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

The Asset
Country Awards 2020

Best Deals by country

Bangladesh
India
Pakistan
Bangladesh Flag
Sustainable Finance
  • Best sustainability-linked loan
  • Square Group US$188 million revolving credit facility
    Sole sustainability coordinator and lender:
    HSBC
    This is Bangladesh’s first ever sustainability-linked loan with the interest rate linked to renewable energy usage. The financing, executed entirely digitally due to Covid-19, aims to save 3,300 tonnes of carbon dioxide emission.
  • Best bond
  • Pubali Bank 7.5 billion taka subordinated floating rate bond
    Mandated lead arranger:
    Standard Chartered
    Investors:
    Agrani Bank, Janata Bank, Rupali Bank, Sonali Bank, Uttara Bank
    This is the largest unsecured subordinated floating rate tier 2 bond issued by a private commercial bank in Bangladesh and was critical for Pubali Bank to meet the regulatory capital requirements.
  • Most innovative deal
  • Rangpur Metal Industries 1 billion taka bank-guaranteed zero coupon bond
    Arranger:
    City Bank Capital
    Guarantor:
    Dhaka Bank
    Subscribers:
    Agrani Bank, Sonali Bank, Shimanto Bank
    This is an innovative credit-enhanced approach to raise capital and the first ever bank guarantee-backed zero-coupon bond in Bangladesh.
India Flag
Sustainable Finance
  • Best social bond
  • Shriram Transport Finance Company US$500 million social bond offering
    Social structuring advisers:
    BNP Paribas, ING
    Bookrunners and lead managers:
    Barclays, BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Emirates NBD Capital, HSBC, ING, J.P. Morgan, Standard Chartered
    This is the first social/sustainability US dollar bond issuance from India and attracted significant interests from the US real money accounts with 50% of the allocation going to the US.
  • Best green bond
  • ReNew Power Private Limited US$450 million green bond
    Bookrunners:
    Barclays, HSBC, J.P. Morgan
    Generated a strong interest from high quality investors and achieved what was described as the best pricing for BB- rated bond out of India in 2020.
  • Best equity deal
  • Bharti Airtel US$3 billion QIP and convertible bond
    Global coordinators (QIP):
    Axis Capital, Citi, J.P. Morgan
    Bookrunning lead managers (QIP):
    Axis Capital, BNP Paribas, BofA Securities, Citi, Goldman Sachs, HDFC Bank, HSBC, J.P. Morgan
    Bookrunning lead managers (CB):
    Barclays, BNP Paribas, Citi, Goldman Sachs, J.P. Morgan
    This was the largest ever capital raised for an Indian private sector company and the largest Indian convertible bond (CB) issuance since 2007. The CB tranche was upsized from US$750 million due to strong demand.
  • Best IPO
  • Mindspace Business Parks Reit 45 billion rupees IPO
    Bookrunning lead managers:
    Ambit Capital, Axis Capital, BofA Securities, Citi, CLSA, HDFC Bank, ICICI Securities, IDFC, JM Financial, Kotak Mahindra Capital, Morgan Stanley, Nomura, UBS
    The second Reit listing in India, the deal was well-oversubscribed with strong investor participation across Asia, US and Europe, including GIC and Capital Group, amid weak market backdrop given the impact of Covid-19 on the real estate sector.
  • Best rights issue
  • Reliance Industries US$7.1 billion rights offering
    Global coordinators:
    Axis Capital, BNP Paribas, BofA Securities, JM Financial, Kotak Investment Banking
    Lead managers:
    Axis Capital, BNP Paribas, BofA Securities, Citi, Goldman Sachs, HDFC Bank, HSBC, ICICI Securities, JM Financial, J.P. Morgan, Kotak Investment Banking, Morgan Stanley, SBI Capital Markets
    The rights issue was the largest in Indian capital markets history and the first primary equity offering by Reliance in over 26 years. The transaction used a partly paid structure whereby investors paid 25% upfront, another 25% after 12 months of initial payment and remaining 50% after 18 months of initial payment.
  • Best monetization
  • Standard Life Aberdeen US$3.2 billion monetization in HDFC Life Insurance Company and HDFC Asset Management Company
    Sole bookrunner:
    BofA Securities
    The monetization exercise was done across eight sell downs in 2019 and 2020 through block trades and offers for sale – all on a sole basis – ably timing each transaction to capture a positive market launch window.
  • Best block trade
  • Bandhan Bank US$1.4 billion block trade
    Bookrunners:
    Credit Suisse, Goldman Sachs, JM Financial, J.P. Morgan
    The largest block trade in banking, financial services and insurance sector in India since 2009 and generated strong demand from long only international and domestic investors.
  • Best quasi-sovereign bond
  • Indian Railway Finance Corporation US$1 billion dual-tranche bond
    Bookrunners and lead managers:
    Axis Bank, Barclays, BNP Paribas, MUFG, Standard Chartered
    The bond offering included the first 30-year tenor by an Indian state-owned enterprise with the proceeds to be used partly to acquire rolling stock assets to be leased by the Indian Ministry of Railways.
  • Best corporate bond
  • Adani Transmission Limited US$400 million private placement fixed rate notes
    Placement agents:
    Barclays, BofA Securities
    The first US private placement debt from an Indian company since 2007 and launched in a co-issuer style debut offering. The 30-year deal was marketed to global private placement accounts with project finance and infrastructure underwriting capability in a club-style execution.
  • Best new bond
  • Adani Electricity Mumbai US$1 billion fixed rate senior notes
    Bookrunners and lead managers:
    Barclays, Citi, DBS, Deutsche Bank, Emirates NBD Capital, J.P. Morgan, MUFG, Standard Chartered
    Lead managers:
    BofA Securities, Credit Suisse, Mizuho Securities
    This is the first US dollar bond issuance by a private integrated utility company from India and it garnered the largest oversubscription of an investment grade bond issuance from India since 2017.
  • Best FIG bond
  • Export-Import Bank of India US$1 billion senior unsecured notes
    Lead managers:
    Barclays, Citi, HSBC, J.P. Morgan, MUFG, Standard Chartered
    The deal achieved the tightest ever coupon for a 10-year bond by an Indian entity and was priced flat to the theoretical Eximbank’s 10-year fair value.
  • Best high yield bond
  • Vedanta Resources US$1.4 billion amortizing 3NC2 senior secured bond
    Global coordinators, bookrunners and lead managers:
    Barclays, Credit Suisse, Deutsche Bank, J.P. Morgan, Standard Chartered
    Upsized from the initial launch indication of US$1.25 billion, the deal represented the largest single tranche transaction out of India and the largest single high yield bond issuance in Asia, outside of Japan, in 2020.
  • Best local currency bond
  • Niyogi Enterprise Private Limited 4.25 billion rupees / Nucovo Vistas Corporation 8 billion rupees two-tier financing
    Sole arranger:
    Standard Chartered
    The two-tier financing structure is designed to assist the group in the completion of its US$440 million acquisition of a cement company.
  • Best liability management
  • HPCL Mittal Energy Limited consent solicitation on notes due 2026 and 2027
    Solicitation agents:
    Barclays, J.P. Morgan
    The consent solicitation exercise is designed to primarily provide HMEL with sufficient flexibility to draw down committed credit lines for completion of its expansion to its petrochemical capacity in a timely and efficient manner. It was successfully executed with investors approval in excess of 95% of the votes cast.
  • Best syndicated loan
  • NTPC Limited US$750 million equivalent dual-tranche term loan facility
    Original mandated lead arrangers and bookrunners:
    State Bank of India, Sumitomo Mitsui Banking Corporation, Bank of India
    Mandated lead arranger and bookrunner:
    CTBC Bank
    Mandated lead arrangers:
    Norinchukin Bank, Sumitomo Mitsui Trust Bank
    This is the largest ever yen-denominated loan to be issued by a non-Japanese corporate. It featured a bespoke loan structure to match the company’s liquidity solution.
  • Best LBO
  • Baring Private Equity Asia US$600 million leverage buyout financing for Hexaware Technologies
    Mandated lead arrangers:
    ANZ, Bank SinoPac, Barclays, BNP Paribas, Citi, Credit Agricole CIB, DBS, Deutsche Bank, E.SUN Commercial Bank, HSBC, Standard Chartered, Sumitomo Mitsui Banking Corporation
    This was the largest leveraged loan financing from India.
  • Best M&A deal
  • Piramal Enterprises US$950 million sale of Decision Resources Group to Clarivate Analytics
    Financial adviser:
    Credit Suisse
    The acquisition doubles the size of Clarivate Analytics’ life sciences business and enhances the platform for Decision Resources’ AI and analytics-enabled solutions to support its customers in their quest to improve patient health outcomes.
Pakistan Flag
  • Best equity-linked deal
  • Engro Polymer & Chemicals Limited US$19 million preference shares
    Bookrunner:
    National Bank of Pakistan
    Investors:
    Allied Bank, Habib Bank, MCB Bank, National Bank of Pakistan, Pak China Investment Company
    The issuance represents an important milestone in the development of Pakistan capital markets as the deal marks the revival of the preference share market.
  • Best syndicated loan
  • Ministry of Finance US$115 million syndicated term loan facility
    Mandated lead arranger and bookrunner:
    Credit Suisse
    The deal was upsized from US$100 million amid the reduced risk appetite from other lenders.
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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