The Asset
Country Awards 2018

Best Deals - South Asia

Bangladesh
Bangladesh Flag
Best M&A
Shenzhen Stock Exchange and Shanghai Stock Exchange US$119 million acquisition of a 25% stake in the Dhaka Stock Exchange
Financial adviser:
CLSA
The two Chinese exchanges successfully secured the stake against competing bids including from the National Stock Exchange of India.
India
India Flag
Best IPO
HDFC Standard Life Insurance US$1.3 billion IPO
Global coordinators, bookrunners and
lead managers:
Credit Suisse, CLSA, HDFC Bank, Morgan Stanley, Nomura
Bookrunners and
lead managers:
Edelweiss, Haitong, IDFC Bank, IIFL Capital, UBS
One of the most sought-after IPOs generating a high-level of oversubscription. Its offer price was at the top end of the range. Despite that, after-market performance continues to impress.
Best QIP
Idea Cellular US$546 million placement
Global coordinators, bookrunners and
lead managers:
Bank of America Merrill Lynch, Citi
Capital raised ahead of its impending merger with Vodafone representing 10.8% of capital, which is a large stake and executed during a challenging environment.
Best follow-on offering
HDFC Bank US$1.82 billion ADS follow-on offering
Global coordinators:
Bank of America Merrill Lynch, Credit Suisse, J.P. Morgan
Bookrunners:
Bank of America Merrill Lynch, BNP Paribas, Credit Suisse, Goldman Sachs, J.P. Morgan, Nomura, UBS
The largest issuance of American depositary shares by an Indian corporate since 2008.
Best quasi-sovereign bond
Export-Import Bank of India US$1 billion fixed rate notes
Bookrunners and
lead managers:
Barclays Capital, Citi, J.P. Morgan, MUFG, Standard Chartered
Tightest-ever spread over US treasuries for an Indian entity for a ten-year issuance.
Best corporate bond
UPL Corporation US$300 million fixed rate notes
Global coordinators and active bookrunners:
ANZ, Credit Suisse, MUFG
Passive bookrunners:
Citi, DBS, J.P. Morgan, Rabobank
Successfully extended UPL's maturity profile despite investors' concern over the long duration.
Best high-yield bond
ABJA Investment Company US$1.3 billion dual-tranche notes
Bookrunners:
ANZ, Bank of America Merrill Lynch, Barclays Capital, BNP Paribas, Citi, Credit Agricole, DBS, Deutsche Bank, First Abu Dhabi Bank, HSBC, ING, J.P. Morgan, Morgan Stanley, Societe Generale, SMBC Nikko
Use of letter of comfort instead of parent guarantee but managed to price at the tight end at final offer.
Best new bond
YES Bank US$600 million fixed rate notes
Bookrunners and
lead managers:
Bank of America Merrill Lynch, CLSA, J.P. Morgan, HSBC, Nomura, YES Bank
Largest debut international bond issuance and priced at the tightest spread over US treasuries by an Indian bank since 2008.
Best masala bond
HDFC Bank 23 billion rupee senior notes
Bookrunners:
Barclays Capital, HSBC, Standard Chartered, Sun Global Investments
First bank in India to access the masala bond market and the first seven-year issue.
Best M&A
Tata Chemicals US$400 million sale of the urea business to Yara International
Financial advisers:
Deloitte Corporate Finance, JM Financial, Kotak Mahindra Capital
Among the largest deals in India's fertilizer industry helping Tata Chemicals to deleverage its balance sheet.
Best acquisition finance
Torrent Pharmaceuticals 36 billion rupee non-convertible debentures
Arrangers:
Axis Bank, HDFC Bank, Kotak Mahindra Bank
Unique transaction using trademarks and brands of Torrent as security achieving fine pricing.
Best syndicated loan
NTPC Limited 39.415 billion yen term loan facility
Mandated lead arrangers and bookrunners:
Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation
Lead arrangers:
Aozora Bank, Bank of Yokohama, Chugoku Bank, San-in Godo Bank, Shinsei Bank
First successfully syndicated long tenor Samurai loan for a corporate borrower. It created a new market for Indian borrowers allowing them to tap a ready pool of liquidity with a longer tenor and competitive pricing.
Maldives
Maldives Flag
Best LBO
BCPE Flying Paradise Acquisition Company US$305 million term loan and revolving credit facilities
Original mandated lead arrangers and bookrunners:
Deutsche Bank, HSBC, Nomura, Sumitomo Mitsui Banking Corporation, Standard Chartered
Mandated lead arranger and bookrunner:
ING
Mandated lead arrangers:
Mauritius Commercial Bank, Meritz Securities
Arrangers:
Sampath Bank, Nations Trust Bank, People’s Bank, Far Eastern International Bank
First widely syndicated transaction in Maldives to finance the acquisition of Trans Maldives Airways by a consortium led by Bain Capital.
Best structured finance deal
Housing Development Corporation of Maldives
US$65.1 million term loan facility
Sole mandated lead arranger:
Credit Suisse
Proceeds are to help fund the development of 7,000 social housing units in Hulhumale, part of the national strategic initiative to relieve urban congestion.
Pakistan
Pakistan Flag
Best equity deal
Oil and Gas Development Company US$50 million block placement
Sole global coordinator, international lead manager and bookrunner:
Credit Suisse
The first ever block placement by an institutional investor in Pakistan and successfully completed despite market concerns on Pakistani rupee devaluation.
Best bond
Islamic Republic of Pakistan US$2.5 billion conventional bond and sukuk
Lead managers:
Citi, Deutsche Bank, Dubai Islamic Bank, Industrial and Commercial Bank of China, Noor Bank, Standard Chartered
The largest ever bond transaction by the sovereign and the first time that it issued sukuk and conventional bond at the same time.
Best M&A deal
Alexandra Fund Management Company divestment of 36% stake in NBP Funds
Financial adviser:
Elixir Securities
The deal generated significant investor interest and achieved the seller’s objective of sourcing a buyer with a strong profile to add value to the target post-acquisition.
Best structured finance deal
Ministry of Finance US$565 million syndicated term loan facility
Lead adviser:
Credit Suisse
Mandated lead arrangers and bookrunners:
Credit Suisse, ICBC
A much-needed financing for the government arranged in record time.
Best micro financing
National Rural Support Programme 4 billion rupees financing
Sole mandated lead arranger:
Allied Bank
The financing helped enhance the availability of funds to small farmers and businesses thereby improving the standard of living of the rural population.
Sri Lanka
Sri Lanka Flag
Best bond
Democratic Socialist Republic of Sri Lanka US$2.5 billion dual-tranche fixed rate notes
Bookrunners and
lead managers:
Citi, Deutsche, HSBC, J.P. Morgan, Standard Chartered
The largest ever fund raising by the sovereign in the offshore debt market.
Best Advisers - South Asia
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