With rivals feeling the heat from falling fees and local competition, one bank excelled at serving both global and local clients, delivering growth capital where it was most needed. For its read of shifting market dynamics and its dominance of equity underwriting, Morgan Stanley is IFR Asia’s Bank of the Year.
In a year when Chinese investors were the driving force behind Asian investment banking, one bank captured the trend, mobilising mainland capital for local and global issuers. For its strong performance in both debt and equity capital markets, Bank of China is IFR Asia’s Asian Bank of the Year.
Market conditions were far from benign in 2016, but one group picked its spots carefully, taking advantage of alternative sources of funding when the opportunity arose. For a series of groundbreaking issues across the capital structure, DBS Group is IFR Asia’s Issuer of the Year.
In a year marked by rapid swings in sentiment in both global and local currencies, one bank picked the right deals at the right time and still managed to introduce new issuers and unique structures to the market. For deftly negotiating difficult market conditions, HSBC is IFR Asia’s Bond House and Domestic Bond House of the Year.
DBS’s first US dollar-denominated Additional Tier 1 offering set a world record with the lowest coupon on any US dollar bank hybrid. Priced at the trough of the US rates cycle, that achievement looks likely to stand for some time.
The US$300m refinancing for the private equity owners of India’s Hexaware Technologies proved that the bond market can offer competitive financing through a holding company structure even for an emerging markets investment.
As well as smashing records as the world’s largest Green bond, Bank of China’s US$3.03bn three-currency benchmark took on added significance as a sign of the potential for socially responsible financing in China.
Nirma’s Rs40bn (US$600m) rupee benchmark stood out in Asia’s local currency markets in 2016 as a watershed moment in Indian acquisition financing.
In a tough environment, with margins falling and deal flow stubbornly slow, one bank stood out for its leadership in event-driven financings. For its broad roster of deals and wide distribution in volatile conditions, HSBC is IFR Asia’s Loan House and Hong Kong Loan House of the Year.
Chinese internet giant Tencent Holdings capped a busy year in the loan markets with a US$3.5bn financing for its purchase of Finnish mobile gaming firm Supercell, completing the deal smoothly and in remarkably short order.
Asian equity offerings remained a tough sell in 2016, but one bank used its global relationships to full advantage, raising more for its clients than any of its peers. For its consistent leadership in difficult markets, Morgan Stanley is IFR’s Asia Pacific Equity House of the Year.
Despite timing its float around the US presidential elections, having virtually no comparables, and coming after some high-profile local stumbles, Samsung Biologics still came closer than any other Asian issuer to a textbook IPO.
As one of the most profitable investments in corporate history, any disposal of SoftBank’s Alibaba stake was always going to need careful structuring.
The high-yield bond rally for much of the year did not make Asian debt restructurings any easier, and Winsway Enterprises Holdings, since renamed E-Commodities Holdings, was the only one to complete a successful bond workout within the awards period.
Australian consumer-finance specialist FlexiGroup printed a landmark securitisation in April that proved investors are willing to pay a premium for exposure to environmentally responsible assets.
Malaysian construction group Ekovest won over investors in 2016 with a M$3.64bn (US$818m) project financing that featured a new sharia-compliant structure and set a record for the largest ringgit bond for a greenfield toll road project.
The Lao People’s Democratic Republic’s latest visit to the baht bond market was also its most complex, requiring a combination of determination and diplomacy to overcome regulatory hurdles.
In recent years, the IFR Asia awards have become more competitive than even a joint bookrunner role on a Hong Kong IPO. Unlike recent listings, however, IFR cannot justify sharing any title between 26 different institutions. This page presents some of the numbers behind the decisions.
In a year book-ended by heightened volatility, ANZ’s broad-based debt platform paid dividends for its clients both in Australia and beyond.
Credit Suisse transformed its Australian equity capital markets business in 2016, boosting its market share and investing in its team to position itself as a serious competitor to the top houses.
In a subdued and challenging market, ANZ distinguished itself with a diverse range of deals underpinned by a superior distribution network in the Asia Pacific region. In Australia, the bank led 26 transactions across property, infrastructure, industrials, resources and leverage sectors, eight of which were on a sole basis.
As the renminbi gained access to the elite club of currencies in the IMF’s basket of Special Drawing Rights and China grew its global financial clout, Bank of China was at the forefront of the currency’s internationalisation, building on its unparalleled experience in both the offshore and domestic markets.
CICC was back to its best in 2016, outclassing its peers when it came to helping Chinese clients cope with volatile markets overseas and unexpected policy changes at home.
Standard Chartered continued to bring debut borrowers and first-time investors to the syndicated loan market in 2016, avoiding the squeeze in pricing as other lenders succumbed to a flight to quality.
Singapore-listed Global Logistic Properties raised the standard in the Panda bond market as the first foreign corporate issuer to tap onshore Chinese investors through a public offering.
The HK$2.86bn (US$370m) listing of Chinese snack food maker Zhou Hei Ya International showed that Hong Kong IPOs can still deliver a diverse shareholder roster and perform well in early trading.
Axis Bank’s role in developing the onshore and offshore rupee bond market made it the clear leader in a transformational year for the Indian debt capital markets.
Citigroup cemented its leading position in the Indian loan market in 2016, sealing mandates for noteworthy event-driven deals, project financings and winning repeat business from high-profile borrowers.
ICICI Securities stole a march on both local and international rivals in 2016, winning deals in every segment of the Indian equity capital market.
Cikarang Listrindo’s Rp3.61trn (US$272m) Jakarta listing reopened the Indonesian market for major IPOs and gave investors exposure to a growing independent power producer with a hedge against the traditionally volatile rupiah.
In a challenging year for Malaysia’s corporate credit market, Maybank Investment Bank made its mark with structuring and execution skills that won praise from the industry.
Sime Darby’s first follow-on equity offering since it listed in 1980 was a crucial capital raising that helped restore confidence in the debt-laden Malaysian conglomerate.
The Ps25bn (US$505m) IPO of Cemex Holdings Philippines, the country’s third-largest cement maker, sailed through a turbulent market at a premium valuation to peers and still traded well after listing.
In a tough year for the local debt market, DBS continued to work hard for issuers and investors and reaffirmed its leadership in bringing high-quality foreign issuers to Singapore.
DBS continued to lead the Singapore loan market in 2016 with a broad range of mandates, arranging corporate facilities, acquisition financings and expanding its presence in growing sectors.
United Overseas Bank set the standard for other Asian issuers to follow with the region’s first covered bond in euros, opening the traditional home of the format to well-regarded Asian lenders.
The first overseas sovereign issue in China’s onshore bond market was a big step in the internationalisation of the renminbi and a milestone for South Korea.
CTBC Bank adapted well to a slowdown in Taiwan’s domestic loan market in 2016, developing its structured and leveraged financing business across the region and outperforming its peers at home.
Siam Commercial Bank broadened its client base and won a series of coveted sole mandates in 2016, regaining the top spot in Thailand’s local bond market in a record year.