IFR Asia Awards 2016



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Australia/New Zealand Bond House

In a year book-ended by heightened volatility, ANZ’s broad-based debt platform paid dividends for its clients both in Australia and beyond. ANZ handled 55 domestic Australian issues during IFR’s review period for a table-topping market share of nearly 15%, dominated the global Australian dollar market and reaffirmed its leadership in New Zealand. It won business from banks, corporate issuers, sovereigns and agencies, and added to its credentials in senior debt, covered bonds and securitisations. “While some other banks tend to specialise in...

Australia/New Zealand Equity House

Credit Suisse transformed its Australian equity capital markets business in 2016, boosting its market share and investing in its team to position itself as a serious competitor to the top houses. The Swiss bank’s share of equity and equity-linked underwriting in Australia and New Zealand soared from 1.9% in 2015 to 9.3% in 2016, according to Thomson Reuters data, lifting it six places on the league table into third spot by proceeds raised. In a year when equity issuance shrank dramatically, Credit Suisse increased its deal count significantly...

Australia/New Zealand Loan House

In a subdued and challenging market, ANZ distinguished itself with a diverse range of deals underpinned by a superior distribution network in the Asia Pacific region. In Australia, the bank led 26 transactions across property, infrastructure, industrials, resources and leverage sectors, eight of which were on a sole basis. “We had a strong year particularly in our home market of Australia and New Zealand, demonstrating a great variety of transactions,” said Christina Tonkin, ANZ’s head of loans and specialised finance. ANZ was a close third...

China Bond House

As the renminbi gained access to the elite club of currencies in the IMF’s basket of Special Drawing Rights and China grew its global financial clout, Bank of China was at the forefront of the currency’s internationalisation, building on its unparalleled experience in both the offshore and domestic markets. The bank established a leading position in the Panda bond market, showing its understanding of overseas clients and Chinese regulators. BOC played a key role in Poland’s Panda bond, the first sovereign issue from Central and Eastern Europe...

China Equity House

CICC was back to its best in 2016, outclassing its peers when it came to helping Chinese clients cope with volatile markets overseas and unexpected policy changes at home. China’s oldest investment bank led 36 equity and equity-linked deals for Chinese issuers during the review period to raise a total of US$7.38bn. But it was CICC’s read of market trends and its breadth of business that helped it stand out from the competition. “This year CICC not only maintained advantages in serving SOEs and large-sized companies, but also made considerable...

China Loan House

Standard Chartered continued to bring debut borrowers and first-time investors to the syndicated loan market in 2016, avoiding the squeeze in pricing as other lenders succumbed to a flight to quality. Instead of playing safe, StanChart focused on more complex deals and smaller borrowers, while still playing its part on the high-profile transactions. “We focused our efforts on leveraging our strong onshore/offshore platform, focusing on clients in need of solutions and transactions where Standard Chartered could add value through innovative...

Renminbi Bond

Singapore-listed Global Logistic Properties raised the standard in the Panda bond market as the first foreign corporate issuer to tap onshore Chinese investors through a public offering. GLP set out an effective path for potential foreign corporate names looking to raise funds in a nascent market where many rules are yet to be made clear. The Rmb1.5bn (US$217m) dual-tranche print in mid-July broadened the Panda bond market beyond the list of overseas incorporated Chinese firms that had been the first to turn to the onshore bond market in search...

Hong Kong Equity Issue

The HK$2.86bn (US$370m) listing of Chinese snack food maker Zhou Hei Ya International showed that Hong Kong IPOs can still deliver a diverse shareholder roster and perform well in early trading. Zhou Hei Ya resisted the temptation to lock away shares with cornerstone investors, and hired just three banks as bookrunners, taking a very different route to the majority of big deals during the year. It may not have been the biggest deal of the year, but it was the city’s biggest listing during the review period without a cornerstone tranche. Several...

India Bond House

Axis Bank’s role in developing the onshore and offshore rupee bond market made it the clear leader in a transformational year for the Indian debt capital markets. Axis opened up the offshore rupee market with roles on the first corporate Masala issues, ensuring a promising start for the new asset class, while it reacted quickly to regulatory changes to maintain its leadership at home. It was joint bookrunner on July’s groundbreaking Rs30bn (US$448m) Masala issue from Housing Development Finance Corporation, ending a long wait for the...

India Loan House

Citigroup cemented its leading position in the Indian loan market in 2016, sealing mandates for noteworthy event-driven deals, project financings and winning repeat business from high-profile borrowers. The US bank was especially strong in cross-border financings, leading complex deals for international investors and helping its Indian clients expand overseas. Citigroup showed its ability to solve funding challenges in some key transactions, notably in Fiat India Automobiles’ US$250m 7.6-year brownfield project financing, where the bank was the...

India Equity House

ICICI Securities stole a march on both local and international rivals in 2016, winning deals in every segment of the Indian equity capital market. ICICI rocketed to second in the Indian ECM league table for the period under review, up from 14th the previous year. It was one of the most active arrangers in a busy IPO market, managing 11 of the 24 major listings, beat global competitors to high-profile institutional placements and completed block trades for private and government vendors. Small and medium-sized companies trusted ICICI with...

Indonesia Capital Markets Deal

Cikarang Listrindo’s Rp3.61trn (US$272m) Jakarta listing reopened the Indonesian market for major IPOs and gave investors exposure to a growing independent power producer with a hedge against the traditionally volatile rupiah. The IPO priced in May, at a time when concerns over China’s economic slowdown were weighing on sentiment. It was the first power producer to float on the IDX, opening the critical infrastructure sector to international institutional investors, and paved the way for other companies to follow with bigger deals. Cikarang and...

Malaysia Bond House

In a challenging year for Malaysia’s corporate credit market, Maybank Investment Bank made its mark with structuring and execution skills that won praise from the industry. Maybank lead managed four of the five largest non-government guaranteed deals in the ringgit market during the review period, taking top roles in two – the M$5.54bn (US$1.25bn) Islamic issue for Sarawak Hidro and the M$2.2bn subordinated perpetual sukuk for Sime Darby. It also distinguished itself as the top arranger of Islamic bonds in the ringgit market with some...

Malaysia Capital Markets Deal

Sime Darby’s first follow-on equity offering since it listed in 1980 was a crucial capital raising that helped restore confidence in the debt-laden Malaysian conglomerate. The well-timed M$2.35bn (US$527m) placement was the country’s biggest equity financing during the review period, and one of the most challenging. At the time of marketing, not one of the 17 broking houses that covered the company – including Maybank, the sole bookrunner for the placement – had a buy call on the stock. Sime Darby, which has interests the plantation, property...

Philippines Capital Markets Deal

The Ps25bn (US$505m) IPO of Cemex Holdings Philippines, the country’s third-largest cement maker, sailed through a turbulent market at a premium valuation to peers and still traded well after listing. Cemex’s float was the largest Philippine IPO since 2013 and the country’s third largest in history. At around 45% of the company, Cemex’s offering was a rare liquidity event, while investors also saw it as an infrastructure play with high growth potential following the election of Rodrigo Duterte as president. “We are delighted by the strong...

Singapore Bond House

In a tough year for the local debt market, DBS continued to work hard for issuers and investors and reaffirmed its leadership in bringing high-quality foreign issuers to Singapore. DBS deepened the market by matching yield-hungry investors with issuers looking for new pockets of demand. It offered investors an alternative to local mid-cap issuers with subordinated and callable deals from well-known borrowers. It was ever-present on Singapore’s benchmark issues and kept markets open through private placements, even in volatile conditions....

Singapore Loan House

DBS continued to lead the Singapore loan market in 2016 with a broad range of mandates, arranging corporate facilities, acquisition financings and expanding its presence in growing sectors. It was far from a banner year for Singapore syndicated loans, but DBS was consistently involved in the landmark deals and delivered a wide following for its clients. It finished the review period as the top bookrunner for Singapore loans, with a 13.3% market share more than five percentage points ahead of its nearest rival. “It is our consistent commitment...

Singapore Capital Markets Deal

United Overseas Bank set the standard for other Asian issuers to follow with the region’s first covered bond in euros, opening the traditional home of the format to well-regarded Asian lenders. The first euro covered bond from Asia Pacific, excluding Australasia, may have looked effortless, but years of planning and extensive European roadshows were needed to lay the groundwork before the €500m (US$530m) five-year deal in March. UOB is not a frequent issuer of senior bonds offshore, but when it decided to engage more European investors a...

South Korea Capital Markets Deal

The first overseas sovereign issue in China’s onshore bond market was a big step in the internationalisation of the renminbi and a milestone for South Korea. The Republic of Korea’s three-year Rmb3bn (US$433m) Panda bond, launched in December 2015, underlined the format’s enormous potential as the largest foreign issue in the onshore renminbi market at the time. It also set the standard for other countries. Panda bond rules had yet to be formalised when Korea came to the interbank market, but that did not stop it from attracting orders of...

Taiwan Loan House

CTBC Bank adapted well to a slowdown in Taiwan’s domestic loan market in 2016, developing its structured and leveraged financing business across the region and outperforming its peers at home. As opportunities in the nation’s over-banked domestic market dwindled and credit exposure to China tightened, CTBC carefully leveraged its overseas platforms and structuring capabilities to rank as the top Taiwanese bank for M&A financings. “Despite the challenging and declining Asian syndicated loan market this year, CTBC has managed to sustain growth...

Thailand Bond House

Siam Commercial Bank broadened its client base and won a series of coveted sole mandates in 2016, regaining the top spot in Thailand’s local bond market in a record year. In the period under review, SCB arranged 47 issues for a combined underwriting value of Bt125.5bn (US$3.5bn), taking a 17.2% share of the primary market and outranking its nearest rival by two percentage points. Its jump from fourth spot the previous year was all the more remarkable as Thailand’s local currency bond market was heading for a record 2016, with total issuance...

Thailand Capital Markets Deal

Thailand’s largest IPO of the year arrived at a wrenching time for Thai investors, priced on the same day the country’s revered king passed away after a 70-year reign. Banpu Power weathered a heavy market sell-off in the days prior to the king’s death, successfully engaging global funds and convincing local investors to look beyond short-term uncertainty. The company raised Bt13.6bn (US$382m) by selling 648.4m shares at the top of the Bt18–Bt21 range. Outside of infrastructure trusts and REITs, this was Thailand’s largest float since Bangkok...

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