Singapore Equity House

Citigroup’s coverage of all aspects of the Australian bond business paid dividends in 2013, as the US bank raised more for its clients than any of its Australian or international rivals. In addition to the depth of its local operations, the US financial giant showed plenty of breadth in making full use of its impressive global debt distribution platform. It handled almost A$14bn (US$13bn) of bond offerings in onshore and offshore jurisdictions during IFR’s review period, a substantial improvement on recent years. “This is the first year that...

UBS has dominated Australasian equities for about a decade and this year was no exception. Not only did it lead in terms of volumes, but it also continued to innovate. Twice during the review period, UBS priced block trades at a premium to the market level. In March, a block of A$806m (US$756m) in coal-freight operator Aurizon priced at a 0.4% premium to the five-day weighted average. The clean-up trade was a repeat selldown for the Queensland government, and UBS managed every trade. The extra value UBS brings to the Australian market was...

In a crowded and competitive field, ANZ’s leadership, innovation and unparalleled distribution network stood out as it executed a number of key and diverse transactions. Among these was Origin Energy’s mammoth A$6.6bn (U$5.8bn) refinancing, Australia’s second-largest corporate loan and the country’s largest leveraged buyout this year, backing TPG’s acquisition of poultry producer Inghams. ANZ has one of the largest syndications teams in the region with 42 dedicated syndicators in Melbourne, Sydney, Hong Kong, Singapore, Auckland, Taipei,...

ICBC leveraged its unparalleled combination of domestic depth and overseas expansion to help its clients capture a wide variety of fixed-income opportunities. The group, together with its subsidiaries, has honed its ability to distribute on various fixed-income platforms worldwide. ICBC showed its growing international clout in the year under review, winning roles on multiple international bond issues and introducing new products, while taking a wider range of deals to its home market. ICBC demonstrated its grasp of the China market in April...

While many banks won roles in huge syndicates on Chinese IPOs, only Goldman Sachs managed to secure leading roles on every important deal of the year. PICC Group started the trend for big syndicates in November 2012, when it hired 17 bookrunners for its US$3.6bn Hong Kong IPO, but the 21 bookrunners on the US$1.1bn listing of Chinese brokerage China Galaxy Securities in March 2013 rewrote the record. Despite the intense competition, Goldman hung on to lead roles on both the Galaxy and PICC listings, bringing in key cornerstone investors amid...

China’s acquisition financing market came of age in 2013, with event-driven offshore deals dominating loan market activity during IFR’s review period. Citigroup led that trend, underwriting, structuring and distributing even the most challenging of transactions. With its integrated investment banking advisory and capital markets platform, Citigroup led the highest-profile acquisition processes – both inbound and outbound – and helped syndicate multi-billion dollar financings to back the takeovers. “Citi continues to be the most active...

HSBC’s persistence, commitment and leadership in developing the offshore renminbi bond market helped many Chinese and international issuers succeed in the face of a challenging backdrop. The Dim Sum market saw tough conditions in 2013, as widespread doubts over China’s economic sustainability turned many overseas investors away from the renminbi. Despite an uncertain outlook, the CNH bond market came of age this year in several ways, and HSBC had a hand in it throughout. There were more cross-border deals, more longer-tenor offerings and larger...

Quality advice paid dividends in a volatile 2013 and HSBC proved adept at guiding borrowers through a volatile market. The bank leveraged on its integrated debt platform to help clients choose between global bonds and syndicated loans, and used its firepower to win leading roles on the biggest event-driven financings. HSBC has an enviable position in Hong Kong, but shows no signs of resting on its laurels, solidifying its leadership with several repeat mandates, playing a central role in acquisition and IPO-related financings, and deepening the...

American International Group’s sale of its remaining US$6.4bn stake in Asian subsidiary AIA was both surprisingly timed and flawlessly executed. Joint global co-ordinators Deutsche Bank and Goldman Sachs launched the deal in mid-December 2012, a traditionally quiet period when fund managers begin leaving for the Christmas holidays. It was widely that expected AIG would sell another chunk of AIA after a 90-day lock-up period attached to an earlier sale expired on September 6 2012. The decision to launch a jumbo block on a quiet day in December...

Yes Bank did more than its peers to bring new and lower-rated borrowers to the Indian bond market in 2013, keeping up efforts to deepen the country’s capital markets even amid extreme volatility. In a market that top-rated public-sector issuers dominated, Yes Bank added diversity, with Rs74.6bn (US$1.2bn) of the Rs143bn of bonds it underwrote during IFR’s review period carrying ratings below Triple A. Amid a selloff in emerging-market currencies that hit India’s bond markets hard, sending 10-year government yields soaring as much as 199bp...

SBI Capital Markets extended its dominance of the Indian loan market in 2013, offering innovative syndicated financings to clients even as the domestic economy grew at its lowest rate in more than a decade. SBI Caps handled the year’s biggest domestic financings and structured some of the most complex loans. Notably, it reduced its reliance on State Bank of India, handling some jumbo loans with no participation from the parent. SBI Caps’ market share grew to around 66% during IFR’s review period from around 43% for the previous year, no mean...

Although volatile economic conditions quietened activity in India’s equity-capital markets this year, Citigroup still dominated with lead roles in a variety of offerings. There were fewer deals, but Citigroup guided promoter-led stake sales for both private and state-owned companies, IPOs and qualified institutional placements. These succeeded because the bank’s global marketing team was able to attract a wide range of investors, particularly large ones, even amid shaky market conditions. Only a few IPOs larger than US$100m were seen in India...