und Nennbetrag hinaus bereitgestellt. Die Einreichung ist prozedural, signalisiert jedoch die Absicht des Managements, die Liquidit盲t zu st盲rken und die Kapitalstruktur durch eine Mischung aus Senior- und nachrangigen Instrumenten zu optimieren, die gem盲脽 Basel-Standards als zus盲tzliches Tier-1-Kapital qualifizieren k枚nnen.

144: Filer Information

144: Issuer Information

144: Securities Information



Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold


* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.



Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

144: Remarks and Signature

Source:

FAQ

What securities did Nomura (NMR) register in the July 2025 Form 6-K?

$1 B 7.000% perpetual subordinated notes, $750 M 4.904% senior notes due 2030, and $500 M 5.491% senior notes due 2035.

Does the filing mean the debt has already been issued?

No. The exhibits are incorporated into Nomura鈥檚 shelf registration, enabling but not obligating future issuance.

How might the perpetual subordinated notes affect Nomura鈥檚 capital ratios?

If treated as Additional Tier 1, they could lift the total capital ratio by roughly 40 bps once issued.

Why is the coupon on the perpetual notes set at 7%?

The higher rate compensates investors for subordination, perpetual tenor, and potential non-payment risk inherent in AT1 instruments.

What is the relevance of the legal opinions attached?

They confirm the validity and enforceability of the debt, satisfying SEC requirements and smoothing the path for market issuance.
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Automatic Data Processing Inc

NASDAQ:ADP

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Software - Application
Services-computer Processing & Data Preparation
United States
ROSELAND