In a year of ups and downs, one bank showed improvement across asset classes, reinforced its commitment to Asia and sealed landmark deals in China. For using its network to its full potential, and for doing more with less, HSBC is IFR Asia’s Bank of the Year.
In a year when many of the region’s homegrown banks retreated from investment banking or found themselves under regulatory scrutiny, one bank sailed around the storm and continued to expand. For its measured approach and sustainable expansion, DBS is IFR’s Asian Bank of the Year.
With China roiling global markets and a US rate hike on the cards, one expanding Asian group had to tread carefully to complete funding for its biggest capital spending programme. For its impressive read across financing markets, Reliance Industries is IFR Asia’s Issuer of the Year.
In a year when market conditions swung wildly, one bank combined flawless execution with a focus on market development, featuring on more of the region’s landmark deals than any of its competitors. For the first time since 2007, Citigroup is IFR Asia’s Bond House of the Year.
Alibaba Group’s US$8bn blockbuster debut in the bond markets rewrote the playbook for Asia’s top issuers. As well as smashing the record as the region’s biggest international bonds, the move put the Chinese e-commerce giant on a par with its better-known US peers, challenging the long-held consensus that companies from Asia’s private sector need to offer premium pricing to access the global markets.
CAR Inc’s US$500m high-yield debut is the type of offering that is crucial to driving Asia’s bond markets forward. It is the first issue from a sector that is new to the region, but can attract a global following, and a fast-growing credit interesting enough to engage investors in a challenging price-discovery process.
As attention shifted from the international renminbi to onshore opportunities, one bank parlayed its Dim Sum dominance into pole position in the Panda bond market. For leading the key developments across Asia’s local currency markets, HSBC is IFR’s Domestic Bond House of the Year.
Apple’s Kangaroo debut smashed a plethora of domestic records and was the clear choice as Asian currency bond of the year.
Slowing economic growth dampened activity in the Asian loan markets, but one bank distinguished itself with a focus on event-driven financings and successful distribution. For its bold calls and targeted strategy, Deutsche Bank is IFR Asia’s Loan House of the Year.
When Malaysia Airports Holdings began negotiations in October 2014 to refinance existing debt at its Turkish unit, it was clear that there would be plenty of challenges ahead, but a novel approach to the loan resulted in a smooth takeoff six months later – complete with a rare reverse flex to reduce pricing for the borrower.
In a rollercoaster year for Asian equities, one bank used its outstanding market read to raise funds for clients big and small in short windows of opportunity. For its unparalleled execution in difficult markets, Morgan Stanley is IFR Asia’s Equity House and China Equity House of the Year.
Hang Seng Bank’s sale of a Rmb12.73bn (US$2bn) stake in Industrial Bank broke new ground in China’s equity capital markets, offering a fresh template for major A-share disposals and introducing international standards to the mainland’s still developing stock market.
Six years after regulators introduced the format, China’s first exchangeable bond opened a new avenue for capital raising and added another tool for the country’s reform of its sprawling state-owned enterprises.
China’s domestic market has been a hotbed in recent years for market development in structured finance, but it was an offshore issue that broke new ground this year when BOC Aviation printed the first asset-backed securities for an Asia-based aircraft-leasing company.
The Government of Malaysia’s sovereign sukuk set a milestone in the Islamic finance market in a complicated economic and political climate.
The first overseas corporate bond from landlocked Laos was always going to be a voyage into uncharted waters. For EDL-Generation, however, the gamble paid off, with a Bt6.5bn (US$181.3m) three-tranche bond, which established a benchmark curve for the country’s corporate sector.
National Australia Bank’s focus on corporate bonds, bank capital and securitisation paid dividends in 2015 as the Australasian debt markets continued to expand beyond their traditional bank-dominated core.
UBS has been facing some reinvigorated competition in Australasian equities of late, but it came back stronger in 2015, leading the way with jumbo bank recapitalisations, arranging the largest IPO of the year and maintaining its focus on innovation.
Westpac Banking grabbed market share and executed a diverse range of deals on its way to a stellar year in a highly competitive market.
ICBC added to its credentials as a full-service bond house in 2015 as it dominated the onshore market, facilitated landmark international renminbi deals and helped Chinese issuers access foreign currency funding.
Standard Chartered continued to deliver innovative financings in 2015 with an eye on wider distribution, sticking to Chinese clients during a volatile year when others were pulling back.
Australian banking major ANZ’s debut Tier 2 bond offering in January established the renminbi as an alternative funding currency for global bank capital and effectively reopened the market in a challenging period for Dim Sum offerings.
HSBC maintained its leading position in Hong Kong with jumbo loans, repeat mandates and event-driven financings, combined with a greater focus on distribution.
The successful HK$7.22bn (US$932m) listing of China International Capital Corp, the country’s first investment bank, showed the Hong Kong market can deliver a long-term shareholder base for even the most challenging of deals.
IDFC Bank added depth and breadth to the Indian bond markets in 2015, leading the key trend of bringing infrastructure companies to the rupee capital markets to repay high-cost bank debt.
SBI Capital Markets redefined its supremacy over the Indian loan market in 2015, devising unique solutions for its clients and working closely with regulators to resolve some deep-rooted problems in project financing.
Goldman Sachs stood out in the crowded market for Indian equity underwriting in 2015, securing lucrative sole mandates and leading every major government divestment.
Pulling off a sizable equity offering in a country where macroeconomic indicators and the currency are both pointing down is no mean feat. Not only that, HM Sampoerna’s Rp20trn (US$1.4bn) share placement also came with premium pricing, proving that Indonesian companies can actually benefit from meeting the country’s free-float rules.
In a tough year for the Malaysian bond market, CIMB brought a diverse array of offerings to investors, keeping them engaged and ensuring it stayed one step ahead of the competition.
Krungthai Bank united two major South-East Asian markets in 2015 with the first Basel III capital issue from a foreign-owned bank in Malaysia’s domestic bond market.
On the surface, August looked like a terrible month for the Philippines’ International Container Terminal Services (ICTSI) to issue bonds.
In a year when a flight to safety gripped the Singapore dollar bond market, OCBC Bank gained market share against the odds, adapting its strategy to changing market conditions and winning the confidence of investors and issuers.
DBS Bank’s US$1bn covered bond set a template for Asian banks in a global market that has proven to be resilient in times of crisis.
The W7.2trn (US$6.12bn) leveraged buyout of South Korean discount retailer Homeplus was Asia’s largest since the 2008 global financial crisis, and the latest illustration of the decisive role that domestic lenders can play in a hotly contested acquisition.
DBS Bank built on its leading position in Singapore in 2015 through several high-profile acquisition and event-driven financings, resisting intense competition and pricing compression in a slower year for the Lion City.
In an intensely competitive landscape, Taipei Fubon Bank outclassed its peers with its structuring capabilities, playing a proactive role in leveraged buyouts and seizing opportunities beyond the slowing China market.
Kasikornbank stood out from the pack in a busy year for Thailand’s primary debt markets in 2015 with new structures and innovative solutions for its clients.
Jasmine International’s Bt37bn (US$1.1bn) listing of its broadband infrastructure assets lured foreign investors back to the politically charged Thai equity market and cemented the case for income stocks, despite the uncertainty over global interest rates.