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

The Asset
Country Awards 2019

Best Deals by country

Bangladesh
India
Pakistan
Sri Lanka
Bangladesh Flag
Best bond
Janata Bank 15 billion taka tier 2 bond
Lead arranger:
Standard Chartered
Critical deal for bank to meet regulatory requirements and represented the largest tier 2 bond issuance by a state-owned bank in the market.
Best M&A
JT International acquisition of Akij Group’s tobacco business for US$1.5 billion
Financial adviser:
Standard Chartered
Largest foreign investment into the country to date.
Best loan
RR Holdings US$20 million secured term loan facility
Lead arranger:
Credit Suisse
Key US dollar financing deal for the company in line with it’s working capital and long-term capital expenditure requirements.
India Flag
Sustainable Finance
Best green bond
Renew Power US$375 million green offering
Bookrunners:
Barclays, Goldman Sachs, HSBC, J.P. Morgan, Yes Bank
Benchmark structure for high yield green bond issuers where proceeds will be used for the refinancing of outstanding external commercial borrowings in line with the company’s green bond framework.
Best high yield bond
Greenko Mauritius US$350 million bond
Bookrunners:
Barclays, Deutsche Bank, J.P. Morgan
First true unsecured hold co bond out of India which cleaned up the company’s capital structure..
Best IPO
Embassy Office Parks REIT US$688 million IPO
Global coordinators and book running lead managers:
Bank of America, Kotak Mahindra Bank, J.P. Morgan, Morgan Stanley
Book running lead managers:
Axis Capital, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, IIFL, JM Financial, Nomura
Landmark transaction paving a benchmark for future REIT IPOs in India.
Best QIP
Godrej Properties US$302 million QIP
Bookrunners and lead managers:
Axis Capital, Bank of America, CLSA, Kotak Mahindra Capital
Reopened the QIP market after India’s general elections and represents debut QIP for the company.
Best rights issue
Vodafone Idea’s US$3.6 billion rights issue
Lead managers:
Bank of America, Kotak Mahindra Capital, Morgan Stanley
Offering was marketed via two global roadshows and is the largest rights issue in India to date.
Best secondary placement/sell-down
BNP Paribas Cardif US$1.3 billion sell down of SBI Life Insurance
Sole placement agent, bookrunner, joint selling broker:
BNP Paribas
Joint seller broker:
Citi
Three prong transaction solution package that saw BNP Paribas Cardif selling more than 16% in SBI Life Insurance.
Best quasi-sovereign bond
Power Finance Corporation US$1 billion dual tranche senior secured fixed notes
Bookrunners:
Barclays, MUFG, Standard Chartered
First dual tranche by a NBFC in India executed during a volatile period for the overall Indian NBFC industry.
Best new bond
IndusInd Bank US$400 million senior notes
Bookrunners:
Bank of America, Barclays, Citi, CLSA, HSBC, J.P. Morgan, Standard Chartered
Inaugural US dollar offering from the bank which experienced strong demand resulting in a 25bp pricing tightening.
Best corporate bond
Adani Ports & Special Economic Zone US$750 million senior notes
Bookrunners:
Bank of America, Barclays, Citi, Emirates NBD, DBS, J.P. Morgan, Mizuho Securities, MUFG, Standard Chartered
Key deal for the Adani group representing its most sizable issuance to date.
Best FIG bond
State Bank of India US$1.25 billion dual tranche senior notes
Bookrunners and lead managers:
Bank of America, Barclays, Citi, HSBC, J.P. Morgan, Mizuho Securities, MUFG, SBI Capital Markets, Standard Chartered
First 144A/Reg S transaction by an Indian issuer in 2019 which experienced high quality demand resulting in an upsize in the offering.
Best local currency bond
Zydus Wellness Limited INR 1,500cr acquisition bonds
Mandated lead arranger:
Barclays
Largest ever non-recourse INR corporate bond raised for a leverage buyout in India in the consumer space.
Best masala bond
Kerala Infrastructure Investment Fund Board 21.5 billion rupees guaranteed fixed rate senior secured synthetic masala
Bookrunners and lead managers:
Axis Bank, Standard Chartered
Trailblazing deal in India representing the first international LGFV issued out of the country.
Best liability management
REC Limited US$1.85 billion liability management exercise via consent solicitation
Bookrunners:
Barclays, Citi, HSBC, Standard Chartered
Strategically important transaction in line with the India government’s divestment program.
Best syndicated loan
Reliance Industries €405 million schuldschien loan
Arrangers:
KFW IPEX BANK and LBBW
Landmark deal for the issuer being able to be the first non-European domiciled company to tap into German law governed schuldschien loan market achieving competitive pricing.
Best samurai loan
HDFC 53.2 trillion yen syndicated term loan facility
Mandated lead arrangers and bookrunners:
First Abu Dhabi Bank, Mizuho Bank, MUFG, SMBC
Mandated lead arrangers:
Bank of China, Bank of India
Arrangers:
Bank of Taiwan, Sumitomo Mitsui Trust Bank, Gunma Bank
First ever Samurai loan facility for HDFC resulting in JPY commitments from a number of banks including non-Japanese banks.
Best acquisition financing
UPL Corporation US$3 billion financing to acquire Arysta LifeScience
Original mandated lead bookrunners:
MUFG, Rabobank
Mandated lead arrangers and bookrunners:
ANZ, Barclays, DBS, First Abu Dhabi Bank, J.P. Morgan, MUFG, Societe Generale CIB
Deal financing will help UPL Corporation branch out capabilities to Africa and the Middle East.
Pakistan Flag
Best IPO
Interloop Limited US$36.1 million IPO
Consultant on the issue:
Arif Habib
Bookrunner:
Ismail Iqbal Securities
Despite difficult market conditions the issuer was able to execute the largest private sector IPO to date in the country.
Best secondary offering
Meezan Bank US$100 million placement
Bookrunner and lead arranger:
Auerbach Grayson, Topline Securities
Key divestment of Noor Financial Investment Company of Kuwait’s stake in Meezan Bank.
Best bond
Askari Bank US$50 million tier 1 bond
Consultant on the issue and market marker:
Topline Securities
Capital raising through perpetual bonds which is an uncommon structure in Pakistan.
Sri Lanka Flag
Best bond
Democratic Socialist Republic of Sri Lanka US$2.4 billion dual-tranche senior unsecured bond
Bookrunners and lead managers:
BOC International, Citi, Deutsche Bank, HSBC, J.P. Morgan, SMBC Nikko, Standard Chartered
First time for Sri Lanka to list bonds on the London Stock Exchange in addition to the SGX-ST listing.
Best corporate bond
SriLankan Airlines US$175 million government guaranteed notes
Bookrunners:
Credit Suisse, Standard Chartered
High demand resulted in a significant orderbook leading to a 50bp pricing from initial price guidance. It is the first non-sovereign bond from Sri Lanka since 2014.
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.
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