JP Morgan wins IFR Asia’s Bank of the Year

With Asia booming and much of the rest of the world subdued, it is natural for investors to regard the region with a certain level of exuberance. It is, therefore, understandable that investors are beguiled by the story of Sateri International, which, at the time of writing, was marketing an IPO expected to raise up to US$686m, post-greenshoe, through Morgan Stanley, Credit Suisse and BOC International. Sateri was being marketed as an emerging-market growth story, combining Chinese consumption with Brazilian resources. The pitch delivered to...

After an impressive number of recapitalisations and record volumes in 2009, Australia’s equity capital markets had a very different 2010. Despite the country’s strong economic rebound and continued growth of its natural resources sector, each of the IPOs launched during the year struggled and a number of fundraisings were shelved altogether. Without any standout IPOs during the awards period – QR National’s A$4bn (US$4bn) deal came just after the November 15 cut-off – banks had to be opportunistic and take advantage of companies raising capital...

CICC extended its dominance of China’s domestic equity capital markets this year. Its international experience, world-class research and execution abilities, meanwhile, have enabled CICC to expand its franchise overseas – a critical and significant step that its domestic peers have yet to achieve. CICC’s cemented its place at the top of the China ECM league table in IFR Asia’s review period with the completion of 21 transactions. It raised US$16.6bn for its clients – 34% more than nearest rival Goldman Sachs, which was, without question, the...

In capital markets terms, the Republic of the Philippines has come a long way in a few years. When it kicked off the year with the speed and skill that has become the hallmark of a Philippines sovereign trade, it looked like business as usual for the South-East Asian nation. In 2010, however, market conditions changed so rapidly that other options soon became available – and the Philippines was quick to react. The Philippines, under the consummate stewardship of National Treasurer Roberto Tan, took advantage of each shift in market sentiment to...

Calls for the internationalisation of the renminbi are nothing new. China’s trading partners – most vociferously the US – have been pushing for a market-based exchange rate for years, and the calls strengthened after the 2008 crisis highlighted the imbalances in global trade. After ignoring the calls for a stronger renminbi for years, China is finally releasing its iron grip on its currency. Reforms in mid-2010 mean that trade with a wider range of countries can be settled in renminbi for the first time, greatly increasing international...

CICC is at the forefront of the development of the Chinese bond markets, pioneering new products and setting benchmarks that add depth and breadth to the renminbi bond markets. With a strong cross-border platform, an unparalleled client base and a wide range of fixed-income capabilities, CICC has emerged as the key player in China’s domestic bond market in recent years. It proved those credentials further in 2010 with a long list of sizable and significant transactions, covering the full range of fixed-income instruments, including corporate...

The international bond markets came of age in Asia this year, finally living up to their potential as an important funding tool for the fast-growing region. After breaking volume records in 2009, few expected Asian issuers to post another bumper year in the international bond markets. Yet, an unexpectedly strong growth characterised the review period, running across 12 months to November 15 – and Deutsche Bank was at the forefront of the market’s development. The bank was instrumental in introducing new issuers to the international markets,...

Head-hunters in Asia reported one of their busiest-ever years in 2010. There was neither any particular area of a booming business where every bank had to make a hire, nor a single country where everyone needed to step up. However, that was the point: everybody seemed to be hiring across the board. “This has been the busiest year we’ve seen,” said Christian Brun, partner at Wellesley Partners. “It topped 2007, and a lot of people didn’t manage to do the hiring they wanted to do.” Brun added there was activity across all areas of investment...

The HK$159bn (US$20.5bn) listing of AIA, the Asian unit of bailed-out US insurer AIG, was a fitting climax to the real-life drama that had captivated the world’s financial markets for well over a year. AIG had been looking to spin off AIA since early 2009 so as to repay part of the US Government’s bailout, and a Hong Kong listing quickly emerged as the preferred option. Preparations were in full flow, and the deal was on track to hit the market in mid-April 2010, when UK insurer Prudential moved in to acquire the insurer with a surprise bid...

When talk of a perpetual bond for CKI first emerged in mid-September, even rival bankers were quick to applaud the idea. US Treasury yields had tumbled during the third quarter of the year, while credit spreads had contracted sharply, opening the door for Asia’s investment-grade issuers to push for longer maturities as investors hunted for higher coupons. Bankers started to pitch 10-, 15- and even 30-year deals, as Asian issuers realised they could lock in long-term funding at low costs. CKI went one step further, announcing a perpetual deal...

With Asia viewed as the engine of global economic expansion, local, regional and international businesses have set aggressive targets for their own growth in the region. However, with rapid growth comes increased risk. Boom times can cause the biggest problems, as some companies and institutions turn to mergers and acquisitions to meet individual growth targets, importing different cultures and unknown risks. They have to be thorough with due diligence and implementation, and must ensure full compliance with anti-corruption and other...