The Asset
Country Awards 2018

Best Deals - Southeast Asia

Cambodia
Cambodia Flag
Best bond
NagaCorp Ltd US$300 million guaranteed senior notes
Global coordinators and bookrunners:
Credit Suisse, Morgan Stanley
The notes represent the first-ever public bond from a Cambodian issuer.
Best cross-border financing
Royal Residence Hotels and Resorts Company US$56 million long-term loan and working capital facilities
Lender:
Bangkok Bank
Proceeds are to be used to finance construction of the first Hyatt Regency hotel in Phnom Penh.
Indonesia
Indonesia Flag
Best IPO
Medikaloka Hermina US$143 million IPO
Global coordinators and domestic underwriters:
Citi, Credit Suisse, DBS, Mandiri Sekuritas
The only major healthcare sector IPO listed on the Indonesia Stock Exchange since 2017 and successfully completed despite challenging market environment.
Best bond
Republic of Indonesia US$1 billion and 1 billion euro SEC-registered bonds
Bookrunners:
Credit Agricole, Deutsche Bank, Goldman Sachs, HSBC, Mandiri Sekuritas
This was RoI’s first US SEC-registered euro bond issuance, which achieved the lowest-ever coupon by the sovereign.
Best FIG bond
Bank Rakyat Indonesia US$500 million fixed rate notes
Bookrunners and lead managers:
DBS, Standard Chartered
The offering marked the return of the issuer to the international debt capital market after more than five years, exceeding size and price objectives.
Best high yield bond
Medco Energi US$500 million senior notes
Bookrunners:
CLSA, Credit Suisse, DBS, Mandiri Sekuritas, Morgan Stanley, Standard Chartered
The deal enabled the company to refinance short-term debt, extend its maturity profile at an attractive cost. Final pricing tightened by 47.5bp from the initial marketing range.
Best green bond
Star Energy Geothermal (Wayang Windu) Limited US$580 million green project bond
Green structuring adviser:
Barclays
Global coordinators:
Barclays, Deutsche Bank
Bookrunners:
Barclays, DBS, Deutsche Bank, Maybank Kim Eng
The first high yield project bond offering in Asia-Pacific for more than a decade and the first corporate green bond out of Indonesia.
Best local currency bond
Sarana Multi Infrastruktur 500 billion rupiah green bond
Lead underwriters:
CGS-CIMB Sekuritas Indonesia, Danareksa Sekuritas, Indo Premier Sekuritas, Maybank Kim Eng
The first issuance of rupiah-denominated green bonds in Indonesia, creating a new benchmark in the local debt capital market and a new asset class for investors.
Best syndicated loan
Export-Import Bank of Indonesia US$1.15 billion term loan facilities
Coordinator:
United Overseas Bank
Mandated lead arrangers and bookrunners:
ANZ, Bank of Tokyo-Mitsubishi UFJ, First Abu Dhabi Bank, Mizuho Bank, Oversea-Chinese Banking Corporation, Standard Chartered, United Overseas Bank
This was the largest syndicated loan arranged by Eximbank since its inception, upsized from the original amount of US$950 million and with tight pricing.
Laos
Laos Flag
Best bond
Ministry of Finance of the Lao People’s Democratic Republic
14 billion baht senior and unsecured debentures
Financial adviser:
Twin Pine Group
Lead arrangers and bookrunners:
Bangkok Bank, Siam Commercial Bank, Thanachart Bank
This transaction was the longest and largest bond issuance from the government to date.
Best corporate bond
EDL-Generation Public Company 13.66 billion baht bond offering
Financial adviser:
Twin Pine Group
Lead managers:
Bangkok Bank, Krungthai Bank, Siam Commerical Bank, Standard Chartered Bank, Thanachart Bank
The issuance marks the largest and longest tenor offering by a foreign state-owned enterprise in Thailand’s bond market with proceeds to be used in Laos.
Best syndicated loan
BCEL US$148.3 million syndicated term loan facility
Mandated lead arranger and bookrunner:
Cathay United Bank
Mandated lead arrangers:
First Bank, Taiwan Cooperative Bank
Lead arrangers:
Bank SinoPac, FCB Leasing, Hua Nan Bank, Union Bank of Taiwan, Yuanta Bank
Arrangers:
Bank of Panhsin, Bank of Taiwan, Cathay Life Insurance, EnTie Bank, SinoPac Leasing, Sunny Bank, Taipei Fubon Bank
With this transaction, this Laos company was able to establish relationships with 15 overseas banks and financial institutions diversifying its funding source.
Malaysia
Malaysia Flag
Best secondary offering
Serba Dinamik Holdings 427.2 million ringgit private placement
Principal adviser and placement agent:
RHB Investment Bank
The largest private placement in Malaysia in 2018, which was anchored by large domestic institutional funds and with the participation of foreign institutional investors.
Best follow-on offering
S P Setia 3.131 billion ringgit rights issue and primary placement
Principal adviser and managing underwriter (Rights issue):
Maybank Investment Bank
Underwriters:
Maybank Investment Bank, RHB Investment Bank
Principal adviser (Primary placement):
Maybank Investment Bank
Global coordinators, bookrunners and placement agents:
BNP Paribas, Maybank Investment Bank
The transactions were the largest real estate primary placement and the largest real estate rights issue, respectively, in Malaysian corporate history generating strong foreign and domestic institutional demand.
Best M&A
CVC Capital Partners Asia Fund IV acquisition of 100% shares of Munchy Food Industries
Financial adviser:
RHB Investment Bank
Mandated lead arrangers and financiers:
CIMB Investment Bank, RHB Investment Bank, United Overseas Bank
The deal represented part of CVC Capital Partners’ strategic plan to broaden its exposure to the fast-growing consumer sector in Southeast Asia.
Best local currency bond
Mercedes Benz Services Malaysia 250 million ringgit fixed rate notes
Bookrunners and lead managers:
HSBC, United Overseas Bank
The first German credit to access the Malaysian ringgit bond market drawing strong demand from local investors.
Best syndicated loan
KWASA Jeden Finco SARL €268.2 million equivalent term loan and revolving credit facilities
Mandated lead arranger, bookrunner and underwriter:
HSBC
Debut syndicated facility for the borrower denominated in euros to provide it with flexibility to fund through different currencies to better match their asset and liabilities.
Papua New Guinea
Papua New Guinea Flag
Best bond
Papua New Guinea US$500 million senior notes
Sole global coordinator:
Credit Suisse
Lead managers and bookrunners:
Citi, Credit Suisse
Transaction allows Papua New Guinea to extend its weighted average duration and diversify away from expensive local borrowing.
Best syndicated loan
Papua New Guinea US$500 million syndicated loan facility
Sole loan arranger:
Credit Suisse
The first-ever international commercial US dollar syndicated loan undertaken by the government.
Philippines
Philippines Flag
Best rights issue
Robinsons Land Corporation 20 billion pesos stock rights offering
Sole issuer manager, bookrunner, underwriter:
BPI Capital Corporation
Robust participation from domestic and foreign shareholders and was oversubscribed.
Best follow-on
Cirtek Holdings Philippines Corporation US$67 million preferred shares
Sole issue manager and bookrunner:
BPI Capital Corporation
Lead underwriters:
BPI Capital Corporation and RCBC Capital Corporation
The company was the first domestic corporation to issue a dollar denominated preferred share offering in the Philippines.
Best new bond
Bank of the Philippine Islands US$600 million bond
Global coordinator:
BPI Capital Corporation
Bookrunners:
BPI Capital Corporation, Deutsche Bank, HSBC, J.P. Morgan
The largest-ever debut issuance for a Philippine bank enabling it to diversify liquidity sources, lengthen the maturity profile and manage the growth of its balance sheet.
Best corporate bond
ICTSI US$400 million fixed-for-life perpetual securities
Lead managers and bookrunners:
Citi, Credit Suisse, Standard Chartered
The transaction allowed ICTSI to bolster its capital management strategy by extending its funding profile to match its long-term port concessions.
Best FIG bond
Security Bank US$300 million senior unsecured notes
Lead managers and bookrunners:
Citi, CLSA, MUFG, UBS
Final pricing level represented 22 bps of tightening from the initial price guidance level.
Best multilateral bond
IFC 4.804 billion pesos green bond
Lead managers and bookrunners:
BPI Capital Corporation, Standard Chartered
The proceeds of the issuance were on-lent by IFC to a geothermal power plant project in the country.
Best liability management
Petron Corporation US$500 million new perpetual capital securities and tender offer
Sole global coordinator:
HSBC
Lead managers:
ANZ, DBS, Deutsche Bank, Standard Chartered, UBS
The new securities is coupled with a tender offer exercise that reduced re-financing risk for Petron and allowed it to realize interest expense savings.
Best acquisition financing
Clark Global City Corporation US$690 million acquisition financing
Mandated lead arrangers, bookrunners and issue managers:
Bank of China, BDO Capital and Investment Corporation
Lead arranger:
PNB Capital
The transaction was unprecedented in the Philippine capital market for its combination of deal size, complexity, number of varied parties with different interests and the timeline to execute such a deal.
Best syndicated loan
Bloomberry Resorts and Hotels 73.5 billion pesos syndicated term loan
Lead arranger and sole bookrunner:
BDO Capital and Investment Corporation
Lenders:
BDO Unibank, BDO Private Bank, China Banking Corporation, Philippine National Bank, PNB Savings Bank, Robinsons Bank, United Coconut Planters Bank
The transaction is one of the largest corporate syndications ever arranged in the Philippine debt market.
Most innovative deal
Ayala Land 10 billion pesos retail bonds
Lead underwriters and bookrunners:
China Bank Capital Corporation, BDO Capital and Investment Corporation, PNB Capital and Investment Corporation
The first-ever corporate bond with a repricing structure during the life of the bond.
Singapore
Singapore Flag
Best IPO
Sasseur REIT US$305 million IPO
Sole financial adviser and issue manager:
DBS
Global coordinators:
Bank of China, DBS
Bookrunners and underwriters:
Bank of China, CICC, Citi, Credit Suisse, DBS, Haitong International Securities, Maybank Kim Eng Securities
The first outlet mall REIT listed in Asia with property locations in Tier-2 cities in China.
Best bank capital bond
OCBC S$1 billion PNC5 AT1 Securities
Lead managers and bookrunners:
Credit Suisse, OCBC, Standard Chartered
The deal was upsized and pricing was tightened 37.5 bps from initial price guidance.
Best FIG bond
UOB £350 million covered bond
Bookrunners
Credit Suisse, HSBC, UOB
This marked UOB’s first-ever sterling-denominated offering, which was upsized.
Best local currency bond
Land Transport Authority S$1.5 billion 40-year fixed rate notes
Lead managers and bookrunners:
DBS, Oversea-Chinese Banking Corporation, Standard Chartered, United Overseas Bank
The 40-year tranche is the longest dated statutory board landmark issuance.
Best loan
Olam International US$500 million sustainability-linked club loan facility
Sustainability coordinator:
ING Bank
Mandated lead arrangers:
ABN Amro, ANZ, BNP Paribas, Commerzbank, CBA, DBS, HSBC, ING Bank, Mizuho Bank, MUFG, National Australia Bank, Natixis, Rabobank, Standard Chartered, UniCredit Bank
Asia’s first sustainability-linked club loan where the interest rate on the facility will be reduced if pre-set improvement targets are achieved.
Best securitization
Astrea IV US$501 million of asset-back securities
Lead managers and bookrunners:
Credit Suisse, DBS, Standard Chartered
The transaction was backed by cash flows from 36 private equity funds and represented the first time private equity bonds were offered to the Singapore retail public.
Thailand
Thailand Flag
Best IPO
Gulf Energy Development Public Company US$702 million IPO
Financial advisers:
Bualuang Securities, Kasikorn Securities, Siam Commercial Bank
Bookrunners and lead managers:
Bank of America Merrill Lynch, Bualuang Securities, Kasikorn Securities, Siam Commercial Bank, UBS
The IPO was priced at the top end of its price range and posted a 19.4% increase on its first trading day.
Best follow-on offering
Digital Telecommunications Infrastructure Fund US$1.7 billion rights offering and primary placement
Global coordinator and financial adviser:
Siam Commercial Bank
Domestic bookrunners and lead underwriters:
Bangkok Bank, Krung Thai Bank, Siam Commercial Bank
International bookrunner:
Credit Suisse
Lead manager:
Nomura
The largest follow-on offering in Thailand since 2012 and the largest ever follow-on offering in the TMT sector in Southeast Asia.
Best corporate bond
Thai Beverage 70 billion baht multi-tranche senior unsecured debentures
Bookrunners and lead managers:
Bangkok Bank, Bank of Ayudhya, Kasikornbank, Krung Thai Bank, Phatra Securities, Siam Commercial Bank, Standard Chartered
The largest corporate bond issuance ever in the Thai debt capital market.
Best FIG bond
Bangkok Bank US$2.1 billion senior unsecured notes
Global coordinators and bookrunners:
Citi, Morgan Stanley
The first 10-year USD bond issuance in 2018 by an Asian commercial bank in the 144A / Reg S format.
Best liability management
Thai Oil US$611 million offer and new issue
Sole arranger:
Standard Chartered
Dealer manager and lead managers:
ANZ, Bank of America Merrill Lynch, Citi, Standard Chartered
The company was able to meet its objectives of reducing financing cost while keeping execution risk and accounting impact at a minimum.
Best M&A deal
TMB Bank US$400 million sale of 65% stake in TMB Asset Management Company to Eastspring Investments
Financial advisers:
Bank of America Merrill Lynch, Credit Suisse, ING
The largest asset management M&A transaction in Southeast Asia since 2007 and the first sell-down by a Thai bank of its stake in the asset management business in the past five years.
Vietnam
Vietnam Flag
Best IPO
Vinhomes US$1.35 billion IPO
Global coordinators and bookrunners:
Citi, Credit Suisse, Deutsche Bank, Morgan Stanley
Bookrunners:
HSBC, Maybank Kim Eng, SSI
The transaction was executed through a dual-track process to maximize proceeds and was priced at the top end of the marketing range.
Best equity-linked
Novaland Investment US$310 concurrent offering
Sole bookrunner and lead manager:
Credit Suisse
The largest-ever debut CB issuance by a Vietnamese issuer that allowed institutional investors to participate without a lock-up period.
Best bond
Nam Long Investment Corporation 660 billion dong guaranteed fixed rate bonds
Bond issuance agent:
Standard Chartered
The first affordable housing-focused bond transaction by the issuer in Asia.
Best M&A
Hanwha Asset Management US$400 million strategic investment into Vingroup
Financial advisers:
Citi, Credit Suisse
Hanwha Group’s largest direct strategic investment to date in a Vietnamese company.
Best syndicated loan
Vinfast Trade and Production US$400 million syndicated term loan facility
Mandated lead arrangers:
Credit Suisse, HSBC
The transaction attracted a strong response from international banks allowing an immediate upsize of the deal.
Best Advisers - Southeast Asia
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