The Asset Triple A Country Awards 2019 - Best Deals - North Asia

The Asset
Country Awards 2020

Best Deals by country/territory

China
Best anti Covid-19 deals
China
Onshore
Offshore
Hong Kong
Macau
South Korea
Taiwan
China Flag
Onshore
  • Hubei Jointown Pharmaceutical Group I billion yuan anti-Covid-19 bond
    Lead underwriter and bookrunner:
    ICBC
    During the pandemic, Hubei Jointown Pharmaceutical Group used the proceeds for emergency procurement, transportation and storage of medical materials such as masks and sanitizers in Hubei province. The coupon rate has reached a new low in Hubei Province for the same rating and variety of debt financing instruments in the past three years.
  • Wumei Technology Group 300 million yuan anti-Covid-19 bond and 60 million yuan CDS
    Lead underwriter and bookrunner:
    CITIC Securities
    CDS issuers:
    China Securities Finance, CITIC Securities
    Wumei Technology used the proceeds to increase food supplies and stabilize food prices. During the pandemic, the daily sales of vegetables and meat exceeded 2 million kilograms and 400,000 kilograms respectively, three times than the turnover in the pre-Covid period.
  • New Development Bank 5 billion yuan anti-Covid-19 Panda bond
    Lead underwriter and bookrunner:
    ICBC
    Lead underwriters:
    ICBC, Bank of China, Agricultural Bank of China, China Construction Bank
    The first renminbi anti-Covid bond issued by a multilateral development bank was aimed at supporting the Chinese government in the financing of public health expenditure in the provinces of Hubei, Guangdong, and Henan, which were hard-hit by Covid-19.
  • Hubei Cultural & Tourism Investment Group 900 million yuan anti-Covid-19 bond
    Lead underwriter and bookrunner:
    Bank of Communications
    The proceeds of the bond were used to fund the working capital of the hotels operated by Hubei Cultural & Tourism Investment Group in Hubei province. The hotel rooms are provided to doctors and nurses coming from Anhui, Fujian and Guangdong provinces during the outbreak in Hubei.
  • TASLY Pharmaceutical Group 200 million yuan anti-Covid-19 bond and 50 million yuan CDS
    Lead underwriter, bookrunner and CDS issuer:
    Agricultural Bank of China
    TASLY Pharmaceutical Group used the bond proceeds to expand the production of Covid-19 medicines. As of February 26, the issuer produced over 220 million yuan worth of Covid-19 medicines and medical care products, and donated 15 million worth of medicines to the provinces hard-hit by Covid-19.
  • Asian Infrastructure Investment Bank 3 billion yuan anti-Covid-19 bond
    Financial adviser on sustainability:
    Credit Agricole CIB
    Lead underwriter and bookrunner:
    Bank of China
    Lead underwriters:
    BNP Paribas, China Construction Bank, China International Capital Corporation, HSBC
    The inaugural AIIB Panda bond facilitates the bank’s response to the pandemic. In April 2020, AIIB approved a 2,485 million yuan loan to upgrade the country’s sustainable public health infrastructure and provide emergency equipment and supplies in response to the Covid-19 pandemic.
  • MGI Tech US$1 billion Series B financing
    Financial adviser:
    China Renaissance
    MGI Tech, a gene sequencing equipment supplier, provided 11,100 kits of Covid-19 nucleic acid test to China Renaissance to donate to 11 primary healthcare institutions in epidemic areas during outbreak of Covid-19 in China. This is the largest single-round fund raising in the Chinese genomics industry.
China Flag
Onshore
Sustainable Finance
  • Best green bond
  • Nanjing Financial City Construction Development 1.2 billion yuan green notes
    Lead underwriter and bookrunner:
    Bank of Communications
    Lead underwriter:
    Haitong Securities
    Green adviser:
    Shanghai Brilliance Credit Ratings & Investors Service
    The deal is the first green notes in interbank bond market with green project receivables as source of repayment.
  • Best renewable energy bond
  • China Three Gorges Corporation 3 billion yuan poverty alleviation bond
    Lead underwriter and bookrunner:
    Bank of China
    Lead underwriter:
    Ping An Bank
    The funds raised will be used for the construction of Baihetan hydropower station, which involves over 7300 local workers in project construction and will benefit over 620 thousand people in rural counties in China.
  • Best IPO
  • Cambricon Technologies 2.58 billion yuan STAR IPO
    Sponsor and lead underwriter:
    CITIC Securities
    Lead underwriters:
    China International Capital Corporation, Guotai Junan Securities, Essence Securities
    This the first artificial intelligence system-on-chip public offering in the global stock market.
  • Best new bond
  • Huawei 3 billion yuan medium term notes
    Lead underwriter and bookrunner:
    ICBC
    This is the debut issue of Huawei in China’s interbank bond market
  • Best bank capital bond
  • Credit Agricole CIB 3 billion yuan TLAC Panda bond
    Lead underwriter, bookrunner and financial adviser:
    Credit Agricole CIB
    Lead underwriter and lead bookrunner:
    Bank of China
    Lead underwriters and bookrunners:
    Agricultural Bank of China, China Construction Bank, ICBC
    The offering is the first Panda bond issued by a European bank and the first TLAC Panda bond.
  • Best NBFI bond
  • Anji Leasing Company 503 million yuan asset-backed commercial papers
    Lead underwriter and bookrunner:
    Agricultural Bank of China
    Lead underwriter:
    Bank of China
    The transaction is the inaugural asset-backed commercial papers in China’s interbank bond market.
  • Best securitization deal
  • Bavarian Sky China 2020-1 retail auto mortgage loan securitization 8 billion yuan asset-backed securities
    Financial adviser:
    BNP Paribas
    Lead underwriters:
    BNP Paribas, CITIC Securities, ICBC, MUFG Bank
    The first auto loan ABS from China after the coronavirus outbreak and the deal optimizes the capital structure with a 13% reduction in subordination requirement from the company’s previous transaction.
  • Best domestic M&A
  • GOME’s strategic cooperation with Pinduoduo and JD.com
    Financial adviser and placing agent:
    China Renaissance
    The strategic partnership between the three companies is expected to reshape China’s retail industry by integrating and connecting prominent players in the traditional and new retail space.
  • Best syndicated loan
  • Visionox 22 billion yuan syndicated loan
    Mandated lead arranger and bookrunner:
    Agricultural Bank of China
    Lead managers:
    Huishang Bank, Bank of China, Shanghai Pudong Development Bank, Industrial Bank, China CITIC Bank, ICBC, China Construction Bank, Bank of Communications, China Minsheng Bank, Hefei Technology Rural Commercial Bank, Export-Import Bank of China
    The facility is one of the largest syndicated loan in China’s technology sector with strategic importance.
China Flag
Offshore
Sustainable Finance
  • Best social bond
  • Bank of China (Macau) HK$4 billion and MOP1 billion SME-themed social bond
    Bookrunners and lead managers:
    Bank of China, Agricultural Bank of China (Hong Kong), Citi, Commonwealth Bank of Australia, Credit Agricole CIB, DBS, HSBC, ICBC (Asia), J.P. Morgan, Scotiabank
    This is the first social bond issued in the international market with an explicit Covid-19 theme and the first offshore social bond from a Chinese issuer.
  • Best sustainability bond
  • China Merchants Bank US$700 million dual-tranche sustainability bond
    Sustainability structuring agents:
    Credit Agricole CIB, J.P. Morgan
    Global coordinators:
    Bank of China, Citi, CMB International, CMB Wing Lung Bank, Crédit Agricole CIB, J.P. Morgan
    Bookrunners:
    Bank of China, Citi, CMB International, CMB Wing Lung Bank, Crédit Agricole CIB, J.P. Morgan, Agricultural Bank of China (Hong Kong), BNP Paribas, CCB International, ICBC (Asia), KGI Asia, MUFG, OCBC Bank, Standard Chartered
    The sustainability bond will go to support sustainable city development in China focusing on public medical infrastructure and clean transportation.
  • Best green bond
  • China Construction Bank (Hong Kong) US$1.2 billion senior bond
    Global coordinators:
    China Construction Bank, Agricultural Bank of China, BNP Paribas, BofA Securities, Citi, HSBC, Mizuho Securities
    Bookrunners and lead managers:
    China Construction Bank, Agricultural Bank of China, BNP Paribas, BofA Securities, Citigroup, HSBC, Mizuho Securities, ANZ, Bank of China, Bank of Communications, BOSC International, Crédit Agricole CIB, Commonwealth Bank of Australia, China International Capital Corporation, CTBC Bank, DBS, ICBC, J.P. Morgan, KGI Asia, Standard Chartered Bank, UBS
    Green advisers:
    Ernst & Young, HKQAA
    Second party opinion provider:
    Ernst & Young
    The deal achieved the lowest ever coupon and yield by any US dollar fixed rate notes with the same tenors issued by an overseas branch of the bank. The three-year tranche achieved zero new issue concession.
  • Best equity deal
  • JD.com US$3.9 billion secondary listing
    Sponsors:
    BofA Securities, UBS, CITIC Securities
    Global coordinators:
    BOC International, CCB International, China Renaissance, Jefferies
    Bookrunners and lead managers:
    BOC International, CCB International, China Renaissance, Jefferies, ABC International, BOCOM International, CMB International, Guotai Junan International, Haitong International, Huatai International, ICBC International, Mizuho Securities, Nomura
    The listing represents the second largest equity offering globally and the largest in Hong Kong at the time of listing. It was heavily oversubscribed with the retail tranche and international tranche covered 178.90x and 11.35x, respectively.
  • Best IPO
  • Hangzhou Tigermed US$1.38 billion Hong Kong IPO
    Sponsors, global coordinators, bookrunners and lead managers:
    BofA Securities, Haitong International, CITIC Securities, China International Capital Corporation
    Global coordinators and bookrunners:
    UBS, Jefferies
    Bookrunners:
    CMB International, Credit Suisse, Fosun Hani, ICBC International, Orient Securities International
    The deal was the largest HK IPO in the healthcare sector at the time of listing. It was one of the most oversubscribed HK IPOs in 2020 with international tranche and retail tranche covered 20x and 413x, respectively.
  • Best ADR
  • XPeng Inc US$1.70 billion US IPO
    Bookrunners:
    Credit Suisse, J.P. Morgan, BofA Securities
    Providing competition to Tesla, this is the largest electric vehicle IPO globally by deal size and by market cap. The IPO was upsized and priced above the range, with the share price increasing more than 3x its offer price of US$15 per ADS.
  • Best convertible bond
  • Anta Sports Products Limited €1 billion zero-coupon convertible bond
    Bookrunners:
    BofA Securities, Citi, Morgan Stanley
    This is the largest ever euro-denominated convertible bond (CB) in Asia-Pacific and the first ever negative yield CB achieved by a Chinese issuer.
  • Best sovereign bond
  • China Ministry of Finance €4 billion multi-tranche senior bond
    Bookrunners and lead managers:
    Bank of China, Bank of Communications, China International Capital Corporation, BofA Securities, Citi, Commerzbank, Credit Agricole CIB, Deutsche Bank, HSBC, Societe Generale, Standard Chartered, UBS
    The transaction represents China’s first euro sovereign bond issuance after 15 years. The 20-year tranche also marks the euro-denominated senior bond with the longest tenor from a Chinese issuer.
  • Best quasi-sovereign bond
  • China Development Bank £1 billion fixed rate senior unsecured bond
    Bookrunners and lead managers:
    Agricultural Bank of China (Hong Kong), Bank of China, Bank of Communications, Barclays, China Construction Bank (Europe), Credit Agricole CIB, Deutsche Bank, HSBC, ICBC (Europe), Mizuho Securities
    This is the bank’s first sterling bond issuance, and establish a sterling benchmark for all Chinese and SSA (sovereign, supranational and agency) issuers in this market.
  • Best LGFV bond
  • Yunnan Provincial Energy Investment Group Company US$300 million senior unsecured notes and unsubordinated perpetual securities
    Global coordinators:
    BOC International, Citi, HSBC
    Bookrunners and lead managers:
    ABC International, BOC International, China Minsheng Banking Corporation (Hong Kong), Citi, CITIC Securities, Guotai Junan International, HSBC, Shanghai Pudong Development Bank (Hong Kong), Shenwan Hongyuan HK, Silk Road International
    The first perpetual securities issued by a provincial state-owned enterprise in 2020 in August
  • Best new bond
  • Contemporary Amperex Technology US$1.5 billion dual-tranche bond
    Global coordinators:
    BofA Securities, CMB International, HSBC, ICBC International
    Bookrunners and lead managers:
    BofA Securities, Bank of China, Barclays, CCB International, China CITIC Bank International, China Everbright Bank (Hong Kong), China Minsheng Banking Corporation (Hong Kong), China PA Securities (Hong Kong) Company, Citi, CMB International, HSBC, ICBC International, Shanghai Pudong Development Bank (Hong Kong), Standard Chartered
    A supplier of energy storage batteries and lithium battery materials, the company seized an optimal issuance window and was able to price the largest bond offering by a BBB+ rated Chinese issuer for 2020 year-to-date. It generated one of the largest order books of US$13.5 billion and price tightening for recent primary issuances out of China.
  • Best corporate bond
  • China National Travel Service Group Corporation US$900 million dual-tranche fixed rate notes
    Global coordinators:
    BOCHK, DBS, HSBC
    Bookrunners and lead managers:
    BOCHK, DBS, HSBC, ICBC (Asia), CCB International, Bank of Communications, CMB Internatiunal, CMBC Capital, Credit Agricole CIB, Guotai Junan International, Shanghai Pudong Development Bank (Hong Kong), China Merchants Securities (Hong Kong), CITIC Securities, China International Capital Corporation
    This is the first bond transaction launched by a Chinese central state-owned enterprise since the primary market became muted in March.
  • Best corporate hybrid
  • China National Chemical Corporation US$3 billion equivalent five-tranche dual currency bond
    Global coordinators, bookrunners and lead managers:
    Barclays, BOC International, BofA Securities, BNP Paribas, China CITIC International Bank, China Securities International, Credit Agricole CIB, Goldman Sachs, Haitong International, Natixis, UBS
    The deal features an innovative offering structure with a combination of multi-tenor US dollar senior, US dollar subordinated perpetual and senior euro bond. This is the first time for a Chinese company to issue simultaneously with such a variety of product offerings across different currency, tenor and type.
  • Best investment grade bond
  • China Mengniu Dairy Company US$800 million dual tranche senior bond
    Global coordinators, bookrunners and lead managers:
    BOCHK, Barclays, Citi, DBS, Goldman Sachs, J.P. Morgan
    The largest price tightening ever recorded by a Chinese issuer from initial price guidance to final price guidance of 80bp in both tranches and one of the largest negative new issue premium achieved recently of around 25bp, pricing significantly through secondaries.
  • Best high yield bond
  • Fosun International US$600 million senior notes
    Global coordinators:
    Deutsche Bank, BOC International, Credit Suisse, Commerzbank, Fosun Hani, HSBC, Natixis, Standard Chartered
    Bookrunners and lead managers:
    Deutsche Bank, BOC International, Credit Suisse, Commerzbank, Fosun Hani, HSBC, Natixis, Standard Chartered, China CITIC Bank International, CNCB Capital
    This is the first high yield issuance by a Chinese non-property company since Covid-19 and achieved a hefty negative new issue concession of 20bp in 2020.
  • Best bank capital bond
  • Bank of Communications US$500 million perpetual Basel III additional tier 1 securities
    Global coordinators:
    Bank of Communications, Citi, HSBC
    Bookrunners and lead managers:
    Bank of Communications, Citi, HSBC, Bank of China, China Everbright Bank (Hong Kong), China Minsheng Bank (Hong Kong), CITIC Securities, Guotai Junan International, ICBC (Asia), J.P. Morgan, Silk Road International, Standard Chartered, UBS
    The inaugural bond offering from Bank of Communication (Hong Kong) posted the lowest coupon and yield for an offshore US dollar additional tier 1 instrument issuance from Greater China.
  • Best NBFI bond
  • CMB Financial Leasing Company US$1.2 billion dual tranche senior notes
    Global coordinators:
    Agricultural Bank of China (Hong Kong), ANZ, Bank of China, BNP Paribas, CMB International, CMB Wing Lung Bank, Shanghai Pudong Development Bank (Hong Kong), Standard Chartered
    Bookrunners and lead managers:
    Agricultural Bank of China (Hong Kong), ANZ, Bank of China, BNP Paribas, CMB International, CMB Wing Lung Bank, Shanghai Pudong Development Bank (Hong Kong), Standard Chartered, China Minsheng Bank (Hong Kong), Citi, Industrial Bank (Hong Kong), United Overseas Bank
    The bond achieved the lowest coupon in China financial leasing space and opened the long tenor bond market for other Chinese financial leasing issuers.
  • Best NBFI capital bond
  • China Development Bank Financial Leasing Company US$700 million subordinated capital securities
    Global coordinators:
    ANZ, Bank of China, Bank of Communications, China CITIC Bank International, CMB International, DBS, Guotai Junan International, HSBC, Mizuho Securities, Standard Chartered
    Bookrunners and lead managers:
    ABC International, ANZ, Bank of China, Bank of Communications, China CITIC Bank International, China Minsheng Banking Corporation (Hong Kong), Citi, CMB International, DBS, Guotai Junan International, HSBC, J.P. Morgan, KGI Asia Mizuho Securities, Standard Chartered
    This is the first ever offshore regulatory capital issuance by a mainland Chinese leasing company.
  • Best liability management
  • Guangzhou R&F Properties Company concurrent US$400 million new issue and tender offer
    Global coordinators:
    Goldman Sachs, HeungKong Financial, China CITIC Bank International, CITIC Securities, Haitong International, Standard Chartered
    Dealer-managers:
    Goldman Sachs, Standard Chartered
    The successful tender offer managed to reduce the company’s 2021 maturity by US$325 million and extend their debt maturity to 2024.
  • Best cross-border M&A
  • PepsiCo US$705 million acquisition of Be & Cheery
    Financial adviser:
    Deutsche Bank
    The acquisition marks an important step in PepsiCo’s goal to become China’s leading consumer-centric food and beverage company. Be & Cheery has many product offerings across nuts, dried fruits, meat snacks, baked goods and confectionery, and predominantly sells online through the major e-commerce platforms in China.
  • Best privatization
  • US$2 billion privatization of Huaneng Renewables Corporation by China Huaneng Group Company
    Financial adviser:
    CITIC Securities
    The largest ever privatization of Hong Kong-listed energy company and the first successful privatization through a general offer after the Securities and Futures Commission’s amendment to the takeover code introduced in 2018.
Hong Kong Flag
Sustainable Finance
  • Best green bond
  • MTR Corporation US$1.2 billion green bond
    Sustainability adviser:
    HSBC
    Global coordinators:
    Goldman Sachs, HSBC
    Bookrunners and lead managers:
    BOCHK, Credit Agricole CIB, Goldman Sachs, HSBC, Mizuho Securities, Standard Chartered
    This is MTR’s first green bond issuance under its newly-established sustainable finance framework and the largest single tranche green bond for corporates in Asia-Pacific.
  • Best energy transition bond
  • Castle Peak Power Company US$350 million senior fixed rate bond
    Climate action finance framework structuring adviser:
    HSBC
    Bookrunners and lead managers:
    ANZ, BNP Paribas, Credit Agricole CIB, HSBC, Standard Chartered
    Second party opinion provider:
    DNV GL
    The deal demonstrates the company’s climate-related commitments across operations and financing, and achieved the tightest 10-year re-offer yield of a HK issuer in 2020 at the time of the issuance.
  • Best corporate bond
  • Champion Reit US$300 million senior notes
    Global coordinators and bookrunners:
    BNP Paribas, Citi, CMB International, DBS, HSBC, ICBC International, J.P. Morgan, Mizuho Securities, SMBC Nikko, Standard Chartered, UBS
    Lead manager:
    Commerzbank
    The deal marks the return of Champion Reit into the US dollar bond market after more than seven years and it is the first US dollar bond offering by a Hong Kong Reit since 2016.
  • Best investment grade bond
  • The Hongkong Land Company US$600 million senior notes
    Bookrunners and lead managers:
    BOCHK, DBS, HSBC, Mizuho Securities, MUFG
    The deal marked the first US dollar public bond issuance by the company since 2014, bringing rare supply to the bond market. The strong order book enabled for a price compression of 45bp from the initial price guidance to final pricing.
  • Best bank capital bond
  • Bank of East Asia US$600 million Basel III-compliant tier 2 subordinated notes
    Global coordinators:
    Bank of East Asia, Citi, Goldman Sachs, Standard Chartered
    Bookrunners and lead managers:
    Bank of East Asia, Citi, Goldman Sachs, SMBC Nikko Securities, Standard Chartered
    Lead managers:
    ABC International, AMTD, BOC International, BofA Securities, CCB International, Credit Agricole, Shanghai Pudong Development Bank (Hong Kong), Wells Fargo Securities
    The first US dollar tier 2 issuance globally since the Covid-19 outbreak and the first Hong Kong bank issuance in 2020. It qualifies as a total loss absorption capacity (TLAC) instrument of the issuer.
  • Best private debt deal
  • Kaisa Group Holdings US$150 million mezzanine facility
    Mandated lead arranger and anchor investor:
    Huatai International
    This is the largest real estate mezzanine debt of the year and the facility is used for the greenfield residential project development.
  • Best privatization
  • Golden Lincoln Holdings US$2.5 billion privatization of Li & Fung
    Financial advisers:
    Morgan Stanley, Citi, HSBC, Goldman Sachs
    Independent financial adviser:
    Platinum Securities
    The transaction is designed to establish Golden Lincoln, comprising of Fung Group and GLP, as a digital supply chain of the future.
Macau Flag
  • Best bond
  • Studio City Finance Limited US$1 billion dual-tranche bond
    Global coordinators:
    Deutsche Bank, Morgan Stanley
    Bookrunners:
    Deutsche Bank, Morgan Stanley, Bank of China (Macau), Bank of Communications (Macau), ICBC (Macau), Mizuho Securities
    The offering achieved the lowest coupon ever for the company’s senior unsecured notes.
Korea Flag
Sustainable Finance
  • Best social bond
  • Korea Housing Finance Corporation €1 billion social covered bond
    Bookrunners:
    BNP Paribas, DBS, ING, Societe Generale
    This is KHFC’s first ever AAA-rated and negative yielding covered bond. The proceeds are earmarked exclusively to purchase mortgage loans that are aimed to support low-to-moderate income individuals, and stabilize and improve the structure of Korea’s mortgage loan market in accordance with KHFC social financing framework.
  • Best sustainability bond – Financial institution
  • Kookmin Bank €500 million sustainability covered bond
    Bookrunners and lead managers:
    BNP Paribas, Citi, Credit Agricole CIB, HSBC, J.P. Morgan, Societe Generale
    The first euro-denominated covered bond printed by a Korean commercial bank and the first sustainability-labeled covered bond issued out of Asia.
  • Best sustainability bond – Corporate
  • Posco US$1.5 billion equivalent triple-tranche dual-currency bond
    Bookrunners:
    BofA Securities, BNP Paribas, Citi, HSBC, Standard Chartered
    This is Posco’s first dual-currency (US dollar and euro) bond deal, which is issued in sustainability bond format. This is also its inaugural euro bond offering and the first euro sustainability bond by a Korean private corporate.
  • Best green bond
  • Shinhan Bank €500 million green bond
    Bookrunners and lead managers:
    BNP Paribas, Credit Agricole CIB, Credit Suisse, HSBC, Societe Generale
    This is Shinhan Bank’s first green bond denominated in euro and it achieved a competitive pricing to its US dollar curve despite being a new issuer in the euro bond market.
  • Best IPO
  • SK Biopharmaceuticals Company 959 billion won IPO
    International global coordinator:
    Citi
    Bookrunners:
    Citi, NH Investment & Securities, Korea Investments & Securities Company, Morgan Stanley
    This is the largest Korean IPO since 2017 at the time of listing and the largest Asian healthcare IPO in year-to-date 2020. The share price has more than tripled from its offer price of 49,000 won.
  • Best block trade
  • SK E&S Company US$1.5 billion block trade in China Gas Holdings
    Bookrunners:
    Citi, Credit Suisse
    SK E&S exited China Gas in the largest ever South Korea-China cross-border block trade. The deal generated a strong investor demand on the back of a tailor-made wall crossing strategy.
  • Best sovereign bond
  • Republic of Korea US$1.45 billion equivalent foreign exchange stabilization fund bond
    Bookrunners and lead managers:
    BofA Securities, BNP Paribas, Citi, J.P. Morgan, Mirae Asset Daewoo, Standard Chartered
    This is the lowest ever US dollar bond pricing by RoK and the first negative-yielding euro bond by a non-European sovereign. This marks the RoK’s return to the euro market in six years, diversifying currency mix and investor base.
  • Best quasi-sovereign bond
  • Korea Development Bank US$500 million senior unsecured notes
    Bookrunner:
    Standard Chartered
    The deal priced in April re-opened the US dollar bond market for Korean issuers, which has been halted for almost two months since early February due to Covid-19. The issuance was upsized from US$300 million due to robust investor demand.
  • Best corporate bond
  • Korea Telecom Corporation US$400 million senior notes
    Bookrunners and lead managers:
    BNP Paribas, Citi, Credit Agricole CIB, HSBC, Standard Chartered
    The deal achieved the lowest coupon + spread among Korean corporates since the 2008 global financial crisis, with a price compression of 45bp from initial price guidance to final pricing.
  • Best bank capital bond
  • Woori Bank US$550 million additional tier 1 perpetual notes
    Bookrunners:
    BofA Securities, Citi, Credit Agricole CIB, HSBC, Nomura, Standard Chartered
    The deal achieved the lowest US dollar additional tier 1 (AT1) coupon by a Korean commercial bank. The AT1 issuance enables the bank to diversify its funding sources in raising bank capital and investor base.
  • Best securitization
  • Lotte Card 300 billion won credit card asset-backed securities
    Arrangers:
    KB Securities, Standard Chartered
    This is Lotte Card’s first internationally-rated domestic credit card asset-backed securities (ABS). The transaction was structured such that it could be distributed to offshore investors directly, whereas most of the domestic ABS papers are distributed onshore.
  • Best transformational deal
  • SKC Company US$2 billion business portfolio transformation
    Financial adviser:
    Credit Suisse
    The company implemented a series of buyside and sellside transactions to position its business towards high growth areas and divest non-core assets. Its acquisition of KCF Technologies Company from KKR marks its foray into the global electric vehicle value chain as a leading supplier of electrolytic copper foil for lithium-ion batteries used in electric vehicles.
Taiwan Flag
Sustainable Finance
  • Best sustainability financing
  • Far Eastern New Century Corporation NT$3 billion sustainability-linked facilities
    Sustainability structuring bank and lender:
    Credit Agricole CIB
    The innovative financing structure comprised of unique combination of sustainability-linked unsecured term loan facility and a sustainability-linked note issuance facility. This deal structure is the first sustainability-linked commercial paper programme issued in Asia-Pacific.
  • Best IPO
  • Hotai Finance Corporation NT$10.1 billion IPO
    Lead underwriters:
    Fubon Securities, Taishin Securities
    This was the largest IPO deal in Taiwan in 2019 and the largest deal since the implementation of the Taiwan auction system. It attracted the largest number of public subscription participation in Taiwan’s capital market over the past 10 years.
  • Best convertible bond
  • Zhen Ding Technology Holding US$400 million convertible bond
    Global coordinators and bookrunners:
    Credit Suisse, Citi
    This is the largest zero coupon/zero yield convertible bond offering by a Taiwan issuer since 2017. The deal attracted strong participation from fundamental investors with a good mix of long-only and hedge funds.
  • Best corporate bond
  • TSMC NT$24 billion multi-tranche unsecured bond
    Lead underwriter:
    Yuanta Securities
    This is the first NTD multi-tranche bond deal by TSMC and one of the largest corporate bond in Taiwan in 2020.
  • Best Formosa bond - Sovereign
  • State of Israel US$5 billion single-tranche Formosa bond
    Bookrunners:
    Goldman Sachs, Deutsche Bank, BofA Securities
    The 40-year deal is the first ever Formosa bond issued by Israel and generated a strong interest from Taiwanese life insurance companies, which saw the order book peaking at over US$11 billion.
  • Best Formosa bond - Corporate
  • Phu My Hung Development Corporation US$80 million floating rate notes
    Sole lead manager:
    Taipei Fubon Commercial Bank
    Underwriters:
    Bank SinoPac, Mega International Bank, Taipei Fubon Commercial Bank
    This is the first international bond issued by a Vietnamese enterprise in Taiwan and the first Formosa bond carrying a guarantee by a Taiwanese bank.
  • Best Formosa bond – Financial institution
  • Macquarie Group 1.2 billion CNY Formosa bond
    Lead managers and bookrunners:
    SinoPac Securities, KGI Securities
    The biggest deal printed by an Australian issuer in the renminbi Formosa bond market.
  • Best M&A deal
  • Yageo Corporation US$1.8 billion acquisition of KEMET Corporation
    Financial advisers:
    Citi, Goldman Sachs
    Mandated lead arrangers and bookrunners (acquisition bridge loan):
    Bank of Taiwan, DBS, First Commercial Bank, Hua Nan Commercial Bank, Mega International Bank, Mizuho Bank
    The deal enhances Yageo’s global footprint with additional operational scale across North America, Europe and Japan, and increases the company’s ability to penetrate high-end automobile, industrial and 5G applications.
Disclaimer: The winners of The Asset Triple A Awards are welcome to translate the awards’ names in their native language. We are happy to provide Chinese translation upon request, and we reserve the right to have the final say for any Chinese translation of the awards’ names. For clarity, please refer to our website in English.
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