Reg S: A night out on expenses lands the team in hot water

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Citigroup’s coverage of all aspects of the Australian bond business paid dividends in 2013, as the US bank raised more for its clients than any of its Australian or international rivals. In addition to the depth of its local operations, the US financial giant showed plenty of breadth in making full use of its impressive global debt distribution platform. It handled almost A$14bn (US$13bn) of bond offerings in onshore and offshore jurisdictions during IFR’s review period, a substantial improvement on recent years. “This is the first year that...

Bank of the year UBS was the surprise performer in Asian investment banking in 2013, increasing its market share despite shrinking its overall platform. UBS maintained its lead in Asian equities, increased its dominance in key markets and won a bigger share of the region’s bond market. Any bank would have been proud of those achievements, but UBS achieved success alongside an overhaul of the group’s strategy and some drastic cuts. Competitors wrote off UBS as a serious rival at the end of 2012, when the bank announced it would scale down its...

Political capital Regulators across Asia have set out to improve governance and transparency in their capital markets, but regional experts worry they could create a host of self-defeating distortions if long-standing structural contradictions are ignored. The biggest changes have been in China, where the Year of the Snake may go down as one of the regulator. The Chinese Government has either proposed or followed through on a raft of economic and financial reform measures in its capital markets. Authorities in India and the Philippines also...

World of possibilities After another debt-dominated year, Asia has now surely shrugged off its reputation of being an equity-focused region. Any arranger or portfolio manager waiting for stock offerings to rebound to their 2010 levels – or even to pre-crisis highs – was in for a frustrating year. While 2012 proved a one-way bet for bonds, however, the picture at the end of 2013 is far more complex. Low US interest rates and easy-money policies in the world’s three biggest economies drove bond issues to another record over the last year, but a...

Domestic bank of the year CIMB broke out of its comfort zone in 2013, reaping the benefits of an expanded investment banking platform and connecting issuers and investors across Asia. An array of equity and advisory mandates showed the bank’s ability to make its new acquisition strategy work for its clients. While Malaysia’s second-biggest lender has expanded its footprint significantly, it has done so without diluting its focus or losing grip on costs. “We are moving the platform out of Malaysia and into Asia Pacific,” said Kong Sooi Lin,...

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UBS has dominated Australasian equities for about a decade and this year was no exception. Not only did it lead in terms of volumes, but it also continued to innovate. Twice during the review period, UBS priced block trades at a premium to the market level. In March, a block of A$806m (US$756m) in coal-freight operator Aurizon priced at a 0.4% premium to the five-day weighted average. The clean-up trade was a repeat selldown for the Queensland government, and UBS managed every trade. The extra value UBS brings to the Australian market was...

Sleeping giant awakes Abenomics looks to be pulling Japan out of its decades-long torpor, but its near-term impact across Asia remains decidedly mixed. While the surge in the Nikkei Index and the stream of Japanese acquisitions in South-East Asia will continue, China and South Korea could unleash their own measures to protect against a devalued yen. The long-term effects of Abenomics on both Japan and the wider Asian region will depend on Prime Minister Shinzo Abe’s ability to deliver on badly needed structural reforms. However, the year-old...

Issuer of the year China Petrochemical Corp, better known as Sinopec Group, raised nearly US$12bn from international investors in 2013, setting the pace among the PRC’s top issuers in both the debt and equity markets. Sinopec Group and its subsidiaries issued in multiple formats and currencies throughout the year. Its equity issues overcame considerable uncertainty towards China’s economic growth, while its bond offerings set new benchmarks for top Asian issuers. The PRC growth story was starting to show serious signs of wear during IFR’s...

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In a crowded and competitive field, ANZ’s leadership, innovation and unparalleled distribution network stood out as it executed a number of key and diverse transactions. Among these was Origin Energy’s mammoth A$6.6bn (U$5.8bn) refinancing, Australia’s second-largest corporate loan and the country’s largest leveraged buyout this year, backing TPG’s acquisition of poultry producer Inghams. ANZ has one of the largest syndications teams in the region with 42 dedicated syndicators in Melbourne, Sydney, Hong Kong, Singapore, Auckland, Taipei,...