To purchase printed copies or a PDF of this report, please email leonie.welss@lseg.com and shahid.hamid@lseg.com
Staying on top:
Australia and New Zealand Banking Group successfully navigated an extraordinarily challenging year across Antipodean markets to maintain its position as the dominant bond house on both sides of the Tasman Sea.
Risk taker
UBS reclaimed the top spot in Australasian ECM in 2022, supporting clients through challenging and volatile markets with its unrivalled appetite for risk.
Staying strong
ANZ outperformed in the highly competitive loan markets in Australia and New Zealand, taking prominent roles in some of the standout borrowings and underwriting landmark event-driven financings.
Strong connections
Bank of China stood out as the leading China bond house once again, as its well-connected DCM capabilities, continued innovation and ability to read the market allowed it to navigate a difficult year.
Around the world
Unparalleled product coverage, strong cross-border capabilities and a deep understanding of regulatory changes allowed Citic Securities to stand out in 2022, trumping rivals domestically and globally.
Testing the water
The offshore bond debut of the People’s Government of Hainan Province of the People’s Republic of China not only set the precedent of a local Chinese government using the blue label, but also paves the way for other local governments to grab opportunities in the international market.
Adapting to change
As macroeconomic uncertainty weighed on market sentiment for most of 2022, Standard Chartered stepped up with sole and repeat mandates as well as key roles in high-profile financings. For its risk-taking and successful distribution in volatile conditions, the bank is IFR Asia’s China and India Loan House of the Year.
Market reopening
A HK$18.4bn (US$2.34bn) listing of China Tourism Group Duty Free injected new life into the lacklustre Hong Kong IPO market, spurring a rush of activity.
Setting benchmarks
Trust Investment Advisors focused on the best solutions for its clients, bringing out landmark private and public placements in a domestic market that remained active even as offshore issuance slowed.
Way ahead
Reading the pulse of the equity market enabled Kotak Investment Banking to lead the pack by a distance in India.
Drilling deep
Pertamina Hulu Energi made a striking debut in the syndicated loan market with a US$2.5bn multi-tranche borrowing that brought the Indonesian market to life following more than a year of tepid activity.
Maintaining momentum
Maybank Investment Bank kept track of investor demand in whippy financial markets to help issuers exploit brief windows to raise funds, and deepened the green market along the way.
Ensuring continuity
The Philippines saw a big change in 2022, with Ferdinand “Bongbong” Marcos Jr, the son of the former dictator, taking over as president from Rodrigo Duterte. The country’s ability to sell its new story, and weather the difficult market, made its US$2bn bond sale in October the top domestic capital markets deal of the year.
Lion’s share
DBS Bank proved nimble on its feet, shifting focus and strategies to take advantage of opportunities as market volatility dampened the offshore bond market but brightened prospects in Singapore dollars.
Blowout response
Private equity giant Blackstone Group’s US$957m loan backing its leveraged buyout of Singapore-headquartered Interplex Holdings closed to a blowout response in April as the largest financial sponsor-driven financing in South-East Asia for four years.
Record demand
South Korean electric vehicle battery maker LG Energy Solution’s W12.8trn (US$10.7bn at the time) IPO was the world’s largest in 2022, demonstrating the impressive depth of the country’s equity capital market.
Solo success
In a turbulent year during which recessionary concerns, rising interest rates and geopolitical uncertainty hit capital markets activity, Maybank stood at the forefront of syndicated lending in South-East Asia with repeat and sole mandates as well as debut loans for diverse borrowers.
Renewed energy
CTBC Bank outperformed its rivals in 2022, leading renewable energy and major event-driven loans in Taiwan as well as playing a key role in arranging sustainable financings overseas.
Diving deeper
Bangkok Bank pushed further than the competition in 2022 in adding depth and breadth to a rapidly growing corporate bond market in Thailand, particularly in the burgeoning ESG space.
New lease of life
Thai Life Insurance successfully sold a Bt37bn (US$1bn) float to local and foreign investors at a time when most issuers were staying away from the market.
Buffeted by Covid-19 and caught in the crosshairs of Sino-US tensions and an authoritarian Chinese regime, Hong Kong’s ability to adapt is under sharp focus as it seeks to remain relevant as a global financial centre.
As Indonesia’s president Joko Widodo comes to the end of his term, his focus will be on securing the future of the country’s planned new capital city, which may yet be a triumph of sustainability, but risks to his legacy remain in a febrile market environment.
As Japan makes the crucial move to net-zero carbon emissions and other environmental targets, it is relying on transition finance as the mechanism to get there.
A selection of numbers and charts that illustrate the events of 2022
Highlights of the year in black and white
A year in the life of bond banker reginald sellars
Alternative definitions of the year's buzzwords