Citigroup has emerged from its own crisis a leaner institution and a more formidable competitor than ever. For transforming its platform, growing its share of Asia’s competitive capital markets, and standing by its clients in difficult markets, Citigroup is IFR Asia’s Bank of the Year.
Turbulent markets derailed the ambitions of many issuers this year, but one stood out for its achievements across both the debt and equity capital markets. For embracing new products and incredible market timing, Cheung Kong (Holdings) is IFR Asia’s Issuer of the Year.
In a year when global turmoil threatened to reverse the rapid development of Asia’s debt capital markets, one bank built an unassailable lead in market share. For its solid execution and diverse range of landmark deals, HSBC is IFR Asia’s Bond House of the Year.
With global markets hamstrung for much of the year, one deal proved that the offshore renminbi market could more than keep up. For its role in developing the bank capital and Dim Sum markets, ICBC Asia’s Rmb1.5bn Lower Tier 2 is IFR Asia’s Investment-grade Bond of the Year.
Efforts to introduce institutional investors to Asia’s struggling leveraged finance business have, so far, yielded little success, but one deal last year may have changed all that. For breaking new ground in LBO financing, Hyva Global’s US$350m bond is IFR Asia’s High-yield Bond of the Year.
Of the most active banks across Asia’s domestic debt markets, only one can claim to have been at the forefront of the year’s most important developments. For consistently leading the way, HSBC is IFR Asia’s Domestic Bond House of the Year and Dim Sum Bond House of the Year.
From promising beginnings in 2010 to a rollercoaster year in 2011, HSBC stood out as the leading bank in a year when the Dim Sum market came of age.
As the US dollar markets ground to a halt, one savvy issuer underlined the resilience of Asia’s domestic currency markets with an untested hybrid structure. For turning crisis into opportunity, Cheung Kong’s S$500m 5.125% senior perpetual is IFR Asia’s Domestic Bond Deal of the Year.
As the financial crisis hardened its grip on the global economy in 2011, one bank in Asia showed leadership with consistent underwriting and successful selldowns. For expanding its growing franchise across a range of borrowers and sectors, ANZ is IFR Asia’s Loan House of the Year.
In volatile markets and with liquidity at a premium, Asian companies needed to pull out all the stops to complete overseas acquisitions. For its triumph over complexity and political upheaval, Birla Carbon’s US$900m three-part financing is IFR Asia’s Loan of the Year.
In a year of mixed fortunes for Asia’s equity capital markets, one bank stood out as the consistent leader, completing landmark deals in both the primary and secondary markets. For the second year running, Goldman Sachs is IFR Asia’s Equity House of the Year.
The Hong Kong listing of an iconic global brand confirmed the growing appeal of Asia’s equity markets over their western counterparts. For setting a trend with its premium valuation, Prada’s US$2.47bn Hong Kong IPO is IFR Asia’s Equity Deal of the Year.
In a year rocked by global volatility, one house stood out for its consistent execution in Asia’s equity-linked capital markets. For its part in the market-defining deals of the year and its unblemished track record, JP Morgan is IFR Asia’s Equity-Linked House of the Year.
In a year when plain vanilla was flavour of choice, one deal shone for its structure and execution. Lotte Shopping’s US$903m convertible bond was a win-win solution for issuer and investors, making it IFR Asia’s Equity-linked Deal and South Korea Capital Markets Deal of the Year.
Singapore’s biggest commercial mortgage-backed securitisation since 2006 proved structured finance remains relevant in Asia even after the 2008 credit crisis. For its innovative solution to a complex refinancing, Silver Oak’s US$645m CMBS is IFR Asia’s Securitisation of the Year.
Malaysia, not content with hving the world’s biggest Islamic bond market, set out to deepen the global sukuk arena with a uniquely structured sovereign benchmark. For uniting Islamic investors worldwide, the Government of Malaysia’s US$2bn sukuk is IFR Asia’s Islamic Deal of the Year.
In an intensely competitive market, one bank had a record year in 2011 in the Australian and NZ loan markets. For its renewed appetite for underwriting, sound deal execution and consistent leadership, National Australia Bank is IFR Asia’s Australia and NZ Loan House of the Year.
In the most challenging year since the global financial crisis, JP Morgan reinforced its position as the go-to bank for Australian issuers. For its breadth of coverage and consistently smooth execution skills, JP Morgan is IFR’s Australia and New Zealand Bond House of the Year.
In another difficult year for Australia’s equity capital markets, one bank dominated primary fundraising. For leading almost every trade to top the league tables by a mile, and for an enviable execution performance, UBS is IFR Asia’s Australia Equity House of the Year.
In a year when domestic deals trumped international fundraisings, one house offered the broadest possible range of equity solutions to its Chinese clients. For its ability to deliver deals in a sluggish market, Citic Securities is IFR Asia’s China Equity House of the Year.
The tremendous growth in China’s onshore and offshore bond markets has brought with it the urgent need for greater sophistication. For its role in developing the domestic market while expanding overseas, Bank of China Group is IFR Asia’s China Bond House of the Year.
The successful syndication of one Chinese acquisition loan offered welcome proof that careful structuring can overcome the toughest of obstacles. For succeeding in far-from-ideal markets, Home Inns & Hotels’ US$240m acquisition financing is IFR Asia’s China Loan of the Year.
Difficult market conditions derailed many prospective floats, but Sun Art Retail’s successful US$1.22bn Hong Kong IPO generated overwhelming demand and outdid every other deal in its class. For bucking the trend in style, it is IFR Asia’s Hong Kong Capital Markets Deal of the Year.
Although borrowing costs soared to record levels during the year, one bank still offered unparalleled support to its customers. For striking the right balance between its profitability and its clients’ interests, SBI Capital Markets is IFR Asia’s India Loan House of the Year.
Amid torrid market conditions, Bank of America Merrill Lynch impressed in leading almost all the jumbo deals of the year in India’s equity capital markets. For its unmatched execution, Bank of America Merrill Lynch is IFR Asia’s India Equity House of the Year.
In a rising interest rate environment, one bank tweaked its strategy to remain the arranger of choice in India’s local markets. For its roster of successful deals in challenging market conditions, ICICI Bank is IFR’s India Bond House of the year.
Bank Negara Indonesia was the first to adopt an innovative solution to its capital needs. For its ground-breaking approach and tight discount, BNI’s Rp10.5trn (US$1.1bn) combined rights issue and share placement is IFR Asia’s Indonesia Capital Markets Deal of the Year.
Building market share in Malaysia’s fiercely competitive domestic bond market is no mean feat at the best of times. For its impressive comeback and the range of solutions it provided, Maybank Investment Bank is IFR Asia’s Malaysia Bond House of the Year.
Malaysia took a break from jumbo listings this year, but the equity market was more competitive and treacherous than ever. For executing the best deals in the toughest conditions, while still giving investors a decent return, Maybank is IFR Asia’s Malaysia Equity House of the Year.
Corporate hybrids are becoming a feature of the Asian debt capital markets, but one deal has proven that even unrated Asian issuers can take advantage of the developing structure. For breaking new ground and its unique structure, ICTSI’s US$200m perpetual is IFR Asia’s Philippines Capital Markets Deal of the Year.
In a turbulent year that, nonetheless, saw a record-breaking IPO, one house confirmed it was not only the clear leader among domestic banks, but could also manage truly global offerings. With the lion’s share of a growing market, DBS Bank is IFR Asia’s Singapore Equity House of the Year.
Singapore’s local bond market emerged as a real alternative for Asian issuers in a year when the global markets took a hit from economic crises in the US and Europe. For doing more than any other bank to further that trend, DBS Bank is IFR Asia’s Singapore Bond House of the Year.
In Singapore’s busiest year for a decade, one local lender held off some increasingly stiff competition. For maintaining its lead not just in volume, but also in the two major industries that set the scene in Singapore, DBS Bank is IFR Asia’s Singapore Loan House of the Year.
Taiwan’s highest-profile acquisition financing of the year ended smoothly in September, though the deal it backed was anything but easy. For overcoming all hurdles, the NT$31.18bn financing backing Ruentex’s buyout of Nan Shan Life is IFR Asia’s Taiwan Capital Markets Deal of the Year.
Inflation was a permanent threat in 2011, and Thailand’s first inflation-linked bond an intelligent solution. For introducing the format to South-East Asia, the Kingdom of Thailand’s Bt40bn inflation-linked bond is IFR Asia’s Thailand Capital Markets Deal of the Year.
Vietnam has found it tough to attract commercial lenders after the Vinashin default, but one deal proved that viable infrastructure projects remained achievable. For its size and significance, the Mong Duong 2 US$1.5bn project financing is IFR Asia’s Vietnam Capital Markets Deal of the Year.