The Asset
Triple A Sustainable Capital Markets Regional Awards 2019

Best Issuers

Sovereign
China Ministry of Finance
China Ministry of Finance
China’s Ministry of Finance (MoF) was selected as the sovereign issuer of the year on the back of two significant transactions in November 2019 in which it raised over US$10 billion. It returned to the euro bond market after an absence of 15 years with a blowout deal, pricing on November 5 a multi-tranche offering totaling €4 billion (US$4.45 billion). Then on November 26, it returned to the US dollar bond market with its biggest-ever sovereign issuance amounting to US$6 billion in four tranches.
The MoF also successfully priced a CNH1.7 billion fixed rate note in early July 2019 to commemorate the 20th anniversary of the handover of Macau. It was its first offshore bond listed on MOX, the newly-established stock exchange in Macau..
Best Issuer (Corporate)
North Asia
CK Hutchison
Hong Kong conglomerate CK Hutchison again distinguished itself in the capital markets in Asia with well-executed debt deals, including the €10.4 billion (US$11.56 billion) underwritten bridge facilities and subsequent syndicated loan and bond take-out financing following the formation of a new wholly-owned telecom holding company, which consolidates the group’s operations in Europe, Hong Kong and Macau. It also raised US$1.5 billion in senior unsecured notes with the book-building process resulting in an orderbook of over US$3.5 billion, which enabled pricing at the tight end of guidance across tranches.
South Asia
Reliance Industries
The largest private sector company in India raised an equivalent of US$5.60 billion in long-term debt in 2019, comprising US$4.60 billion in foreign currency and US$1 billion in rupee debt. It also tapped a new pool of liquidity with its debut Schuldschein issuance amounting to €405 million (US$450.34 million) – the first Asian corporate to access this traditionally German-centric debt market.
Reliance Industries also raised long-term rupee financing aggregating about US$1 billion from Indian banks and capital markets amid tight liquidity conditions in the rupee debt market and volatility in the rupee currency rate.
Financial institution
United Overseas Bank
United Overseas Bank
Singapore lender United Overseas Bank was chosen as the best issuer among the financial institutions with its series of fundraising across different products and asset classes in 2019. These included a S$750 million (US$556.55 million) additional tier 1 securities, a US$500 million covered bond, a two-billion-yuan Panda bond and a US$600 million tier 2 bond. In addition, its Sydney branch raised A$500 million (US$345.55 million) in July through a three-year floating rate note.
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