The Asset
Country Awards 2019

Best Deals by country

Cambodia
Indonesia
Laos
Malaysia
Myanmar
Philippines
Singapore
Thailand
Vietnam
Cambodia Flag
Best cross-border financing
Khmer Beverage Company (A member of Chipmong group) US$250 million long-term loan facility
Lender:
Bangkok Bank
The deal represents a breakthrough in Bangkok Bank’s lending capability and in structuring complex transaction.
Indonesia Flag
Sustainable Finance
Best IPO
Kencana Energi Lestari 290.37 billion rupiah IPO
Lead underwriters:
Bahana Sekuritas, Mirae Asset Sekuritas, RHB Sekuritas
The first green energy hydro power plant IPO in Indonesia. The share price surged 49% on the first day of trading.
Best sustainability bond
Bank Rakyat Indonesia US$500 million sustainability bond
Bookrunners, lead managers and structuring advisers:
Citi, Credit Agricole CIB
The first public sustainability bond issuance in Southeast Asia and achieved a negative new issue concession of -2bp.
Best equity
Inocycle Technology Group 152 billion rupiah IPO
Lead underwriters:
Bahana Sekuritas, Shinhan Sekuritas Indonesia, Jasa Utama Capital Sekuritas
The institutional books were well-subscribed, garnering quality demand from global and domestic institutional investors and attracted long only funds and absolute return funds. The stock price rose 49.6% on first day of trading.
Best follow-on offering
MAP Aktif Adiperkasa US$296 million fully marketed secondary selldown
Global coordinators and bookrunners:
Deutsche Bank, UBS
Domestic lead underwriting manager and bookrunner:
IndoPremier
Bookrunner:
Credit Suisse
The secondary selldown is the largest in Southeast Asia in 2019 and the largest transaction in Indonesia since 2017, effectively re-opening the Indonesia new issuance market to foreign investors.
Best sovereign bond
Republic of Indonesia US$1.59 billion equivalent dual-currency bond
Lead managers and underwriters:
Citi, Credit Agricole CIB, Deutsche Bank, HSBC, Mandiri Securities, Standard Chartered
The sovereign issued in US dollar and euro taking advantage of the rating upgrade from S&P Global from BBB- to BBB.
Best new bond
Lestari Banten Energi US$775 million amortizing project bond
Sole financial adviser:
Citi
Joint global coordinators:
Citi, Barclays
Joint lead managers and bookrunners:
Citi, Barclays, CIMB
A rare investment grade bond issuer from the Indonesian private sector.
Best corporate bond
Pertamina US$1.5 billion dual-tranche bond
Bookrunners and lead managers:
Deutsche Bank, HSBC, Mandiri Securities, Standard Chartered
The robust demand from investors enabled Pertamina to significantly tighten the pricing by 35bp for both tranches of the issuance.
Best high-yield bond
Medco Energi International US$650 million fixed rate bond
Global coordinator, bookrunner and lead manager:
Standard Chartered
Bookrunners and lead managers:
ANZ, DBS, ING, Mandiri Securities
The second US-style bridge-to-bond transaction out of Asean, primarily to finance Medco’s acquisition of Ophir Energy.
Best FIG bond
Bank Mandiri US$750 million fixed rate notes
Global coordinators, bookrunners and lead managers:
HSBC, Mandiri Securities
Bookrunners and lead managers:
MUFG, Standard Chartered
The transaction marks the return of Bank Mandiri to the international capital markets since 2003 and the largest US dollar bond issuance by an Indonesian financial institution to date.
Best syndicated loan
Barito Pacific US$200 million bridge-to-bond term loan
Bookrunners:
Barclays, DBS
Debut syndicated loan at the parent company of the Barito Group with 50% of the participating lenders were first time lenders to the group.
Laos Flag
Best bond
Ministry of Finance Lao People’s Democratic Republic 7 billion baht four-tranche bond
Adviser:
Twin Pine Group
Lead arrangers:
Bangkok Bank, Thanachart Bank
The MOFL achieved an attractive cost of funding with optimal tenor distribution to suit its debt repayment profile.
Best structured finance
Bank of the Lao People’s Democratic Republic €88 million financing facility
Lead arranger and bookrunner:
Credit Suisse
The euro funding is in line with the central bank’s mandate of managing the country’s foreign reserve liquidity.
Malaysia Flag
Best IPO
Leong Hup International 1.19 billion ringgit IPO
Principal adviser, global coordinators bookrunner, managing underwriter and underwriter:
Maybank Investment Bank
Global coordinator and bookrunner:
Credit Suisse
Global coordinator, bookrunner and underwriter:
RHB Investment Bank
Bookrunners and underwriters:
AmInvestment Bank, Hong Leong Investment Bank
Underwriter:
Kenanga Investment Bank
This is the largest IPO in Malaysia since July 2017 in terms of market capitalization and offering size, and was priced at the top end of the bookbuilding price range.
Best rights issue
Sapura Energy US$727.7 million rights issue with warrants
Principal adviser, global coordinator, managing underwriter and underwriter:
Maybank Investment Bank
Underwriters:
CIMB, RHB Investment Bank
This is the largest equity issuance in Malaysia in 2019, which enables Sapura to significantly improve its existing net gearing, thus providing headroom to grow further, as well as establishing a strong major shareholder.
Best bond
Government of Malaysia 200 billion yen JBIC-guaranteed bond
Lead arrangers and bookrunners:
Affin Hwang Investment Bank, Daiwa Securities, HSBC, Mizuho Bank
This is the largest sovereign issuance in the Samurai bond market since 2001 and achieved the lowest coupon rate of any sovereign issuer in the Samurai market since 2009.
Best FIG bond
RHB Bank US$300 million senior notes
Bookrunners and lead managers:
Credit Suisse, HSBC, RHB Investment Bank
This is the first US dollar bond from Malaysia in 2019, thus re-opening the market for Malaysian issuers.
Best Panda bond
Maybank 2 billion renminbi dual-tranche Panda bond
Bookrunner and lead underwriter:
China Development Bank
Lead underwriters:
BNP Paribas, HSBC, ICBC
Maybank is the first international financial institution to issue twice in the Panda bond market and the proceeds from this One Belt One Road bond were deployed to both onshore and offshore projects.
Best local currency bond
Mercedes-Benz Services Malaysia 250 million ringgit medium-term note
Lead arranger and lead manager:
HSBC
Lead manager:
Standard Chartered
The deal achieved the tightest AAA-rated non-government entity in the ringgit market at the time of pricing.
Best M&A deal
Mitsui & Company acquisition of 16% stake in IHH Healthcare from Khazanah Nasional for US$2 billion
Financial adviser:
Deutsche Bank
The transaction makes Mitsui the single largest shareholder in IHH healthcare with 32.9% stake and showcases the attractiveness of Southeast Asian healthcare markets.
Myanmar Flag
Best bond
Yoma Strategic Holdings 2.22 billion baht fixed rate bond
Adviser:
Twin Pine Group
Sole lead arranger:
Bangkok Bank
Guarantor:
Credit Guarantee and Investment Facility
This is the first time a Myanmar-focused company has raised fund in the Thai capital markets and the first time that CGIF has provided a guarantee to a corporate in Myanmar.
Best acquisition finance
PAMEL Holdings US$185 million acquisition and revolving credit facilities / Pan Asia Majestic Eagle Limited US$100 million term loan facilities
Mandated lead arrangers and bookrunners:
DBS, ING Bank, OCBC Bank
This is the first of its kind loan transaction – an acquisition finance with a leverage buyout structure – to be syndicated in the Myanmar loan market.
Philippines Flag
Sustainable Finance
Best green bond – corporate
AC Energy Finance International US$410 million multi-tenor CBI-certified bond
Sole structuring bank and bookrunner:
Bank of America
Global coordinator, bookrunner and lead manager:
HSBC
Bookrunner and lead manager:
CLSA
Domestic lead managers:
BDO Capital & Investment Corporation, BPI Capital Corporation, China Bank Capital Corporation
Key investors:
Asian Development Bank, International Finance Corporation
The first Climate Bond Initiative (CBI)-certified US dollar bond in Southeast Asia and the first corporate green bond from the Philippines.
Best sustainability bond
Rizal Commercial Banking Corporation 8 billion pesos Asean sustainability bond
Sole lead manager and sustainability structurer:
ING
This is the first Asean sustainability bond issued in the Philippines and upsized from the target offering of 5 billion pesos.
Best green bond – financial institution
Bank of the Philippine Islands CHF100 million Asean green bond
Bookrunners:
BPI Capital Corporation, Credit Suisse, UBS
This landmark transaction represents several firsts for a Philippine capital markets deal, including the first ever Swiss franc-denominated bond offering out of the Philippines, the first ever offshore green bond by a Philippine bank and the first ever negative yielding bond to be issued out of the Philippines.
Best follow-on offering
San Miguel Food and Beverage 39.2 billion pesos secondary selldown
Financial adviser:
Standard Chartered
Global coordinators:
J.P. Morgan, Morgan Stanley, UBS
Bookrunners:
Deutsche Bank, Goldman Sachs
Local lead underwriters:
BDO Capital & Investment Corporation, BPI Capital Corporation
The largest ever public equity offering in the Philippines in peso terms, excluding stock rights issues, with the original base deal upsized by 15%.
Best sovereign bond
Republic of the Philippines €750 million global bond
Global coordinators, bookrunners and lead managers:
Deutsche Bank, UBS
Bookrunners and lead managers:
BNP Paribas, Credit Suisse, Standard Chartered
The SEC-registered offering represents the RoP’s return to the European capital markets after a hiatus of more than a decade, achieving its target spread and diversifies its sources of funding.
Best FIG bond
Philippine National Bank US$750 million fixed rate notes
Bookrunners and lead managers:
Citi, HSBC, Standard Chartered
The deal marks PNB’s successful return to offshore bond market with the largest offering size from the Philippine banking sector.
Best corporate bond
SMC Global Power Holdings Corporation US$500 million senior perpetual capital securities
Bookrunners and lead managers:
Bank of America, Credit Suisse, DBS, Deutsche Bank, Mizuho Securities, Standard Chartered, UBS
The first perpetual securities transaction from the Philippines in 2019 and the issuer’s first USD perpetual issuance since 2015.
Best local currency bond
BDO Unibank 35 billion pesos fixed rate bond
Sole arranger and bookrunner:
Standard Chartered
The largest peso-denominated bank bond issuance, which was upsized from 10 billion pesos to 35 billion pesos, representing the largest single security offering by a Philippine corporate in the Philippine Dealing and Exchange Corporation.
Best retail bond
China Banking Corporation 30 billion pesos fixed rate retail bond
Issue coordinator and structuring adviser:
China Bank Capital Corporation
Lead arrangers and bookrunners:
HSBC, Standard Chartered
This is the bank’s first bond issuance – upsized from the initial target of 5 billion pesos to 30 billion pesos due to strong demand – in the Philippine capital markets and the first to feature monthly interest payment.
Best syndicated loan
Petron Corporation US$800 million syndicated term loan facility
Original mandated lead arrangers, bookrunners and underwriters:
ANZ, Bank of China, DBS, Mizuho, Standard Chartered, Sumitomo Mitsui Banking Corporation
Mandated lead arrangers and bookrunners:
ICBC, Cathay United Bank
Lead arrangers:
Barclays, CTBC Bank, DZ Bank, Hua Nan Bank, Land Bank of Taiwan
Arrangers:
AfrAsia Bank, Bank of Taiwan, Chang Hwa Commercial Bank, Chiba Bank, E.SUN Bank, First Commercial Bank, Hyakugo Bank, Shanghai Commercial & Savings Bank, Sunny Bank, Taishin International Bank, Taiwan Business Bank, Taiwan Cooperative Bank
The largest US dollar syndicated loan transaction in the Philippines for 2019 and set a new pricing benchmark to the market as it was priced considerably tighter than Petron’s previous syndication.
Best M&A deal
AC Energy divestment of its 60% economic stake in AA Thermal to Aboitiz Power Corporation
Financial adviser:
ING
The deal helps AC Energy to rebalance its portfolio and provide fresh funds for its renewable energy projects.
Most innovative deal
AEON Credit Service (Philippines) one billion pesos fixed rate corporate notes
Sole arranger:
First Metro Investment Corporation
Financial adviser:
Mizuho Securities Asia
Guarantor:
Credit Guarantee and Investment Facility
The first debt transaction under the Asean+3 multi-currency bond issuance framework (AMBIF) in the Philippines and the first security by a restricted issuer and non-reporting company in the Philippine Dealing Exchange enrollment system.
Singapore Flag
Sustainable Finance
Best sustainability-linked loan
Louis Dreyfus Company Asia US$650 million sustainability-linked syndicated revolving credit facility
Sustainability coordinator and mandated lead arranger and bookrunner:
DBS
Mandated lead arrangers and bookrunners:
OCBC Bank, United Overseas Bank
This is the first sustainability-linked syndicated facility for Louis Dreyfus Asia and the facility was upsized from US$500 million at launch to US$650 million.
Best bilateral green loan
Sunseap Leasing S$42.75 million senior secured term loan facility for a portfolio of solar assets
Lender:
United Overseas Bank
The loan proceeds will be used to fund the installation of a series of solar photovoltaic systems on the rooftops of 210 sites.
Best IPO
Prime US REIT US$632 million IPO
Financial adviser:
DBS
Global coordinators, bookrunners and underwriters:
Bank of America, DBS
Bookrunners and underwriters:
CICC, Credit Suisse, Maybank Kim Eng, OCBC Bank
The largest ever US Reit listing on the Singapore Exchange that saw the stock trade up from the offer price.
Best follow-on offering
Frasers Centrepoint Trust S$437.3 million equity fund raising
Underwriters:
BNP Paribas, Citi, DBS
The dual-tranche structured equity issuance allowed the issuer to tap new institutional investors and also support the acquisition of Waterway Point a suburban mall.
Best equity-linked
Keppel Reit S$200 million convertible bond offering
Bookrunners and lead managers:
BNP Paribas, Credit Suisse
The transaction was priced at a 52-week high share price and at a 12.5% conversion premium.
Best bank capital bond
United Overseas Bank S$750 million Basel III additional tier 1 notes
Lead managers:
ANZ, HSBC, Standard Chartered, UBS, United Overseas Bank
Deal involved a well-diversified investor base and represented the lowest ever yield for a Basel III Singapore dollar AT1 transaction.
Best corporate bond
Singapore Power US$600 million fixed rate notes
Lead managers:
BNP Paribas, Credit Agricole CIB, DBS, Mizuho Securities, Morgan Stanley
First international bond by a Singaporean issuer in 2019 which saw significant demand resulting in a 22bp price compression from the initial guidance.
Best investment grade bond
DBS Group Holdings US$750 million senior notes
Lead managers:
Barclays, DBS, J.P. Morgan, RBC Capital Markets, Societe Generale CIB, Wells Fargo
The offering established a fixed rate senior unsecured benchmark for DBS Group with global investor distribution.
Best multi-product financing solution
Keppel Infrastructure Trust S$1.344 billion acquisition finance of IXOM Group and S$500 million equity fund raising
Mandated lead arrangers, underwriters and bookrunners (senior secured facilities):
Commonwealth Bank of Australia, United Overseas Bank
Original lenders (equity bridge loan):
DBS, HSBC, United Overseas Bank
Lead managers, bookrunners and underwriters:
Credit Suisse, DBS, HSBC, United Overseas Bank
Combining debt and equity financing, the deal enabled Keppel Infrastructure Trust to complete the acquisition of Ixom Group for A$1.1 billion.
Best retail bond
Temasek Holdings S$500 million notes
Bookrunners:
DBS, HSBC, OCBC Bank, Standard Chartered, United Overseas Bank
First Temasek bond with public offer for retail investors with represented S$200 million of the transaction.
Best syndicated loan
Marina Bay Sands S$8.671 billion senior secured credit facilities
Global coordinator and agent:
DBS
Global coordinators, mandated lead arrangers and bookrunners:
Maybank, OCBC Bank, United Overseas Bank
Mandated lead arrangers and bookrunners:
Bank of America, Bank of China, BNP Paribas, Deutsche Bank, DBS, Mizuho, MUFG, Sumitomo Mitsui Banking Corporation, Standard Chartered
Lenders:
Bangkok Bank, Bank of Communications, Bank of East Asia, Bank of Taiwan, Barclays, Chang Hwa Commercial Bank, CIC Bank, CIMB, CTBC Bank, E.SUN Bank, First Commercial Bank, Hong Leong Finance, Hua Nan Commercial Bank, ICBC, KEB Hana Bank, Korea Development Bank, Land Bank of Taiwan, Mega ICBC, RHB Bank, Scotia Bank, Shanghai Commercial & Savings Bank, Shanghai Pudong Development Bank
Most significant syndicated credit facility raised by the Las Vegas Sands group to date resulting in a deal supported by a diverse group of banks with strong oversubscription.
Best M&A deal
CapitaLand acquisition of Ascendas-Singbridge for S$11 billion
Financial adviser:
J.P. Morgan
Independent financial adviser:
Rothschild & Co
The merger creates one of Asia’s largest diversified real estate groups with over S$123 billion of assets under management.
Best privatization
Joint offer by SPH and Keppel Corporation to privatize M1 Limited for S$1.9 billion
Financial advisers:
Credit Suisse, DBS, United Overseas Bank
This is the first public takeover of a telecommunications company in Singapore’s corporate history.
Thailand Flag
Best block trade
Intouch Holdings US$507 million secondary block placement
Bookrunners:
Credit Suisse, Morgan Stanley
This is one of the largest block trades in Southeast Asia in 2019 and was priced at the tightest discount to volume weighted average price (VWAP) among all Intouch selldown.
Best quasi-sovereign bond
Export-Import Bank of Thailand US$300 million senior unsecured floating rate notes
Bookrunners:
HSBC, Mizuho, Standard Chartered
The offering was more than 11x oversubscribed, achieving an aggressive price compression of 35bp and zero/negative theoretical new issue premium.
Best FIG bond
Siam Commercial Bank US$1 billion dual-tranche fixed rate notes
Bookrunners:
Barclays, HSBC, J.P. Morgan
The deal represents Siam Commercial Bank’s largest US dollar bond offering to date and includes its debut 10-year offering. The strong demand from high quality investors allowed the bank to price at negative new issue concessions.
Best bank capital bond
Kasikornbank US$800 million Basel III tier 2 capital securities
Global coordinators, bookrunners and lead managers:
BNP Paribas, Citi, Standard Chartered
This is the longest dated Basel III tier 2 in Reg S only format from Asia, ex-Japan, and priced inside the Thailand secondary comparable curve with negative new issue concessions.
Best private equity M&A deal
Bank of Ayudhya sale of a 50% stake in Ngern Tid Lor Company to CVC Capital Partners Asia Fund IV and Equity Partners Limited for US$250 million
Financial adviser:
ING
The first investment by CVC into Thailand with the deal generating significant interest from international financial sponsors, global strategic investors and large Thai conglomerates.
Best cross-border M&A deal
Global Power Synergy 134.6 billion baht acquisition of Glow Energy from Engie Global Development
Financial advisers:
Bank of America, Citi, Phatra Securities, Siam Commercial Bank
This transformational transaction is the largest M&A deal in Southeast Asia in the power sector and featured a complex transaction structure to address regulatory challenges.
Most innovative deal
AIMIRT Industrial Growth Freehold and Leasehold Reit 3.12 billion baht preferential public offering
Sole financial adviser and lead underwriter:
Siam Commercial Bank
AIMIRT is the first of a kind Reit in Thailand that is managed by independent Reit manager.
Vietnam Flag
Best block trade
Masan Group Corporation US$209 million block placement by KKR
Bookrunners:
Credit Suisse, Viet Capital Securities
The largest ever deal size and tightest ever discount achieved for overnight block placement in Vietnam.
Best infrastructure bond
Ho Chi Minh City Infrastructure Investment JSC 1.15 trillion dong guaranteed senior bond
Adviser and underwriter:
Techcom Securities
Guarantor:
GuarantCo
The deal introduced a new bond structure to the debt capital market with high standard requirements from the guarantor, including accessing environmental and social impacts of the project.
Best FIG bond
Vietnam Prosperity Joint Stock Commercial Bank US$300 million fixed rate notes
Global coordinators and bookrunners:
BNP Paribas, J.P. Morgan, Standard Chartered
The offering represented the inaugural bond by VPBank in the international bond market and the first US dollar bond issuance from Vietnam since 2014.
Best local currency bond
Refrigeration Electrical Engineering (REE) Corporation 2.318 trillion dong fixed rate bond
Arranger:
Standard Chartered (Vietnam)
Guarantor:
Credit Guarantee and Investment Facility
This is the first local currency bond issuance made by REE in Vietnam, which are placed to institutional capital market investors, thus diversifying its funding source away from the traditional banking market.
Best cross-border financing
Cheng Yang Paper Mill Company US$168 million long-term facility and US$48 million working capital facility
Lenders:
Bangkok Bank, Bank of China, Bank of Communications
The funds are used to finance the expansion of production facility and to support the company’s operation following the expansion project.
Best M&A deal
SK Group US$1 billion strategic investment in Vingroup
Financial adviser:
Credit Suisse
This is the largest public M&A transaction in Vietnam involving the subscription and purchase of Vingroup shares.
Most innovative deal
AES-VCM Mong Duong US$1.163 billion senior secured project bond and loan
Financial adviser:
HSBC
Global coordinators, original mandated lead arrangers and bookrunners:
Citi, HSBC
The first ever project bond from Vietnam and the largest ever sub-investment trade project bond in Asia, featuring an innovative repack financing structure.
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 were held in 16 January 2020. For more information or booking, please contact events@theasset.com.
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