The Asset
Regional Awards 2016
Best Deals - M&A / Structured Finance
Best domestic M&A
Berli Jucker pcl US$6.3 billion acquisition of Big C Supercenter
Financial advisers:
BNP Paribas, Bank of America Merrill Lynch, Citi, Credit Suisse, Deutsche Bank, HSBC, JayDee Partners, Maybank Kim Eng Securities, Morgan Stanley, Quant Group, Rothschild
This is the second largest transaction ever in Southeast Asian food retail sector.
Best cross-border M&A
Qingdao Haier US$5.6 billion acquisition of General Electric’s appliances business
Financial advisers:
Bank of America Merrill Lynch, CICC, Goldman Sachs
Represents the largest ever cross-border M&A in household appliances sector globally and the second largest Chinese outbound M&A by a non-state-owned enterprise.
Best privatization
Temasek S$2.6 billion acquisition of SMRT Corp
Financial advisers:
Bank of America Merrill Lynch, Credit Suisse
The acquisition follows SMRT’s transition from the current rail financing framework to the new rail financing framework under which the company will move from an asset heavy model towards a more asset light operator model.
Best private equity exit
Affinity Equity Partners’ US$1.3 billion sale of Loen to Kakao
Financial advisers:
Credit Suisse, E&Y Korea (Financial Advisory Arm)
One of the most profitable private equity deals and was the largest private equity exit in Korea in 2016.
Best LBO
Wharf T&T HK$4.8 billion leveraged buyout financing
Sponsors:
MBK Partners, TPG Capital
Coordinator and original mandated lead arranger and bookrunner:
Standard Chartered
Original mandated lead arrangers and bookrunners:
Cathay United Bank, CTBC, E.Sun Bank, Taipei Fubon Bank
Mandated lead arrangers and bookrunners:
China Minsheng Bank, Taishin International Bank
Mandated lead arrangers:
Bank of Communications, China CITIC Bank International, Chang Hwa Commercial Bank, Mega International Commercial Bank, Mizuho Bank, Ta Chong Bank, Yuanta Commercial Bank
Lead arrangers:
Bank SinoPac, China Construction Bank (Asia), Far Eastern International Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Tokyo Star Bank
This deal represents the debut leveraged buyout financing for both MBK and TPG in Hong Kong.
Best acquisition financing
US$3.5 billion acquisition of Supercell by Tencent-led consortium
Mandated lead arrangers and underwriters:
ANZ, Bank of America Merrill Lynch, Bank of China, China Merchants Bank, Deutsche Bank, HSBC, Shanghai Pudong Development Bank
Successful syndication that supported Tencent’s biggest-ever acquisition to date.
Best sovereign loan
Government of the Democratic Socialist Republic of Sri Lanka US$700 million term loan facility
Joint mandated lead arrangers and bookrunners:
Citi, Credit Suisse, Emirates NBD Capital, HSBC, Mashreq Bank
The loan provides much-needed support to government’s cash flow over the next few years to sustain development plans and economic growth.
Best syndicated loan
ChemChina US$32.7 billion acquisition financing
Joint mandated lead arrangers and bookrunners:
China Citic Bank, BNP Paribas, Credit Agricole CIB, Credit Suisse, HSBC, Industrial Bank, Natixis, Shanghai Pudong Development Bank, Unicredit
Mandated lead arranger:
Rabobank
Lead arrangers:
Banco Santander, First Gulf Bank, Societe Generale CIB, Taipei Fubon Bank
Lead managers:
CTBC, Taishin International Bank, The Bank of East Asia
The financing is designed to fund the largest outbound acquisition ever by a Chinese corporate.
Best transport deal
Reliance Group US$572 ECA-backed ship financing
ECA lenders:
ANZ, Bank of Tokyo-Mitsubishi UFJ, Citi, Credit Agricole CIB DBS, J.P. Morgan
Commercial lenders:
Banc of America Leasing & Capital, BNP Paribas, DBS, Societe Generale CIB, Standard Chartered, Sumitomo Mitsui Banking Corporation
Innovative ship financing structure with a combination of annual rolling guarantee from Reliance Industries for yearly debt servicing and soft comfort for continued usage of the vessels & acceleration risk to ensure ultimate recourse to the company.
Best cross-border securitization
KAL ABS 17 Cayman US$155 million secured floating rate notes and US$45 million secured floating rate loan
Sole lead arranger and lead manager:
Standard Chartered
The transaction comprises of a loan tranche and a note tranche, which allows KAL to tap different investor base.
Best domestic securitization
Bavarian Sky Korea 2016-1 inaugural 300 billion won auto ABS issuance
Arranger and lead manager:
Citi
Underwriter:
Bookook Securities
Represents the inaugural Korean domestic ABS transaction by BMW Financial Services Korea that saw the company achieve strong pricing levels.
Dud loan of the year
OUE Commercial REIT S$360 million
Mandated lead arrangers and bookrunners:
ANZ, Standard Chartered
The two lead banks were left with a combined S$200 million at the close of syndication.