Day 1: Achievement Awards 2008 û Japan

The pain the Japanese markets are going through was already present during last year's awards announcement in April 2008. Despite the pious hope expressed at the time that things would get better, the opposite has happened with the Nikkei index almost halving from 13,000 points to less than 8,000 today. Some important and exciting deals have been done nevertheless: little can beat the drama of the securitisation of Shinsei Bank's headquarters days before its (awful) earnings were announced, or the last-minute investment in Morgan Stanley by Mitsubishi UFJ Financial Group (MUFG). Here are the deals which achieved the most in the dangerous markets of 2008.

DEAL OF THE YEAR
Takeda Pharmaceuticals' $8.5 billion acquisition of the US's Millennium Pharmaceuticals
Acquirer adviser: UBS Investment Bank
Target adviser: Goldman Sachs

BEST IPO
Seven Bank's $486 million IPO
Lead managers: Morgan Stanley, Nikko Citigroup, Nomura

BEST SECONDARY EQUITY OFFERING
Mitsubishi UFJ Financial Group's $4.5 billion follow-on
Lead managers: J.P. Morgan, Mitsubishi UFJ Securities, Morgan Stanley, Nomura

BEST M&A DEAL
Takeda Pharmaceuticals' $8.5 billion acquisition of the US's Millennium Pharmaceuticals
Advisers: Goldman Sachs/UBS

BEST PRIVATE EQUITY DEAL
Carlyle Group's $1.1 billion acquisition of NH Techno Glass
Acquirer adviser: Merrill Lynch
Target adviser: UBS Investment Bank

BEST INTERNATIONAL BOND
Sumitomo Mitsui Financial Group's $1.8 billion preferred share issue
Lead managers: Daiwa Securities SMBC, Goldman Sachs, J.P. Morgan, UBS Investment Bank

BEST SAMURAI BOND
Westpac Bank's ¥245 billion multi-tranche offering
Lead managers: Daiwa Securities SMBC, Nikko Citigroup, Nomura
Lead manager on euro-yen tranche: Nikko Citigroup

BEST EQUITY-LINKED DEAL
Yamada Denki's $1.4 billion convertible bond
Lead manager: Nomura

BEST SECURITISATION DEAL
¥72.7 billion Shinsei Bank Headquarters Building securitisation (J-CORE 15)
Lead manager: Deutsche Bank AG Tokyo Branch

MOST INNOVATIVE DEAL
World Bank's $25 million Certified Emission Reduction-linked CO2L Uridashi Bond
Lead manager: Daiwa Securities SMBC