sections

Thursday, 14 December 2017

Frontier markets issue

IFR Asia Review of the Year 2014

Wireless telecommunications operator Banglalink Digital Communications had a mountain to climb with its debut offshore issue. Its home country, Bangladesh, had never issued an international sovereign bond, meaning there were no risk-free, let alone corporate, benchmarks to allow investors to judge relative value.

Islamic issue

IFR Asia Review of the Year 2014

Islamic bonds made some important headway globally in 2014, and Malaysia Building Society’s M$495m (US$147m) structured covered sukuk was a major step in opening more funding avenues in Asia’s biggest Sharia-compliant market.

Structured finance issue

IFR Asia Review of the Year 2014

China’s burgeoning securitisation market stepped up a gear in 2014 as six companies won approval to issue securities backed against auto loans, but Volkswagen’s local financing unit went the extra mile to introduce global standards to the domestic arena.

Restructuring

IFR Asia Review of the Year 2014

Indonesia’s coal sector kept restructuring advisers busy in 2014, but only one company reached an agreement with its creditors without sliding into default.

Structured equity deal

IFR Asia Review of the Year 2014

In a turbulent year for Thailand, CP Foods managed to bring a new structure to market, achieve aggressive terms and time the offering to perfection, raising US$290.4m from an exchangeable bond just three days before street protests brought issuance to a standstill.

Structured equity house

Structured equity house

IFR Asia Review of the Year 2014

Equity-linked issuance was far from easy in 2014, but one bank delivered consistently across a wide range of markets. For its sound market judgment and for sticking by its clients, Credit Suisse is IFR Asia’s Structured Equity House of the Year.

Equity issue

IFR Asia Review of the Year 2014

The US$25bn New York Stock Exchange listing of Alibaba Group has transformed the Chinese e-commerce giant into one of the world’s best-known – and most valuable – companies, but its significance goes far beyond that.

Equity house

Equity house

IFR Asia Review of the Year 2014

In an uncertain year, one bank combined its Asian expertise and global platform to raise funds for top-tier clients. For its continued dominance of market-defining deals, Goldman Sachs is IFR Asia’s Equity House of the Year.

Loan of the year

IFR Asia Review of the Year 2014

When Indonesia’s CT Corp started talks with lenders for a US$1.275bn loan in November 2013, it faced an uphill struggle. Indonesia was facing a raft of macroeconomic problems, including weak growth, an outflow of foreign capital and a deteriorating currency.

Loan house, China loan house

Loan house, China loan house

IFR Asia Review of the Year 2014

In a challenging environment and amid stiff competition from the bond market, one bank stood out with its smarter approach. For its track record of sole mandates and a diverse list of innovative deals, Standard Chartered is IFR Asia’s Loan House of the Year.

Domestic bond

IFR Asia Review of the Year 2014

In a year when bank capital securities took centre stage in Asia, the first Additional Tier 1 offering from China proved the most ambitious, as well as the most significant.

High yield bond

IFR Asia Review of the Year 2014

Taking advantage of strong investor demand for exposure to the reawakening Indian economy, Tata Steel made its US dollar debut in style, raising US$1.5bn from a dual-tranche bond.

Investment-grade bond

IFR Asia Review of the Year 2014

Among a growing number of jumbo investment-grade issues out of Asia this year, Hutchison Whampoa’s 144A/Reg S offering stood out for its record-breaking size, smart timing, swift execution and wide distribution.

Bond house, Domestic bond house

Bond house, Domestic bond house

IFR Asia Review of the Year 2014

Another record year for Asian bond issues saw one bank make jumbo deals and new structures look easy. For a track record of successful deals across the region and for leading the way in bank capital, HSBC is IFR Asia’s Bond House of the Year and Domestic Bond House of the Year.

Issuer of the year

Issuer of the year

IFR Asia Review of the Year 2014

Many Asian issuers raised funds with ease in 2014, but only one capped a remarkable turnaround with offerings in both the debt and equity capital markets. For putting itself firmly back on the global markets map, the Islamic Republic of Pakistan is IFR Asia’s Issuer of the Year.

Domestic bank of the year

Domestic bank of the year

IFR Asia Review of the Year 2014

Many Asia-based banks had bold expansion strategies for 2014, yet only one turned such plans into big business. For building on its traditional strengths with moves to create a thriving pan-Asia franchise, ANZ is IFR Asia’s Domestic Bank of the Year.

Singapore loan house

IFR Asia Review of the Year 2014

DBS held on to its leadership position in Singapore loans in 2014 on a variety of borrowings involving the commodities sector, as well as a sprinkling of event-driven financings and debut facilities.

South Korea equity issue

IFR Asia Review of the Year 2014

South Korea’s equity capital markets started 2014 in poor shape. Prospects for new listings had become so bad, in fact, that the country’s regulators felt it necessary to step in to make it easier and faster to launch deals.

Singapore equity issue

IFR Asia Review of the Year 2014

In a year of pulled transactions and weak listings in Singapore, Frasers Hospitality Trust’s S$400m (US$306m) Singapore IPO bucked the trend, winning investors’ full support and reopening the equity capital markets.

Singapore bond house

IFR Asia Review of the Year 2014

What started as a trickle of Singapore dollar bonds from small- and medium-sized issuers turned into a flood in 2014, throwing open the local debt market to several companies for the first time. DBS was at the forefront of this trend, correctly calculating that private bank clients would embrace the new high-yield offerings.

Philippines capital markets deal

IFR Asia Review of the Year 2014

The Philippines’ largest IPO of 2014 was also one of the most textbook examples in the region. High-end retailer SSI Group attracted a high valuation – in a week when two other deals in the region were downsized, no less – and performed well, highlighting the successful execution of the Ps7.5bn (US$166m) IPO.

South Korea loan

IFR Asia Review of the Year 2014

When US-based Tyco started the sales process for security services provider ADT Korea in November 2013, few could have predicted that the financing would play such an important part in determining the outcome.

Malaysia equity house

IFR Asia Review of the Year 2014

In a market where share placements depend so heavily on domestic investors, Credit Suisse was hardly the obvious choice for Malaysian companies looking to list their equity or top up their capital. The bank, however, used its local network and international expertise in 2014 to offer new options to its clients and challenge the dominance of the local arrangers.

Taiwan loan house

IFR Asia Review of the Year 2014

Taiwanese banks faced a series of challenges in 2014 as foreign currency liquidity turned volatile and fears for China’s economy triggered a review of their exposure. CTBC Bank, however, outperformed its peers at home and did more than its rivals to bring international borrowers to Taiwan.

Thailand bond house

IFR Asia Review of the Year 2014

Siam Commercial Bank guided issuers through the upheaval of Thailand’s military coup, showing strong leadership and a thorough understanding of the market.

Malaysia bond house

IFR Asia Review of the Year 2014

Although competition was intense in the ringgit bond market in 2014, CIMB managed to keep rivals at bay with innovative and integrated solutions to keep clients knocking on its doors.

Thailand capital markets deal

IFR Asia Review of the Year 2014

Foreign funds flowed out of Thailand when the army took control on May 22, but even the uncertainty over the military government’s plans for state-owned enterprises failed to get in the way of the country’s first public offering of Basel III-compliant bank capital.

Indonesia bond

IFR Asia Review of the Year 2014

The Indonesian Government seized on the low yields in the European market in the run-up to the country’s finely balanced presidential election to diversify its funding sources with the country’s first euro-denominated sovereign bond.

Indonesia loan house

IFR Asia Review of the Year 2014

Despite currency volatility, as well as macroeconomic and political headwinds, Indonesia yielded a diverse range of syndicated loans in 2014. Credit Suisse underwrote the financings on a sole basis to distinguish itself from peers, introducing new credits to the market and distributing the risk to a wide range of investors.

India equity house

IFR Asia Review of the Year 2014

India’s equity markets hit new heights in the second half of 2014, but it was JP Morgan’s ability to raise funds for issuers across multiple sectors throughout the year that shone through.

India loan house

IFR Asia Review of the Year 2014

RBS had a strong profile in India in its former incarnation as ABN Amro, having arranged countless corporate and acquisition loans for clients in the country before the global financial crisis.

India bond house

IFR Asia Review of the Year 2014

Trust Investment Advisors was at the centre of efforts to develop the rupee debt market in 2014, using its solid relationships to broaden the investor base for new structures in the bank capital and property sectors.

Hong Kong equity issue

IFR Asia Review of the Year 2014

The HK$6.8bn (US$878m) listing of China’s Luye Pharma Group was the closest anyone came to a flawless Hong Kong IPO in 2014.

Hong Kong loan house

IFR Asia Review of the Year 2014

HSBC stood head and shoulders above its peers in Hong Kong’s syndicated loans market in 2014, leading borrowings for blue-chip companies and playing prominent roles on jumbo event-driven financings.

Dim sum bond house

IFR Asia Review of the Year 2014

The renminbi’s global march entered a new phase in 2014 after some volatile trading squeezed out currency speculators, but HSBC’s dominance remained intact throughout the year.

China equity house

IFR Asia Review of the Year 2014

With domestic markets still in a state of flux and the pipeline for public sector offerings shrinking, Credit Suisse’s ability to market China’s emerging private-sector champions to international investors saw it stand out from the competition.

China bond house

IFR Asia Review of the Year 2014

China continued to promote the capital markets as an alternative to bank lending in 2014, and Bank of China Group led the charge, scoring landmark deals in both the offshore and onshore markets.

Australia/New Zealand loan house

IFR Asia Review of the Year 2014

In a mature market where the four major domestic banks were dominant, National Australia Bank stood out from its peers in 2014, thanks largely to a reshuffle of its debt markets team that broadened its product offerings.

Australia/New Zealand equity house

IFR Asia Review of the Year 2014

Goldman Sachs made its mark in Australasian equities in 2014 with leading roles on Australia’s largest IPO, rights issue, institutional placement and block trade.

Australia/New Zealand bond house

IFR Asia Review of the Year 2014

The Australian and New Zealand bond markets took on new global significance in 2014, as a growing number of international issuers turned to an expanding local investor base in search of alternative sources of funding.

Regs 871

Reg S: Schaden's CEO turns to Japan for inspiration

IFR Asia Review of the Year 2014

To see the digital version of this report, please click here.

Reg S: The team attempts to deal with Occupy protesters

Reg S: The team attempts to deal with Occupy protesters

IFR Asia Review of the Year 2014

To see the digital version of this report, please click here.

844 Reg S_1

Reg S: Sellars underestimates the cost of winning a new client

IFR Asia Review of the Year 2014

To see the digital version of this report, please click here.

859 Regs_01

Reg S: Reg dresses up for court

IFR Asia Review of the Year 2014

To see the digital version of this report, please click here.

Digital version

The hard copy of the 2014 IFR Asia Review of the Year is sent to all IFR Asia magazine subscribers, but non-subscribers can view a full digital version for free by clicking here.

If you would like to order the 2014 IFR Asia Review of the Year in hard copy, please contact gloria.balbastro@thomson reuters.com.