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Saturday, 21 October 2017

Bank of the year 2012

Bank of the year

IFR Asia Review of the Year 2012

With questions hanging over the future of Asia’s equity capital markets, if not over investment banking globally, one bank broke with its tradition to win new business in difficult conditions. For broadening its footprint and adding to its product offering, Goldman Sachs is IFR Asia’s Bank of the Year.

Issuer of the year 2012

Issuer of the year

IFR Asia Review of the Year 2012

In a year when public equity markets were far from their best, one company managed to raise nearly US$8bn and complete its strategic objectives against the odds. For executing a unique financing scheme and making use of new markets and investors, Alibaba is IFR Asia’s Issuer of the Year.

Bond house 2012

Bond house

IFR Asia Review of the Year 2012

In a record year when bond issuance reached a level that redefined Asia’s capital markets, one bank presided over the boom. For its imperious dominance, its unmatched geographic reach and ability to execute the most complex of deals, HSBC is IFR Asia’s Bond House of the Year.

Investment-grade bond

IFR Asia Review of the Year 2012

In a frantic year for investment-grade fundraisings, Temasek Holdings proved that investors were willing to embrace new issues from Asia even at razor-thin spreads over record-low US Treasury yields. For redefining the Asian investment-grade curve, Temasek’s US$1.7bn dual-tranche Global is IFR Asia’s Investment-Grade Bond of the Year.

High-yield Bond

IFR Asia Review of the Year 2012

In a challenging first half for high-yield, one deal stood out for opening a new market with the largest Single B rated new issue of the year. For helping to reopen Asia’s corporate high-yield market and setting a benchmark for Mongolian credits, Mongolian Mining Corp’s US$600m debut is IFR Asia’s High-Yield Bond of the Year.

Domestic bond house 2012

Domestic bond house

IFR Asia Review of the Year 2012

In a record year for bond sales across the board, one bank stood out for its work in mobilising local currency funding for both onshore and offshore clients. For its leadership of multiple local markets and its pioneering cross-border transactions, Standard Chartered is IFR Asia’s Domestic Bond House of the Year.

Domestic bond, Singapore capital markets deal

IFR Asia Review of the Year 2012

The arrival of corporate hybrids has added a new dimension to Asian debt, but one deal in particular pushed the boundaries. For putting Asia’s local markets firmly on the map, Genting Singapore’s S$1.8bn perpetual is IFR Asia’s Domestic Bond of the Year and Singapore Capital Markets Deal of the Year.

Loan House, Australia/New Zealand Loan House

Loan House, Australia/New Zealand Loan House

IFR Asia Review of the Year 2012

With the eurozone woes casting a long shadow over the global lending markets, one bank stood out for its unflinching support of its clients and impressive track record in distributing risk. For matching a healthy risk appetite with a flawless market read, ANZ is IFR Asia’s Loan House of the Year and Australia/New Zealand Loan House of the Year.

Loan of the year

IFR Asia Review of the Year 2012

It is not easy at the best of times for an asset-light, privately owned Chinese company to make a debut in the capital markets. For the blowout response to a complex financing with multiple moving parts, Alibaba Group’s US$3bn dual-tranche financing is IFR’s Asia Pacific Loan of the Year.

Equity House 2012

Equity House

IFR Asia Review of the Year 2012

In a tricky year for Asia’s equity markets, one bank mastered the block business and succeeded with primary offerings, while its rivals stayed on the sidelines. For its impressive range of innovative solutions and an enviable appetite for risk, UBS is IFR Asia’s Equity House of the Year.

Equity Deal

IFR Asia Review of the Year 2012

A dismal IPO market derailed many plans to raise equity capital over the past year, but one Hong Kong spin-off proved that companies could still meet their objectives in a bleak market. For its innovative solution, Swire Properties’ US$645m block trade is IFR Asia’s Equity Deal of the Year.

Equity-Linked House

IFR Asia Review of the Year 2012

In a tough year for the equity-linked market, one bank consistently landed roles on the biggest trades and for a diverse range of issuers. For achieving the best outcomes for issuers and investors and for its role in driving innovation, Credit Suisse is IFR Asia’s Equity-linked House of the Year.

Equity-Linked Deal 2012

Equity-Linked Deal

IFR Asia Review of the Year 2012

Asia’s largest global convertible bond of the year was also its most innovative, coming with a punchy premium and a unique clause to fund an overseas acquisition. For making its debut in style, Hong Kong Exchanges and Clearing wins IFR Asia’s Equity-Linked Deal of the Year.

Restructuring

IFR Asia Review of the Year 2012

Several shipping companies floundered as the industry went into a slump after the 2008 crisis. As they unload to remain afloat, they may well look at the success of Arpeni Pratama Ocean Line’s restructuring. For showing how to cut debt and still keep the interests of creditors in mind, APOL is IFR Asia’s Restructuring of the Year.

Securitisation Deal

IFR Asia Review of the Year 2012

Structured finance is enjoying something of a renaissance across Asia Pacific, but China’s first CLO of commercial banking assets stands out for its significance. For setting a template for risk management, Bank of Communications’ Rmb3bn collateralised loan obligation is IFR Asia’s Securitisation Deal of the Year.

Islamic Deal

IFR Asia Review of the Year 2012

A 10-year sovereign deal is a rarity in the Islamic finance market and, typically, reserved for countries rated far higher than newly investment-grade Indonesia. For pushing the envelope with a new point on its yield curve, the Republic of Indonesia’s US$1bn 10-year Global sukuk is IFR Asia’s Islamic Deal of the Year.

Australia/New Zealand Bond House

IFR Asia Review of the Year 2012

In the competitive Antipodean marketplace, one bank continues to stand above the rest. For maintaining a clear league table lead and dazzling with its ability to raise funds in multiple formats and currencies, JP Morgan is again IFR Asia’s Australia/New Zealand Bond House of the Year.

Australia/New Zealand Domestic Bond House

IFR Asia Review of the Year 2012

In a vastly improved market, one bank reinforced its reputation as the go-to arranger for Australian-dollar issuance. For the breadth and depth of its coverage, and for outperforming both local and international peers, ANZ is IFR Asia’s Australia/New Zealand Domestic Bond House of the Year.

China Bond House

IFR Asia Review of the Year 2012

In a year marked by domestic reforms and record offshore volumes, one bank emerged as the underwriter of choice for Chinese clients, with an enviable record in new products and international fundraisings. For capturing opportunities both at home and overseas, ICBC is IFR Asia’s China Bond House of the Year.

China Equity House

IFR Asia Review of the Year 2012

In a volatile year, and with confidence in China’s economic growth waning, one bank’s expertise helped numerous companies raise valuable equity capital. For its work in generating demand from non-traditional IPO sources, CICC is IFR Asia’s China Equity House of the Year.

China Loan Deal

IFR Asia Review of the Year 2012

After a series of scandals involving Chinese companies, one deal presented an innovative solution to the long-standing problem of security in offshore loans. For its unique structure and successful selldown, Shandong Hongqiao New Material’s US$500m financing is IFR Asia’s China Loan Deal of the Year.

Dim Sum Bond House

IFR Asia Review of the Year 2012

The Dim Sum market cooled during the review period with volumes down and yields up, but one bank did more than any other arranger to promote the market. For putting offshore renminbi bonds on a far more sustainable footing, HSBC is IFR Asia’s Dim Sum Bond House of the Year.

Hong Kong Loan House

IFR Asia Review of the Year 2012

In a year when blue-chip clients were turning their backs on the loan market in favour of low-cost bonds, one bank ensured that syndicated loans remained relevant in Hong Kong. For finding new borrowers and leading a rare leveraged buyout, Standard Chartered is IFR Asia’s Hong Kong Loan House of the Year.

Hong Kong Capital Markets Deal

IFR Asia Review of the Year 2012

In a year full of uncertainty, getting any big deal done in the Hong Kong market was an achievement, let alone pricing one at a premium to the last traded price. For its perfect timing, meticulous planning and flawless execution, AIA’s US$2bn block trade is IFR Asia’s Hong Kong Capital Markets Deal of the Year.

India Bond House

IFR Asia Review of the Year 2012

With corporate bond volumes rising by more than 50% in the rupee market, banks’ pricing and distribution skills were put to the test. For leading key trends, providing consistent solutions and supporting issuers with its balance sheet where necessary, Axis Bank is IFR Asia’s India Bond House of the Year.

India Loan House

IFR Asia Review of the Year 2012

Even as policy paralysis dented Indian loan market volumes, one bank consistently delivered smart solutions for issuers. For executing the year’s biggest deals and constantly providing effective solutions for the country’s local borrowers, SBI Capital Markets is IFR Asia’s India Loan House of the Year.

India Capital Markets Deal

IFR Asia Review of the Year 2012

A challenging economy and the threat of a sovereign downgrade meant that Indian issuers found it difficult to access new investors. For finding new pockets of demand and showing the Singapore market is open for business, Indian Oil Corp’s S$400m 10-year bond is IFR Asia’s India Capital Markets Deal of the Year.

Indonesian Capital Markets Deal

IFR Asia Review of the Year 2012

Easing covenants on an unrated Indonesian borrower would be a tough sell at any time, let alone in a high-yield market that had been closed for six months. For reopening the market with a complex refinancing, Cikarang Listrindo’s US$500m bond is IFR Asia’s Indonesian Capital Markets Deal of the Year.

Malaysia Bond House

IFR Asia Review of the Year 2012

Malaysia’s bond market enjoyed a record year, and banks needed first-rate execution skills to keep up. For its clear edge in distribution, its solid market read, and for daring to venture into untested waters with innovative products, CIMB is IFR Asia’s Malaysia Bond House of the Year.

Malaysia Equity House

IFR Asia Review of the Year 2012

Malaysia was an unlikely hub of activity in a slow year for IPO issuance, and one bank was perfectly placed to capitalise. For lifting the market to new heights and attracting both international and domestic investors, CIMB is IFR Asia’s Malaysia Equity House of the Year.

Malaysia Capital Markets Deal

IFR Asia Review of the Year 2012

The dual listing of a South-East Asian hospital operator between Malaysia and Singapore set a landmark in a busy year for the region’s equity capital markets. For flawless execution of a complex trade, IHH Healthcare’s M$6.73bn (US$2.2bn) IPO is IFR Asia’s Malaysia Capital Markets Deal of the Year.

Philippines Capital Market Deal

IFR Asia Review of the Year 2012

Global sentiment towards the Philippines improved during the year, but efforts to improve stock market liquidity yielded only mixed results. For proving that a big listing is possible in a thinly traded market, GT Capital’s US$456m IPO is IFR Asia’s Philippines Capital Markets Deal of the Year.

Singapore Bond House

IFR Asia Review of the Year 2012

In a year when Asia’s local currency markets came into their own, the Singapore-dollar bond market stood out for its depth and sophistication. For branching out into high-yield instruments, extending maturities and bringing rare credits to market, DBS Bank is IFR Asia’s Singapore Bond House of the Year.

Singapore Equity House

IFR Asia Review of the Year 2012

In a year when Singapore’s IPO market lost some of its buzz to Malaysia, a foreign bank also stole the thunder from the local lenders. For managing IPOs across multiple sectors and showcasing a number of different structures, HSBC is IFR Asia’s Singapore Equity House of the Year.

Singapore Loan House

IFR Asia Review of the Year 2012

As refinancing needs waned in Singapore, new money deals stemming from M&A transactions and real estate trusts helped mitigate a big drop in loan volumes. For its leading role in supporting these transactions and for bringing foreign borrowers to the Singapore market, DBS Bank is IFR Asia’s Singapore Loan House of the Year.

South Korea Capital Markets Deal

IFR Asia Review of the Year 2012

In a frantic year for investment-grade debt, one deal showed just what was possible for a top Asian issuer. For a deal that smashed through the Korean sovereign and forced a re think of risk pricing, Samsung’s US$1bn five-year bond is IFR Asia’s South Korea Capital Markets Deal of the Year.

Taiwan Loan House

IFR Asia Review of the Year 2012

Since 2011, overseas borrowers have noted the abundant liquidity in Taiwan and banks have been bringing deals to be syndicated there. For winning global business, and introducing a variety of structures to the domestic market, Chinatrust Commercial Bank is IFR Asia’s Taiwan Loan House of the Year.

Taiwan Capital Markets Deal

IFR Asia Review of the Year 2012

In a tough year for both equity and convertible bonds, pricing both securities successfully at the same time was not a simple task. For boldly executing concurrent trades with perfect timing, TPK’s US$466m combination is IFR Asia’s Taiwan Capital Markets Deal of the Year.

Thailand Bond House

IFR Asia Review of the Year 2012

As Thailand’s bond market reached new heights, one top underwriter played an instrumental role in the most innovative deals. For finding the right solutions for clients and helping to take the local market to another level, Siam Commercial Bank is IFR Asia’s Thailand Bond House of the Year.

Thailand Capital Markets Deal

IFR Asia Review of the Year 2012

An ambitious acquisition spurred multiple financings in Thailand’s oil-and-gas sector and led to the country’s first corporate hybrid. For its smart application of a novel structure, PTT Exploration and Production’s Bt5bn 5.85% perpetual is IFR Asia’s Thailand Capital Markets Deal of the Year.

Vietnam Capital Markets Deal

IFR Asia Review of the Year 2012

Having pioneered Vietnam’s first international CB offering three years ago, one property developer braved rocky markets to return this year. For the intelligent timing, structure and issue size, Vingroup’s US$185m CB and subsequent US$115m retap is IFR Asia’s Vietnam Capital Markets Deal of the Year.

Digital version

The hard copy of the 2012 IFR Asia Review of the Year is sent to all IFR magazine subscribers, but non-subscribers can view a full digital version for free by clicking here.

If you would like to order the 2012 IFR Review of the Year in hard copy, please contact alison.swaisland@thomson reuters.com.