Richard Thompson, Managing Director and Head of Private Placements at Mizuho Americas, shared insights at the Private Placements Industry Forum 2026 on how global currency dynamics are reshaping the US private placement market. He highlighted the increasing prevalence of non-US dollar transactions, which now account for approximately one-third of the market, including currencies such as Euro, Sterling, Yen, and Swiss Franc. This trend is transforming how issuers approach efficient currency sourcing and capital-raising strategies.
The global shift in the US private placement market
Global currency dynamics are driving significant changes in the US private placement market. Richard Thompson, Managing Director and Head of Private Placements at Mizuho Americas, discussed how the rise of non-US dollar transactions is redefining the market’s role in efficient currency sourcing and innovative financing strategies.
Global currency trends in private placements
Richard highlighted that the US private placement market, while often associated with US dollars, is increasingly global in scope. About one-third of transactions are now conducted in non-US dollar currencies, offering issuers a more efficient way to source currencies like Yen, Sterling, and Swiss Franc. For example, Mizuho has been facilitating deals such as Berkshire Hathaway’s $1 billion equivalent Yen issuance and MetLife’s entry into the private placement market to meet its currency needs in Japan.
Innovative structures reshaping the market
The private placement market is evolving beyond traditional structures. Richard discussed how the market is now financing at holding company levels and supporting innovative structures like hybrid private placements. For instance, Mizuho recently led the first-ever syndicated hybrid private placement for National Rural Utilities Cooperative Finance Corporation (CFC), a junior subordinated note structure that provided equity treatment for the issuer. These innovations are expanding the market’s appeal and creating new opportunities for issuers.
A growing and diversifying investor base
The private placement market’s investor base has expanded significantly in recent years. Richard noted that many investors who previously focused on public bonds are now entering private credit, while others are leveraging third-party investment management accounts to attract Japanese and Korean insurance money. This influx of new investors and capital has increased liquidity and created more opportunities for issuers to access the market.
2026 Insights
Richard’s insights reveal a private placement market that is more global, innovative, and dynamic than ever before. With the rise of non-US dollar transactions, groundbreaking deal structures, and a growing investor base, the market is poised to play a pivotal role in global capital-raising strategies.
Discover more exclusive insights and join the community with industry leaders at Placements Industry Forum Europe 2026, Europe’s only dedicated private placements event. Join us 15–16 September 2026 in Amsterdam.