The Best Issuers
Sovereign
Republic of Indonesia
The Republic of Indonesia (RoI) had a stellar fundraising year in 2016, pushing the boundaries when it comes to conventional and Islamic capital raising, and broadening its investor base across different currencies. The sovereign started the year with dual tranche global sukuk totaling US$2.5 billion in March, which generated a robust demand of US$7.7 billion. It capped the year with a three-tranche tranche issue totaling US$3.5 billion to partly finance its 2017 budgetary requirements. The transaction marked the first G3 emerging market bond printed by a sovereign following the US election, and exemplifies RoI’s stature as the most frequent sovereign issuer from Asia in 2016.
Republic of Indonesia
The Republic of Indonesia (RoI) had a stellar fundraising year in 2016, pushing the boundaries when it comes to conventional and Islamic capital raising, and broadening its investor base across different currencies. The sovereign started the year with dual tranche global sukuk totaling US$2.5 billion in March, which generated a robust demand of US$7.7 billion. It capped the year with a three-tranche tranche issue totaling US$3.5 billion to partly finance its 2017 budgetary requirements. The transaction marked the first G3 emerging market bond printed by a sovereign following the US election, and exemplifies RoI’s stature as the most frequent sovereign issuer from Asia in 2016.
Corporate
State Grid Corporation of China
State Grid Corporation of China, the world’s largest public utility and power grid company by revenue, has become a major issuer in the offshore bond market since its debut in 2013. In May 2016, it executed a dual-currency, multi-tranche offering, pricing a US$1 billion issue for five years and ten years, and a E1 billion issue for six years and nine years – marking the first time its euro debt carried a guarantee structure. Through its overseas investment platform State Grid International Development, it entered the global clean energy space, acquiring Brazilian power company CPFL Energia from Camargo Correa SA for US$13.3 billion, the largest ever Chinese outbound M&A into Latin America.
State Grid Corporation of China
State Grid Corporation of China, the world’s largest public utility and power grid company by revenue, has become a major issuer in the offshore bond market since its debut in 2013. In May 2016, it executed a dual-currency, multi-tranche offering, pricing a US$1 billion issue for five years and ten years, and a E1 billion issue for six years and nine years – marking the first time its euro debt carried a guarantee structure. Through its overseas investment platform State Grid International Development, it entered the global clean energy space, acquiring Brazilian power company CPFL Energia from Camargo Correa SA for US$13.3 billion, the largest ever Chinese outbound M&A into Latin America.
Financial institution
DBS
DBS contributed to further development of Asia’s capital markets with landmark bond transactions across the capital structure, diversifying its funding and investor base. DBS took advantage of favourable market conditions and priced in August its first USD Basel III-compliant additional tier 1 capital securities, amounting US$750 million. It secured the lowest yield and tightest spread ever of any similar capital securities offering globally. DBS also printed in January the first Singapore dollar-denominated Basel III-compliant tier 2 offering out of Asia since June 2014 amounting S$250 million (US$175 million) and priced the second largest Formosa bond issue out of Singapore, amounting to US$315 million.
DBS
DBS contributed to further development of Asia’s capital markets with landmark bond transactions across the capital structure, diversifying its funding and investor base. DBS took advantage of favourable market conditions and priced in August its first USD Basel III-compliant additional tier 1 capital securities, amounting US$750 million. It secured the lowest yield and tightest spread ever of any similar capital securities offering globally. DBS also printed in January the first Singapore dollar-denominated Basel III-compliant tier 2 offering out of Asia since June 2014 amounting S$250 million (US$175 million) and priced the second largest Formosa bond issue out of Singapore, amounting to US$315 million.
The Best Houses
Best Bank
Nominees: Citi, DBS, HSBC
2015 winner: Citi
Nominees: Citi, DBS, HSBC
2015 winner: Citi
Citi
The US bank continued to grow in Asia with assets in the region rising 6% year-on-year to US$325 billion. The bank reported revenue growth last year with the global consumer banking in Asia notching US$5.1 billion revenues, while the institutional clients group posting another US$5.4 billion in revenues. For the first nine months of 2016, seven markets generated over US$500 million in revenues for Citi. It opened a new office in Hong Kong One Bay East, launched voice biometrics across Asia, Prestige credit card in China and Simplicity+ in Indonesia. Citi has arranged a number of marquee transactions across equity/equity-linked, debt capital markets, and M&A.
The US bank continued to grow in Asia with assets in the region rising 6% year-on-year to US$325 billion. The bank reported revenue growth last year with the global consumer banking in Asia notching US$5.1 billion revenues, while the institutional clients group posting another US$5.4 billion in revenues. For the first nine months of 2016, seven markets generated over US$500 million in revenues for Citi. It opened a new office in Hong Kong One Bay East, launched voice biometrics across Asia, Prestige credit card in China and Simplicity+ in Indonesia. Citi has arranged a number of marquee transactions across equity/equity-linked, debt capital markets, and M&A.
Citi is a trusted financial adviser, representing clients in deals such as China outbound acquisitions and divestments from multinationals. It advised on the largest ever transport transaction in Southeast Asia involving CMA CGM/Neptune Orient Lines; the largest Taiwan domestic transaction since 2013 with the Advanced Semiconductor Engineering/Siliconware; and in the largest ever insurance deal in India involving HDFC/Max Life Insurance.
DBS
DBS achieved a net profit of S$3.33 billion in the first nine months of 2016 and excluding one-time items, it was little change from a year ago due to a doubling of total allowances. The results, though, underscored the earnings resilience of the franchise as it continued to capture opportunities across multiple business lines, while recognizing loan impairment promptly and maintaining a healthy balance sheet.
DBS achieved a net profit of S$3.33 billion in the first nine months of 2016 and excluding one-time items, it was little change from a year ago due to a doubling of total allowances. The results, though, underscored the earnings resilience of the franchise as it continued to capture opportunities across multiple business lines, while recognizing loan impairment promptly and maintaining a healthy balance sheet.
Consumer banking/wealth management posted a 21% increase in income to S$3.2 billion, led by income from bancassurance, loans, and deposits. Income from institutional banking was little changed at S$3.96 billion as the increments in cash management, capital markets, and loan activities were offset by the declines in trade and treasury customer sales, due to uncertainty related to China and the renminbi. DBS is also making a big push on digitization and has been deeply immersed in furthering its digital transformation agenda during the past three years.
Across equity and debt, it leads in Asian Reits (Real Estate Investment Trust), acting as global coordinator in the US$664.9 million IPO for Frasers Logistics and Industrial Trust and EC World Reit’s US$225 million IPO.
HSBC
The bank invests in digital innovation and is working with the Hong Kong government to develop the next generation of banking in areas including online banking, cyber security, biometric authentication, big data analytics, artificial intelligence, and blockchain technology.
The bank invests in digital innovation and is working with the Hong Kong government to develop the next generation of banking in areas including online banking, cyber security, biometric authentication, big data analytics, artificial intelligence, and blockchain technology.
In terms of deals, HSBC is active in arranging IPO deals in 2016 such as the US$7.4 billion share sale for Postal Savings Bank. It also arranged a US$600 million zero coupon H-share convertible bond for CRRC Corporation. The bank is a debt market powerhouse with a strong franchise in G3 and local currency bonds, as well as in syndicated loans. It topped the league table again for arranging G3 bonds in the region, with deals across a wide spectrum of credits from sovereign to corporates and financial institutions. It brought Asian insurance companies to the offshore bond markets for the first time, such as Union Life Insurance and Ping An Life Insurance. It was a structuring adviser in a number of green bond deals, and it is a pioneering house in G3 liability management in Asia. In terms of M&A, HSBC was adviser in the ChemChina/Syngenta deal, and in the disposal of Casino’s majority stake in Big C Supercenter. It also engineered the China Overseas Land and Investment’s strategic acquisition of CITIC Group’s property portfolio.
Best Corporate and Institutional Bank
Nominees: Citi, Credit Suisse, DBS, HSBC, UBS
2015 winner: Credit Suisse
Nominees: Citi, Credit Suisse, DBS, HSBC, UBS
2015 winner: Credit Suisse
Citi
Citi remained steadfast in being involved in several key deals in Asia. The firm executed the highly praised Samsung BioLogics US$2 billion IPO (it was the sole international global coordinator), which traded up by as much as 8% on its first day. Another important deal for Citi was advising China Resources Beer on its 49% stake offer in CR Snow from SAB Miller for a bargain price of US$1.6 billion. In the bonds space, Citi made its mark on key deals such as KEXIM’s (Korea Import-Export Bank) US$2.5 billion triple tranche offering, and the Bank of China’s 1.5 billion yuan tranche green bond issuance.
Citi remained steadfast in being involved in several key deals in Asia. The firm executed the highly praised Samsung BioLogics US$2 billion IPO (it was the sole international global coordinator), which traded up by as much as 8% on its first day. Another important deal for Citi was advising China Resources Beer on its 49% stake offer in CR Snow from SAB Miller for a bargain price of US$1.6 billion. In the bonds space, Citi made its mark on key deals such as KEXIM’s (Korea Import-Export Bank) US$2.5 billion triple tranche offering, and the Bank of China’s 1.5 billion yuan tranche green bond issuance.
Credit Suisse
Credit Suisse was also involved in the Samsung BioLogics IPO. In addition, the house stood out for its geographic breath executing a slew of equity deals around the region from Pakistan to Korea. In M&A, Credit Suisse was an active participant in the China M&A outbound story, especially when it came to energy/renewable energy assets. The house also arranged the privatization by Temasek Holdings of SMRT, the Singapore subway system, in a deal worth US$866 million. In debt capital markets, Credit Suisse arranged two masala bonds including for India’s HDFC’s (Housing Development Finance Corporation) INR30 billion masala bond, the first Indian corporate to cook up such a treat for investors.
Credit Suisse was also involved in the Samsung BioLogics IPO. In addition, the house stood out for its geographic breath executing a slew of equity deals around the region from Pakistan to Korea. In M&A, Credit Suisse was an active participant in the China M&A outbound story, especially when it came to energy/renewable energy assets. The house also arranged the privatization by Temasek Holdings of SMRT, the Singapore subway system, in a deal worth US$866 million. In debt capital markets, Credit Suisse arranged two masala bonds including for India’s HDFC’s (Housing Development Finance Corporation) INR30 billion masala bond, the first Indian corporate to cook up such a treat for investors.
DBS
In 2016, the house maintained its dominance in the Reits space taking part in key Reit IPOs in Singapore including Frasers Logistics and Industrial Trust’s US$684 million IPO. In M&A, DBS advised Baring Private Equity in its S$450 million purchase of Interplex Industries.
In 2016, the house maintained its dominance in the Reits space taking part in key Reit IPOs in Singapore including Frasers Logistics and Industrial Trust’s US$684 million IPO. In M&A, DBS advised Baring Private Equity in its S$450 million purchase of Interplex Industries.
DBS’ own US$750 million Basel III AT1 perpetual securities caught the attention of other issuers as it managed to price the deal at 3.6%, at the tight end of the range.
HSBC
For HSBC, 2016 was a continuing progression of its efforts to grow its primary business. In equity, the house was part of the consortium of banks including Citi that helped Cemex Philippines to go public raising US$540 million. HSBC’s M&A team was active in the region, taking part in some of the most noteworthy deals such as working as sell-side adviser to Casino Groupe, in its exits from Vietnam and Thailand. It was the adviser to ChemChina in its announced US$46 billion proposed takeover of Syngenta of Switzerland, the largest outbound M&A from China ever.
For HSBC, 2016 was a continuing progression of its efforts to grow its primary business. In equity, the house was part of the consortium of banks including Citi that helped Cemex Philippines to go public raising US$540 million. HSBC’s M&A team was active in the region, taking part in some of the most noteworthy deals such as working as sell-side adviser to Casino Groupe, in its exits from Vietnam and Thailand. It was the adviser to ChemChina in its announced US$46 billion proposed takeover of Syngenta of Switzerland, the largest outbound M&A from China ever.
UBS
UBS has also played a pivotal role in the capital markets space. During the review period, the house took a number of financial institutions public, including Everbright Securities, Postal Savings Bank of China, and China Merchants Securities. In M&A, UBS, similar to Credit Suisse, took advantage of the China outbound M&A trend. Some key China deals for UBS include the merger of China COSCO and COSCO Pacific, and Cinda Asset Management’s US$8.8 billion acquisition of Nanyang Commercial Bank in Hong Kong.
UBS has also played a pivotal role in the capital markets space. During the review period, the house took a number of financial institutions public, including Everbright Securities, Postal Savings Bank of China, and China Merchants Securities. In M&A, UBS, similar to Credit Suisse, took advantage of the China outbound M&A trend. Some key China deals for UBS include the merger of China COSCO and COSCO Pacific, and Cinda Asset Management’s US$8.8 billion acquisition of Nanyang Commercial Bank in Hong Kong.
Best ESG bank
Nominees: Bank of America Merrill Lynch, Credit Agricole CIB
Nominees: Bank of America Merrill Lynch, Credit Agricole CIB
Crédit Agricole
Crédit Agricole, which set up its sustainable banking unit in 2010, has been very active in Asia’s green bond space. During The Asset’s review period, the French bank has done green deals for the likes of Axis Bank, Bank of China, and Hyundai Capital Service. The Bank of China trade represented the first Asia ex-Japan EUR green bond issuance and the largest ever-international green bond offering. The bank also plays a key part in impact investing, which focuses on projects with financial, social, and environmental objectives.
Crédit Agricole, which set up its sustainable banking unit in 2010, has been very active in Asia’s green bond space. During The Asset’s review period, the French bank has done green deals for the likes of Axis Bank, Bank of China, and Hyundai Capital Service. The Bank of China trade represented the first Asia ex-Japan EUR green bond issuance and the largest ever-international green bond offering. The bank also plays a key part in impact investing, which focuses on projects with financial, social, and environmental objectives.
Bank of America Merrill Lynch
Bank of America Merrill Lynch has been a major driver in the green bond base. During the review period, the bank took part in the Asian green bond issuances of Axis Bank, Bank of China, and Hyundai Capital Services. The bank also worked with Hong Kong issuers such as MTR and Link REIT in their debut green bonds. The Link REIT trade was the first green bond from a Hong Kong corporate. In terms of green financing, the bank has a commitment to US$125 billion in low-carbon business by 2025 through lending, investing, capital raising, advisory services, and developing financing solutions for clients around the world. Moreover, Bank of America Merrill Lynch has been pushing ESG schemes internally. During the review period the bank has made efforts to reduce its operational footprint through LEED certification and bin-less offices.
Bank of America Merrill Lynch has been a major driver in the green bond base. During the review period, the bank took part in the Asian green bond issuances of Axis Bank, Bank of China, and Hyundai Capital Services. The bank also worked with Hong Kong issuers such as MTR and Link REIT in their debut green bonds. The Link REIT trade was the first green bond from a Hong Kong corporate. In terms of green financing, the bank has a commitment to US$125 billion in low-carbon business by 2025 through lending, investing, capital raising, advisory services, and developing financing solutions for clients around the world. Moreover, Bank of America Merrill Lynch has been pushing ESG schemes internally. During the review period the bank has made efforts to reduce its operational footprint through LEED certification and bin-less offices.
Best Private Equity House 2016
Affinity Equity Partners
Affinity Equity Partners
Amid the intense competition, expensive valuation and pressures to deploy, Affinity Equity Partners has remained disciplined to strike the best deal at fair valuation and able to exit at multiples that is the envy of peers.
Key deals include the sale of Loen Entertainment, Korea’s music streaming service, to Kakao Corp in a US$1.5 billion trade sale. For its 30-month investment, Affinity generated 6.7x of its investment capital and an IRR of close to 100%. Affinity also engineered the IPO of Tegel Group, a poultry producer, in a rare IPO exit by a private equity fund.
Advisory
Best M&A house
Nominees: Bank of America Merrill Lynch, Credit Suisse, Evercore, HSBC, UBS
Best M&A house
Nominees: Bank of America Merrill Lynch, Credit Suisse, Evercore, HSBC, UBS
Bank of America Merrill Lynch
Bank of America Merrill Lynch was particularly active in China outbound activity. During the review period the firm was involved key China related deals including Qingdao Haier’s US$5.4 billion acquisition of GE Appliances and Tencent’s US$8.6 billion acquisition of Supercell.
Bank of America Merrill Lynch was particularly active in China outbound activity. During the review period the firm was involved key China related deals including Qingdao Haier’s US$5.4 billion acquisition of GE Appliances and Tencent’s US$8.6 billion acquisition of Supercell.
In the case of the Tencent deal, it was the largest Chinese outbound deal in the technology space. Bank of America Merrill Lynch was also involved Southeast Asian deals such as the US$866 million privatization of SMRT Corporation.
Credit Suisse
Credit Suisse was also part of the SMRT deal, advising Temasek its 46% stake purchase. The SMRT deal represented the largest rail privatization offer in Southeast Asia.
Credit Suisse was also part of the SMRT deal, advising Temasek its 46% stake purchase. The SMRT deal represented the largest rail privatization offer in Southeast Asia.
Credit Suisse also had its fair share of Chinese M&A deals. The bank was involved in IFM Investors’ Pacific Hydro sale of power and renewable business to Chinese State Power and Investment Corporation (SPIC). Credit Suisse furthermore did some key M&A deals in India including Viom Network’s 51% stake sale to American Tower Corporation.
Evercore
Evercore has been quite active in Asian M&A especially in Southeast Asia. The firm took part in Century Pacific Group and GIC’s acquisition of Shakey’s Philippines. Additionally, Evercore worked with Biosensors International in its US$1 billion takeover of CB Medical.
Evercore has been quite active in Asian M&A especially in Southeast Asia. The firm took part in Century Pacific Group and GIC’s acquisition of Shakey’s Philippines. Additionally, Evercore worked with Biosensors International in its US$1 billion takeover of CB Medical.
HSBC
HSBC was involved in both Groupe Casino exits from Thailand and Vietnam. The bank also was buy-side adviser in CMA’s US$2.4 billion purchase of NOL.
HSBC was involved in both Groupe Casino exits from Thailand and Vietnam. The bank also was buy-side adviser in CMA’s US$2.4 billion purchase of NOL.
Another key deal for the bank was its involvement in China Overseas Land & Investment US$4.8 billion acquisition of CITIC Group’s property portfolio.
UBS
UBS was a key part of several Greater China deals such as China COSCO and COSCO Pacific restructuring process involving assets worth US$19 billion. Moreover, the organization was lead joint financial adviser in China Resources Beer’s US$1.4 billion 49% stake acquisition in China Resources Snow Breweries from SABMiller. In Hong Kong, UBS assisted Cinda Asset Management in its US$8.8 billion purchase of Nanyang bank representing the largest acquisition of a Hong Kong-based bank in history.
UBS was a key part of several Greater China deals such as China COSCO and COSCO Pacific restructuring process involving assets worth US$19 billion. Moreover, the organization was lead joint financial adviser in China Resources Beer’s US$1.4 billion 49% stake acquisition in China Resources Snow Breweries from SABMiller. In Hong Kong, UBS assisted Cinda Asset Management in its US$8.8 billion purchase of Nanyang bank representing the largest acquisition of a Hong Kong-based bank in history.
Best Consumer and Retail Adviser
Bank of America Merrill Lynch
Bank of America Merrill Lynch was a strong player in the consumer/retail space. During the review period, the bank was financial adviser to Qingdao Haier in its US$5.4 billion acquisition of GE Appliances. Moreover, Bank of America Merrill Lynch played a role in Groupe Casino’s exit from Thailand. Aside from M&A, the bank had a sole global coordinator role in 361 Degrees International’s US$400 million debut bond.
Bank of America Merrill Lynch
Bank of America Merrill Lynch was a strong player in the consumer/retail space. During the review period, the bank was financial adviser to Qingdao Haier in its US$5.4 billion acquisition of GE Appliances. Moreover, Bank of America Merrill Lynch played a role in Groupe Casino’s exit from Thailand. Aside from M&A, the bank had a sole global coordinator role in 361 Degrees International’s US$400 million debut bond.
Best Commodities/Resource Adviser
Credit Suisse
Credit Suisse showcased its expertise in the commodities/resource space. Throughout 2016, the bank executed key deals in the sector, such as the US$1.2 billion sale of Duke Energy to China Three Gorges Corporation, and ExxonMobil’s US$3.9 billion acquisition of InterOil. The bank also did the financing for ChemChina M&A deals involving KrassMaffei and Syngenta. ChemChina’s US$43 billion acquisition announcement of Syngenta grabbed headlines earlier last year to be one of the most significant commodities deal of late. The deal awaits regulatory approval.
Credit Suisse
Credit Suisse showcased its expertise in the commodities/resource space. Throughout 2016, the bank executed key deals in the sector, such as the US$1.2 billion sale of Duke Energy to China Three Gorges Corporation, and ExxonMobil’s US$3.9 billion acquisition of InterOil. The bank also did the financing for ChemChina M&A deals involving KrassMaffei and Syngenta. ChemChina’s US$43 billion acquisition announcement of Syngenta grabbed headlines earlier last year to be one of the most significant commodities deal of late. The deal awaits regulatory approval.
Best financial institution adviser
Credit Suisse
Credit Suisse continued to solidify its expertise in advising financial institutions, being involved in all three of UOB’s bonds, and also helped RHB and KDB Bank with their capital requirements. In M&A, the bank was adviser to Bank of Singapore in its US$320 million Barclays Singapore/Hong Kong wealth and investment management businesses. Early last year, Credit Suisse worked with Korea Development Bank in its 43% sale stake in Daewoo Securities to a Mirae Asset consortium.
Credit Suisse
Credit Suisse continued to solidify its expertise in advising financial institutions, being involved in all three of UOB’s bonds, and also helped RHB and KDB Bank with their capital requirements. In M&A, the bank was adviser to Bank of Singapore in its US$320 million Barclays Singapore/Hong Kong wealth and investment management businesses. Early last year, Credit Suisse worked with Korea Development Bank in its 43% sale stake in Daewoo Securities to a Mirae Asset consortium.
Best Green Adviser Award
Bank of America Merrill Lynch
Bank of America Merrill Lynch also was a key player in the green space. A traditionally strong green bond player, the bank took part in the green bond issuances of Bank of China, Axis Bank, and Zhejiang Geely, to name few. In M&A, the bank worked with Chinese energy companies such as State Grid Corporation of China, and China Three Gorges Corporation, in their acquisitions of renewable energy assets.
Bank of America Merrill Lynch
Bank of America Merrill Lynch also was a key player in the green space. A traditionally strong green bond player, the bank took part in the green bond issuances of Bank of China, Axis Bank, and Zhejiang Geely, to name few. In M&A, the bank worked with Chinese energy companies such as State Grid Corporation of China, and China Three Gorges Corporation, in their acquisitions of renewable energy assets.
Best Insurance/NBFI Adviser
Bank of America Merrill Lynch
In the insurance and the non-bank financial institution sector, Bank of America Merrill Lynch stood out due to its work in key Asian markets. In India for example, the bank was financial adviser to ICICI Bank in its dual stake sales to Fairfax Financial, Premji Invest, and Temasek, raising US$335 million. In the Greater China region, the bank brought Everbright Securities and China Development Bank Financial Leasing public on the Hong Kong exchange, and did bond deals for the likes of China Cinda Asset Management and Ping An Life Insurance.
Best Pharma/Heathcare Adviser
Credit Suisse
Credit Suisse was a participant in important healthcare deals, such as Samsung Biologics US$2 billion IPO – a highly successful deal that saw strong investor demand. In healthcare DCM, Credit Suisse worked with the likes of Yestar International and Jubilant Pharma in their respective bond issues.
Best Real Estate Adviser
HSBC
HSBC demonstrated its ability to execute significant deals for its real estate cliental. During the review period the bank worked with New World Development in its US$2.6 billion privatization of New World China. Moreover, HSBC was part of Blackstone’s US$1.9 billion sale of a majority equity interest in SCPG, and a portfolio of shopping malls to Vanke.
HSBC
HSBC demonstrated its ability to execute significant deals for its real estate cliental. During the review period the bank worked with New World Development in its US$2.6 billion privatization of New World China. Moreover, HSBC was part of Blackstone’s US$1.9 billion sale of a majority equity interest in SCPG, and a portfolio of shopping malls to Vanke.
In DCM, HSBC was a joint bookrunner and joint lead manager to Country Garden’s US$650 million 7 year NC4 senior bond offering. In addition, HSBC was part of a group of banks that executed China Overseas Land’s US$1.5 billion convertible bond.
Best TMT Adviser
Credit Suisse
Credit Suisse worked with a number of high-profile technology companies across the spectrum. During the review period, the Credit Suisse was advisor to Alibaba Group in its US$1 billion controlling stake acquisition of Lazada, and the US$13 billion merger of ASE and SPIL. The bank also guided companies such as TVB and Tencent in their debt financing schemes. Credit Suisse had a hand in emerging technologies working with the likes of Didi and GoGo Van in their respective private placements.
Best Transport Adviser
UBS
The UBS franchise in Asia was particularly active in the transport sector during the review period. The bank was a key partner to HNA in its e475 million acquisition of Servair, and CHF 1.9 billion purchase of gategroup. Moreover, UBS played a part in China Railway Construction and CRCC Corp’s convertible bonds. Last year UBS also did a 14.47 billion yuan A-share private placement for BYD, one of the largest private placements in the automobile industry.
UBS
The UBS franchise in Asia was particularly active in the transport sector during the review period. The bank was a key partner to HNA in its e475 million acquisition of Servair, and CHF 1.9 billion purchase of gategroup. Moreover, UBS played a part in China Railway Construction and CRCC Corp’s convertible bonds. Last year UBS also did a 14.47 billion yuan A-share private placement for BYD, one of the largest private placements in the automobile industry.
Capital Markets
Best equity house
Nominees: Citi, Credit Suisse, Deutsche Bank, Morgan Stanley, UBS
2015 winner: Credit Suisse
Citi
Citi is one, scoring its fair share of IPOs. During the review period the bank was involved in Samsung BioLogics’ US$2 billion IPO, which priced at the top of the range, and gave investors a chance to invest in one of the most promising companies and in one of the most promising sectors.
Citi is one, scoring its fair share of IPOs. During the review period the bank was involved in Samsung BioLogics’ US$2 billion IPO, which priced at the top of the range, and gave investors a chance to invest in one of the most promising companies and in one of the most promising sectors.
Citi also took key companies such as Cemex Philippines and Gridsum public last year. Aside from IPOs the bank did several block trades in Korea and India.
Credit Suisse
Credit Suisse, similar to Citi, also had an active year having been also involved in the Samsung BioLogics IPO. Elsewhere in North Asia, Credit Suisse assisted China Logistics Property Holdings with its US$458 million IPO. The house also did some non-IPO deals including Telekomunikasi Indonesia’s US$250 million block trade. The trade represented the largest-ever treasury share placement in Indonesia to date.
Credit Suisse, similar to Citi, also had an active year having been also involved in the Samsung BioLogics IPO. Elsewhere in North Asia, Credit Suisse assisted China Logistics Property Holdings with its US$458 million IPO. The house also did some non-IPO deals including Telekomunikasi Indonesia’s US$250 million block trade. The trade represented the largest-ever treasury share placement in Indonesia to date.
Deutsche Bank
Deutsche Bank was part of China Logistics Property Holdings US$458 million IPO and in addition also did significant IPOs across the region. In India, the bank took part in ICICI Prudential Life Insurance’s US$903 million IPO, the largest IPO in India during 2016.
Deutsche Bank was part of China Logistics Property Holdings US$458 million IPO and in addition also did significant IPOs across the region. In India, the bank took part in ICICI Prudential Life Insurance’s US$903 million IPO, the largest IPO in India during 2016.
In the quiet IPO market of Indonesia, the bank was able to secure a joint bookrunner role for PT Cikarang Listrindo’s US$265 million IPO which was covered multiple times. Deutsche Bank originated the two largest long-only anchor orders in the book.
Morgan Stanley
Morgan Stanley is also nominated for the Triple A Best Equity House. The bank took part in Fraser Logistics & Industrial Trust’s US$664.9 million IPO in Singapore and RBL Bank’s 12.1 billion rupee IPO in India. The RBL Bank trade represented the first private sector bank IPO in over a decade and was met with demand of around 570 billion rupees.
Morgan Stanley is also nominated for the Triple A Best Equity House. The bank took part in Fraser Logistics & Industrial Trust’s US$664.9 million IPO in Singapore and RBL Bank’s 12.1 billion rupee IPO in India. The RBL Bank trade represented the first private sector bank IPO in over a decade and was met with demand of around 570 billion rupees.
UBS
UBS also had significant deals in the equity market. The bank was part of the Cikarang Listrindo’s US$265 million IPO. Outside of Southeast Asia, UBS was active in North Asia financial institution deals, working with Everbright Securities, China Merchants Securities, and Postal Savings Bank of China, on their respective public listings. Postal Savings Bank of China was the largest equity offering globally in 2016.
UBS also had significant deals in the equity market. The bank was part of the Cikarang Listrindo’s US$265 million IPO. Outside of Southeast Asia, UBS was active in North Asia financial institution deals, working with Everbright Securities, China Merchants Securities, and Postal Savings Bank of China, on their respective public listings. Postal Savings Bank of China was the largest equity offering globally in 2016.
Best equity-linked house
Nominees: Citi, Deutsche Bank, J.P. Morgan, Morgan Stanley, UBS
2015 winner: Credit Suisse
Nominees: Citi, Deutsche Bank, J.P. Morgan, Morgan Stanley, UBS
2015 winner: Credit Suisse
Citi
As one of the nominees, Citi took part in China Overseas Holdings’ highly complex simultaneous cash tender of US$750 million existing exchangeable bond (EB) and issuance of US$1.5 billion new exchange bond now due in 2023. The deal structure was a win for the company, which saw demand of US$3.5 billion at the bottom of the range. The house was also involved in Kakao/Loen’s US$200 million exchangeable offering, which leveraged on the chat app operator’s newly acquired shares of streaming operator Loen Entertainment.
As one of the nominees, Citi took part in China Overseas Holdings’ highly complex simultaneous cash tender of US$750 million existing exchangeable bond (EB) and issuance of US$1.5 billion new exchange bond now due in 2023. The deal structure was a win for the company, which saw demand of US$3.5 billion at the bottom of the range. The house was also involved in Kakao/Loen’s US$200 million exchangeable offering, which leveraged on the chat app operator’s newly acquired shares of streaming operator Loen Entertainment.
Deutsche Bank
Deutsche Bank also had its fair share of equity-linked deals. The German bank, despite of the troubles back in Frankfurt, was able to execute Softbank Group into Alibaba’s US$6.6 billion EB, which was the largest-ever equity-linked transaction globally. The house, moreover, did a sole global coordinator deal for Hunan Valin into FMG’s (Fortescue Metals Group) US$355 million EB. It was a challenging deal as it involved a non-central Chinese SOE issuing into a Singapore-incorporated holding company.
Deutsche Bank also had its fair share of equity-linked deals. The German bank, despite of the troubles back in Frankfurt, was able to execute Softbank Group into Alibaba’s US$6.6 billion EB, which was the largest-ever equity-linked transaction globally. The house, moreover, did a sole global coordinator deal for Hunan Valin into FMG’s (Fortescue Metals Group) US$355 million EB. It was a challenging deal as it involved a non-central Chinese SOE issuing into a Singapore-incorporated holding company.
J.P. Morgan
J.P. Morgan was active with North Asian clients. Earlier last year the house secured a joint bookrunner role in China Railway Construction’s US$500 million convertible bond (CB). The 37.5% conversion premium represents the largest conversion premium ever achieved for a zero-coupon yield to maturity of a China convertible bond. J.P. Morgan in addition, was an underwriter for Ctrip.com’s US$900 million CB.
J.P. Morgan was active with North Asian clients. Earlier last year the house secured a joint bookrunner role in China Railway Construction’s US$500 million convertible bond (CB). The 37.5% conversion premium represents the largest conversion premium ever achieved for a zero-coupon yield to maturity of a China convertible bond. J.P. Morgan in addition, was an underwriter for Ctrip.com’s US$900 million CB.
Morgan Stanley
Morgan Stanley, during The Asset’s review period, completed US$3.9 billion worth of equity-linked deals. Some of Morgan Stanley’s transactions include Ctrip.com’s US$900 million CB and China Railway Construction’s US$500 million CB. The house also worked with CICC and UBS on CRRC Corporation’s US$600 million H-share CB. It was the first publicly announced H-share CB.
Morgan Stanley, during The Asset’s review period, completed US$3.9 billion worth of equity-linked deals. Some of Morgan Stanley’s transactions include Ctrip.com’s US$900 million CB and China Railway Construction’s US$500 million CB. The house also worked with CICC and UBS on CRRC Corporation’s US$600 million H-share CB. It was the first publicly announced H-share CB.
UBS
UBS, like J.P. Morgan and Morgan Stanley, was involved in both the CRRC Corporation and China Railway Construction CBs. In addition, UBS was able to execute SANY Group’s 5.35 billion yuan EB, the largest exchangeable bond on the A-share market. In Southeast Asia, UBS secured a sole bookrunner mandate for Charoen Pokphand Foods US$300 million EB.
UBS, like J.P. Morgan and Morgan Stanley, was involved in both the CRRC Corporation and China Railway Construction CBs. In addition, UBS was able to execute SANY Group’s 5.35 billion yuan EB, the largest exchangeable bond on the A-share market. In Southeast Asia, UBS secured a sole bookrunner mandate for Charoen Pokphand Foods US$300 million EB.
The deal represents the largest EB from Thailand on record. Charoen is Thailand’s largest meat and feed producer and owns a stake in CP All, the country’s largest convenience store operator.
Best mid-cap equity house
Credit Suisse
2015 winner: Credit Suisse
Credit Suisse is the winner of the Triple A Best Mid-Cap Equity House category due to its remarkable work in servicing a number of key mid-cap companies across the region. Key mid-cap deals for the bank during the review period include Samsung BioLogics US$2 billion IPO and Masan Group’s US$139 million blocktrade. The Masan Group trade represented the largest ever equity block placement in Vietnamese history.
Best small cap equity house
Citi
2015 winner: DBS
Citi was a proactive player in the small-cap space assisting companies with various equity transactions involving IPOs, follow-on offerings, rights offerings and block trades. The house in particular was part of key deals in Southeast Asia such as Cikarang Listrindo’s US$266 million IPO, CEMEX Philippine’s US$536 million IPO and Frasers REIT’s US$684 million IPO.
Citi
2015 winner: DBS
Citi was a proactive player in the small-cap space assisting companies with various equity transactions involving IPOs, follow-on offerings, rights offerings and block trades. The house in particular was part of key deals in Southeast Asia such as Cikarang Listrindo’s US$266 million IPO, CEMEX Philippine’s US$536 million IPO and Frasers REIT’s US$684 million IPO.
Best debt house
Nominees: Citi, Credit Agricole CIB, DBS, HSBC, Standard Chartered
2015 winner: HSBC
Nominees: Citi, Credit Agricole CIB, DBS, HSBC, Standard Chartered
2015 winner: HSBC
Citi
Citi was among the leading bond arrangers in 2016 across the spectrum of issuers in the sovereign, corporate, and financial institution sectors. Among its landmark deals include the inaugural euro transaction by Temasek, CK Hutchison’s first US dollar offering following the group’s 2015 reorganization, and Sinopec’s US$3 billion issue – the largest bond deal from an Asian corporate in 2016.
Citi was among the leading bond arrangers in 2016 across the spectrum of issuers in the sovereign, corporate, and financial institution sectors. Among its landmark deals include the inaugural euro transaction by Temasek, CK Hutchison’s first US dollar offering following the group’s 2015 reorganization, and Sinopec’s US$3 billion issue – the largest bond deal from an Asian corporate in 2016.
The bank executed a diverse array of M&A-related financing, which was a bright spot in the shrinking syndicated loan market. This included underwriting and pre-funding the A$500 million acquisition package to support Universal Robina Corporation of the Philippines in its purchase of snack food manufacturer Consolidated Snacks in Australia.
Citi also brought issuers and borrowers into the securitization market, arranging both cross-border and domestic deals for clients in China and South Korea.
Credit Agricole CIB
Credit Agricole CIB has likewise built a strong debt franchise, anchored by loans and bonds. It was involved, among others, in the US$12.7 billion term loan and revolving credit facilities for China National Chemical Corporation (ChemChina), US$925 million syndicated senior term loan and revolving credit facilities for Birla Carbon Group (India), and in the US$600 million term loan for Tata Motors.
Credit Agricole CIB has likewise built a strong debt franchise, anchored by loans and bonds. It was involved, among others, in the US$12.7 billion term loan and revolving credit facilities for China National Chemical Corporation (ChemChina), US$925 million syndicated senior term loan and revolving credit facilities for Birla Carbon Group (India), and in the US$600 million term loan for Tata Motors.
The bank captured the sustainable financing theme in 2016 with green bond deals for Bank of China, Axis Bank, Hyundai Capital Services, and Export-Import Bank of Korea. It was also involved in the euro bond issues by CK Hutchinson Holdings and China Development Bank.
DBS
Being a homegrown regional bank is not a hindrance for DBS as it was able to execute debt capital markets deals across different markets in Asia. The bank has brought several issuers in the US dollar bond market as well as in Asian local currency bond markets such as in Singapore dollar, Hong Kong dollar, Indonesian rupiah, and Indian rupee.
Being a homegrown regional bank is not a hindrance for DBS as it was able to execute debt capital markets deals across different markets in Asia. The bank has brought several issuers in the US dollar bond market as well as in Asian local currency bond markets such as in Singapore dollar, Hong Kong dollar, Indonesian rupiah, and Indian rupee.
DBS’ loan footprint extends to China, Hong Kong, India, Indonesia, and Taiwan. Among the key deals in 2016 that defined its franchise include the S$190 million syndicated facility in relation to the privatization of Eu Yan Sang, US$455.75 million to fund the acquisition of Interplex Holdings by Baring Private Equity Asia, and US$540 million term and revolving credit facilities for TCC International Holdings.
The bank also participated in securitization deals in 2016, including acting as a joint lead arranger in the US$250 million inaugural cross-border asset-backed securities (ABS) for Hyundai Commercial.
HSBC
The depth and breadth of HSBC’s debt capital markets franchise spans across several jurisdictions in Asia. It maintained the league table leadership again in G3 bond issuances in 2016, arranging bank capital, green bonds, and corporate hybrids as well as undertaking liability management exercises for clients.
The depth and breadth of HSBC’s debt capital markets franchise spans across several jurisdictions in Asia. It maintained the league table leadership again in G3 bond issuances in 2016, arranging bank capital, green bonds, and corporate hybrids as well as undertaking liability management exercises for clients.
It was a leading arranger in Asian local currency bonds, including Panda bonds, and brought several new issuers into the market such as Republic of Poland and Province of British Columbia.
The bank was involved in a number of significant loan transactions in the region, providing acquisition financing for ChemChina, Tencent Holdings, and Berli Jucker. It also led a number of first-time borrowers to the syndicated loan market under subdued market conditions, arranging a US$2 billion loan for Baidu, and HK$4.5 billion facility for Truly Semiconductors.
HSBC is likewise a key arranger and underwriter in the securitization market with key auto loan ABS deals in China, including those for Volkswagen Finance (China) Company, Mercedes-Benz Auto Finance, Ford Automotive Finance (China), and Dongfeng Nissan Auto Finance Company
Standard Chartered
Standard Chartered is another nominee for the Triple A Best Debt House with strong franchise in G3 bonds and Asian local currency bonds. Among its key deals include the US$300 million subordinated tier 2 Formosa bonds by ABN AMRO, US$500 million for Adani Transmissions, and US$312 million for EDL-Generation, the largest ever bond offering by a Lao PDR issuer.
Standard Chartered is another nominee for the Triple A Best Debt House with strong franchise in G3 bonds and Asian local currency bonds. Among its key deals include the US$300 million subordinated tier 2 Formosa bonds by ABN AMRO, US$500 million for Adani Transmissions, and US$312 million for EDL-Generation, the largest ever bond offering by a Lao PDR issuer.
In terms of loans, the bank has secured several sole-led deals such as the US$750 million dual tranche syndicated loan for Baoxin Auto Group, and the US$400 million term loan facility for Wanda Commercial Properties, both of China. It helped overseas issuers access the Asian liquidity, and secured regional Japanese and institutional liquidity for the Asian loan market.
Standard Chartered likewise flexed its muscle in the securitization market in 2016 with deals in key markets, including China, Korea, Hong Kong, India, and Singapore.
It closed repackage note transactions for financial leasing and securities companies during the year, and was involved in auto loan ABS in China and aircraft related financing in South Korea.
Best loan house
Nominees: ANZ, DBS, HSBC, Standard Chartered
2015 winner: ANZ
ANZ
With the strengthening of the US dollar and rates likely to go higher, borrowers shifter their financing needs increasingly to domestic market. Against this backdrop, a number of international banks managed to stay the course by focusing on key clients. ANZ is such bank that despite its size relative to peers was involved in a number of defining deals including the US$3.5 billion term loan facility for Tencent Holdings in their first non-recourse acquisition transaction. Another interesting deal was the US$250 million loan for TML Holdings where ANZ was able to provide a significant cost saving proposal to the borrower through a bond buyback, supported by a fully underwritten loan proposal.
With the strengthening of the US dollar and rates likely to go higher, borrowers shifter their financing needs increasingly to domestic market. Against this backdrop, a number of international banks managed to stay the course by focusing on key clients. ANZ is such bank that despite its size relative to peers was involved in a number of defining deals including the US$3.5 billion term loan facility for Tencent Holdings in their first non-recourse acquisition transaction. Another interesting deal was the US$250 million loan for TML Holdings where ANZ was able to provide a significant cost saving proposal to the borrower through a bond buyback, supported by a fully underwritten loan proposal.
DBS
Among homegrown banks, DBS is ahead and is a lead arranger in deals including away from its home market of Singapore. While many of its rivals saw their loan fees decline amid the subdued level of activity, the bank managed to increase its wallet share as of December 13 2016. According to Thomson-Reuters, the Singaporean lender has raised its wallet from 2.9% to 3.4% year-on-year, arranging the same number of transactions during the period.
Among homegrown banks, DBS is ahead and is a lead arranger in deals including away from its home market of Singapore. While many of its rivals saw their loan fees decline amid the subdued level of activity, the bank managed to increase its wallet share as of December 13 2016. According to Thomson-Reuters, the Singaporean lender has raised its wallet from 2.9% to 3.4% year-on-year, arranging the same number of transactions during the period.
HSBC
HSBC, on the other hand, played to its strength and captured a big slice of the Greater China market, which is the most important loan market in the region. It was involved in a number of large transactions, including ChemChina and Tencent Holdings, and acted as coordinator and/or sole bookrunner for multiple deals. Its local currency franchise across the region also enabled the bank to arrange domestic currency transactions.
HSBC, on the other hand, played to its strength and captured a big slice of the Greater China market, which is the most important loan market in the region. It was involved in a number of large transactions, including ChemChina and Tencent Holdings, and acted as coordinator and/or sole bookrunner for multiple deals. Its local currency franchise across the region also enabled the bank to arrange domestic currency transactions.
Standard Chartered
Standard Chartered stands out as it not only has to deal with the subdued loan market activity but it also was undergoing internal changes. With the creation of a new financing group within corporate finance, loan syndication was absorbed into it.
Standard Chartered stands out as it not only has to deal with the subdued loan market activity but it also was undergoing internal changes. With the creation of a new financing group within corporate finance, loan syndication was absorbed into it.
Operating in the new set-up, the bank has secured several sole-led deals such as the US$750 million dual tranche syndicated loan for Baoxin Auto Group and the US$400 million term loan facility for Wanda Commercial Properties, both of China. Leveraging on its emerging market footprint, it helped African clients to access robust Asian liquidity. With its mantra of originate and distribute, it secured regional Japanese and institutional liquidity for the Asian loan market.
Best bond house
Nominees: Bank of America Merrill Lynch, BOC International, Citi, DBS, HSBC
2015 winner: HSBC
Nominees: Bank of America Merrill Lynch, BOC International, Citi, DBS, HSBC
2015 winner: HSBC
Bank of America Merrill Lynch
Bank of America Merrill Lynch, which reorganized its debt capital markets team in Asia-Pacific in 2016 and created a debt solutions unit, captured the sustainable financing theme that attracted a lot of attention in 2016. It arranged 10 green bonds out of Asia in 2016, including the US$2.25 billion/E500 million offering for Bank of China, the largest ever international green bond issuance globally as well as for Asian Development Bank and Development Bank of Japan.
BoC International
BoC International provided strong competition to the global banks on the back of its origination and execution capability. It was able to leverage on its access to Chinese investors, which was a big trend in 2016. Apart from the BoC green bond, it was also involved in several large transactions such as the US$3 billion multi-tranche offering for Sinopec and the US$3.2 billion additional tier 1 (AT1) preference share for China Cinda Asset Management Company.
BoC International provided strong competition to the global banks on the back of its origination and execution capability. It was able to leverage on its access to Chinese investors, which was a big trend in 2016. Apart from the BoC green bond, it was also involved in several large transactions such as the US$3 billion multi-tranche offering for Sinopec and the US$3.2 billion additional tier 1 (AT1) preference share for China Cinda Asset Management Company.
Citi
Citi also arranged market-defining bond transactions in 2016 across the spectrum of issuers. It participated in bank capital fund raising issuances, particularly Basel III-compliant securities, such as in the US$750 million AT1 capital for DBS Group and the US$300 million AT1 for the State Bank of India. It brought first time issuers into the market such as Glenmark Pharmaceuticals of India and Industrial Bank of China.
Citi also arranged market-defining bond transactions in 2016 across the spectrum of issuers. It participated in bank capital fund raising issuances, particularly Basel III-compliant securities, such as in the US$750 million AT1 capital for DBS Group and the US$300 million AT1 for the State Bank of India. It brought first time issuers into the market such as Glenmark Pharmaceuticals of India and Industrial Bank of China.
A blemish, though, to an otherwise sterling year for Citi, was the pulled deal for Korean Air Lines for US$300 million, which the market chatter attributed to the problems of its embattled affiliate Hanjin Shipping.
DBS
Like in the loan syndication business, DBS carries the torch for the homegrown investment banks in the G3 bond market, as it continued to strengthen its franchise in the region. It successfully arranged Reg S and Reg S/144A benchmark transactions. Its competencies include structuring perpetual securities, such as those for Olam International for US$500 million, and CITIC Envirotech for US$355 million.
Like in the loan syndication business, DBS carries the torch for the homegrown investment banks in the G3 bond market, as it continued to strengthen its franchise in the region. It successfully arranged Reg S and Reg S/144A benchmark transactions. Its competencies include structuring perpetual securities, such as those for Olam International for US$500 million, and CITIC Envirotech for US$355 million.
HSBC
With an extensive geographic coverage across Asian G3, HSBC managed to maintain its league table leadership again in 2016 – to the extent of becoming boring to many of its competitors. The bank continued to bring a wide array of transactions into the market across the sovereign, financial, and corporate sectors. It was instrumental in bringing into the US dollar bond market more local government financing vehicles from China as they access US dollar funding, such as Tianjin Rail Transit Group, which raised US$500 million in two tranches, and Yunnan Provincial Investment Group amounting to US$300 million.
With an extensive geographic coverage across Asian G3, HSBC managed to maintain its league table leadership again in 2016 – to the extent of becoming boring to many of its competitors. The bank continued to bring a wide array of transactions into the market across the sovereign, financial, and corporate sectors. It was instrumental in bringing into the US dollar bond market more local government financing vehicles from China as they access US dollar funding, such as Tianjin Rail Transit Group, which raised US$500 million in two tranches, and Yunnan Provincial Investment Group amounting to US$300 million.
HSBC was also a driver in sustainable financing acting as structuring adviser on such green bond deals for Link Reit, MTR Corporation and Modern Land (China).
Most improved bond house
Credit Agricole CIB
Credit Agricole CIB
Credit Agricole Corporate and Investment Bank has demonstrated a big improvement in the G3 bond market in Asia and was even in fact able to capture one of the big themes in 2016 – green bond. The bank was involved in at least four green bond deals, including Bank of China’s US$3 billion equivalent multi-currency offering, which was the largest ever international green bond issuance globally.
Best emerging market bond house
Nominees: Deutsche Bank, HSBC
2015 winner: Standard Chartered Bank
Nominees: Deutsche Bank, HSBC
2015 winner: Standard Chartered Bank
Deutsche Bank
Deutsche Bank was involved in several interesting transactions, acting as the sole global coordinator, left lead bookrunner, and rating adviser in the US$1.2 billion dual tranche senior secured note for Studio City Company. The largest high yield offering ever from North Asia, the deal was positioned as a Reg S/144A trade to capture the strong technical bid for high yield supply in Asia, and the demand for gaming assets across the US accounts.
Deutsche Bank was involved in several interesting transactions, acting as the sole global coordinator, left lead bookrunner, and rating adviser in the US$1.2 billion dual tranche senior secured note for Studio City Company. The largest high yield offering ever from North Asia, the deal was positioned as a Reg S/144A trade to capture the strong technical bid for high yield supply in Asia, and the demand for gaming assets across the US accounts.
In other transactions, it was a joint global coordinator in the US$260 million re-opening for Lippo Karawaci, and in the US$300 million senior bond for HT Global IT Solutions Holdings, which was the first high yield bond transaction post Brexit. Deutsche Bank was also a joint bookrunner in the US$500 million green bond for Greenko Investment Company, the first such deal from an Asian high yield corporate, and in the US$550 million senior bond for Cikarang Listrindo, which re-opened the 10-year space for Indonesian non-sovereign-linked corporates.
HSBC
HSBC likewise brought several high yield issuers into the G3 bond market. Twelve of its sixteen mandates came from HSBC commercial banking clients, reflecting the importance of this client base within the bank and continuing its ongoing collaboration efforts. It was a joint global coordinator in the first high yield US dollar bond issuance by an Indian credit in the last 12 months, in June 2016 for Samvardhana Motherson Automotive Systems, amounting to US$300 million. It also secured a repeat mandate from the company for the re-opening of US$100 million tap in August, acting as the only global coordinator for both deals.
HSBC likewise brought several high yield issuers into the G3 bond market. Twelve of its sixteen mandates came from HSBC commercial banking clients, reflecting the importance of this client base within the bank and continuing its ongoing collaboration efforts. It was a joint global coordinator in the first high yield US dollar bond issuance by an Indian credit in the last 12 months, in June 2016 for Samvardhana Motherson Automotive Systems, amounting to US$300 million. It also secured a repeat mandate from the company for the re-opening of US$100 million tap in August, acting as the only global coordinator for both deals.
In other notable transactions, HSBC was a joint global coordinator in the US$200 million offering by Glenmark Pharmaceuticals, which represented the inaugural offshore bond issue by an Indian pharmaceutical company. It was also involved in the first liability management and high yield issuance from Indonesia in 2016 for Sri Rejeki Isman (Sritex). The positive response from the tender offer drove the momentum for the new issue, which was priced significantly lower than the outstanding notes.
Best Asian currency bond house
Nominees: CIMB, DBS, HSBC, Standard Chartered
2015 winner: HSBC
Nominees: CIMB, DBS, HSBC, Standard Chartered
2015 winner: HSBC
CIMB
CIMB has extended its debt capital markets franchise beyond its home market in Malaysia, establishing a strong presence in the Asean region. It acted as a sole global coordinator for the S$100 million CGIF (Credit Guarantee and Investment Facility) guaranteed fixed rate bond for Fullerton Healthcare Corporation, and was the sole lead arranger and lead manager for the one billion Thai baht deal for Ananda Development PCL, the first perpetual offering in Thailand to be wholly placed to high net worth investors.
CIMB has extended its debt capital markets franchise beyond its home market in Malaysia, establishing a strong presence in the Asean region. It acted as a sole global coordinator for the S$100 million CGIF (Credit Guarantee and Investment Facility) guaranteed fixed rate bond for Fullerton Healthcare Corporation, and was the sole lead arranger and lead manager for the one billion Thai baht deal for Ananda Development PCL, the first perpetual offering in Thailand to be wholly placed to high net worth investors.
DBS
Like CIMB, DBS has also built a regional local currency bond footprint beyond its home market in Singapore, as it arranges deals in other currencies across the region, such as in CNY, Hong Kong dollar, Indian rupees, and Indonesian rupiah. It brought foreign issuers into the Hong Kong dollar bond market on a sole basis, such as Commonwealth Bank of Australia (HK$100 million) and KfW (HK$3.875 billion in two deals). It arranged CNY deals for the Singapore branches of China Construction Bank and ICBC, as well as for Chongqing Grain Group Company.
Like CIMB, DBS has also built a regional local currency bond footprint beyond its home market in Singapore, as it arranges deals in other currencies across the region, such as in CNY, Hong Kong dollar, Indian rupees, and Indonesian rupiah. It brought foreign issuers into the Hong Kong dollar bond market on a sole basis, such as Commonwealth Bank of Australia (HK$100 million) and KfW (HK$3.875 billion in two deals). It arranged CNY deals for the Singapore branches of China Construction Bank and ICBC, as well as for Chongqing Grain Group Company.
Among the rupiah deals that DBS arranged in 2016 were those for Medco Energi, Indonesia Eximbank, Astra Sedaya, and Indosat, while the rupee deals were for Tata Power and Apollo Tyres, among others.
HSBC
HSBC likewise captured a big slice of the local currency bond issuances. It connected foreign issuers into pools of local currency liquidity in Asia, as demonstrated by the sovereign issue from Poland in the Panda bond market amounting to 3 billion yuan. It was a driver in the development of the Asian local currency bank capital with deals for UOB amounting to S$750 million; ABN AMRO for S$450 million. In the green bond market, the bank was involved in transactions for NTPC of India for 20 billion rupees. India’s largest power generation company will use green bond proceeds to finance renewable energy projects. HSBC also participated in the New Development Bank’s (NDB) 3 billion yuan green bond issuance. NDB is the development bank set by the BRICS group of emerging economies.
HSBC likewise captured a big slice of the local currency bond issuances. It connected foreign issuers into pools of local currency liquidity in Asia, as demonstrated by the sovereign issue from Poland in the Panda bond market amounting to 3 billion yuan. It was a driver in the development of the Asian local currency bank capital with deals for UOB amounting to S$750 million; ABN AMRO for S$450 million. In the green bond market, the bank was involved in transactions for NTPC of India for 20 billion rupees. India’s largest power generation company will use green bond proceeds to finance renewable energy projects. HSBC also participated in the New Development Bank’s (NDB) 3 billion yuan green bond issuance. NDB is the development bank set by the BRICS group of emerging economies.
Standard Chartered
Standard Chartered maintains its relevance in the Asian local currency bond markets with its share of market-defining transactions in 2016. These included the S$500 million first Asian debt capital market issue by Manulife Financial Corporation, which also represented the first Singapore dollar tier 2 offering by a non-domestic insurance company.
Standard Chartered maintains its relevance in the Asian local currency bond markets with its share of market-defining transactions in 2016. These included the S$500 million first Asian debt capital market issue by Manulife Financial Corporation, which also represented the first Singapore dollar tier 2 offering by a non-domestic insurance company.
The bank was also involved in the first preferred share issuance in the Philippines in 2016, with the 30 billion pesos perpetual preferred share deal for San Miguel Corporation, and in the maiden peso bond offering by SMC Global Power Holdings Corporation amounting to 15 billion pesos.
Best renminbi bond house
Nominees: Bank of China, CICC, HSBC, ICBC
2015 winner: ICBC
Nominees: Bank of China, CICC, HSBC, ICBC
2015 winner: ICBC
Bank of China
Bank of China, for example, has been particularly active in renminbi bond deals. During the review period, the bank was involved in Bank of China (Luxembourg) US$2.8 billion multicurrency (including a yuan tranche) green bond and Veolia 1 billion yuan bond. In the case of Veolia deal, it was the first time when a French corporate tapped the onshore Chinese market for renminbi financing to support its China operations. Bank of China was also involved in offshore deals such as Chinese Ministry of Finance’s 3 billion yuan bond, the sovereign’s first ever international renminbi bond outside China.
Bank of China, for example, has been particularly active in renminbi bond deals. During the review period, the bank was involved in Bank of China (Luxembourg) US$2.8 billion multicurrency (including a yuan tranche) green bond and Veolia 1 billion yuan bond. In the case of Veolia deal, it was the first time when a French corporate tapped the onshore Chinese market for renminbi financing to support its China operations. Bank of China was also involved in offshore deals such as Chinese Ministry of Finance’s 3 billion yuan bond, the sovereign’s first ever international renminbi bond outside China.
CICC
CICC has been quite active in renminbi bond deals especially in domestic market. The company participated in Shanghai Guosheng Assets 5 billion exchangeable yuan bond and China Petroleum & Chemical Corporation’s 20 billion yuan corporate bond. In addition, CICC was also involved in Kunlun Energy’s convertible bond, the first renminbi denominated, CNH-linked and USD settled convertible bond.
CICC has been quite active in renminbi bond deals especially in domestic market. The company participated in Shanghai Guosheng Assets 5 billion exchangeable yuan bond and China Petroleum & Chemical Corporation’s 20 billion yuan corporate bond. In addition, CICC was also involved in Kunlun Energy’s convertible bond, the first renminbi denominated, CNH-linked and USD settled convertible bond.
HSBC
HSBC is the only non-Chinese bank nominated in the Triple A Best Renminbi Bond House category. The international bank was also part of Bank of China (Luxembourg) US$2.8 billion multicurrency green bond deal and Chinese Ministry of Finance’s 3 billion offshore yuan bond. HSBC also participated in Republic of Poland’s 3 billion yuan bond, the first ever panda issuance by a European sovereign.
HSBC is the only non-Chinese bank nominated in the Triple A Best Renminbi Bond House category. The international bank was also part of Bank of China (Luxembourg) US$2.8 billion multicurrency green bond deal and Chinese Ministry of Finance’s 3 billion offshore yuan bond. HSBC also participated in Republic of Poland’s 3 billion yuan bond, the first ever panda issuance by a European sovereign.
ICBC
As the largest and most profitable bank in China, ICBC stood out with the World Bank’s 500 million SDR bond, the global debut SDR-denominated bond in China’s interbank bond market. ICBC was also involved in Wharf Holdings’ 4 billion yuan panda bond and China Technology Financial Leasing’s 400 million offshore yuan bond. In the case of China Technology Financial Leasing’s deal, it adopted a third-party guarantee structure with both the issuer and the guarantor based onshore.
As the largest and most profitable bank in China, ICBC stood out with the World Bank’s 500 million SDR bond, the global debut SDR-denominated bond in China’s interbank bond market. ICBC was also involved in Wharf Holdings’ 4 billion yuan panda bond and China Technology Financial Leasing’s 400 million offshore yuan bond. In the case of China Technology Financial Leasing’s deal, it adopted a third-party guarantee structure with both the issuer and the guarantor based onshore.
Best liability management house
Nominees: Citi, DBS, HSBC
2015 winner: HSBC
Nominees: Citi, DBS, HSBC
2015 winner: HSBC
Citi
Citi was among the banks leading the way in undertaking LM (liability management) exercises for issuers, such as that of China Overseas Holdings Ltd (COHL), which involved the simultaneous cash tender of US$750 million existing exchangeable bond (EB) and issuance of US$1.5 billion new EB. Another deal involved the US$270 million tender offer and US$350 million new bond for Sri Rejeki Isman (Sritex) of Indonesia. This was the first Asian issuer to effectively employ the five-day accelerated tender offer.
Citi was among the banks leading the way in undertaking LM (liability management) exercises for issuers, such as that of China Overseas Holdings Ltd (COHL), which involved the simultaneous cash tender of US$750 million existing exchangeable bond (EB) and issuance of US$1.5 billion new EB. Another deal involved the US$270 million tender offer and US$350 million new bond for Sri Rejeki Isman (Sritex) of Indonesia. This was the first Asian issuer to effectively employ the five-day accelerated tender offer.
In the only second LM exercise targeting corporate hybrid securities in Asia, Citi undertook a tender offer and new issue deal for the International Container Terminal Services Inc (ICTSI) of the Philippines, that extended the duration of its hybrid portfolio at attractive rates. Incidentally, ICTSI also did the first such deal in January 2015.
DBS
DBS carried out 12 LM exercises for issuers in 2016 in various currencies, such as US dollar, Singapore dollar, and CNH/CNY. These include the 3.3 billion yuan tender and consent solicitation for China Eastern Airlines that helped the company redeem its 2017 notes early in their entirety via a pioneering structure. Acting as the sole dealer-manager, this was the first Chinese central state-owned enterprise LM exercise, and the first modified Dutch auction tender with concurrent consent solicitation.
DBS carried out 12 LM exercises for issuers in 2016 in various currencies, such as US dollar, Singapore dollar, and CNH/CNY. These include the 3.3 billion yuan tender and consent solicitation for China Eastern Airlines that helped the company redeem its 2017 notes early in their entirety via a pioneering structure. Acting as the sole dealer-manager, this was the first Chinese central state-owned enterprise LM exercise, and the first modified Dutch auction tender with concurrent consent solicitation.
The bank was the sole structuring adviser and joint dealer-manager in the US$350 million tender and consent solicitation for Yuexiu Property, that enabled the company to redeem its 2018 notes early. This exercise allowed Yuexiu to substantially reduce its forex risk against the renminbi depreciation.
HSBC
Another bank at the forefront of LM exercises in 2016 was HSBC, undertaking diverse transaction formats for issuers, including tender and exchange offers, one-day switches, and consent solicitations. In the first Indonesian LM transaction post the US presidential election in November, the bank was a joint solicitation agent on a consent solicitation for Gajah Tunggal’s US$500 million bond due 2018.
Another bank at the forefront of LM exercises in 2016 was HSBC, undertaking diverse transaction formats for issuers, including tender and exchange offers, one-day switches, and consent solicitations. In the first Indonesian LM transaction post the US presidential election in November, the bank was a joint solicitation agent on a consent solicitation for Gajah Tunggal’s US$500 million bond due 2018.
HSBC was joint dealer-manager on a partial fixed price cash tender offer in relation to Hengdeli Holdings’ outstanding US$350 million bond due in 2018. It was the sole dealer-manager on the tender offer for Poly Real Estate’s existing US$500 million senior bond due 2018, and US$500 million senior bond due 2019.
Best brokerage house
Nominees: CIMB Securities, DBS Vickers Securities, Maybank Kim Eng
2015 winner: DBS Vickers Securities
Nominees: CIMB Securities, DBS Vickers Securities, Maybank Kim Eng
2015 winner: DBS Vickers Securities
CIMB Securities
CIMB Securities during the The Asset review period demonstrated skill in helping its clients across the region especially in the highly contested market of Indonesia. The firm is one of the few firms in the country that has a futures offering. In terms of execution, CIMB Securities has a number of trading algorithms for clients to choose from and uses flow analysis to help clients improve their internal processes. The firm as well in backed by its “i*Trade@CIMB” platform that gives traders access to a number of international exchanges. CIMB Securities also has a robust equity research portal highly praised by its users.
CIMB Securities during the The Asset review period demonstrated skill in helping its clients across the region especially in the highly contested market of Indonesia. The firm is one of the few firms in the country that has a futures offering. In terms of execution, CIMB Securities has a number of trading algorithms for clients to choose from and uses flow analysis to help clients improve their internal processes. The firm as well in backed by its “i*Trade@CIMB” platform that gives traders access to a number of international exchanges. CIMB Securities also has a robust equity research portal highly praised by its users.
DBS Vickers Securities
DBS Vickers Securities also had a strong year and further enhanced its regional footprint spanning from Korea to Indonesia. The firm boosts a strong team in Hong Kong and Singapore. The firm also offers a wide range of products such as high frequency trading and margin financing for its clients. The sales and trading of DBS Vickers Securities is supported proactive research team that provides insights into not only major Asian large corporates and but also selected mid-cap players as well.
DBS Vickers Securities also had a strong year and further enhanced its regional footprint spanning from Korea to Indonesia. The firm boosts a strong team in Hong Kong and Singapore. The firm also offers a wide range of products such as high frequency trading and margin financing for its clients. The sales and trading of DBS Vickers Securities is supported proactive research team that provides insights into not only major Asian large corporates and but also selected mid-cap players as well.
Maybank Kim Eng
Maybank Kim Eng Securities also has a strong regional presence. The firm is particularly strong in Malaysia where it holds around 10% of the market share. The firm has made strides in frontier markets such as Vietnam hosting several key events within the country. The firm also publishes reports on trending topics facing the Asean region such as infrastructure and technology.
Maybank Kim Eng Securities also has a strong regional presence. The firm is particularly strong in Malaysia where it holds around 10% of the market share. The firm has made strides in frontier markets such as Vietnam hosting several key events within the country. The firm also publishes reports on trending topics facing the Asean region such as infrastructure and technology.
Best Reit house
Nominees: Citi, DBS
2015 winner: DBS
Citi
Citi made its mark on the Reits landscape by taking Frasers Logistics & Industry Trust public in a US$664.9 million deal that offered investors the unique opportunity to gain exposure to an Australian prime industrial and logistics portfolio. The trade had a number of high quality cornerstone investors. Moreover, Citi helped several other Reits, including Keppel DC Reit in its US$280 million follow-on offering; and Suntec Reit with its US$223 million convertible bonds. In the case of Suntec Reit, the convertible bonds played a key part in funding the acquisition of an interest in the Australian Southgate Complex.
Citi made its mark on the Reits landscape by taking Frasers Logistics & Industry Trust public in a US$664.9 million deal that offered investors the unique opportunity to gain exposure to an Australian prime industrial and logistics portfolio. The trade had a number of high quality cornerstone investors. Moreover, Citi helped several other Reits, including Keppel DC Reit in its US$280 million follow-on offering; and Suntec Reit with its US$223 million convertible bonds. In the case of Suntec Reit, the convertible bonds played a key part in funding the acquisition of an interest in the Australian Southgate Complex.
DBS
DBS also had its successes in 2016. The house played a role in the Fraser Logistics & Industrial Trust’s IPO last year, and in addition took Manulife US Reit public on the SGX, which generated US$493 million from investors, supported by a number of cornerstone investors including DBS’ private bank unit. Aside from IPOs, DBS assisted Mapletree Commercial Trust with its S$1 billion follow-on offering. Funds raised by Mapletree Commerical Trust will be used for financing the first phase development of Mapletree’s business city project.
DBS also had its successes in 2016. The house played a role in the Fraser Logistics & Industrial Trust’s IPO last year, and in addition took Manulife US Reit public on the SGX, which generated US$493 million from investors, supported by a number of cornerstone investors including DBS’ private bank unit. Aside from IPOs, DBS assisted Mapletree Commercial Trust with its S$1 billion follow-on offering. Funds raised by Mapletree Commerical Trust will be used for financing the first phase development of Mapletree’s business city project.
Structured Finance
Best leveraged/acquisition finance house
Nominees: Citi, Credit Suisse, HSBC, Standard Chartered
2015 winner: Standard Chartered Bank
Citi
Citi was a mandated lead arranger, bookrunner, and underwriter in the A$500 million facility to pre-fund Universal Robina Corporation’s acquisition of Snack Brands of Australia. It was involved in the US$775 million financing package to back Intas Pharmaceuticals’ acquisition of Actavis UK and Ireland generics businesses from Teva Pharmaceutical. Citi also anchored the financing package for Tata Steel Global Holdings for US$1.5 billion.
Best leveraged/acquisition finance house
Nominees: Citi, Credit Suisse, HSBC, Standard Chartered
2015 winner: Standard Chartered Bank
Citi
Citi was a mandated lead arranger, bookrunner, and underwriter in the A$500 million facility to pre-fund Universal Robina Corporation’s acquisition of Snack Brands of Australia. It was involved in the US$775 million financing package to back Intas Pharmaceuticals’ acquisition of Actavis UK and Ireland generics businesses from Teva Pharmaceutical. Citi also anchored the financing package for Tata Steel Global Holdings for US$1.5 billion.
Credit Suisse
Credit Suisse rode on the key themes in the market in 2016, arranging financing to support both cross-border and domestic acquisitions, as well as privatizations across multiple geographies. It was a joint mandated lead arranger, underwriter, and bookrunner in the US$12.7 billion acquisition bridge loan for ChemChina to purchase Syngenta of Switzerland, and in the 450 million euro acquisition loan, also for ChemChina, to acquire KraussMaffei of Germany. In the largest rupee acquisition financing in the domestic market for leveraged acquisition, Credit Suisse helped arrange a 40 billion rupee facility for Nirma Limited to acquire 100% of Lafarge India.
Credit Suisse rode on the key themes in the market in 2016, arranging financing to support both cross-border and domestic acquisitions, as well as privatizations across multiple geographies. It was a joint mandated lead arranger, underwriter, and bookrunner in the US$12.7 billion acquisition bridge loan for ChemChina to purchase Syngenta of Switzerland, and in the 450 million euro acquisition loan, also for ChemChina, to acquire KraussMaffei of Germany. In the largest rupee acquisition financing in the domestic market for leveraged acquisition, Credit Suisse helped arrange a 40 billion rupee facility for Nirma Limited to acquire 100% of Lafarge India.
HSBC
HSBC was involved in several significant leveraged and acquisition financing in 2016, such as in the US$20 billion acquisition facility to support ChemChina’s purchase of Syngenta. It was a mandated lead arranger in the HK$2.8 billion financing to support Permira’s 100% stake acquisition of Tricor, and was a joint mandated lead arranger and bookrunner in the US$3.5 billion financing for Tencent-led consortium in acquiring a majority stake in Supercell.
HSBC was involved in several significant leveraged and acquisition financing in 2016, such as in the US$20 billion acquisition facility to support ChemChina’s purchase of Syngenta. It was a mandated lead arranger in the HK$2.8 billion financing to support Permira’s 100% stake acquisition of Tricor, and was a joint mandated lead arranger and bookrunner in the US$3.5 billion financing for Tencent-led consortium in acquiring a majority stake in Supercell.
Standard Chartered
The ability to support cross-border acquisitions is also a core strength and differentiating factor for Standard Chartered as a strong candidate for the Triple A Best Leveraged/Acquisition Finance House. It acted as the mandated lead arranger for the e6.4 billion term facilities to Pirelli to take out the acquisition facilities for the privatization of Pirelli by ChemChina-led consortium in 2015. The bank also led some of the large structured/acquisition financings, such as the E3.2 billion, one-year bridge facility to fund Berli Jucker’s acquisition of a majority stake in Big C Supercenter, in which it acted as mandated lead arranger.
The ability to support cross-border acquisitions is also a core strength and differentiating factor for Standard Chartered as a strong candidate for the Triple A Best Leveraged/Acquisition Finance House. It acted as the mandated lead arranger for the e6.4 billion term facilities to Pirelli to take out the acquisition facilities for the privatization of Pirelli by ChemChina-led consortium in 2015. The bank also led some of the large structured/acquisition financings, such as the E3.2 billion, one-year bridge facility to fund Berli Jucker’s acquisition of a majority stake in Big C Supercenter, in which it acted as mandated lead arranger.
Best securitization house
Nominees: BNP Paribas, Citi, HSBC, MUFG, Standard Chartered
2015 winner: Standard Chartered Bank
Nominees: BNP Paribas, Citi, HSBC, MUFG, Standard Chartered
2015 winner: Standard Chartered Bank
BNP Paribas
BNP Paribas made a breakthrough into the China securitization market in 2016, following its appointment as a syndicate member in the 3 billion renminbi auto loan ABS for Ford Automotive Finance (China). It got a repeat mandate from the company for its next deal in August, and was likewise a syndicate member in the 3 billion renminbi auto loan ABS for Dongfeng Nissan Auto Finance Company.
BNP Paribas made a breakthrough into the China securitization market in 2016, following its appointment as a syndicate member in the 3 billion renminbi auto loan ABS for Ford Automotive Finance (China). It got a repeat mandate from the company for its next deal in August, and was likewise a syndicate member in the 3 billion renminbi auto loan ABS for Dongfeng Nissan Auto Finance Company.
BNP Paribas contributed to market innovation as it helped arrange the first yen-denominated unwrapped ticket receivables deal in Asia for Korean Air Lines (KAL), amounting to 15 billion yen. It was a joint bookrunner in the first ever euro-denominated covered bond issuance out of Asia, for United Overseas Bank (UOB) of Singapore amounting to 500 million euro.
Citi
Citi also made its presence felt in the Chinese securitization market with auto loan ABS deals for Ford Automotive Finance (China), BMW Automotive Finance (China) Company, and Dongfeng Peugeot Citroen Auto Finance Company, in which it acted as a financial adviser. In Korea, the bank arranged the first ever domestic ABS issuance by an international captive auto financier in this market for BMW Financial Services Korea Company for 300 million won. It was a joint bookrunner in the US$500 million covered bond for Korea Housing Finance Corporation (KHFC), which generated sufficient demand from the market.
Citi also made its presence felt in the Chinese securitization market with auto loan ABS deals for Ford Automotive Finance (China), BMW Automotive Finance (China) Company, and Dongfeng Peugeot Citroen Auto Finance Company, in which it acted as a financial adviser. In Korea, the bank arranged the first ever domestic ABS issuance by an international captive auto financier in this market for BMW Financial Services Korea Company for 300 million won. It was a joint bookrunner in the US$500 million covered bond for Korea Housing Finance Corporation (KHFC), which generated sufficient demand from the market.
HSBC
HSBC is another bank that captured the key themes in the securitization market in 2016, with participation in such Chinese auto loan ABS deals for Volkswagen Finance (China) Company, Mercedes-Benz Auto Finance, Ford Automotive Finance (China), and Dongfeng Nissan Auto Finance Company, in which it acted as financial adviser and joint underwriter. It was the sole financial adviser and sub-underwriter in the 3.8 billion yuan residential mortgage-backed securitization by Postal Savings Bank of China.
HSBC is another bank that captured the key themes in the securitization market in 2016, with participation in such Chinese auto loan ABS deals for Volkswagen Finance (China) Company, Mercedes-Benz Auto Finance, Ford Automotive Finance (China), and Dongfeng Nissan Auto Finance Company, in which it acted as financial adviser and joint underwriter. It was the sole financial adviser and sub-underwriter in the 3.8 billion yuan residential mortgage-backed securitization by Postal Savings Bank of China.
The bank was also involved in two landmark covered bond deals – acting as joint lead manager for the E500 million offering for UOB and as joint global coordinator in the BoC green covered bond.
MUFG
MUFG described 2016 as a fruitful year for its securitization team, having arranged deals in Korea, Malaysia, China, and Thailand. It was a joint lead arranger in the first cross-border commercial auto loan ABS by Hyundai Commercial, amounting to US$250 million – introducing in the process a new asset class into the market. In Malaysia, MUFG structured the first Shariah-compliant auto loan securitization amounting to 900 million ringgit, creating a new asset class for Islamic finance investors.
MUFG described 2016 as a fruitful year for its securitization team, having arranged deals in Korea, Malaysia, China, and Thailand. It was a joint lead arranger in the first cross-border commercial auto loan ABS by Hyundai Commercial, amounting to US$250 million – introducing in the process a new asset class into the market. In Malaysia, MUFG structured the first Shariah-compliant auto loan securitization amounting to 900 million ringgit, creating a new asset class for Islamic finance investors.
Standard Chartered
Another market leader in the securitization market in Asia is Standard Chartered, which completed 20 transactions in 2016, with nearly US$4 billion worth of assets securitized in the region. It has an extensive span of activities in key markets, including China, Korea, Hong Kong, India, and Singapore. It closed three loan repackage note transactions for financial leasing and securities companies during the year amounting up to US$970 million.
Another market leader in the securitization market in Asia is Standard Chartered, which completed 20 transactions in 2016, with nearly US$4 billion worth of assets securitized in the region. It has an extensive span of activities in key markets, including China, Korea, Hong Kong, India, and Singapore. It closed three loan repackage note transactions for financial leasing and securities companies during the year amounting up to US$970 million.
Acting as a joint global coordinator and lead manager, the bank also completed an issuance of US$694.2 million fixed rate secured notes backed by Chinese local government bonds.
Best law firm
Linklaters
2015 winner: Linklaters
Linklaters retains the honours as The Triple A winner for Best Law Firm. It has been at the forefront of the development of capital markets in Asia and represented issuers/borrowers and arrangers in a number of ground-breaking transactions across fixed income, equity and M&A. It continued to advise on market leading corporate derivative and equity finance transactions and on a broad range of credit-linked notes and loans structured through swaps and credit guarantees.
Linklaters
2015 winner: Linklaters
Linklaters retains the honours as The Triple A winner for Best Law Firm. It has been at the forefront of the development of capital markets in Asia and represented issuers/borrowers and arrangers in a number of ground-breaking transactions across fixed income, equity and M&A. It continued to advise on market leading corporate derivative and equity finance transactions and on a broad range of credit-linked notes and loans structured through swaps and credit guarantees.
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