Triple A Sustainable Capital Markets Regional Awards 2020

Sovereign

Best sustainability bond
Kingdom of Thailand 50 billion baht sustainability bond

The original 30 billion baht green and social bond offering in August 2020 was re-opened in November to raise an additional 20 billion baht worth of green bond, which was certified as climate bond standard by Climate Bonds Initiative.

Green structuring advisers, bookrunners and lead managers:

Bank of Ayudhya, Bangkok Bank, Standard Chartered (Thai)

Second party opinion provider:

Sustainalytics

Best green bond
Republic of Indonesia US$750 million green sukuk

The five-year green sukuk is part of the total US$2.5 billion conventional bond and sukuk offering by the Republic of Indonesia, which achieved the lowest ever yield for such tenor across both conventional bond and sukuk issuance in the US dollar debt market.

Green structuring advisers:

BNP Paribas, HSBC

Bookrunners and lead managers:

BNP Paribas, Dubai Islamic Bank, HSBC, Maybank, Standard Chartered

Second party opinion provider:

CICERO

Quasi-sovereign

Best social bond
Korea Land & Housing Corporation US$300 million social bond

This is the issuer’s first social bond public offering with the proceeds earmarked for projects related to affordable housing and to promote public housing safety. The deal achieved the lowest ever coupon of 0.625% among the Korean issuers and the lowest spread since the global financial crisis.

Bookrunners:

Citi, Credit Agricole CIB, HSBC, J.P. Morgan

Conglomerates

Best green bond
Beijing Enterprises Holdings €500 million unsecured fixed rate green bond

The deal generated a strong demand enabling Beijing Enterprises to tighten final pricing by 40bp from the initial price guidance. The proceeds were used to refinance existing offshore indebtedness, which was incurred in connection with the funding of eligible green assets.

Green structuring advisers:

ANZ, Natixis

Global coordinators:

ANZ, HSBC, ICBC (Asia), Natixis

Bookrunners and lead managers:

Agricultural Bank of China (Hong Kong), ANZ, BOCHK, Bank of Communications, CCB International, China CITIC Bank China International, China International Capital Corporation, DBS, ICBC International, HSBC, ICBC (Asia), Natixis

Consumer goods

Best IPO
Nongfu Spring Company US$1.2 billion IPO

This is the largest and most widely subscribed consumer Hong Kong IPO in 2020, attracting top-tier institutional investors and over US$86 billion of retail demand. It achieved the highest valuation multiple for a Hong Kong consumer IPO in the past decade.

Sponsors:

China International Capital Corporation, Morgan Stanley

Global coordinators and bookrunners:

China International Capital Corporation, Morgan Stanley, Citi

Bookrunner:

CITIC Securities

Best sustainability-linked loan
Wilmar International US$200 million agricultural sustainability-linked loan

The interest rate on the loan will be pegged to Wilmar’s achievement of the pre-determined targets that have been set based on the list of performance indicators. These indicators will help in ensuring that Wilmar’s operations are social and environmentally responsible as the company furthers its commitment to meeting the global demand for food without causing a drain on resources.

Arranger:

United Overseas Bank

External reviewer:

Sustainalytics

Financial institutions

Asset management

Best social bond
WLB Asset II Pte Limited US$12 million women’s livelihood bond

The transaction consists of a four-year US$10.5 million bond and a four-year US$1.5 million subordinated debt. The proceeds are used to extend loans to selected microfinance institutions and impact enterprises benefiting women in Cambodia, India, Indonesia and Sri Lanka.

Lead arranger:

DBS

Placement agents:

ANZ, DBS, Standard Chartered

Second party opinion provider:

IIX

Banks
(Multilateral)

Best sustainable development bond
Asian Infrastructure Investment Bank £800 million sustainable development bond

The net proceeds will be used to foster sustainable economic development, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors and promote regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions.

Bookrunners and lead managers:

Barclays, BofA Securities, NatWest Markets, TD Securities

Banks
(Quasi-sovereign)

Best blue bond
Bank of China Paris/Macau US$500 million and CNH3 billion blue bond

This is the first blue bond issued by a commercial bank globally, the first out of the Asia-Pacific region and only the fourth blue bond in the world. The proceeds are designed to support ocean conservation by financing marine and ocean-based projects that have positive environmental, economic and climate benefits.

Global coordinators (US dollar):

Bank of China, BNP Paribas, Credit Agricole CIB, Natixis, Societe Generale

Bookrunners and lead managers:

Agricultural Bank of China (Hong Kong), Bank of China, BNP Paribas, CCB International, China International Capital Corporation, Credit Agricole CIB, Natixis, Societe Generale

Global coordinators, bookrunners and lead managers (CNH):

Bank of China, Bank of Nova Scotia, BNP Paribas, Credit Agricole CIB, Agricultural Bank of China (Hong Kong), Citi, DBS, KGI Asia, Mizuho Securities

Environmental impact reviewer:

Ernst & Young Hua Ming

Banks
(Policy bank)

Best social bond
Korea Development Bank US$500 million Covid-19 response social bond and US$500 million senior unsecured notes

The proceeds from the social bond are allocated toward financing and refinancing of new and/or existing eligible social projects, which are loans and lines of credit that provide direct and/or indirect financial support for SMEs and/or small offices/home offices adversely affected by the Covid-19 pandemic. The social bond tranche achieved the lowest coupon ever among the Korean issuers.

Bookrunners:

BofA Securities, Citi, Credit Agricole CIB, KDB Asia, Mizuho Securities

Banks
(Policy bank)

Best green bond
China Development Bank 10 billion yuan multi-tranche climate change green financial bond

The green financial bond with a theme “tackling climate change” was issued in four channels, including China interbank bond market (CIBM), stock exchange, retail counter and Bond Connect with the proceeds allocated to fund low-carbon transportation and other green projects to help secure “blue sky, clear water and clean land”.

Lead underwriters (CIBM tranche):

Shanghai Pudong Development Bank, Agricultural Bank of China, China Everbright Bank, Orient Securities, Bank of Ningbo, Bank of Nanjing, Bank of Guizhou, Bank of Guangzhou, Shanghai Rural Commercial Bank, China Construction Bank, Bank of Luoyang, Bank of Hangzhou, China Minsheng Banking Corporation, Shanxi Securities, Bank of Tianjin, Sealand Securities, CITIC Securities, Zhongyuan Bank, Nanhai Rural Commercial Bank, Bank of Jiangsu

Lead underwriters (Retail tranche):

Industrial and Commercial Bank of China, Agricultural Bank of China, Shanghai Pudong Development Bank, Industrial Bank, Beijing Rural Commercial Bank, Bank of Hangzhou, Shanghai Rural Commercial Bank, Ping An Bank, Bank of Luoyang, Bank of Nanjing, Bank of Ningbo, Shunde Rural Commercial Bank

Lead underwriters (Shanghai Stock Exchange tranche):

Orient Securities, CITIC Securities, Industrial and Commercial Bank of China, Bank of Nanjing, China Development Bank Securities, China Construction Bank, Zhongyuan Bank, Shanghai Pudong Development Bank, China Minsheng Banking Corporation, Bank of Ningbo, Bank of Hangzhou, Bank of Zhengzhou, Sealand Securities, Shanxi Securities, Agricultural Bank of China, China Everbright Bank, Industrial Bank

Lead underwriters (Shenzhen Stock Exchange tranche):

CITIC Securities, Bank of Zhengzhou, Orient Securities, China Development Bank Securities, Industrial and Commercial Bank of China, China Construction Bank, Bank of Nanjing, Zhongyuan Bank, Shanghai Pudong Development Bank, China Minsheng Banking Corporation, Bank of Hangzhou, Bank of Ningbo, Agricultural Bank of China, China Everbright Bank, Industrial Bank, Bank of Jiangsu, Sealand Securities, Shanxi Securities

Cross-border coordinators:

ICBC (Europe), HSBC, Deutsche Bank, Agricultural Bank of China (Hong Kong), Bank of China, ICBC (Dubai), Bank of Communications (Hong Kong), Credit Agricole CIB, China Everbright Bank (Hong Kong), ICBC (Asia), ICBC (Singapore), Shanghai Pudong Development Bank (Singapore), Mizuho Securities

Second party opinion provider:

Ernst & Young

Banks
(Private bank)

Best sustainability bond
Kookmin Bank US$500 million Basel III-compliant Covid-19 response tier 2 sustainability bond

This is the first Covid-19 response sustainability tier 2 notes out of Asia. The proceeds are earmarked to finance and/or refinance new and existing projects from a combination of green and social eligible categories in accordance with Kookmin Bank’s sustainable financing framework, in particular to support SMEs and small offices/home offices affected by Covid-19.

Bookrunners:

BofA Securities, BNP Paribas, Citi, Mizuho Securities, MUFG, Standard Chartered

Manufacturing

Best loan
Indorama Ventures Public Company Limited US$300 million blue loan

The financing package is the first ever blue loan granted to a global plastic resin manufacturer. It will contribute to the recycling of 50 billion polyethylene terephthalate (PET) bottles globally a year by 2025, diverting plastic waste from landfills and oceans. This is IFC’s first blue loan exclusively focused on addressing marine plastic pollution.

Lenders:

Asian Development Bank, Leading Asia’s Private Infrastructure Fund, DEG, International Finance Corporation

New economy

Transport

Best ADR
NIO US$1.5 billion ADR follow-on

This is one of the largest equity raisings by Chinese pure electric vehicle, with the base offering upsized by 18% from the original ADR filing on the back of strong investor demand. The proceeds are earmarked to increase NIO’s capital of and ownership in NIO China, research & development in autonomous driving technologies and global market development.

Bookrunners:

Morgan Stanley, China International Capital Corporation, BofA Securities

Real estate

Best sustainability bond
Kaisa Group US$200 million sustainable senior perpetual notes and US$250 million 364-day sustainable senior notes

The sustainable perpetual offering is the first such issuance among all Chinese issuers. The proceeds will be used for eligible green projects, including green buildings, energy efficient projects, pollution prevention and control, sustainable water and wastewater management, and eligible social projects such as affordable housing, affordable infrastructure and essential services.

Sustainable structuring advisers:

Deutsche Bank, Barclays

Global coordinators (364-day senior notes):

Credit Suisse, Deutsche Bank, Haitong International

Bookrunners and lead managers (364-day senior notes):

Barclays, China CITIC International Bank, Credit Suisse, Deutsche Bank, Guotai Junan International, Haitong International, HSBC, UBS

Global coordinators, bookrunners and lead managers (Perpetual notes):

Credit Suisse, Deutsche Bank, UBS

Second party opinion provider:

Sustainalytics

Best green bond
Zhenro Properties Group US$350 million 2025 green senior notes and US$200 million 363-day green senior notes

The 2025 bond was Zhenro Properties’ first green bond issuance and attracted ESG investors’ participation. Over 34% of the final order book was allocated to European investors and skewed toward the ESG-dedicated real money accounts. The 363-day bond also generated a strong demand, enabling the company to price the deal with a negative new issue concession of between 5bp and 10bp.

Green structuring adviser:

Deutsche Bank

Global coordinators, bookrunners and lead managers (2025 green senior notes):

Deutsche Bank, BNP Paribas, BOC International, CCB International, China CITIC Bank International, CLSA, CMB International, Haitong International, Bank of East Asia, HSBC, Standard Chartered, Zhenro Securities

Global coordinators, bookrunners and lead managers (363-day green senior notes):

CCB International, CLSA, Deutsche Bank, Guotai Junan International, Haitong International. HSBC, J.P. Morgan, Standard Chartered, Zhenro Securities

Second party opinion provider:

Sustainalytics

Best local currency green bond
Arthaland Corporation 3 billion pesos green bond

The issuance marks the Philippines’ first non-bank corporate issuance of Asean green bonds with the offering upsized from the initial amount of 2 billion pesos due to strong demand. The proceeds are used to finance the company’s pipeline of green buildings.

Green structuring adviser:

ING

Bookrunners and lead underwriters:

BDO Capital & Investment Corporation, ING

Co-lead manager:

PNB Capital and Investment Corporation

Second party opinion provider:

Vigeo Eiris

Best sustainability-linked loan
CapitaLand Integrated Commercial Trust S$200 million sustainability-linked loan

This is the company’s first sustainability-linked loan, under which UOB will offer CapitaLand tiered interest rates on the facility based on its achievements in the annual GRESB real estate assessment.

Sustainability agent and coordinator:

United Overseas Bank

Most innovative deal
Hysan Development US$125 million sustainability-linked cross currency swap

The 14.9-year cross-currency swap is embedded with five-year ESG features and contributions, making it the longest ESG KPI commitment duration executed in Asia. If Hysan fails to achieve its KPIs, it will make financial contributions to impact-driven local projects or charities via BNP Paribas.

Arranger:

BNP Paribas

Renewable energy/Transition energy

Best green bond
ENN Energy Holdings US$750 million fixed rate green notes

This is ENN Energy’s first green bond offering, which attracted a strong demand from the US and European investors, as well as ESG-focused investors. It achieved the lowest coupon at 2.625% for any 10-year notes printed by a BBB-rated Chinese privately-owned enterprises.

Global coordinators:

Citi, HSBC, Morgan Stanley, Standard Chartered

Bookrunners and lead managers:

Citi, HSBC, Morgan Stanley, Standard Chartered, J.P. Morgan, MUFG, Westpac Banking Corporation

Best local currency green bond
RATCH Group Public Company Limited 8 billion baht senior and unsecured green bonds

The inaugural green bonds were placed to institutional and high net worth individuals, with the proceeds used to finance and refinance its eligible green projects, including the wind turbine power plant project and the pink and yellow line monorail project. The transaction is the first green bond transaction in Thailand that applied the assurance report issued by an assurance firm instead of using the second party opinion report, which has been widely used earlier in Thailand, providing a new guideline for green bond issuance in the country.

Lead arrangers:

Bangkok Bank, Bank of Ayudhya, Siam Commercial Bank, Standard Chartered (Thailand)

Third party assurance:

KPMG

Best project bond
Star Energy Geothermal Salak Limited / Star Energy Geothermal Darajat II Limited US$1.11 billion green fixed rate notes

This is the largest US dollar corporate green bond from Southeast Asia and the first investment grade transaction from a geothermal power producer in the past 15 years.

Green structuring advisers:

Credit Suisse, Deutsche Bank

Global coordinators:

Credit Suisse, DBS, Deutsche Bank

Bookrunners:

Barclays, Credit Suisse, DBS, Deutsche Bank

Best sustainability-linked loan
Keppel Merlimau Cogen Plant S$700 million sustainability-linked loan

The first sustainability-linked loan for Singapore’s energy sector, the facility is linked to carbon emission targets for Keppel Merlimau. These include benchmarking of the plant’s carbon emissions intensity against national indices, as well as demonstrating continuous improvement in the plant’s carbon emissions intensity. If these pre-set targets are met, the interest rate on the facility will be subsequently reduced on a tiered basis.

Sustainability coordinators and lenders:

DBS, OCBC Bank

Best structured finance deal
Cleantech Solar SEA Pte Limited US$75 million facility

The five-year facility will finance rooftop solar photovoltaic projects across Southeast Asia and enables the company to expand its clean energy solutions by entering into corporate power purchase agreements with leading corporations to help them source long term, cost saving renewable electricity and reduce their carbon footprint. The financing was innovatively structured by embedding elements of standard project finance, while keeping a portfolio financing approach.

Sole mandated lead arranger and green structuring adviser:

ING

Best share placement
Xinyi Solar Holdings Company US$343 million primary share placement

The deal was upsized from the US$256 million base deal size due to strong demand – attracting both existing shareholders and new investors.

Sole global coordinator and bookrunner:

Citi

Services

Education

Best equity
Zuoyebang US$2.35 billion Series E financing

This is one of the large funding rounds in Asia-Pacific private placement market in 2020. The deal size, the speed of execution and the valuation stood out for the deal.

Financial adviser:

Taihecap

Education

Best secondary listing
New Oriental Education &Technology Group US$1.5 billion Hong Kong secondary listing

This is the largest ever equity offering in the education sector globally and the first so-called homecoming Hong Kong secondary listing by a Chinese ADR issuer in the education sector. The book was multiple times covered with a good mix of sovereign wealth funds, global long only funds, high quality China investors and existing shareholders.

Sponsors:

Credit Suisse, BofA Securities, UBS

Global coordinators:

Credit Suisse, BofA Securities, UBS, China International Capital Corporation, Citi, CITIC Securities

Bookrunners and lead managers:

ABC International, BofA Securities, BOC International, CCB International, China International Capital Corporation, Citi, CITIC Securities, CMB International, Credit Suisse, HSBC, ICBC International, Macquarie, Nomura, Starwin Financial Group, UBS

Education

Best green bond
National University of Singapore S$300 million green bond

The bond issue is the first of its kind among universities in Asia and represents Singapore’s first by a public institution, paving the way for more tertiary institutions from the region to access the debt capital markets for their funding requirements.

Sole bookrunner and lead manager:

DBS

Healthcare/Pharma

Best IPO
JD Health International US$3.48 billion IPO

This is the largest Hong Kong primary listing in 2020 and the largest ever internet healthcare IPO. The deal was priced at the top of the range with strong participation from sovereign wealth, blue-chip long only funds, leading multi-strategy funds, sector specialists and renowned China funds. The stock closed nearly 56% higher than its offer price on its debut trading.

Financial adviser:

China Renaissance

Sponsors:

BofA Securities, Haitong International, UBS

Global coordinators:

BofA Securities, Haitong International, UBS, China Renaissance, Goldman Sachs, CITIC Securities, Jefferies, ICBC International, BOC International

Bookrunners and lead managers:

BofA Securities, Haitong International UBS, China Renaissance, Goldman Sachs, CITIC Securities, Jefferies, ICBC International, BOC International, CCB International, BOCOM International, ABC International, CMB International, Guotai Junan International, DBS, Mizuho Securities, Futu Securities

Healthcare/Pharma

Best primary share placement
Alibaba Health Information Technology US$1.3 billion primary share placement

This is the largest Hong Kong primary share placement in the past five years and the largest ever Hong Kong primary placement in both healthcare sector and tech sector. The net proceeds are allocated mainly to further develop the company’s pharmaceutical and healthcare omni-channel business, and medical and healthcare services business.

Bookrunners and placement agents:

Citi, Credit Suisse

Technology

Best IPO
Ming Yuan Cloud Group Holdings US$916 million IPO

This is the largest ever software IPO in Hong Kong and the largest technology IPO in Hong Kong (primary listing) since 2018. The order book was closed one day earlier amid strong institutional demand and over 400 investors participated, including sovereign wealth funds, top-tier long-only and hedge funds, private equity firms and high net worth investors.

Sponsors and global coordinators:

China International Capital Corporation, Citi

Bookrunners:

China International Capital Corporation, Citi, GF Securities (Hong Kong) Brokerage, Haitong International, CMS International, Futu Securities

Best ADR
Chindata Group Holdings US$756 million US IPO and private placement

This is the largest ever data centre IPO, with the final order book about 20x covered with over 300 accounts participating. The final pricing valuation translated into a 45% premium to the pre-IPO round.

Bookrunners:

Morgan Stanley, Citi

Underwriters:

Morgan Stanley, Citi, UBS, China Renaissance

Best concurrent offering
Xiaomi Corporation US$3.1 billion top-up placement and US$900 million convertible bond

This is the largest ever concurrent top-up placement and Reg S convertible bond deal in Asia. The CB achieved the most negative yield and the highest conversion premium among all Chinese technology issuers. The proceeds will be used to strengthen the company’s working capital for business expansion, investments to increase market share in key markets, strategic ecosystem investments and other general corporate purposes.

Placing agents and bookrunners:

Credit Suisse, Goldman Sachs, J.P. Morgan, Morgan Stanley

Best bond
Lenovo Group US$1 billion senior unsecured notes

This is Lenovo’s first bond as a rated company, its first in 144A format and its first 10-year tenor transaction. The issuance is part of a strategic capital structure optimization exercise involving a concurrent tender offer targeting the US$1 billion 5.375% preferred shares as well as the 2022 and 2023 senior notes totaling US$2.25 billion.

Global coordinators:

Citi, Morgan Stanley, Credit Suisse, J.P. Morgan, BNP Paribas, Goldman Sachs

Bookrunners and lead managers:

Citi, Morgan Stanley, Credit Suisse, J.P. Morgan, BNP Paribas, Goldman Sachs, DBS, Credit Agricole CIB, Mizuho Securities, MUFG, Societe Generale

Transport and infrastructure

Best sustainability-linked loan
Seaspan Corporation US$200 million sustainability-linked credit facility

The facility is one of the first in the industry to include the sustainability-linked chartering incentive mechanism. The loan pricing is adjusted based on Seaspan achievements measured against two key performance indicators. The first aims at measuring the alignment of the carbon intensity of the collateral vessels with the IMO 2050 decarbonization trajectory and the second aims at fostering cooperation with charterers to advance the decarbonization agenda, seeking to include sustainability-linked provision in future charter contracts.

Sustainability coordinator:

Societe Generale

Mandated lead arrangers, bookrunners and underwriters:

BNP Paribas, Societe Generale

Second party opinion provider:

Sustainalytics

Best syndicated loan
Airport Authority Hong Kong HK$35 billion Equator Principles-compliant syndicated loan facilities

This is the first corporate syndicated loan facilities in Hong Kong that are compliant with the Equator Principles, a risk management framework adopted by financial institutions for determining, assessing and managing environmental and social risk in projects. It is primarily intended to provide a minimum standard for due diligence and monitoring to support responsible risk decision-making.

Mandated lead arranger, bookrunner and general adviser:

China Development Bank (Hong Kong)

Equator Principles adviser:

HSBC

Mandated lead arrangers, bookrunners and coordinators:

BOCHK, Sumitomo Mitsui Banking Corporation, ANZ, HSBC, Standard Chartered

Mandated lead arrangers and bookrunners:

ICBC (Asia), Bank of Communications (Hong Kong)

Mandated lead arrangers:

Agricultural Bank of China (Hong Kong), Citi

Lead arrangers:

Chiyu Banking Corporation, Bank of Nova Scotia (Hong Kong), Credit Agricole CIB, China Everbright Bank (Hong Kong), CMB Wing Lung Bank, Dah Sing Bank, DBS, Hang Seng Bank, Mizuho Bank, OCBC Bank, Shanghai Commercial Bank

The Asset
Triple A Sustainable Capital Markets Regional Awards 2020

DEALS OF THE YEAR

The AssetTriple A Sustainable Capital Markets Regional Awards 2020

DEALS OF THE YEAR

The Asset
Triple A Sustainable Capital Markets Regional Awards 2020