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Thursday, 24 May 2018

Bank of the Year

Bank of the Year

IFR Asia Review of the Year 2017

Asian investors and technology companies set the agenda in a busy year for Asian investment banking, and one bank capitalised on the trends, playing a leading role across markets and asset classes. For making the most of its universal platform, Citigroup is IFR Asia’s Bank of the Year.

Asian Bank of the Year

Asian Bank of the Year

IFR Asia Review of the Year 2017

In a year when China’s internationalisation was again the dominant theme in Asian investment banking, one bank stood out for its bold regional strategy. For its continued strength in Greater China and its overseas expansion, Citic Securities is IFR Asia’s Asian Bank of the Year.

Issuer of the Year

Issuer of the Year

IFR Asia Review of the Year 2017

Asia’s credit markets continued to boom in 2017, but geopolitical tensions meant that South Korea faced its toughest time in years. For its diverse funding strategy, and its continued engagement with global investors, Export-Import Bank of Korea is IFR Asia’s Issuer of the Year.

Bond House

Bond House

IFR Asia Review of the Year 2017

In another competitive year, and with financing volumes reaching new heights, one house capitalised on conditions to bring the broadest range of issuers to market. For spotting the trends and excelling across the capital structure, HSBC is IFR Asia’s Bond House of the Year.

Investment-Grade Bond

IFR Asia Review of the Year 2017

Indonesian power producer Paiton Energy proved that the international capital markets can play a big role in supporting Asian infrastructure with a landmark US$2bn project bond.

High-Yield Bond

IFR Asia Review of the Year 2017

Vedanta Resources was the first Asian resources company to capitalise on an improvement in commodity prices and flush market liquidity in 2017, pricing a US$1bn bond and liability management exercise that helped cut interest costs and strengthen its finances.

SRI Bond

IFR Asia Review of the Year 2017

Industrial and Commercial Bank of China set an important precedent for other Chinese issuers with a US$2.15bn dual-currency Green bond that combined both domestic and international standards.

High-yield Bond House

High-yield Bond House

IFR Asia Review of the Year 2017

As deal volumes reached an all-time high in 2017, one bank excelled in all corners of the Asian high-yield bond market, helping raise funds for clients across different sectors and geographies. For its unrivalled breadth and skilful execution, Deutsche Bank is IFR Asia’s High-Yield Bond House of the Year.

Domestic Bond

IFR Asia Review of the Year 2017

The first project bond from a foreign issuer in the Thai baht market opened the door to an alternative source of infrastructure finance and enhanced Thailand’s status as the regional funding hub for Indochina.

Loan House

Loan House

IFR Asia Review of the Year 2017

Competition for assets and a drop in deal volumes forced arrangers to look beyond their comfort zones in 2017, and one bank excelled at delivering lucrative deals across a range of markets. For its key roles on complex financings and smart approach to distribution, Credit Suisse is IFR Asia’s Loan House of the Year.

Loan

IFR Asia Review of the Year 2017

China National Chemical Corp (ChemChina)’s whopping US$12.7bn bridge loan played a key part in financing its takeover of Syngenta and raised the bar for event-driven financing in Asia as the largest syndicated acquisition loan on record in Asia Pacific (excluding Japan).

Equity House

Equity House

IFR Asia Review of the Year 2017

Asian equity offerings were back in fashion by the end of 2017 following a broad recovery in stock markets, but one bank set the trend throughout the year. For its unmatched range of deals across the region, Morgan Stanley is once again IFR Asia’s Equity House of the Year.

Equity Issue

IFR Asia Review of the Year 2017

ZhongAn Online P&C Insurance, China’s first online-only insurer, redrew the boundaries of the Hong Kong equity market with a hugely popular listing that kicked off a wave of hot deals from the technology sector.

Mid-market Equity House

Mid-market Equity House

IFR Asia Review of the Year 2017

In a fiercely competitive market, one bank held off a growing number of local rivals to win an impressive number of sole sponsor mandates from mid-cap clients in 2017. For its consistent focus, BNP Paribas is IFR Asia’s Mid-market Equity House of the year.

Structured Equity Issue

IFR Asia Review of the Year 2017

Hong Kong’s first big exchangeable bond of the year showed the equity-linked market’s ability to deliver solutions in even the most challenging of situations.

Restructuring

IFR Asia Review of the Year 2017

Mongolian Mining Corp stepped into unknown territory with the country’s first offshore debt restructuring, but came up with a solution that treated all parties fairly and overcame foreign ownership restrictions.

Structured Finance Issue

IFR Asia Review of the Year 2017

In a bumper year for Australian asset-backed financings, the country’s first master-trust securitisation stands out as a game-changer.

Islamic Issue, Malaysia Capital Markets Deal

IFR Asia Review of the Year 2017

Tadau Energy’s M$250m (US$59.2m) project sukuk may be small, but the multi-tranche financing had a big impact in the world’s biggest Islamic bond market.

Frontier Market Issue

IFR Asia Review of the Year 2017

Vincom Retail’s D16.1trn (US$708.5m) initial equity offering was a landmark in every respect. As well as being Vietnam’s largest IPO on record, the deal also introduced a settlement structure that put the promising market on many investors’ radar for the first time.

Australia/New Zealand Bond House

IFR Asia Review of the Year 2017

In a year of records in the Australian dollar markets, Australia and New Zealand Banking Group was consistently at the centre of the action, cementing its position as Australasia’s go-to bond house for onshore and offshore issuers alike.

Australia/New Zealand Equity Issue

IFR Asia Review of the Year 2017

Royal Dutch Shell’s sale of its A$3.5bn (US$2.7bn) stake in Woodside Petroleum in November was the standout deal of the year in Australia’s equity capital markets, and the first big block trade under new rules that ruled out a trading halt.

Australia/New Zealand Loan House

IFR Asia Review of the Year 2017

In a highly competitive market, Westpac Banking Corp showed consistency and leadership across a wide range of transactions, spanning leveraged, corporate and project financings.

China Bond House

IFR Asia Review of the Year 2017

With onshore yields under pressure, Bank of China stepped up for its clients in the international markets, helping drive another record year for Asian issuance and maintaining its lead over its rivals.

China Equity House

IFR Asia Review of the Year 2017

Credit Suisse’s ability to raise funds for technology companies across markets stood out from the competition in a year when China’s private-sector champions produced some of the world’s most exciting deals.

China Loan House, Hong Kong Loan House

IFR Asia Review of the Year 2017

Standard Chartered was the most active bank in bringing Chinese credits to the syndicated loan market in 2017 while its peers turned to club and bilateral transactions against the backdrop of a significant slowdown in deal flow.

Renminbi Bond

IFR Asia Review of the Year 2017

Maybank took China’s Panda bond market to a new level in July, becoming the first foreign issuer to offer renminbi bonds via the newly launched Bond Connect platform.

Hong Kong Equity Issue

IFR Asia Review of the Year 2017

The HK$4.57bn (US$586m) listing of Chinese biologics outsourcing provider Wuxi Biologics was a blowout success, proving that a widely distributed deal could deliver a premium valuation long before the Hong Kong IPO market turned hot.

India Bond House

IFR Asia Review of the Year 2017

Trust Investment Advisors helped issuers across the credit spectrum raise funds in a busy year for the rupee debt capital markets following the Reserve Bank of India’s demonetisation exercise.

India Loan House

IFR Asia Review of the Year 2017

Standard Chartered maintained its steady performance in a challenging year for Indian loans, executing more deals than any other international player and engineering innovative transactions in both the offshore and onshore markets.

India Equity House

IFR Asia Review of the Year 2017

Kotak Investment Banking won the lion’s share of the major equity offerings in a blockbuster year for the Indian capital markets.

Indonesia Loan House

IFR Asia Review of the Year 2017

Indonesia was a welcome bright spot in Asia’s syndicated loan market in 2017, following its reinstatement to full investment-grade status, and Sumitomo Mitsui Banking Corp was in the thick of the action.

Indonesia Capital Markets Deal

IFR Asia Review of the Year 2017

Star Energy’s US$1.91bn financing for its acquisition of geothermal assets in Indonesia from US energy giant Chevron brought together multiple moving parts in a short time frame and a challenging sector.

Malaysia Bond House

IFR Asia Review of the Year 2017

CIMB Investment Bank was at the forefront of a healthy pick-up in bond issuance in Malaysia in 2017, beating its rivals with a broad mix of business.

Philippines Capital Markets Deal

IFR Asia Review of the Year 2017

Philippine conglomerate Ayala took advantage of investors’ growing hunt for yield, as well as its own rarity value as an issuer, to lock in long-term, flexible funding with the country’s first fixed-for-life perpetual bond.

Singapore Bond House

IFR Asia Review of the Year 2017

DBS cemented its pole position in Singapore in 2017 with a concerted effort to deepen the domestic bond market, bringing both issuers and investors back to the market after a rocky period in recent years.

Singapore Loan House

IFR Asia Review of the Year 2017

DBS stood out in a challenging year for Singapore deal flow, leveraging on its deep relationships in Asia’s biggest loan market and showcasing its distribution capabilities.

Singapore Equity Issue

IFR Asia Review of the Year 2017

Singapore-based Sea’s US$989m US IPO, the biggest overseas listing on record from a South-East Asian company, put the region’s internet sector firmly on the radar for global investors.

South Korea Capital Markets Deal

IFR Asia Review of the Year 2017

The Export-Import Bank of Korea had to draw on all its experience and execution skills to overcome investors’ geopolitical concerns, but managed to deliver a standout deal with its US$2bn three-tranche issue in October.

Taiwan Loan House

IFR Asia Review of the Year 2017

CTBC Bank maintained its leading role in structured and leveraged loans and did more than its rivals to bring international borrowers to Taiwan in 2017, standing out in an overbanked market.

Taiwan Capital Markets Deal

IFR Asia Review of the Year 2017

The past 12 months were a uniquely turbulent time for South Korean issuers, and Kookmin Bank adapted to tricky market conditions by identifying a new investor base, opening a funding route for its peers in the process.

Thailand Bond House

IFR Asia Review of the Year 2017

Bangkok Bank edged ahead of its rivals in 2017, maintaining its reputation for quality while introducing new products to a hungry Thai investor base.

Thailand Capital Markets Deal

IFR Asia Review of the Year 2017

TOA Paint’s strong domestic position and expectations of growth in South-East Asia turned its Bt12bn (US$372m) Stock Exchange of Thailand IPO into a blockbuster in September despite a weak local market.

Digital version

IFR-Asia-ROY_Cover_2017_136x192

The hard copy of the 2017 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.

Download the Roll of Honour – a PDF containing the full list of this year’s winners

If you would like to order the 2017 IFR Asia Review of the Year in hard copy, please contact gloria.balbastro@tr.com.

Institutional growth

In a year when growth in the US revived confidence in the global economy, it was the growth of Asia’s institutional investor base that drove the region’s capital markets forward.

Funding Xi’s dream

Funding Xi’s dream

Private capital will play its part in financing China’s ambitious Belt and Road Initiative. But how quickly infrastructure owners can fire up the capital markets to bridge the investment gap is up for debate.

Seeing double

Seeing double

Singapore and Hong Kong look poised to allow shares with weighted voting rights in a bid to attract more listings from the new economy. But will it change anything?

The wild rise of the ICO

The wild rise of the ICO

After China outlawed trading and Jamie Dimon likened bitcoin speculation to tulip mania, what’s next for digital finance in Asia?

Good buy or goodbye?

Good buy or goodbye?

The growth of Asia’s institutional investor base is helping justify some rich valuations in the region’s capital markets, and reshaping the way deals are done in the process. Will the trend continue into 2018?

The year in numbers 2017

The year in numbers

The year in numbers

Glossary 2017

Alternative definitions of the year’s buzzwords

Hong Kong went live with the Bond Connect trading link during a sensitive state visit

The year in cartoons

The year in cartoons

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Bitcoin mining yields an alternative investment idea

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The rise and fall of Chinese microlenders

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A hot technology IPO presents an impromptu sales opportunity

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