Taiwan Loan House

Few banks around the world can claim such consistent domestic dominance as ANZ, which once again topped the bond league tables on both sides of the Tasman Sea amid a slowdown of overall Antipodean supply after a record-breaking 2017. “The key development in 2018 has been the rates cycle. This has impacted on foreign demand, notably out of Japan, and made the long end particularly challenging, though it has been contained by an expanding Australian investor base,” said ANZ’s global head of syndication, Paul White. ANZ responded well to the...

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. UBS topped the Australia/New Zealand equity and equity-linked league table for IFR’s review period. The Swiss bank raised a total of A$8.38bn (US$6.08bn) for its clients through 30 transactions with a market share of more than 25%, way ahead of 14% for its closest competitor, according to Refinitiv data. “In terms of the quality of the issues we have done as well as the sizes, there are no...

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. The bank topped the league table with more than 50 syndicated deals in Australia and New Zealand during IFR’s review period, underwriting over A$17bn (US$12.3bn). “Event-driven financing activity is a key focus for ANZ and our ability to leverage our long standing client relationships across both issuers and investors meant we could deliver large-scale timely...

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. BOC kept its lead over its rivals in cross-border financings, helping both Chinese and international clients diversify their funding sources. It also added to its domestic market credentials with an enviable slate of Panda bonds – a key capability at a time when onshore renminbi bonds are poised to enter global indices. BOC topped the...

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. Tech listings were the overriding theme for the year, and Morgan Stanley dominated the sector, working on 20 tech or biotech IPOs during IFR’s review period. It was especially impressive in bringing tech companies to Hong Kong, doing more than its fair share to promote the city as a genuine alternative to the US market. Morgan Stanley sponsored Hong...

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. Citic Bank was sole underwriter on a US$3.5bn loan in October for Chinese miner Tianqi Lithium’s US$4.1bn acquisition of a 24% stake in SQM, the world’s No. 2 lithium producer. Four other lenders joined the facility, demonstrating Citic Bank’s ability to both lead and syndicate complex...

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. The Rmb1.46bn (US$210m) offering from the Baa2/BBB/BBB rated sovereign was the first sovereign Panda bond issuance from an Association of Southeast Asian Nations country. The three-year notes priced on March 20 in China’s interbank market at 5.0%, the low end of 5.0%–5.6% indicative guidance and only about 35bp over local benchmark China Development Bank, rated A1/A+...

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. HSBC played a key role in arranging and underwriting the HK$29bn (US$3.69bn) five-year dividend recap and amendment and extension exercise for Belle International Holdings in September, despite not being part of the original acquisition facility in 2017. The new recap and A&E exercise was well-received with 15 other lenders joining in syndication. The bank led several borrowings...

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. Hong Kong Exchanges and Clearing in April introduced new rules to allow the listing of dual-class shares and pre-revenue biotech companies with at least one product beyond the concept stage. Fourteen, mainly Chinese, biotech companies rapidly filed for a Hong Kong listing. The first few...

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. AK Capital’s signature deal of the year was a Rs20bn (US$282m) 10-year bond offering by Andhra Pradesh Capital Region Development Authority for the greenfield development of the capital Amaravati, which has an estimated project cost of Rs510bn and is due to be completed by 2023-24. The so-called “smart city” bond...

Citigroup cemented its leadership in the Indian equity capital market in 2018 with an unrivalled book of business despite challenging market conditions. After a blockbuster 2017, concerns over the falling rupee and regulatory restrictions over mutual fund investments in mid-cap companies turned investors – especially foreigners – wary on Indian equities early in 2018. A liquidity crisis at consumer and housing finance companies in the second half also rattled markets. Against this backdrop, Citigroup used its deep industry knowledge and broad...

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. StanChart introduced first-time borrowers to the international loan market, closed well-distributed deals and won repeat business from frequent borrowers. “Indonesia has been the bright spot for the South-East Asian loan market in 2018,” said Amit Lakhwani, head of loan syndicate and distribution, Asia at StanChart. “We...