The Asset’s board of editors had the delicate task of sifting through the financial carnage to identify institutions that made a difference. A year ago today, the board was even uncertain whether there would be sufficient deals to form the basis for this year's awards. Fortunately for everyone, the markets did turn around and deals were soon plentiful – although for some investors, this is a source of concern rather than comfort.

 

Issuers across Asia stampeded the markets in the second quarter, following a string of rights issues from financial institutions anxious to strengthen their capital adequacy in anticipation of dark days ahead. From G3 bonds to local currency bonds, to rights issues, follow-on offerings and IPOs – especially from Chinese property companies – and even convertible bonds, deals were being printed as if the nadir of the crisis 12 months before had heralded a new beginning.