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Alibaba is runaway winner in The Asset's best capital market deals in 2014
Alibaba’s US$25 billion US IPO was no doubt the high point in 2014 and wins The Asset awards for best equity, best IPO and best ADR. The transaction stands out not just for its sheer size, but also for the successful execution
The Asset 19 Jan 2015

2014 is marked by the revival of activities in the Chinese initial public offering market which resulted in some of the largest and most successful IPOs this year as well as a sustained vigour of the debt capital market across the region. The year was dominated by jumbo deals from China's internet sector covering the debt, equity and M&A advisory space. Alibaba Group was the highlight of the year as it not only priced the biggest IPO ever globally but also raised capital in the loan and bond markets as well as made several strategic acquisitions in the region.

 

Against this backdrop, The Asset announces the region's best capital market transactions in 2014. The nominees and winners for the regional house awards will follow shortly.

 

Alibaba's US$25 billion US IPO was no doubt the high point in 2014 and wins The Asset awards for best equity, best IPO and best ADR. The transaction stands out not just for its sheer size, but also for the successful execution that allowed the deal to reach the finish line without any glitches while posting solid aftermarket performance.

 

Ping An Insurance's HK$36.83 billion (US$4.75 billion) share placement wins the best follow-on offering award for its size and swift execution by sole bookrunner Morgan Stanley.

 

JD.Com's US$618.9 million secondary sell-down, which ranks as the largest secondary offering for China ADR since 2008, is awarded the best block trade. The coordinated sell-down by a group of JD.Com shareholders achieved 0.5% discount in one of the tightest discounts ever in a block trade.

 

Over in DCM, Hutchison Whampoa's US$3.5 billion three-year and 10-year dual-tranche issue and 1.5 billion euro seven-year issue, one of the largest-ever corporate bond offerings from Asia, win Triple A recognitions for best bond, best corporate bond and best investment grade bond. The offering, which marks the first time that Hutchison has launched a US dollar and a euro offering on the same day, achieved combined order book of US$17.2 billion across three tranches.

 

Republic of Indonesia's one billion euro senior notes due 2021 is The Asset's choice for best sovereign bond while The Export-Import Bank of China's (Chexim) US$3 billion five-year and 10-year bonds, which mark Chexim's return to the Reg S/144A market after a nine-year gap, is the quasi-sovereign bond deal of the year. Chexim also wins the best cross-border securitization and best transport finance awards with its US$581.7 million aircraft finance ABS offering, which highlights a new source of funding for the issuer, and represents a milestone in the development of the cross-border ABS market in China.

 

PTT Exploration and Production's US$1 billion subordinated perpetual capital gets The Asset's vote for best corporate hybrid, while Tata Steel's US$1.5 billion 5.5-year and 10-year offering is cited as the best high yield transaction as well as best new bond.

 

The landmark US$6.5 billion additional tier 1 (AT1) offshore preference shares by Bank of China wins the accolade for best bank bond this year. The transaction, which represents the first Chinese AT1 capital offering, and the largest ever single-tranche transaction in the history of the Asian bond markets, created a new market and highlighted the depth of the investor base in Asia for the AT1 product.

 

Olam International's S$400 million bonds win the best local currency bond while China Development Bank's triple tranche CNH2 billion senior bonds is awarded the best dim sum bond.

 

Republic of the Philippines' US$1.5 billion accelerated one-day switch tender offer and concurrent new US$1.5 billion 10-year bonds offering is the best liability management.

 

Woori Finance Holdings' sale of of six non-bank subsidiaries takes the awards for best domestic M&A and best privatization while OCBC's US$5 billion takeover of Wing Hang Bank, which has established a strong footprint for OCBC in Greater China as it provides a strong platform for growth, is chosen as the best cross-border M&A deal.

 

On the syndicated loan side of the business, CT Corporation's US$1.275 billion triple-tranche syndicated loan is recognized as the best syndicated loan while KKR Asia's US$1.1 billion acquisition of Goodpack wins the best LBO deal of the year.

 

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For a complete list of the winners, please click here

 

 

 

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Donald Chan
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