Looking back on the last 12 months, it is tempting to think that everything went smoothly for Asia’s capital markets, as the shift in asset allocations towards emerging markets played into the region’s hands. That, however, will be tantamount to ignoring the many challenges the Asian markets had to overcome during the year.
As markets in Asia continued to outpace those in the west, several banks played important roles in financing the region’s continued expansion. However, one bank impressed across asset classes to retain its top spot. JP Morgan combined solutions, with solid executions in equity, debt and derivatives, and is IFR Asia’s Bank of the Year, Australia and New Zealand Bond House of the Year, as well as Equity-linked House of the Year.
In recent years, the Philippines has established itself as one of Asia’s most sophisticated international borrowers, and it reinforced these credentials in 2010 with successive new issues that captured the mood of the market. For its timing, dexterity and flawless execution, the Philippines is IFR Asia’s Issuer of the Year.
Another record year for Asian debt allowed a wider range of issuers to approach the international capital markets than ever before and one bank was instrumental in adding to that diversity. For leading deals across every segment of the market, Deutsche Bank is IFR Asia’s Bond House of the Year.
In the increasingly commoditised investment-grade debt capital markets, one deal stood out in 2010 as a watershed moment in the development of Asia’s primary markets. For its innovation, perfect timing and solid execution, Cheung Kong Infrastructure’s issue of perpetual capital securities is IFR Asia’s investment-grade bond of the year.
The current year proved to be a defining period for Asia’s high-yield bonds market, with new issues from a wider range of entities than ever before. A handful of deals stood out from the pack, but a phenomenally popular one showed just what was possible in the reinvigorated Asian markets. For its success and impact on the market, Stats ChipPAC’s US$600m five-year issue is IFR Asia’s High-Yield Bond of the Year.
In a year when the internationalisation of Asia’s local currency markets was the standout theme, one bank was at the forefront of the trend. For its leadership in developing local currency markets through a string of groundbreaking cross-border transactions and for its flawless execution, HSBC is again IFR Asia’s Domestic Bond House of the Year.
The internationalisation of Asia’s domestic currency debt markets emerged as one of the key themes of 2010, but it took the region’s most impressive sovereign issuer to unlock the potential fully. The Republic of the Philippines’ Global peso benchmark is IFR Asia’s Domestic Bond of the Year and the Philippines Capital Markets Deal of the Year.
Structured finance markets in the Asia Pacific continued their slow recovery in 2010, but few deals managed to make a mark in the international markets. For re-introducing Australian issuers to the US investor base, Macquarie Leasing’s SMART Series 2010-1US Trust is IFR Asia’s Securitisation Deal of the Year.
Loan bankers got back to business in 2010, with intense competition and underwriting once again key features of the Asian market. While a number of banks expanded their balance sheets, one handpicked its deals and delivered. For its record of landmark deals and solid execution, HSBC is IFR Asia’s Loan House of the Year.
In a year when leveraged finance remained a challenge, the buyout of Australia’s second-largest hospital operator was far from a guaranteed success. For jump-starting both the Australian loan market and the Asia Pacific LBO industry, the A$1.55bn Healthscope financing is IFR’s Asia Pacific Loan of the Year.
Asia’s equity capital markets led the world in 2010 with a series of record-breaking deals, capitalising on surging investor appetite for the fast-growing region. For an unparalleled presence on the market-defining transactions and characteristically strong execution skills, Goldman Sachs is IFR Asia’s Equity House of the Year.
The US$22.1bn A/H initial public offering of Agricultural Bank of China came to market with ambitious targets and amid treacherous conditions, but that did not stop the third-largest bank in China from closing the record deal. The world’s largest-ever IPO is IFR Asia’s Equity Deal of the Year.
China Unicom’s record-setting US$1.84bn deal in September proved that Asia’s equity-linked market could deliver size and competitive pricing to top-quality issuers. For showcasing the rising prominence of Asia’s equity-linked market and its smooth execution, China Unicom’s five-year put three CB is IFR Asia’s Equity-Linked Deal of the Year.
Malaysia’s Islamic bond market has long been the world’s biggest in terms of volume. However, disagreements with the Middle East over Sharia standards have marred its claim to be the global centre for Islamic finance. For bridging that divide, the M$1bn (US$322m) three-year Sukuk ALIm for Cagamas is IFR Asia’s Islamic Deal of the Year.
Although Australia’s equity markets were littered with failed deals in 2010 as primary issuance dried up, one house stood out from the pack. The breadth of its business, disciplined approach to risk and continued dominance of league table volumes make UBS IFR Asia’s Australia Equity House of the Year.
In a year when China was again the busiest of Asia’s equity capital markets, one house leveraged its knowledge of the mainland‘s regulatory and market environment to stand out among peers. For its domestic dominance, and efforts to diversify and expand its overseas business, CICC is IFR Asia’s China Equity House of the Year.
The year was another exciting one for the China bond market as it continued to grow in size and sophistication, while Beijing embarked on a journey to internationalise the renminbi. For its ability to capture the full extent of the opportunities available in both growing markets, CICC is IFR Asia’s China Bond House of the Year.
After a cancelled IPO and a failed asset sale, the Hong Kong listing of AIA looked like being a hard sell. The deal, however, unexpectedly turned into a major success story, rewriting records and trading well. Having navigated past a series of roadblocks and adopting a realistic approach to pricing, AIA’s IPO is IFR Asia’s Hong Kong Capital Markets Deal of the Year.
One house handled a higher volume of Indian loans than its three closest rivals put together, notching up a list of complex financings to meet the needs of clients. For its unrivalled record of bumper transactions that comfortably cleared the market, SBI Capital Markets is IFR Asia’s India Loan House of the Year.
In a busy year for the Indian equity capital markets, competition for landmark deals from issuers in the public and private sectors was more intense than ever. For winning more than its fair share of key mandates and for its impressive structuring skills, Citigroup is IFR Asia’s India Equity House of the Year.
The Indian bond markets had a storming year, as records fell on both the onshore and offshore fronts. For tailoring solutions for Indian issuers at home and abroad, and for a string of innovative deals, Barclays Capital is IFR Asia’s India Bond House of the Year.
In a breakthrough year for Indonesian equity issuance, one deal stood out in an industry that has rarely tapped the market. For stimulating investors’ appetite for the Indonesian growth story with a deal that exceeded expectations, the IPO of Indofood Consumer Branded Products is IFR Asia’s Indonesian Capital Markets Deal of the Year.
Malaysia’s primary markets enjoyed an active 2010, with the IPO record set in 2009 being smashed and REITs finally emerging as a hot asset class. For its ability to win and execute the largest and most significant deals in the market, CIMB is IFR Asia’s Malaysia Equity House of the Year.
With the return of liquidity to the Malaysian bond market after a volatile 2009, banks had to respond to investor demand for assets. For delivering innovative solutions to the market, perfectly matching the demands of investors and issuers, CIMB Investment Bank is IFR Asia’s Malaysia Bond House of the Year.
Temasek Holdings kicked off a remarkable funding spree in the Singapore dollar market with a 10-year deal that established a key benchmark on its yield curve. More significantly, it opened the doors to a string of other deals. For its success and impact, Temasek’s S$1bn 10-year benchmark is IFR Asia’s Singapore Capital Markets Deal of the Year.
In a record year for Singapore’s local currency bond market, one institution dominated, winning numerous sole mandates and playing a part in every landmark deal. For its ability to transform corporate relationships into market-defining transactions, DBS Bank is IFR Asia’s Singapore Bond House of the Year.
A year of hit-and-miss capital raisings for Korean issuers included one standout deal in the equities market. In an increasingly crowded sector, Samsung Life’s IPO shattered records, impressed with its smooth execution and was the clear choice to win IFR Asia’s South Korean Capital Markets Deal of the Year.
Of the three big issues completed this year in Taiwan’s resurgent equity-linked market, AU Optronics Corp’s US$800m five-year convertible bond in October impressed the most. For its size, speed and smooth execution, AUO’s zero-coupon convertible bond is IFR Asia’s Taiwan Capital Markets Deal of the Year.
Thai Union Frozen Products turned to the loan markets to fund its expansion into Europe, resulting in a rare non-recourse financing that sets a model for other Asian acquisitions. For overcoming a number of challenges on the way to a successful syndication, Thai Union’s €390m (US$285m) acquisition financing is IFR Asia’s Thailand Capital Markets Deal of the Year.