IFR Asia Awards

IFR Asia Awards 2018

To purchase printed copies or a PDF of this report, please email leonie.welss@lseg.com and shahid.hamid@lseg.com

Australia/New Zealand Bond House

Australia and New Zealand Banking Group defended its crown again in 2018 with a series of groundbreaking deals across the primary issuance spectrum.

Australia/New Zealand Equity House

UBS used its strong local franchise and full-service equities offering to full effect in 2018, raising more for its Australian clients than any of its peers. UBS topped the Australia/New Zealand equity and equity-linked league table for IFR’s review period. The Swiss bank raised a total of A$8.38bn (US$6.08bn) for its clients through 30 transactions with a market share of more than 25%, way ahead of 14% for its closest competitor, according to Refinitiv data. “In terms of the quality of the issues we have done as well as the sizes, there are no...

Australia/New Zealand Loan House

Australia and New Zealand Banking Group outperformed competitors in its home market in 2018 with leading roles in the biggest leveraged buyouts and infrastructure financings of the year. The bank topped the league table with more than 50 syndicated deals in Australia and New Zealand during IFR’s review period, underwriting over A$17bn (US$12.3bn). “Event-driven financing activity is a key focus for ANZ and our ability to leverage our long standing client relationships across both issuers and investors meant we could deliver large-scale timely...

China Bond House

With Chinese growth slowing, US interest rates rising, and trade tensions adding to a volatile backdrop, Bank of China showcased its ability to raise funds for Chinese issuers in challenging market conditions. BOC kept its lead over its rivals in cross-border financings, helping both Chinese and international clients diversify their funding sources. It also added to its domestic market credentials with an enviable slate of Panda bonds – a key capability at a time when onshore renminbi bonds are poised to enter global indices. BOC topped the...

China Equity House

Morgan Stanley stood out in 2018 for its ability to deliver equity capital to China’s technology sector, staying ahead of regulatory changes and doing more than its rivals to develop the market. Tech listings were the overriding theme for the year, and Morgan Stanley dominated the sector, working on 20 tech or biotech IPOs during IFR’s review period. It was especially impressive in bringing tech companies to Hong Kong, doing more than its fair share to promote the city as a genuine alternative to the US market. Morgan Stanley sponsored Hong...

China Loan House

In a year when restrictions on capital outflows and geopolitical tensions made event-driven financings from China few and far between, China Citic Bank stood out from its peers with bold underwrites on two high-profile outbound M&A loans totalling over US$7bn. Citic Bank was sole underwriter on a US$3.5bn loan in October for Chinese miner Tianqi Lithium’s US$4.1bn acquisition of a 24% stake in SQM, the world’s No. 2 lithium producer. Four other lenders joined the facility, demonstrating Citic Bank’s ability to both lead and syndicate complex...

Renminbi bond

The Republic of the Philippines shook up China’s Panda bond market in March with an exceptionally tight debut that won enthusiastic participation from international investors. The Rmb1.46bn (US$210m) offering from the Baa2/BBB/BBB rated sovereign was the first sovereign Panda bond issuance from an Association of Southeast Asian Nations country. The three-year notes priced on March 20 in China’s interbank market at 5.0%, the low end of 5.0%–5.6% indicative guidance and only about 35bp over local benchmark China Development Bank, rated A1/A+...

Hong Kong Loan House

HSBC stood out among competitors with a book of business that ranged from leveraged loans for dividend recapitalisations to green financings for first-time borrowers. HSBC played a key role in arranging and underwriting the HK$29bn (US$3.69bn) five-year dividend recap and amendment and extension exercise for Belle International Holdings in September, despite not being part of the original acquisition facility in 2017. The new recap and A&E exercise was well-received with 15 other lenders joining in syndication. The bank led several borrowings...

Hong Kong Equity Issue

The HK$3.8bn (US$485m) IPO of Innovent Biologics proved Hong Kong could support major listings of pre-revenue biotech companies. Although not the first – or the largest – its flawless debut revived the stock exchange’s efforts to create a sustainable new sector. Hong Kong Exchanges and Clearing in April introduced new rules to allow the listing of dual-class shares and pre-revenue biotech companies with at least one product beyond the concept stage. Fourteen, mainly Chinese, biotech companies rapidly filed for a Hong Kong listing. The first few...

India Bond House

In a domestic debt market roiled by rising yields and a high-profile default, AK Capital stood out with fresh ideas, including a market-leading smart city bond, and for helping restore confidence in non-bank financial institutions. AK Capital’s signature deal of the year was a Rs20bn (US$282m) 10-year bond offering by Andhra Pradesh Capital Region Development Authority for the greenfield development of the capital Amaravati, which has an estimated project cost of Rs510bn and is due to be completed by 2023-24. The so-called “smart city” bond...

India Equity House

Citigroup cemented its leadership in the Indian equity capital market in 2018 with an unrivalled book of business despite challenging market conditions. After a blockbuster 2017, concerns over the falling rupee and regulatory restrictions over mutual fund investments in mid-cap companies turned investors – especially foreigners – wary on Indian equities early in 2018. A liquidity crisis at consumer and housing finance companies in the second half also rattled markets. Against this backdrop, Citigroup used its deep industry knowledge and broad...

Indonesia Loan House

Despite currency volatility, looming elections, and a challenging macroeconomic environment, Standard Chartered never missed a beat in Indonesia in 2018, leading the biggest and most challenging transactions of the year. StanChart introduced first-time borrowers to the international loan market, closed well-distributed deals and won repeat business from frequent borrowers. “Indonesia has been the bright spot for the South-East Asian loan market in 2018,” said Amit Lakhwani, head of loan syndicate and distribution, Asia at StanChart. “We...

Indonesia Capital Markets Deal

Jasa Marga opened an alternative source of funding for Indonesian issuers with the first offshore rupiah bond, creating a new asset class for global investors and a new way of channelling funds into Asian infrastructure. The toll-road operator’s Rp4trn (US$276m) three-year Komodo – named after the giant Komodo lizard native to Indonesia – drew orders of Rp15trn, demonstrating the market’s huge potential and allowing it to price at 7.5%, which was 37.5bp inside initial guidance. The December 2017 issue gave global asset managers a way to take...

Malaysia Bond House

A watershed general election that ushered in a new government provided a challenging backdrop for the Malaysian ringgit market, but CIMB Investment Bank sailed calmly through the choppy waters and helped maintain confidence in the bond market. “CIMB always generates confidence for investors as they bring both capability and professionalism to the deals they show us,” said a fund manager at a leading domestic institution. Indeed, just over a week after Malaysian bonds tumbled in the morning following the May 9 elections that saw the Pakatan...

Malaysia Capital Markets Deal

Yinson Holdings overcame investors’ concerns over a protracted global downturn in the oil and gas industry with a smart liability management strategy that added to the development of Malaysia’s Islamic bond market. Yinson TMC’s M$950m (US$230m) unrated senior perpetual non-call 15 sukuk, with Yinson Holdings as the guarantor, not only scored the longest call date on a ringgit-denominated perpetual bond, but was also the first Islamic hybrid to use the mudaraba structure. The Malaysian company had one major objective – to reduce its gearing,...

Singapore Capital Markets Deal

Temasek Holdings has long been a hot ticket in the bond market, but its first retail offering was a landmark event that gave more than 53,000 individual investors an alternative channel for their savings and restored confidence in fixed-income investments. For years, ordinary citizens had clamoured for an opportunity to invest in the state-owned investment company, rated Aaa/AAA (Moody’s/ S&P), which had issued bonds only to institutional investors since it first came to market in 2005. Temasek’s S$300m (US$218m) 2.7% five-year retail note...

Singapore Loan House

DBS continued to stand out in another challenging year for Singapore’s loan markets, which saw a significant decline in event-driven financings and an increase in club deals. Despite the hurdles, DBS won repeat and sole mandates from borrowers across industries, as well as stepping up underwriting positions for some of its key clients. “DBS has leveraged her deep Asian insights to consistently lead and structure a broad range of deals across the region, introducing unprecedented deals and new borrowers to the market and, in some cases, even...

Taiwan Loan House

In an intensely competitive landscape, CTBC Bank outperformed its peers again in 2018 with superior structuring capabilities, playing a proactive role in leveraged buyouts and seizing opportunities to bring international borrowers to Taiwan. Leveraging on its international network and its structuring abilities, CTBC enhanced its presence in regional loan syndications with agent roles on 22 syndications at home and abroad during IFR’s review period. “Despite the adverse market conditions this year, CTBC maintained its strong commitment to the...

Taiwan Capital Markets Deal

The State of Qatar’s US$6bn 30-year Formosa bond offering highlighted the diversification benefits and depth of demand in the Taiwanese market. The deal showed the growing clout of Taiwan’s buyside, as it helped Qatar reach the broadest investor base possible in its largest ever bond issue. When Qatar came to market in April, it was nearly a year into an economic blockade imposed by countries including Saudi Arabia and the UAE. That had caused Qatar to change some of its trading partners, and could have weakened demand for its sovereign bond...

Thailand Bond House

The baht-denominated bond market powered ahead in 2018 with record corporate issues and landmark REIT deals, and Kasikornbank was in pole position, well ahead of its competitors. Kasikornbank covered the full spectrum of credits and structures, meeting investors’ demands for diversity and providing its issuer clients with valuable access to fixed-rate funding. The bank was involved in a wide range of deals from Triple A credits to unrated borrowers, and provided structured solutions, including amortising or perpetual structures, to match...

Thailand Capital Markets Deal

Thai Beverage’s Bt77bn (US$2.3bn) seven-tranche offering made history as Thailand’s largest corporate bond, proving that South-East Asia’s biggest local bond market can support even the most audacious of acquisitions. ThaiBev, rated AA by Tris, had already raised Bt50bn in March – equalling the biggest issue on record in the baht market. At the time, the company behind Thailand’s popular Chang beer had real scarcity value, selling its first bonds in almost 12 years to fund four acquisitions in Thailand and Myanmar, following a shopping spree to...