While rivals struggle to squeeze more value out of their existing platforms, one bank has increased its share of Asian investment banking despite a radical restructuring. For proving it can do more with less, UBS is IFR Asia’s Bank of the Year.
As Asia’s local banks push for a bigger share of the region’s investment banking business, one stood out for making a success of an audacious acquisition. For delivering on a defined growth strategy, CIMB is IFR Asia’s Domestic Bank of the Year.
China’s state-owned enterprises were at the forefront of Asian financing in 2013, but one managed to position itself as both a solid credit and a growth proposition. For successfully navigating multiple asset classes, China Petrochemical Corp is IFR Asia’s Issuer of the Year.
In another year of record volumes, one bank excelled at matching Asian issuers with global investors. For leading the deals that defined the year, JP Morgan is IFR Asia’s Bond House of the Year.
In a year when Chinese firms accounted for over 30% of all international bonds sold in Asia, China National Offshore Oil Corp stood out as the first PRC issuer to win over investors in the euro market.
Country Garden Holdings began a wave of debt sales by Chinese property developers in 2013, launching a 10-year bond when the year was barely days old.
A pan-Asian footprint proved important in a year of extreme volatility in many local bond markets in the region and one bank’s focus on cross-border deal-making stood out. For bringing down boundaries and driving innovation, HSBC is IFR Asia’s Domestic Bond House of the Year.
New standards for bank capital securities left many borrowers and investors befuddled in 2013, but there was no confusion over a landmark Tier 1 offering from Singapore’s United Overseas Bank.
In an industry facing tougher capital requirements, one bank transformed its approach to syndication without missing a beat. For leading key deals and proving its distribution skills, Standard Chartered is IFR Asia’s Loan House of the Year.
Focus Media Holding’s US$1.725bn LBO financing overcame several hurdles to play a crucial role in ensuring the completion of the Nasdaq-listed company’s US$3.7bn buyout – the largest involving a Chinese target – and successfully passed a vital test for the country’s leveraged finance market.
In a choppy year, one bank pioneered new ways of raising equity in markets off the beaten track while still pushing ahead in its traditional strongholds. For its continued dominance, UBS is IFR Asia’s Equity House of the Year.
For investors looking for a combination of stable returns and growth, the Bangkok Skytrain network presented one such opportunity.
In a rebounding convertible bond market, one bank retained its lead by running deals in all conditions. For its ability to price deals at the top and bottom of markets, and for issuers in sectors deemed untouchable, JP Morgan is IFR Asia’s Structured Equity House of the Year.
Singapore’s CapitaLand has always had a reputation as a savvy issuer, but the property developer had a standout year with two new convertible bonds and tender offers, both of which had a strong claim to be the Structured Equity Issue of the Year.
Property is one of the most important sectors for Singapore banks when it comes to lending. In a nation that has seen exponential price appreciation for residential developments in the past decade, being able to finance more buildings is a key focus.
A Malaysian issuer, ironically, made the largest contribution to innovation in Singapore’s Islamic finance market this year, when sovereign fund Khazanah Nasional issued the first exchangeable sukuk denominated in Singapore dollars.
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.
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.
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.
ICBC leveraged its unparalleled combination of domestic depth and overseas expansion to help its clients capture a wide variety of fixed-income opportunities.
While many banks won roles in huge syndicates on Chinese IPOs, only Goldman Sachs managed to secure leading roles on every important deal of the year.
China’s acquisition financing market came of age in 2013, with event-driven offshore deals dominating loan market activity during IFR’s review period. Citigroup led that trend, underwriting, structuring and distributing even the most challenging of transactions.
HSBC’s persistence, commitment and leadership in developing the offshore renminbi bond market helped many Chinese and international issuers succeed in the face of a challenging backdrop.
Quality advice paid dividends in a volatile 2013 and HSBC proved adept at guiding borrowers through a volatile market. The bank leveraged on its integrated debt platform to help clients choose between global bonds and syndicated loans, and used its firepower to win leading roles on the biggest event-driven financings.
American International Group’s sale of its remaining US$6.4bn stake in Asian subsidiary AIA was both surprisingly timed and flawlessly executed.
Yes Bank did more than its peers to bring new and lower-rated borrowers to the Indian bond market in 2013, keeping up efforts to deepen the country’s capital markets even amid extreme volatility.
SBI Capital Markets extended its dominance of the Indian loan market in 2013, offering innovative syndicated financings to clients even as the domestic economy grew at its lowest rate in more than a decade.
Although volatile economic conditions quietened activity in India’s equity-capital markets this year, Citigroup still dominated with lead roles in a variety of offerings.
DBS Bank was integral to the double-digit growth in Indonesia’s loan markets this year, leading deals offshore and onshore, as well as selling the nation’s growth story to the wider market.
Gajah Tunggal’s US$500m five-year non-call three bonds came only four years after it restructured its offshore debt, completing a successful turnaround story and marking its return to the international capital markets.
Despite the distractions of a general election and US monetary policy, CIMB showed a consistent commitment to developing the Malaysian bond market.
Maybank managed the most significant initial public offerings and placements from Malaysia in 2013, enabling issuers to raise capital and investors to make money.
Investors had a chance to take part in the Philippine growth story in 2013 through a blockbuster follow-on offering from tycoon Lucio Tan’s newly restructured holding company.
DBS Bank outshone the competition in a challenging year, with new securitisation structures and a bold liability-management exercise for its own bank capital securities.
DBS was the clear leader in Singapore’s equity capital markets in 2013, having managed the pick of the city’s IPOs, placements and rights offers.
Loan volume in Singapore hit a respectable US$30bn during the review period, but it was a handful of big-ticket loans and new-money deals to back listings of real estate investment trusts that allowed DBS Bank to shine over its peers.
Export-Import Bank of Korea added a new dimension to the burgeoning market for socially responsible investment, or SRI, with a US$500m SEC-registered bond that marked Asia’s first “green” issue.
In an overbanked, highly liquid and fiercely competitive domestic loan market, Fubon Financial Holdings used its structuring capability to bring stable Chinese companies to Taiwan’s loan market to satisfy local lenders’ demand for yield.
Siam Commercial Bank led a number of notable offerings that added depth and breadth to Thailand’s maturing bond market. It showed its creativity in designing innovative solutions, and used its network to distribute the biggest deals.
Vingroup’s first high-yield bond was a landmark offering that reopened the offshore bond market for Vietnamese credits. After a prolonged lull in capital-market activity amid years of economic turmoil, the deal came as a vote of confidence in both the company and the country.
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