Cerberus, the US buyout group, today sealed a threefold return on part of its investment in Aozora despite a 13% fall in the price of the company's shares when they started changing hands in Tokyo.

Aozora stock began trading at ¥495, down 13.2% on the deal's offer price of ¥570. The shares traded as high as ¥517, still down 9% on the issue price, and at 9:55 GMT were quoted at ¥502.