IFR Asia Awards 2013



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Australia/New Zealand Bond House

Citigroup’s coverage of all aspects of the Australian bond business paid dividends in 2013, as the US bank raised more for its clients than any of its Australian or international rivals. In addition to the depth of its local operations, the US financial giant showed plenty of breadth in making full use of its impressive global debt distribution platform. It handled almost A$14bn (US$13bn) of bond offerings in onshore and offshore jurisdictions during IFR’s review period, a substantial improvement on recent years. “This is the first year that...

Australia/New Zealand Equity House

UBS has dominated Australasian equities for about a decade and this year was no exception. Not only did it lead in terms of volumes, but it also continued to innovate. Twice during the review period, UBS priced block trades at a premium to the market level. In March, a block of A$806m (US$756m) in coal-freight operator Aurizon priced at a 0.4% premium to the five-day weighted average. The clean-up trade was a repeat selldown for the Queensland government, and UBS managed every trade. The extra value UBS brings to the Australian market was...

Australia/New Zealand Loan House

In a crowded and competitive field, ANZ’s leadership, innovation and unparalleled distribution network stood out as it executed a number of key and diverse transactions. Among these was Origin Energy’s mammoth A$6.6bn (U$5.8bn) refinancing, Australia’s second-largest corporate loan and the country’s largest leveraged buyout this year, backing TPG’s acquisition of poultry producer Inghams. ANZ has one of the largest syndications teams in the region with 42 dedicated syndicators in Melbourne, Sydney, Hong Kong, Singapore, Auckland, Taipei,...

China Bond House

ICBC leveraged its unparalleled combination of domestic depth and overseas expansion to help its clients capture a wide variety of fixed-income opportunities. The group, together with its subsidiaries, has honed its ability to distribute on various fixed-income platforms worldwide. ICBC showed its growing international clout in the year under review, winning roles on multiple international bond issues and introducing new products, while taking a wider range of deals to its home market. ICBC demonstrated its grasp of the China market in April...

China Equity House

While many banks won roles in huge syndicates on Chinese IPOs, only Goldman Sachs managed to secure leading roles on every important deal of the year. PICC Group started the trend for big syndicates in November 2012, when it hired 17 bookrunners for its US$3.6bn Hong Kong IPO, but the 21 bookrunners on the US$1.1bn listing of Chinese brokerage China Galaxy Securities in March 2013 rewrote the record. Despite the intense competition, Goldman hung on to lead roles on both the Galaxy and PICC listings, bringing in key cornerstone investors amid...

China Loan House

China’s acquisition financing market came of age in 2013, with event-driven offshore deals dominating loan market activity during IFR’s review period. Citigroup led that trend, underwriting, structuring and distributing even the most challenging of transactions. With its integrated investment banking advisory and capital markets platform, Citigroup led the highest-profile acquisition processes – both inbound and outbound – and helped syndicate multi-billion dollar financings to back the takeovers. “Citi continues to be the most active...

Dim Sum Bond House

HSBC’s persistence, commitment and leadership in developing the offshore renminbi bond market helped many Chinese and international issuers succeed in the face of a challenging backdrop. The Dim Sum market saw tough conditions in 2013, as widespread doubts over China’s economic sustainability turned many overseas investors away from the renminbi. Despite an uncertain outlook, the CNH bond market came of age this year in several ways, and HSBC had a hand in it throughout. There were more cross-border deals, more longer-tenor offerings and larger...

Hong Kong Loan House

Quality advice paid dividends in a volatile 2013 and HSBC proved adept at guiding borrowers through a volatile market. The bank leveraged on its integrated debt platform to help clients choose between global bonds and syndicated loans, and used its firepower to win leading roles on the biggest event-driven financings. HSBC has an enviable position in Hong Kong, but shows no signs of resting on its laurels, solidifying its leadership with several repeat mandates, playing a central role in acquisition and IPO-related financings, and deepening the...

Hong Kong Equity Issue

American International Group’s sale of its remaining US$6.4bn stake in Asian subsidiary AIA was both surprisingly timed and flawlessly executed. Joint global co-ordinators Deutsche Bank and Goldman Sachs launched the deal in mid-December 2012, a traditionally quiet period when fund managers begin leaving for the Christmas holidays. It was widely that expected AIG would sell another chunk of AIA after a 90-day lock-up period attached to an earlier sale expired on September 6 2012. The decision to launch a jumbo block on a quiet day in December...

India Bond House

Yes Bank did more than its peers to bring new and lower-rated borrowers to the Indian bond market in 2013, keeping up efforts to deepen the country’s capital markets even amid extreme volatility. In a market that top-rated public-sector issuers dominated, Yes Bank added diversity, with Rs74.6bn (US$1.2bn) of the Rs143bn of bonds it underwrote during IFR’s review period carrying ratings below Triple A. Amid a selloff in emerging-market currencies that hit India’s bond markets hard, sending 10-year government yields soaring as much as 199bp...

India Loan house

SBI Capital Markets extended its dominance of the Indian loan market in 2013, offering innovative syndicated financings to clients even as the domestic economy grew at its lowest rate in more than a decade. SBI Caps handled the year’s biggest domestic financings and structured some of the most complex loans. Notably, it reduced its reliance on State Bank of India, handling some jumbo loans with no participation from the parent. SBI Caps’ market share grew to around 66% during IFR’s review period from around 43% for the previous year, no mean...

India Equity House

Although volatile economic conditions quietened activity in India’s equity-capital markets this year, Citigroup still dominated with lead roles in a variety of offerings. There were fewer deals, but Citigroup guided promoter-led stake sales for both private and state-owned companies, IPOs and qualified institutional placements. These succeeded because the bank’s global marketing team was able to attract a wide range of investors, particularly large ones, even amid shaky market conditions. Only a few IPOs larger than US$100m were seen in India...

Indonesia Loan House

DBS Bank was integral to the double-digit growth in Indonesia’s loan markets this year, leading deals offshore and onshore, as well as selling the nation’s growth story to the wider market. DBS brought many first-time borrowers to the international arena and played key roles in several financings to allow Indonesian borrowers to retain access to funding at a challenging time for other asset classes. Market volatility and a drop in the rupiah’s value mid-way through the review period derailed numerous bond issues and halted many share sales....

Indonesia Bond

Gajah Tunggal’s US$500m five-year non-call three bonds came only four years after it restructured its offshore debt, completing a successful turnaround story and marking its return to the international capital markets. The deal was also the integrated tyre maker’s first bond offering in the 144A/Reg S format. The yield of 7.95% reduced Gajah Tunggal’s funding costs and beat its own expectations after shareholders had approved a maximum annual interest rate of 10%. More importantly for Gajah Tunggal, January’s new issue came alongside a...

Malaysia Bond House

Despite the distractions of a general election and US monetary policy, CIMB showed a consistent commitment to developing the Malaysian bond market. New issue volumes fell 47% year on year to M$50.7bn (US$15.8bn) during IFR’s review period. Issuance skidded to a halt in March when early poll preparations sidelined investors. Shortly after the early May election was over, the US Fed wreaked havoc with global emerging markets on talk of plans to curb its monetary-easing programme. Against such a backdrop, CIMB pushed the boundaries with a number...

Malaysia Equity House

Maybank managed the most significant initial public offerings and placements from Malaysia in 2013, enabling issuers to raise capital and investors to make money. The Malaysian equity market was less active, compared with the blockbuster 2012, but Maybank increased its market share with roles on the biggest share issuances from the country. Winning new customers and repeat business from old clients helped Maybank take the lead. It played major roles in the three biggest IPOs of Malaysia in 2013 – the M$2.7bn (US$844m) float of UMW Oil & Gas,...

Philippines Equity Issue

Investors had a chance to take part in the Philippine growth story in 2013 through a blockbuster follow-on offering from tycoon Lucio Tan’s newly restructured holding company. LT Group’s Ps37.7bn (US$874m) sale on April 17 was the largest equity offering in the Philippines, not including rights issues, trumping Cebu Air’s US$610m IPO in October 2010. It was also the first to include a formal cornerstone tranche, giving other investors the confidence to participate in such a large deal. While the LT Group name was new, the company had traded...

Singapore Bond House

DBS Bank outshone the competition in a challenging year, with new securitisation structures and a bold liability-management exercise for its own bank capital securities. Singapore’s bond market was not a one-way street in 2013, with issuance down 50% year on year and investors worried about global interest rates. However, amid less-than-ideal market conditions, DBS devised smarter structures to meet its clients’ needs. “This is not a balance-sheet game, otherwise it’d be the other local banks sniping at our heels,” said Clifford Lee, managing...

Singapore Equity House

DBS was the clear leader in Singapore’s equity capital markets in 2013, having managed the pick of the city’s IPOs, placements and rights offers. With a share of around 20% of all equity offerings and the highest number, DBS, traditionally strong on its home turf, left its rivals way behind in 2013. DBS managed six IPOs, 11 placements and three rights issues, accounting for US$5.9bn of the US$10.6bn total raised on the SGX between November 16 2012 and November 15 2013. Singapore is the region’s real estate investment trust capital and DBS can...

Singapore Loan House

Loan volume in Singapore hit a respectable US$30bn during the review period, but it was a handful of big-ticket loans and new-money deals to back listings of real estate investment trusts that allowed DBS Bank to shine over its peers. “DBS continues to provide leadership and stability to Singapore’s loan market. We are involved at the highest level in most prominent deals in Singapore, entrenching our position as the lender that companies can rely on,” said Boey Yin Chong, head of syndicated finance. DBS was the sole adviser and lead on a...

South Korea Capital Markets Deal

Export-Import Bank of Korea added a new dimension to the burgeoning market for socially responsible investment, or SRI, with a US$500m SEC-registered bond that marked Asia’s first “green” issue. Typically, green bonds, proceeds of which are dedicated to ecologically friendly projects, have been small offerings from politically inclined multilateral development banks, but Kexim’s debut underlined the commercial potential for social investments in Asia. Priced on February 20, the offering came less than a week after a US$1bn three-year from...

Taiwan Loan House

In an overbanked, highly liquid and fiercely competitive domestic loan market, Fubon Financial Holdings used its structuring capability to bring stable Chinese companies to Taiwan’s loan market to satisfy local lenders’ demand for yield. Wafer-thin pricing is a characteristic of Taiwan’s active and aggressive loan market and that usually forces many domestic lenders overseas to search of yield. However, the currency crises in India and Indonesia curbed Taiwanese lenders’ appetite for overseas assets during the review period. It is a delicate...

Thailand Bond House

Siam Commercial Bank led a number of notable offerings that added depth and breadth to Thailand’s maturing bond market. It showed its creativity in designing innovative solutions, and used its network to distribute the biggest deals. Among SCB’s landmark deals was a creative take on a zero-coupon bond for oil group PTT, which had directed banks to pitch them a bond with an innovative structure. SCB rose to the challenge to devise a Bt10bn (US$311m) 10-year bond, paying all accrued interest and principal at redemption – something not tried...

Vietnam Capital Markets Deal

Vingroup’s first high-yield bond was a landmark offering that reopened the offshore bond market for Vietnamese credits. After a prolonged lull in capital-market activity amid years of economic turmoil, the deal came as a vote of confidence in both the company and the country. The US$200m 4.5-year non-call three 144A/Reg S bond, priced in early November, marked the biggest offshore offering from a privately owned company, as well as the first from a Vietnamese real-estate operator and the first issue from the country since May 2012. The deal was...

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