The Asset
Triple A Sustainable Capital Markets Regional Awards 2019

Best Deals

Sovereign
Quasi-sovereign
Conglomerates
Consumer goods
Commodities
Financial institutions/NBFIs
Manufacturing
New Economy
Real Estate
Renewable energy/Transition energy
Services
Telecom, Media & Technology
Transport and infrastructure
Sovereign
Best sustainability bond
Republic of Korea US$1.5 billion dual-tranche green and sustainability notes
The first green and sustainability bond by a sovereign issuer globally and the first SRI framework by a sovereign issuer where the use of proceeds is managed by a sovereign wealth fund – Korea Investment Corporation.
Citi, Credit Agricole CIB, HSBC, J.P. Morgan
Best catastrophe-linked bond
Republic of the Philippines US$225 million catastrophe-linked bond
The World Bank issued two tranches of catastrophe-linked bonds in order to provide the RoP with financial protection of up US$75 million for losses from earthquake and US$150 million against losses from tropical cyclones for three years.
GC Securities, Swiss Re
Munich Re
AIR Worldwide
Quasi-sovereign
Best green bond
State Development & Investment Corporation US$1 billion five-year green bond and 10-year senior bond
The first ever green bond offering by State Development and Investment Corporation in the international capital markets and the first green bond deal by a 100% central SASAC-owned state-owned enterprise at the time of issuance.
BOCHK, BOC International, DBS, HSBC, J.P. Morgan
Agricultural Bank of China (Hong Kong), China CITIC Bank International, China Construction Bank (Asia), Citi, CMB International, Deutsche Bank, Essence International, ICBC (Asia), Mizuho, Natixis CIB, Societe Generale CIB
Best bond
Perusahaan Listrik Negara US$1.6 billion dual-currency senior notes
The deal included the inaugural Southeast Asia BBB-rated corporate 12-year euro offering and this tranche set the lowest coupon ever for Indonesian corporate global bonds.
Bank of America, Citi, Credit Suisse, HSBC, Mandiri Securities, MUFG
Conglomerates
Best debt
CK Hutchison Group Telecom Holdings €10.4 billion underwritten bridge facilities and subsequent syndicated term loan and bond take-out financing
The inaugural multi-tranche euro and sterling bond deal represents the largest offering in both currencies in Asia-Pacific in 2019.
Citi, HSBC
Banca IMI, Barclays, BNP Paribas, Credit Agricole CIB, Deutsche Bank, Goldman Sachs, UniCredit Bank
Best bond
Fosun International €400 million senior notes
This is Fosun International’s debut euro senior note public transaction and also represented the first public euro bond deal by Chinese high yield company. It achieved a 52.5bp price tightening from initial guidance to final pricing.
Credit Suisse, Deutsche Bank, HSBC, Standard Chartered
Fosun Hani, Natixis, UniCredit
Consumer goods
Best sustainability-linked loan
Chew’s Agriculture S$27 million SME loan
Singapore’s first sustainability-linked loan for an SME and the first of its kind in the domestic agricultural sector. Under the terms of the loan, Chew’s will enjoy lower interest rates if it meets Humane Farm Animal Care standards, such as providing the livestock access to wholesome and nutritious feed
DBS
Best liability management
Li & Fung cash tender offer and new US$500 million notes
The first tender offer and new issue for Li & Fung. The simultaneous exercises allow the company to reduce the interest expense and further optimize its capital structure by extending its debt maturity profile.
Citi, Standard Chartered
Commodities
Best sustainability-linked loan
COFCO International US$2.3 billion syndicated sustainability-linked loan
The largest syndicated sustainability improvement loan in commodity trading, COFCO International and the banks agreed on annual targets connected to the company’s sustainability rating conducted by Sustainalytics and improving the traceability of its key commodities such as soy.
ING Bank, Banco Bilbao Vizcaya Argentaria, Rabobank
ABN AMRO Bank, Agricultural Bank of China, ANZ, Banco Bilbao Vizcaya Argentaria, China Construction Bank, China Development Bank, ICBC, ING Bank, Natixis, United Overseas Bank
Commonwealth Bank of Australia, DBS, HSBC, MUFG Bank, Societe Generale CIB, Standard Chartered, Sumitomo Mitsui Banking Corporation
Financial institutions/NBFIs
Bank - Best Formosa bond
CIMB Bank US$680 million SDG Formosa bond
The first ever SDG bond issued by a Malaysian and an Asean issuer in the Reg S market and also the first to be issued in the Formosa market.
CIMB
Cathay United Bank, Societe Generale CIB, Standard Chartered
Bank - Best green bond
Korea Development Bank €500 million fixed rate green bond
Priced at zero coupon, this is KDB’s first euro currency green bond and generated a strong demand from central banks and official institutions.
Citi, Credit Agricole CIB, HSBC, Standard Chartered
Bank - Best sustainability bond
Shinhan Financial Group US$500 million tier 2 subordinated sustainability notes
First offshore Basel III tier 2 subordinated notes offering by a financial holding company in Korea and priced with zero new issue concession amid a large orderbook of US$4.3 billion.
Bank of America, BNP Paribas, Citi, Credit Suisse, HSBC
Shinhan Investment Corporation
Bank - Best bank capital bond
Bangkok Bank US$1.2 billion Basel III tier 2 capital securities
The first 15-year non-call 10 Basel III tier 2 note ever issued by a bank in Asia-Pacific, outside of Australia and the largest ever Basel III tier 2 note ever issued by a bank in Southeast Asia.
Citi, Morgan Stanley
Credit Suisse, HSBC
Bank - Most innovative deal
Bank of China US$962 million equivalent multi-currency Sofr green bond
The first international capital markets’ transaction by an Asian issuer to follow the secured overnight financing rate (Sofr) benchmark established by the Federal Reserve of New York aimed at replacing Libor by the end of 2021.
Bank of China, Bank of Communications, BOC International, China Construction Bank (Asia), Commonwealth Bank of Australia, Credit Agricole CIB, J.P. Morgan, UBS
Agricultural Bank of China (Hong Kong), Bank of China, BOC International, China Construction Bank (Asia), China Everbright Bank (Hong Kong), Credit Agricole CIB, CTBC Bank, DBS, HSBC, J.P. Morgan, Nomura, UBS
Bank of China, BOC Internatonal, Bank of Communications, BNP Paribas, CMB International, Credit Agricole CIB, ICBC (Asia), J.P. Morgan, MUFG, UBS
Multilateral - Best Panda bond
New Development Bank 3 billion yuan two-tranche Panda bond
This was the first Panda bond issued under the 2018 Panda bond measures. Priced at par, the dual-tranche offering was the second renminbi bond deal by the bank and was the first to be issued under its inaugural renminbi bond programme.
ICBC
Agricultural Bank of China, Bank of China, China Construction Bank
Non-bank financial institution - Best loan
AIA Group US$2.19 billion amendment and extension of revolving credit facility
The five-year revolving credit facility is well-received and the proceeds will be used for general corporate and working capital purposes.
HSBC
Citi, Standard Chartered
ANZ, BNP Paribas, Credit Agricole CIB, Deutsche Bank, Goldman Sachs, Morgan Stanley, MUFG Bank, Wells Fargo Bank
Non-bank financial institution - Best green bond
ICBC Financial Leasing Company US$600 million floating rate note
The first ever offshore green bond issued by a Chinese leasing company and achieved the lowest spread for a five-year FRN US dollar bond issuance from a Chinese leasing company in 2019 year-to-date.
BNP Paribas, HSBC
Bank of America, Bank of China, Bank of Communications, Goldman Sachs, ICBC International, Mizuho Securities
ANZ, CCB International, CMBC Capital, CMB International, MUFG
Non-bank financial institution - Best securitization
PrimeCredit US$200 million consumer loans securitization
The transaction is the first public term securitization in Hong Kong since the early 2000 and the first ever public consumer loan securitization in Hong Kong. It is likewise the first AAA-rated consumer loan securitization in Asia, outside of Japan.
BNP Paribas
Non-bank financial institution - Best GDR
Huatai Securities Company US$1.69 billion GDR
The largest ever IPO in the UK stockmarket since 2017 and the largest IPO for GDRs since 2013. It was also the largest IPO for pure new share issuance in the European market since 2012.
Huatai International
J.P. Morgan, Morgan Stanley
Credit Suisse
Non-bank financial institution - Most innovative deal
Quadria Capital US$65 million sustainability improvement capital call facility
The facility is the first of its kind globally, pegging the interest rate to a set of ESG performance targets on Quadria’s Fund II portfolio, which aims to make investments in companies focused on the provision of healthcare delivery, life sciences, medical technology and associated healthcare services in Asia
ING
Manufacturing
Best bond
PT Sri Rejeki Isman US$225 million senior unsecured notes
Successfully re-opened the Indonesia high-yield primary bond market as the first issuance in the second half of 2019. The proceeds were primarily used for refinancing of its existing 2021 bond, which further extended its maturity profile.
Citi
Credit Suisse, HSBC
New economy
Entertainment - Best follow-on offering
HUYA US$442 million marketed follow-on offering
The first follow-on offering by the company since its IPO in 2018, with the transaction being covered within two hours of launch with low price sensitivity.
Credit Suisse, Goldman Sachs, Citi, Jefferies
Entertainment - Best convertible bond
YY US$1 billion dual-tranche convertible bond offering
The dual-tranche structure helps to spread out debt maturity profile and creates momentum for larger deal size and the six-year tranche was priced at the lowest coupon among all the Chinese ADR CB issuances since 2018.
Credit Suisse, Goldman Sachs
Entertainment - Best concurrent offering
Bilibili US$500 million convertible bond and US$373 million follow-on offering
The first China ADR concurrent CB + follow-on since 2016 and achieved the tightest file-to-offer discount for a China ADR since 2016.
Citi, Credit Suisse, J.P. Morgan, Morgan Stanley
Fintech - Best convertible bond
Qudian US$345 million convertible bond
The first ever Chinese fintech convertible bond transaction with the proceeds used for strategic investments, development of new business platform and pay the cost of capped call.
Citi, Credit Suisse
Real estate
Best high-yield bond
Kaisa Group Holdings US$400 million senior notes
The first time the company issued senior notes under the 144A format since 2014 and the first 144A issuance by a Chinese property developer since 2015 – thus broadening its investor base.
Credit Suisse, Deutsche Bank, BOC International, China CITIC Bank International, Haitong International
Fulbright Securities, Kaisa Financial Group
Best liability management
China Jinmao Holdings Group any-and-all exchange offer and US$145 million new money
The first liability management exercise from a Chinese investment grade issuer in 2019 and the first exchange offer from an investment grade issuer with new notes being issued as green bonds.
HSBC
Best convertible bond
Link REIT HK$4 billion green convertible bond
The first green equity-linked offering in Asia, outside of Japan, and the first green equity-linked issuance in real estate sector globally.
HSBC
J.P. Morgan
Best green loan
Frasers Property A$750 million dual-tranche term loan
The deal included a A$500 million green tranche and incorporated an innovative pricing structure and terms that classified only one tranche of the facility as green loan under the Asia-Pacific Loan Market Association Green Loan Principles.
Barclays
ANZ, First Abu Dhabi Bank, Mizuho Bank, OCBC Bank, Scotiabank
Renewable energy/Transition energy
Best green bond
Adani Green Energy US$362.5 million amortizing senior secured green bond
Done through three wholly-owned subsidiaries, the fund raising was the first ever investment grade US dollar bond by an Indian renewable energy company. It was also the first amortizing bond structure out of India, with the tenor in line with concession period.
Barclays, Citi, Credit Suisse, Deutsche Bank, J.P. Morgan, MUFG, Standard Chartered
Best syndicated green loan
Formosa 2 Offshore Wind Farm NT$62.4 billion term loan
The 376MW project will be Taiwan’s largest single offshore wind project, powering 380,000 households with green energy. It is the first offshore wind project in Taiwan that attracted the participation of a local life insurance company, unlocking new sources of financing for upcoming transactions.
Macquarie Capital Holdings, Swancor Renewable Energy Company
Societe Generale CIB
ANZ, BNP Paribas, Cathay United Bank, Commerzbank, Credit Agricole CIB, DBS, Entie Commercial Bank, E.SUN Bank, HSBC, ING Bank, KGI Bank, MUFG Bank, Natixis, OCBC Bank, Siemens Bank, Societe Generale CIB, Standard Chartered, Sumitomo Mitsui Banking Corporation, Taipei Fubon Commercial Bank, Taiwan Life
EKF, K-Sure, Credendo, UKEF
Best green loan
Sunseap Commercial Assets S$50 million green loan
The first limited recourse green loan to finance commercial and industrial rooftop solar portfolio in Asean and the first green loan secured by a renewable energy generator in Asean.
ING
Best transition energy bond
SMC Global Power Holdings Corporation US$500 million senior perpetual capital securities
The bond proceeds will be used for development of battery energy storage systems and for general corporate purpose.
Bank of America, Credit Suisse, DBS, Deutsche Bank, J.P. Morgan, UBS
Best concurrent offering
JinkoSolar Holding Company concurrent US$85 million CB and US$75 million follow-on offering
The highly-structured deal generated a strong demand, enabling the issuer to increase the equity offering.
Credit Suisse
Barclays
Best top-up placement
Xinyi Solar Holdings US$170 million top-up placement
The transaction attracted a mix of hedge fund and long-only investors, effectively increasing the free float and improving the company’s liquidity.
Citi
HSBC
Services
Commercial - Best sustainability-linked loan
Langham Hospitality Investments HK$7.5 billion term loan and revolving credit facilities
The first sustainability-linked loan raised by a listed hotel company in the Asian hospitality sector and it carries a lower interest rate spread than the previous loan that will be refinanced with the new facility.
HSBC
Agricultural Bank of China (Hong Kong), Bank of Communications (Hong Kong), BOCHK, China Construction Bank, Chong Hing Bank, Hang Seng Bank, ICBC, Mizuho Bank, OCBC Bank, Sumitomo Mitsui Banking Corporation
Education - Best IPO
Koolearn Technology Holding US$243 million HK IPO
The first online education service provider listed in Hong Kong, with the final order book 10x covered at pricing level. It garnered about US$2 billion worth of demand from global long-only, fundamental-driven hedge funds, Chinese institutions and high net worth investors.
Citi, Morgan Stanley, CICC
Nomura, ICBC International, Industrial Securities International, Everbright Sun Hung Kai, BOC International, AMTD
Lukfook Financial, Ocean Joy Securities
Education - Best ADR
GSX Techedu US$216 million US IPO
This is the largest China ADR US IPO in education sector in terms of market capitalization and capital raised and the first China ADR US IPO in education sector in 2019.
Credit Suisse, Deutsche Bank, Barclays, CLSA
Healthcare/Pharmaceutical - Best IPO
Hansoh Pharmaceutical Group Company US$1.153 billion IPO
The largest pharmaceutical company Hong Kong IPO since 2016. The share price closed 37% higher from the offer price on the listing day with a market cap of US$14.2 billion, making it one of the largest healthcare companies listed on the Hong Kong Exchange.
Morgan Stanley, Citi
UBS, Goldman Sachs, CMS International
CICC
CMB International
Telecom, Media & Technology
Best equity
Alibaba Group US$12.9 billion Hong Kong secondary listing
It was the largest offering globally at the time of listing in 2019 and the largest Hong Kong-listed equity offering since 2010. It was also the largest ever technology follow-on offering globally and the first Chapter 19C secondary listing on the Hong Kong Exchange.
CICC, Credit Suisse
Citi, J.P. Morgan, Morgan Stanley
HSBC, ICBC International
Deutsche Bank, DBS, Mizuho
ABC International, BOC International, BOCOM International, CCB International, CLSA, CMB International, Yunfeng Securities
Best corporate bond
Tencent Holdings US$6 billion multi-tranche senior notes
This is Tencent’s largest ever debt deal and included its first 30-year public tranche. The new issue concessions were flat to negative versus Tencent’s outstanding secondary curve.
Deutsche Bank, HSBC, Goldman Sachs, Morgan Stanley
Bank of America, BOCHK, BNP Paribas, Credit Suisse, ICBC (Asia), J.P. Morgan, Mizuho Securities, MUFG, SPDB International
Best corporate hybrid
Bharti Airtel US$750 million perpetual hybrid securities
This is the inaugural corporate hybrid for Bharti Airtel and the issuance is part of a wider deleveraging exercise undertaken by the company.
Bank of America, Barclays, BNP Paribas, Citi, HSBC, J.P. Morgan, Standard Chartered
Best securitization
Lenovo Group trade receivables securitization programme
The transaction encompassed 45 selling entities in 21 jurisdictions and forthnightly funding in 14 different currencies with full capital structure – senior, mezzanine and equity – being distributed to banks and private equity funds enabling a lower cost of funding.
BNP Paribas, Citi
Best liability management
21Vianet Group US$300 million tender offer and new bond issue
The transaction established a new pricing benchmark in the non-investment grade TMT space and the 50bp price compression is one of the largest in offshore China non-property bond market in 2019 year-to-date.
Credit Suisse, Barclays
Orient Securities (Hong Kong)
Best syndicated loan
Ctrip.com US$2 billion syndicated term loan facility
The transaction generated a robust market response, allowing the facility to be upsized from the original launch size of €600 million equivalent.
HSBC
Bank of Communications (Hong Kong), Bank of East Asia, China Construction Bank (Asia), Korea Development Bank, Bank of China
Export-Import Bank of China, China Everbright Bank, China Zheshang Bank, China Development Bank (Hong Kong), China Minsheng Banking Corporation, China Merchants Bank, Agricultural Bank of China, Industrial Bank, China Everbright Bank (Hong Kong), Chiyu Banking Corporation, CMB Wing Lung Bank, ICBC (Asia), Shanghai Pudong Development Bank
Chong Hing Bank
Transport and infrastructure
Best equity financing
Chehaoduo Group US$1.5 billion private placement
The largest deal in the history of China’s second-hand car industry, enabling Chehaoduo Group to become China’s largest, and the world’s second largest used car and new car trading platform.
Softbank Vision Fund
China TH Capital
Best green bond
BTS Group Holdings 13 billion baht multi-tranche senior and unsecured green bond
The first Thai green bond offering to institutional and high net worth investors, and the largest and longest tenor green bond offered in Thailand.
Bangkok Bank, Siam Commercial Bank
Best M&A deal
S.F. Holding US$792 million acquisition of Deutsche Post DHL Group supply chain business in China, Hong Kong and Macau
Deutsche Post DHL supply chain China business will be incorporated into S.F. Holding and operate as a co-branded organization. The two companies signed a 10-year strategic partnership agreement to foster growth in the region.
Credit Suisse
Best preferential issue
India Grid Trust US$360 million preferential issue
This is the first ever follow-on investment infrastructure trust transaction in India post the introduction of investment infrastructure trust preferential issue guidelines by Securities and Exchange Board of India.
Edelweiss Financial Services, Axis Capital, Citi
IndusInd Bank
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