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Mining for gold:
Asian bond volumes disappointed in 2022, as issuers and investors faced new geopolitical headwinds and rising interest rates. The deals that were done had to be cultivated and packaged for a skittish market. For its ability to bring Asian issuers to the G3 market throughout the year, Citigroup is IFR Asia’s Bond House of the Year.
Fresh approach
Reliance Industries’ blockbuster US$4bn triple-tranche bond came before market conditions worsened, but there was nothing simple about it.
In full bloom
The Singaporean government burst onto the ESG scene in 2022 with its debut green bond, netting S$2.4bn (US$1.8bn) and becoming the first sovereign worldwide to print such an issue at a 50-year tenor.
Defying headwinds
In a brutal year for Asian high yield, Greenko Wind Projects (Mauritius) was able to break new ground with India’s first greenfield project bond.
Concrete support
Adani Group wrapped up a US$5.25bn debt financing package in 2022, enabling it to buy Swiss building materials firm Holcim’s Indian cement business holdings, even as risk appetite for acquisition finance cooled worldwide.
Nimble under pressure
As global financial markets struggled under the impact of geopolitical and macroeconomic factors in 2022, one bank remained nimble enough to navigate the challenges. For underwriting event-driven financings, delivering innovative solutions to borrowers and achieving breakthroughs in distribution, HSBC is IFR Asia’s Loan House of the Year.
Going the extra mile
In a year full of challenges for Asia’s equity capital markets, one bank went above and beyond to raise funds for clients by leveraging its global reach and entering new territory. For taking on risk even under extreme volatility, UBS is IFR Asia’s Equity House of the Year.
Powering up
Electric vehicle battery maker Contemporary Amperex Technology’s Rmb45bn (US$6.7bn) A-share private placement drew significant demand from foreign investors in a year when Chinese domestic offerings dominated the global equity capital markets.
Confident execution
A well-timed US$675m convertible bond from Chinese computer maker Lenovo Group injected life into Asia’s lacklustre equity-linked market, showing well-structured deals from high-quality issuers could still draw investors’ interest.
No shortcuts
BNP Paribas helped bring IPOs from companies in the electric vehicle supply chain, as sustainability took on new importance to the region’s equity markets, while delivering high standards for debt deals, making it IFR Asia’s ESG House of the Year.
Ticket to ride
Thailand’s BTS Group broadened the scope of the ESG market by selling a sustainability-linked bond to retail investors and structuring it in a way that made a real difference to its operations.
Smart solution
Smart utility infrastructure business Intellihub’s debut green loan of A$1.45bn-equivalent (US$1.06bn) stood out most for its innovation, complexity and successful syndication in a highly competitive market for financings tied to environmental, social and governance metrics.
Green light
Nio Financial Leasing packaged an offering of green, renminbi-denominated asset-backed notes in a way that would bring in international investors, increasing their appeal and making it the best structured finance issue of the year.
Pioneering trade
Hattha Bank made its first leap into the offshore debt market in October, securing a place in history as the first Cambodian issuer in the baht-denominated debt capital market with its Bt1.5bn (US$39.5m at time of issuance) 4.7% three-year bond.
Open road
It was an audacious scheme – five prominent industry figures would put up M$1,000 each to establish Amanat Lebuhraya Rakyat to undertake a fully debt-funded acquisition of four mature highways. The outcome was a hugely successful M$5.5bn (US$1.3bn) multi-tier project financing sukuk that scored a few landmarks.
New direction
Malaysian toll road borrower MEX I Capital achieved a turnaround that resolved corporate governance issues, improved investor protection and restored trust with sukuk holders.
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