IFR Asia Awards 2017



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Australia/New Zealand Bond House

In a year of records in the Australian dollar markets, Australia and New Zealand Banking Group was consistently at the centre of the action, cementing its position as Australasia’s go-to bond house for onshore and offshore issuers alike. ANZ was a sole or joint lead manager on a whopping 124 Kangaroo, local senior, subordinated and secured issues, excluding self-led deals, during IFR’s review period which translated into a table-topping A$24.5bn (US$18.6bn) in volume terms and an Australian market share of 17.2%. “In what has been a record year...

Australia/New Zealand Equity Issue

Royal Dutch Shell’s sale of its A$3.5bn (US$2.7bn) stake in Woodside Petroleum in November was the standout deal of the year in Australia’s equity capital markets, and the first big block trade under new rules that ruled out a trading halt. Capitalising on a rally in oil prices, Shell Energy Holdings Australia called for competitive bids from six banks shortly after market closed on November 13. It was initially looking to sell only part of its remaining 13.3% stake in Woodside, Australia’s largest independent oil and gas company. Joint...

Australia/New Zealand Loan House

In a highly competitive market, Westpac Banking Corp showed consistency and leadership across a wide range of transactions, spanning leveraged, corporate and project financings. The bank led 32 deals during IFR’s review period. Twelve were on a sole basis with a combined value of more than A$1.48bn (US$1.1bn). A number of these lead roles were in the sub-investment grade segment for leveraged buyouts or smaller companies, adding to the challenge. “We played in a lot of different spaces this year. We’ve always focused on deals that require a...

China Bond House

With onshore yields under pressure, Bank of China stepped up for its clients in the international markets, helping drive another record year for Asian issuance and maintaining its lead over its rivals. BOC was the top Chinese bank in the offshore underwriting table with US$12.6bn of league table credit from Chinese G3 deals for a 9% market share during the awards period, according to Thomson Reuters data. It handled 96 G3 issues for Chinese clients, making it one of the busiest banks in the overall Asian market. In a difficult year for...

China Equity House

Credit Suisse’s ability to raise funds for technology companies across markets stood out from the competition in a year when China’s private-sector champions produced some of the world’s most exciting deals. Credit Suisse added to its reputation as a technology sector powerhouse again during IFR’s review period, working on 14 of the 18 IPOs from the sector. “Credit Suisse has always been strong in the tech sector, and that competitive strength has put us in the leading position on many of the transactions,” said Johnson Chui, head of ECM for...

China Loan House, Hong Kong Loan House

Standard Chartered was the most active bank in bringing Chinese credits to the syndicated loan market in 2017 while its peers turned to club and bilateral transactions against the backdrop of a significant slowdown in deal flow. Its success lies in a deep understanding of onshore/offshore market conditions, policy changes, a strong local team of client relationship managers and years of effort to expand its distribution capabilities. “We have focused on offering solutions to our borrower clients, be that offshore fundraising or identifying...

Renminbi Bond

Maybank took China’s Panda bond market to a new level in July, becoming the first foreign issuer to offer renminbi bonds via the newly launched Bond Connect platform. The new trading link, which went live less than three weeks earlier, allowed Maybank to target both onshore and offshore investors for its Rmb1bn (US$148m) debut, accessing the widest possible investor pool for the securities. The deal also reopened the onshore market for foreign issuers after China’s effort to reduce leverage in the financial sector led to an eight-month drought...

Hong Kong Equity Issue

The HK$4.57bn (US$586m) listing of Chinese biologics outsourcing provider Wuxi Biologics was a blowout success, proving that a widely distributed deal could deliver a premium valuation long before the Hong Kong IPO market turned hot. Wuxi played a key part in restoring confidence in the city’s IPO market, paving the way for higher-profile debuts in the second half of 2017, and did so without a liquidity-sapping cornerstone tranche. The backdrop was hardly supportive when Wuxi priced its deal at the start of June. Only one company had...

India Bond House

Trust Investment Advisors helped issuers across the credit spectrum raise funds in a busy year for the rupee debt capital markets following the Reserve Bank of India’s demonetisation exercise. Trust helped India’s largest state government shore up the finances of its overstretched power companies with the first bond issue backed by state government revenues. It brought state-owned banks to the market for regulatory capital, maintained its dominance in bond underwriting for non-bank finance companies, and arranged perpetual bonds and...

India Loan House

Standard Chartered maintained its steady performance in a challenging year for Indian loans, executing more deals than any other international player and engineering innovative transactions in both the offshore and onshore markets. Underpinned by strong origination, structuring and distribution capabilities, StanChart made full use of its unparalleled access to investors in 2017. It harnessed new pools of liquidity for Indian borrowers – including banks from Sri Lanka, which committed around US$95m in three deals this year – and was a...

India Equity House

Kotak Investment Banking won the lion’s share of the major equity offerings in a blockbuster year for the Indian capital markets. It leveraged its relationships with both issuers and investors to work on the landmark IPOs and follow-on offerings during the review period, often edging out far bigger global rivals. Kotak used its enviable distribution network to deliver for its clients in 2017, bolstering its reputation as the must-have bank on any big Indian equity transaction. In a year when India’s insurance sector went public, Kotak managed...

Indonesia Loan House

Indonesia was a welcome bright spot in Asia’s syndicated loan market in 2017, following its reinstatement to full investment-grade status, and Sumitomo Mitsui Banking Corp was in the thick of the action. The bank captured more than its fair share of the money flows, arranging both capital expenditure deals and new money facilities, and covering both local and international currencies. SMBC has historically maintained a low profile in Asia’s syndicated loan market, being labelled a conservative Japanese bank that deals primarily with...

Indonesia Capital Markets Deal

Star Energy’s US$1.91bn financing for its acquisition of geothermal assets in Indonesia from US energy giant Chevron brought together multiple moving parts in a short time frame and a challenging sector. Star Energy and its consortium partners (Philippine conglomerate Ayala and Thailand’s Electricity Generating, or EGCO) announced their agreement to acquire the Salak and Darajat fields in West Java in December 2016 and closed the US$2.1bn acquisition in March, barely three months later. The speedy execution of the world’s largest acquisition in...

Malaysia Bond House

CIMB Investment Bank was at the forefront of a healthy pick-up in bond issuance in Malaysia in 2017, beating its rivals with a broad mix of business. CIMB grabbed pole position for ringgit-denominated bond issuance in a tightly-fought race over IFR’s review period. As well as extending its enviable track record for infrastructure financings, it went above and beyond to introduce new products to the Malaysian market. Mah Sing Group’s M$650m (US$158.3m) senior perpetual note in April stood out as an innovative solution. The property developer had...

Philippines Capital Markets Deal

Philippine conglomerate Ayala took advantage of investors’ growing hunt for yield, as well as its own rarity value as an issuer, to lock in long-term, flexible funding with the country’s first fixed-for-life perpetual bond. The US$400m deal drew strong demand from both offshore investors and domestic institutions flush with dollar liquidity, closing multiple times subscribed with final orders of over US$2.5bn. In fact, demand was so hot that Ayala decided to accelerate its timeline and launch the transaction on the third day of a three-day...

Singapore Bond House

DBS cemented its pole position in Singapore in 2017 with a concerted effort to deepen the domestic bond market, bringing both issuers and investors back to the market after a rocky period in recent years. As Singapore’s largest bank, DBS has a formidable reputation to maintain. Rather than shy away from the challenge, it kept up a brisk pace, grabbing the lion’s share of the local market with S$6.7bn (US$5bn) of bonds to its credit in the period under review, a 36.8% market share. DBS worked hard to restore confidence in its home market...

Singapore Loan House

DBS stood out in a challenging year for Singapore deal flow, leveraging on its deep relationships in Asia’s biggest loan market and showcasing its distribution capabilities. A slowdown in acquisition financings and an increase in club deals made for a difficult year for Singapore arrangers in 2017, but DBS played a pivotal role in bringing new financing structures to the market, as well as setting new benchmarks for established borrowers. “With DBS’s deep understanding of the market, DBS is able to provide optimal financing solutions to our...

Singapore Equity Issue

Singapore-based Sea’s US$989m US IPO, the biggest overseas listing on record from a South-East Asian company, put the region’s internet sector firmly on the radar for global investors. The October IPO hinged on convincing investors to look beyond the established Chinese technology industry and put their money on a lesser-known region. Sea is also not yet profitable, and its founder Forrest Li controls an outsized share of the voting rights through a dual-class share structure. Smart timing and a concerted marketing effort paid off, and Sea...

South Korea Capital Markets Deal

The Export-Import Bank of Korea had to draw on all its experience and execution skills to overcome investors’ geopolitical concerns, but managed to deliver a standout deal with its US$2bn three-tranche issue in October. 2017 proved to be one of the most difficult years for South Korean issuers since the global financial crisis. North Korea’s nuclear and missile tests ratcheted up a fiery war of words between US President Donald Trump and Pyongyang’s Kim Jong Un, unleashing a real fear that conflict might break out on the peninsula. It was a...

Taiwan Loan House

CTBC Bank maintained its leading role in structured and leveraged loans and did more than its rivals to bring international borrowers to Taiwan in 2017, standing out in an overbanked market. CTBC leveraged its overseas presence and structuring capability to win 26 mandates at home and abroad during IFR’s review period. “CTBC Bank adapted to the substantial slowdown in the Asia-Pacific syndicated loan market this year through winning numerous mandates from existing and new clients in diverse markets and sectors, particularly in leveraged finance...

Taiwan Capital Markets Deal

The past 12 months were a uniquely turbulent time for South Korean issuers, and Kookmin Bank adapted to tricky market conditions by identifying a new investor base, opening a funding route for its peers in the process. Geopolitical risk from North Korea was on international investors’ minds in April and May, making it difficult for Korean issuers to access the offshore bond market without paying a premium. Kookmin, rated A1/A+/A, had been considering issuing an offshore covered bond, but in May it spotted a window in the Formosa market to...

Thailand Bond House

Bangkok Bank edged ahead of its rivals in 2017, maintaining its reputation for quality while introducing new products to a hungry Thai investor base. Competition among the Thai banks in the baht bond market was intense over the past 12 months, with the top four underwriters separated by less than one percentage point of market share during IFR’s review period, according to Thomson Reuters league tables. Bangkok Bank nosed ahead in 2017, however, with a broad book of business that included some innovative deals. The Thai bank is widely known for...

Thailand Capital Markets Deal

TOA Paint’s strong domestic position and expectations of growth in South-East Asia turned its Bt12bn (US$372m) Stock Exchange of Thailand IPO into a blockbuster in September despite a weak local market. The rare consumer sector listing – the biggest from the construction materials sector in more than 20 years – offered investors some welcome diversity after a run of power and infrastructure floats. TOA’s operations across South-East Asia also allowed it to tap into appetite for a broader regional play at a time when intra-Asian trade volumes...

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