The Asset Triple A Country Awards 2019 - Best Deals - North Asia

The Asset
Country Awards 2019

Best Deals by country/territory

China
Hong Kong
Macau
South Korea
Taiwan
China Flag
Sustainable Finance
Best new bond
Asian Infrastructure Investment Bank US$2.5 billion inaugural bond
Bookrunners:
Bank of China, Barclays, Crédit Agricole CIB, Goldman Sachs, TD Securities
The inaugural bond from AIIB will drive its priorities of investing in sustainable infrastructure, developing cross-border connectivity, and promoting ESG investing in Emerging Asia.
Best green bond
China General Nuclear Power Corporation US$600 million green bond
Green structuring adviser:
BNP Paribas, Credit Agricole CIB
Global coordinators, bookrunners and lead managers:
Bank of China, BNP Paribas, Credit Agricole CIB, ICBC International
Bookrunners and lead managers:
Agricultural Bank of China, Bank of Communications, China Construction Bank (Asia), China Everbright Bank (Hong Kong), CMB International, DBS, OCBC, Shanghai Pudong Development Bank (Hong Kong), Standard Chartered
Issuer’s first US dollar green bond under its first offshore MTN program in international capital markets.
Best social bond
Huatong Group 270 million CNY poverty alleviation MTN
Bookrunner and lead underwriter:
Bank of Qingdao
Lead underwriter:
Bank of China
The underlying project can achieve long term benefit to low-income families and has an immediate point-to-point poverty alleviation benefit.
Best FIG bond
Industrial and Commercial Bank of China US$2.2 billion equivalent senior unsecured green BRBR bonds
Global coordinators, bookrunners and lead managers:
ICBC, Credit Agricole CIB, DBS, HSBC, Mizuho Securities, Standard Chartered
Bookrunners and lead managers:
Agricultural Bank of China, Bank of China, Bank of Communications, Cathay United Bank, CCB Singapore, China Minsheng Banking Corp (Hong Kong), China Everbright Bank (Hong Kong), Citi, CTBC Bank, Emirates NBD Capital, E.Sun Bank, First Abu Dhabi Bank, ING, Maybank, Mizuho Securities, OCBC Bank, SMBC Nikko
The bonds represent the first-ever green BRBR (Belt and Road Inter-bank Regular Cooperation Bonds) bonds in the world and the largest green bonds from Singapore so far.
Best green loan
China Everbright Greentech Limited HK$1 billion syndicated facility
Mandated lead arranger and bookrunner:
Taipei Fubon Bank
Lenders:
Cathay United Bank, Chang Hwa Bank, Fubon Bank (Hong Kong), Bank of Kaohsiung
The first green loan done for a Chinese state-owned enterprise in the syndicated loan market.
Best securitization deal
Shenzhen Energy Nanjing Holding 1 billion CNY green asset backed notes
Bookrunner and lead underwriter:
Bank of China
Lead underwriter:
Guangfa Bank
First ABN with electricity receivables as underlying assets in China where the project involves solar panels being constructed over a natural lake.
Best equity
China East Education US$632 million Hong Kong IPO
Sponsor:
BNP Paribas
Global coordinators, bookrunners and lead managers:
BNP Paribas, CICC, Haitong International
Bookrunners and lead managers:
Guotai Junan International, CMB International, ABC International
Largest IPO globally in the education sector being covered multiple times despite market volatility.
Best IPO
Jinxin Fertility US$447 million Hong Kong IPO
Sponsor, global coordinators, bookrunners and lead managers:
Morgan Stanley, CLSA
Global coordinators, bookrunners and lead managers:
Citi, CMS International
Bookrunners and lead managers:
CMB International, China Securities International, ABC International, ICBC International, Huatai Financial Holding, Mirae Asset Securities (HK)
One of the most heavily subscribed Hong Kong IPOs during the first half of 2019 and largest healthcare service listing on the exchange in terms of valuation.
Best ADR
Luckin Coffee US$695 million US IPO
Bookrunners:
Credit Suisse, Morgan Stanley, CICC, Haitong International
One of the largest US ADR IPOs in 2019 which priced at the high-end.
Best equity-linked
Lenovo Group US$675 million convertible bonds
Global Coordinators and bookrunners:
Citi, Morgan Stanley, BNP Paribas, DBS, CLSA
Co-Manager:
Credit Suisse
Lenovo’s debut convertible bond issuance and the largest ever convertible bond issuance by a Hong Kong listed technology company.
Best quasi-sovereign bond
The Export Import Bank of China €1 billion 3-year note offering
Bookrunners and lead managers:
Credit Agricole CIB, Commerzbank, Barclays, Bank of China, Bank of Communications, China Construction Bank (Europe), ING Wholesale Banking London, Mitsubishi UFJ Financial Group
The most oversubscribed EUR bond offering by a Chinese FI since 2017 in terms of total orderbook size and book coverage multiples.
Best corporate bond
China Railway Construction Corporation US$1 billion subordinated perpetual securities
Global coordinators, bookrunners and lead managers:
HSBC, Citi, ICBC International
Bookrunners and lead managers:
DBS, Bank of China
First ever subordinated perpetual securities in the market following the new accounting policies for permanent securities from China’s Ministry of Finance.
Best investment grade bond
Sinopec US$2 billion multi-tranche bond
Global coordinators, bookrunners and lead managers:
Bank of China, Bank of China International, Citi, Goldman Sachs, J.P Morgan, ICBC International
Bookrunners and lead managers:
Bank of Communications, Barclays, CCB International, Credit Agricole CIB, HSBC, Mizuho, Morgan Stanley, Standard Chartered, UBS
Largest ever offering of 30-year US dollar bond from a Chinese SOE in 2019.
Best bank capital bond
China Construction Bank US$1.85 billion tier 2 bond
Global coordinators, bookrunners and lead managers:
CCB International, CICC, Citi, HSBC
Bookrunners and lead managers:
China Construction Bank (Asia), Crédit Agricole CIB, Cinda International, Deutsche Bank, Standard Chartered
First tier 2 notes issued by big five Chinese commercial banks in the offshore market since 2016.
Best Panda bond
New Development Bank CNY 3 billion bond
Bookrunner and lead underwriter:
ICBC
Lead underwriters:
Agricultural Bank of China, Bank of China, China Construction Bank
The first Panda Bond issuance under the 2018 panda bond measures.
Best local currency bond
Bank of China 40 billion CNY perpetual bond
Bookrunner and lead underwriter:
Bank of China International (China)
Lead underwriter:
CICC
Underwriters:
Citic Securities, China Merchants Securities, China Securities, HSBC (China), Ping An Bank, Bank of Jiangsu, Guosen Securities
First ever perpetual securities in the onshore market following the new accounting policies for permanent securities from China’s Ministry of Finance.
Best high yield bond
Country Garden US$1.5 billion dual-tranche senior notes
Global coordinators, bookrunners and lead managers:
ICBC (Asia), Goldman Sachs, Morgan Stanley, BNP Paribas, HSBC
First 7-year offering out of high-yield sector in China in 2019.
Best refinancing
Alibaba group US$4 billion term loan facility
Coordinator:
Credit Suisse
The transaction has achieved the lowest margin for the group’s dollar-denominated syndicated loans transactions to date.
Best liability management
Fosun International tender offer and US$700 million new issue
Dealer managers:
Credit Suisse, Bank of China International, HSBC, Standard Chartered
Global coordinators, bookrunners and lead managers:
Credit Suisse, Bank of China International, HSBC, Standard Chartered, Citi, Fosun Hani Securities, SPDB International
The deal enabled the issuer to leverage the strong market conditions to prudently alleviate its near-term refinancing pressure.
Best domestic M&A deal
China Merchants Group acquisition of Liaoning Port Group
Financial advisers:
CICC, China Merchants Securities
Lender:
Agricultural Bank of China
One of the largest M&A deals in China’s port industry that involved a local SOE merging with a central SOE.
Best cross-border M&A deal
ANTA Sports, FountainVest and Anamered €5.7 billion acquisition of Amer Sports
Financial advisers:
Citi, Goldman Sachs, Nordea Bank
Complex deal that has led to the creation of an influential sports brand rivaling global firms such as Nike and Adidas.
Best syndicated loan
TAL Education Group US$600 million term loan and revolving facilities
Mandated lead arranger and bookrunner:
Deutsche Bank
Mandated lead arrangers:
China Minsheng Banking Corp Shanghai Pilot Free Trade Zone(Shenzhen), China Minsheng Banking Corp (Hong Kong), Shanghai Pudong Development Bank, Ping An Bank (Tianjin)
Senior lead arrangers:
Industrial Bank (Hong Kong), Bank of Beijing, China Merchants Bank Offshore Banking Centre
Lead arrangers:
Agricultural Bank of China (Seoul), ING Bank (Singapore)
Arrangers:
Bank of East Asia, Bank of Shanghai (Hong Kong), China Guangfa Bank (Macau), Industrial & Commercial Bank of China (Macau), KDB Asia, Nanyang Commercial Bank
The deal achieved a low loan margin despite the difficult market conditions.
Hong Kong Flag
Sustainable Finance
Best government bond
The Government of Hong Kong SAR US$1 billion senior unsecured inaugural green bond
Global coordinators, lead managers, bookrunners, and green structuring banks:
Credit Agricole CIB, HSBC
HKSAR government’s inaugural green bond issuance as part of its HK$100 billion green bond programme.
Quasi-government bond
Airport Authority US$500 million 10-year bond
Lead managers and bookrunners:
Citi, HSBC
Setting a benchmark for future financing in support of the Three-Runway System Project.
Best new bond
Johnson Electric US$300 million inaugural bond
Global coordinators and bookrunners:
Citi, HSBC
First US dollar bond from a local Hong Kong corporate in 2019.
Best corporate bond
IFC Development Limited US$500 million bond
Global coordinators, bookrunners and lead managers:
Bank of China, Bank of China International, DBS, HSBC, Mizuho Securities, Morgan Stanley
Lead manager:
SMBC Nikko
Debut 10-year US dollar issuance by IFC tightening 20 bps from initial price guidance.
Best investment grade bond
CK Hutchison US$1.5 billion unsecured senior notes
Bookrunners:
Citi, Credit Agricole CIB, Goldman Sachs, Mizuho Financial Group, Morgan Stanley
Book building process resulted in a orderbook of over US$3.5 billion which enabled pricing at the tight end of guidance across tranches.
Best bank capital bond
Bank of East Asia US$650 million perpetual Basel III additional tier 1 securities
Sole structuring adviser:
HSBC
Global coordinators, bookrunners and lead managers:
Bank of East Asia, Citi, Credit Agricole CIB, Goldman Sachs, HSBC
Bookrunners and lead managers:
Bank of America, CCB International, DBS, SMBC Nikko, Standard Chartered, United Overseas Bank
Securities priced at the tight end of final guidance representing a tightening of 37.5bp.
Best FIG bond
China Orient Asset Management International US$700 million dual-tranche senior bond
Global Coordinators, bookrunners and lead managers:
ICBC(Asia), Bank of China International, BOCHK, Bank of China, Standard Chartered, Bank of Communications, Mizuho Securities, China Minsheng Banking Corp, China Construction Bank (Asia), ANZ, Goldman Sachs, J.P. Morgan
Bookrunners and lead managers:
HSBC, Deutsche Bank, BNP Paribas, China CITIC Bank International, CCB International, Bank of America, Haitong International, Guotai Junan International, SPDB International, Bison Bank, Industrial Bank (Hong Kong), First Abu Dhabi Bank, Dongxing Securities (Hong Kong), China Everbright Bank, Zhongtai International
The deal marks a brand new issuing structure for the big four AMC in China.
Best local currency bond
China Development Bank (Hong Kong) HK$4.3 billion multi-tranche senior unsecured FRN
Bookrunners and lead managers:
Agricultural Bank of China (Hong Kong), Bank of China, Bank of Communications, CMB Wing Lung Bank, Commonwealth Bank of Australia, CTBC Bank, Mizuho Securities, Nanyang Commercial Bank, Standard Chartered
The first Hong Kong dollar bond market deal in 2019.
Best corporate hybrid
The Hong Kong and China Gas Company Limited US$300 million subordinated perpetual
Global coordinators, bookrunners and lead managers:
Bank of America, HSBC, UBS
Represents the reopening of the market in 2019 for subordinated perpetual bonds in Asia.
Best M&A deal
Cathay Pacific's HK$4.93 billion acquisition of Hong Kong Express
Financial adviser:
CLSA
The deal marks an important step for Cathay Pacific to support the long-term development of its aviation business and to enhance its competitiveness.
Best privatization
Hopewell Holdings Limited US$4.3 billion privatization and US$2.7 billion acquisition financing for privatization
Exclusive financial adviser, sole underwriter, and mandated lead arranger and bookrunner:
Citi
Independent financial adviser:
China Tonghai Capital Limited
Mandated lead arrangers and bookrunners / Lenders:
BOCHK, Bank of Communications (Hong Kong), Bank of East Asia, BNP Paribas, China Construction Bank (Asia), Chong Hing Bank, DBS, Hang Seng Bank, HSBC, ICBC (Asia), Mizuho Bank (Hong Kong), MUFG Bank, OCBC Bank, Sumitomo Mitsui Banking Corporation
Complex and end-to-end deal representing the largest Hong Kong real estate privatization.
Best acquisition finance
Sale of 12 shopping centers from Link REITs to a PE consortium
Mandated lead arranger, underwriter and bookrunner:
UOB
Mandated Lead Arrangers:
China Construction Bank, Bank of China, Fubon Bank (Hong Kong), KGI Bank
Lead Arrangers:
CTBC, Bank Sinopac, Banco Tai Fung, First Commercial Bank, Shinhan Bank, Nanyang Commercial Bank, Taishin International, Hua Nan Commercial Bank, Yuanta Commercial Bank
The largest retail portfolio transaction out of Hong Kong in 2019.
Best private debt deal
China Evergrande Group HK$4 billion asset backed private notes
Lenders:
China Cinda Hong Kong, CMB International, CMBC Investment, China Everbright Limited, Huatai Financial Holdings, VMS Investment
Landmark structured debt transaction with diversified investors and active secondary trading.
Macau Flag
Best equity
Studio City International Holdings Limited US$413 million IPO
Bookrunners:
Credit Suisse, Deutsche Bank, Morgan Stanley
Experienced strong support from existing shareholders allowing the IPO to price at the top of the range.
Best sovereign bond
Ministry of Finance RMB 2 billion lotus bond
Global Coordinator:
Bank of China
Bookrunners and lead managers:
Bank of Communications, Banco Nacional Ultramarino, HSBC
The first issuance of RMB bonds by the Ministry of Finance in Macau.
Best corporate bond
MGM China Holding US$1.5 billion dual-tranche senior notes
Global coordinators:
Bank of America, Deutsche Bank
Bookrunners:
Bank of China, Bank of Communications (Macau), Barclays, BNP Paribas, ICBC (Macau), J.P. Morgan, SMBC Nikko
Largest ever high yield bond for a Macau gaming company.
Korea Flag
Sustainable Finance
Best corporate bond
LG Chem US$1.56 billion equivalent multi-tranche green bond
Bookrunners:
Bank of America, BNP Paribas, Citi, HSBC, Morgan Stanley, Standard Chartered
First green bond offering by a chemical company and largest international bond offering by a Korean issuer.
Best bank capital bond
Kookmin Bank US$500 million perceptual AT1 sustainability bond
Bookrunners and lead managers:
BNP Paribas, Bank of America, Citi, Credit Agricole CIB, J.P Morgan, Mizuho Securities
Co-manager:
KB Securities
AT1 offering with a sustainability label experiencing significant demand from investors.
Best FIG bond
Mirae Asset Daewoo US$600 million dual tranche notes
Bookrunners:
Citi, HSBC, Korean Development Bank, Mirae Asset Global Investment
Landmark deal that saw a SRI tranche and conventional tranche offered at the same time.
Best covered bond
Korea Housing Finance Corporation €500 million social covered bond
Bookrunners:
BNP Paribas, DBS, ING, Societe Generale CIB
First non-European AAA rated social covered bond.
Best Formosa bond
Woori Bank US$450 million sustainability Formosa bond
Bookrunners:
Citi, Credit Agricole CIB, SG Securities
Largest Formosa bond out of Korea representing the tightest pricing issued by a Korean commercial bank
Best equity-linked
LG Display US$687.8 million convertible bonds
Bookrunners:
Bank of America, Morgan Stanley
Largest ever convertible bond issued by a Korean issuer without an international rating.
Best M&A
Hahn & Company’s US$300 million sale of Woongjin Foods
Financial advisers:
BNP Paribas, Citi
Strategic inbound F&B inbound deal within Korea.
Taiwan Flag
Sustainable Finance
Best green bond
Societe Generale NT$1.6 billion green bond
Bookrunners:
Yuanta Securities, Sinopac Securities
First foreign bank to issue TWD denominated green bonds in Taiwan.
Best green loan
Ørsted NT$25 billion green syndicated revolving loan facility
Green loan coordinator:
BNP Paribas
Mandated lead arrangers and bookrunners:
BNP Paribas, Bank of Taiwan, Cathay United Bank
Lead arrangers:
E.Sun Bank, Mega ICBC
Arrangers:
Taishin Bank, CTBC, Chang Hwa Bank, Deutsche Bank, First Bank, Hua Nan Bank, Taiwan Business Bank, KGI Bank, land Bank of Taiwan, Taiwan Cooperative Bank
Important Taiwanese local loan transaction that included green terms and conditions and can be taken as a model for future green loans in Taiwan.
Best sustainability loan
AU Optronics NT$2 billion sustainability-linked loan
Lender:
DBS
A rare and meaningful sustainability loan that provides attractive financing terms if certain sustainable targets are met by the borrower.
Best syndicated loan
Yunlin Offshore Wind Project 640 MW NT$94 billion loan facility
Sponsor:
wpd, Sojitz Corp
Financial adviser:
E.SUN Bank, SMBC
Mandated lead arrangers:
BNP Paribas, Cathay United Bank, Commerzbank, CTBC Bank, Credit Agricole CIB, DBS Bank, Deutsche Bank, E.SUN Bank, KfWIPEX-Bank, ING, Mizuho Bank, MUFG Bank, Natixis, OCBC, SMBC, Siemens Bank, Societe Generale, Standard Chartered, Taipei Fubon Bank
ECA:
EKF, Euler Hermes, Atradius
Largest non-recourse financing deal in Taiwan comprising a diversified lending group.
Best IPO
Fusheng Precision NT$1.6 billion IPO
Lead underwriter:
Fubon Securities
Underwriters:
Yuanta Securities, E.Sun Securities, Taishin Securities
Largest Taiwan IPO in 2018 that experience positive demand from institutional investors.
Best corporate bond
Hon Hai US$1 billion dual tranche Reg S bond offering
Lead managers and bookrunners:
Bank of America, Bank of China, Citi, HSBC
Latest US dollar bond issuance over the past two years from a Taiwanese issuer setting a new benchmark for Taiwanese offerings.
Best Formosa bond
Standard Chartered US$100 million TLAC Formosa bond
Lead manager and bookrunner:
Standard Chartered
First ever TLAC eligible callable formosa issuance from a UK/European bank.
Best domestic M&A
Merger of Neo Solar Power Energy, Solartech Energy and Gintech for US$371 million
Financial adviser:
KGI Securities
Combination of several entities to form the influential solar company on the island.
Best cross-border M&A
Hitachi US$238 million acquisition of Yungtay
Financial advisers:
Credit Suisse, KGI Securities
Challenging deal that allowed the buyer to improve its competitiveness within Asia.
Best LBO
Sale of LCY Chemical to KKR Group and Lee Group
Financial advisers:
Goldman Sachs, KGI Securities
Mandated lead arranger and bookrunner:
CTBC Bank
Mandated lead arrangers:
Bank Sinopac, Cathay United Bank, E. Sun Bank, KGI Bank, Taishin International Bank, O-Bank
Lead arrangers:
Yuanta Commercial Bank, Shanghai Commercial & Savings Bank, OCBC
A key financing deal in Taiwan’s LBO market in 2019 which was executed in a timely manner and fully satisfied the sponsors’ and the company’s needs.
Disclaimer: The winners of The Asset Triple A Awards are welcome to translate the awards’ names in their native language. We are happy to provide Chinese translation upon request, and we reserve the right to have the final say for any Chinese translation of the awards’ names. For clarity, please refer to our website in English.
The Asset Triple A Country Awards 2019 annual dinner will be held in 2020. For more information or booking, please contact events@theasset.com.
Best Advisers - North Asia 2019
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