In a year of firsts across Asia’s capital markets, one bank was a regular feature on the most innovative deals and landmark transactions. For using its global clout to move Asian markets forward, Morgan Stanley is IFR Asia’s Bank of the Year.
In a year when trade tensions and rising interest rates rattled Asia’s emerging markets, one bank turned its stable home base to its advantage. For its carefully targeted approach to Asia, Australia & New Zealand Banking Group is IFR Asia’s Asian Bank of the Year.
In a tough year for many emerging markets, India’s biggest private sector company completed its most remarkable funding programme so far. For its commitment to expanding its funding sources, and for its impeccable timing, Reliance Industries is IFR Asia’s Issuer of the Year.
The bull run in bonds came to a screeching halt in 2018, but one bank did more than its peers to help Asian issuers access international funding. For charting the best course through choppy markets, HSBC is IFR Asia’s Bond House of the Year.
China National Chemical Corp (ChemChina) pushed the boundaries of the international capital markets in March with Asia’s biggest Reg S-only bond, raising US$6.4bn across six tranches – five in US dollars and a €1.2bn long four-year in euros.
Nagacorp’s US$300m debut bond introduced the first Cambodian issuer to the international markets and was arguably one of the most difficult deals executed in Asia in 2018.
With high-yield bonds under pressure for most of 2018, one bank excelled at guiding first-time issuers and challenging credits through tough markets. For picking its spots and supporting its clients, Credit Suisse is IFR Asia’s High-Yield Bond House of the Year.
The Republic of Indonesia laid down an important marker in Asia’s sustainable finance arena, becoming the first sovereign in the region to sell Green securities to offshore investors, and the first worldwide to sell Green sukuk.
Few bonds over the decades can claim a potentially revolutionary impact on capital markets, but the World Bank and Commonwealth Bank of Australia won that right with the world’s first public offering of blockchain bonds.
Amid fierce competition and a drop in deal volume, arrangers faced greater challenges to make returns in 2018. For showing leadership with an array of acquisition and structured financings, and successful distribution, Citigroup is IFR Asia’s Loan House of the Year.
The financing for Asia’s biggest private equity buyout raised the bar for the region’s leveraged finance industry, illustrating the kind of scale and complexity that the Asian loan market can offer to cash-rich financial sponsors.
In an extraordinary year for Asia’s equity capital markets, one bank was in the driving seat on the biggest and most important deals across the full range of products. For bouncing back to its best, Goldman Sachs is IFR Asia’s Equity House of the Year.
With equity-linked issuance surging and volatility back on the radar, one bank stood out with its ability to raise funds across different markets. For its breadth of business and continued innovation, Credit Suisse is IFR Asia’s Structured Equity House of the Year.
In a year when Hong Kong’s stock exchange passed reforms aimed at attracting more technology companies, it is fitting that the city’s biggest tech stock should have been at the heart of the most significant – and impressive – deal of the year.
A US$610m dual-currency convertible from South Korean chemicals maker LG Chem showed the potential for innovative equity-linked issuance from the country.
Anton Oilfield Services Group earns this year’s Turnaround Deal award for a transaction that dealt with a near-term maturity and earned it ratings upgrades and breathing room while oil prices were in the doldrums.
Clifford Capital’s first securitisation of project finance loans revived Asian interest in collateralised loan obligations, created a new asset class for the region and enhanced Singapore’s claim as a centre for infrastructure financing.
The Independent State of Papua New Guinea put itself firmly on the map for global fund managers with a wildly popular debut sovereign bond, proving that the capital markets can provide essential growth funding even in torrid conditions.
The record D31trn (US$1.3bn) initial equity offering of property developer Vinhomes tested the limits of the Vietnamese stock market, proving that the fast-growing country has the ability to host sizable offerings.
Australia and New Zealand Banking Group defended its crown again in 2018 with a series of groundbreaking deals across the primary issuance spectrum.
UBS used its strong local franchise and full-service equities offering to full effect in 2018, raising more for its Australian clients than any of its peers.
Australia and New Zealand Banking Group outperformed competitors in its home market in 2018 with leading roles in the biggest leveraged buyouts and infrastructure financings of the year.
With Chinese growth slowing, US interest rates rising, and trade tensions adding to a volatile backdrop, Bank of China showcased its ability to raise funds for Chinese issuers in challenging market conditions.
Morgan Stanley stood out in 2018 for its ability to deliver equity capital to China’s technology sector, staying ahead of regulatory changes and doing more than its rivals to develop the market.
In a year when restrictions on capital outflows and geopolitical tensions made event-driven financings from China few and far between, China Citic Bank stood out from its peers with bold underwrites on two high-profile outbound M&A loans totalling over US$7bn.
The Republic of the Philippines shook up China’s Panda bond market in March with an exceptionally tight debut that won enthusiastic participation from international investors.
HSBC stood out among competitors with a book of business that ranged from leveraged loans for dividend recapitalisations to green financings for first-time borrowers.
The HK$3.8bn (US$485m) IPO of Innovent Biologics proved Hong Kong could support major listings of pre-revenue biotech companies. Although not the first – or the largest – its flawless debut revived the stock exchange’s efforts to create a sustainable new sector.
In a domestic debt market roiled by rising yields and a high-profile default, AK Capital stood out with fresh ideas, including a market-leading smart city bond, and for helping restore confidence in non-bank financial institutions.
Citigroup cemented its leadership in the Indian equity capital market in 2018 with an unrivalled book of business despite challenging market conditions.
Despite currency volatility, looming elections, and a challenging macroeconomic environment, Standard Chartered never missed a beat in Indonesia in 2018, leading the biggest and most challenging transactions of the year.
Jasa Marga opened an alternative source of funding for Indonesian issuers with the first offshore rupiah bond, creating a new asset class for global investors and a new way of channelling funds into Asian infrastructure.
A watershed general election that ushered in a new government provided a challenging backdrop for the Malaysian ringgit market, but CIMB Investment Bank sailed calmly through the choppy waters and helped maintain confidence in the bond market.
Yinson Holdings overcame investors’ concerns over a protracted global downturn in the oil and gas industry with a smart liability management strategy that added to the development of Malaysia’s Islamic bond market.
Temasek Holdings has long been a hot ticket in the bond market, but its first retail offering was a landmark event that gave more than 53,000 individual investors an alternative channel for their savings and restored confidence in fixed-income investments.
DBS continued to stand out in another challenging year for Singapore’s loan markets, which saw a significant decline in event-driven financings and an increase in club deals.
In an intensely competitive landscape, CTBC Bank outperformed its peers again in 2018 with superior structuring capabilities, playing a proactive role in leveraged buyouts and seizing opportunities to bring international borrowers to Taiwan.
The State of Qatar’s US$6bn 30-year Formosa bond offering highlighted the diversification benefits and depth of demand in the Taiwanese market.
The baht-denominated bond market powered ahead in 2018 with record corporate issues and landmark REIT deals, and Kasikornbank was in pole position, well ahead of its competitors.
Thai Beverage’s Bt77bn (US$2.3bn) seven-tranche offering made history as Thailand’s largest corporate bond, proving that South-East Asia’s biggest local bond market can support even the most audacious of acquisitions.