Goldman, BofA Set to Capture Bigger Share of Japan’s ECM Deals

March 31, 2026 at 5:42 AM UTC

Goldman Sachs Group Inc. and Bank of America Corp. are poised to capture a larger share of Japan’s equity capital market in the fiscal year ending March, driven by a surge in block trade activity.

Nomura Holdings Inc. is set to retain the top spot, with a 19.6% share of offerings by Japanese companies, according to Bloomberg-compiled league table data for the 12 months through this month. Goldman Sachs underwrote 17.3%, its highest share since 2017, while Bank of America captured 13.3%, its largest on record in data going back to 2009.