The Asset Triple A Awards
The Asset Triple A
Regional House Awards 2015
Sovereign
Republic of the Philippines
Republic of the Philippines
One of Asia’s most sophisticated issuers, RoP kickstarted 2015’s public US dollar bond offering globally with its US$2 billion new issue combined with a one-day switch accelerated tender liability management achieving the finest coupon ever. It then went on to review its domestic borrowing programme and undertook a bond swap in September involving 246.6 billion pesos that enabled the issuer to achieve significant interest expense savings.
Quasi-sovereign
Korea Export-Import Bank
Export-Import Bank of Korea (Kexim)
As the country’s most innovative and opportunistic issuer, Kexim succeeded in a tough and at times volatile markets to remain true to form by scouring the globe to identify pockets of liquidity to fulfill in annual financing requirements. It went to the US dollar market early in the year, which set the tone for accessing other markets such as the Thai baht, Australian dollars, Japanese yen and renminbi, among others. As the year came to a close, Kexim was in the market to execute another benchmark size US dollar offering.
Corporate
Reliance Industries
Reliance Industries
Another stellar year for India’s most prolific issuer raising a total of US$6.9 billion across a range of currencies including US dollars, Japanese yen, Formosa bonds and the local currency market. Deals it closed during the review period included novel and tactical use of export credit agencies (ECAs) to reduce borrowing costs achieving better than sovereign rating from all the ECAs – first and the only company having achieved this feat.
Financial institution
Bank of China
Bank of China
Talk about a party bond. Bank of China launched and completed a US$4 billion multi-tranche offering in the middle of the year. It is not the size that matters this time. Rather it is the complexity of the execution, which involved ten tranches, seven tenors, five branches, five stock exchanges and four currencies. Banks from all over the world participated and made it a multi-party deal the likes of which has not been seen in Asia’s bond market.
 
The Asset Triple A Regional House & Deal Awards 2015 dinner will be held on February 22 2016 at the Four Seasons, Hong Kong.
For booking, please contact events@theasset.com
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