The Asset Triple A
Regional Deal Awards 2015
Best deals - Fixed income
Best quasi-sovereign bond
Best investment-grade bond
Best liability management
China Life Insurance US$1.28 billion 60NC5 core tier 2 capital securities
Bank of America Merrill Lynch, BNP Paribas, CICC Hong Kong Securities, Citi, Goldman Sachs, HSBC
First-ever capital security offering, compliant with China’s risk oriented solvency system and sets the benchmark for others to follow.
Republic of the Philippines US$2 billion new issue accelerated one-day switch tender offer
Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered, UBS
Despite market volatility at launch, the issue was well-received with total new money orders and switch submissions amounting to over US$13 billion. The deal reduced the government’s friction costs and interest expense.
Export-Import Bank of Korea US$2.25 billion dual-tranche
Bank of America Merrill Lynch, Barclays, Citi, Deutsche Bank, HSBC, J.P. Morgan, Royal Bank of Scotland
Key strategic deal that kicked off 2015 for the frequent issuer, which sets the tone for the next 12 months.
Huawei Investment and Holding Company US$1 billion 10-year bonds
ANZ, Bank of China (Hong Kong), DBS, ING, Standard Chartered
Inaugural US dollar deal for Huawei. Issuer was looking to print between US$500 million to US$600 million and despite being an unrated issue saw strong demand that enabled the deal to US$1 billion due to the strong investor demand.
Bank of China US$4 billion multi-tranche, multi-currency senior notes
Bank of China, Barclays, Citi, DBS, HSBC
Commonwealth Bank of Australia, Goldman Sachs, J.P. Morgan
BNP Paribas, First Gulf Bank, Societe Generale CIB, UBS
Oversea-Chinese Banking Corporation, Standard Chartered
One of the most complex transactions of the year that involved ten tranches, seven tenors, five branches, five stock exchanges and four currencies. Proceeds from the trade are being used to support China’s “One Belt One Road” initiative.
ANZ CNH2.5 billion Basel III-compliant subordinated capital securities
ANZ, Bank of Communications, CCB International, HSBC, ICBC (Singapore), Standard Chartered
A well-executed first ever Basel III-compliant tier 2 bank capital bond from a non-Chinese issuer in the offshore renminbi market.
China Petrochemical Corporation US$4.8 billion and Euro 1.5 billion multi-tranche offering
Bank of China, Citi, Deutsche Bank, Goldman Sachs, HSBC
Bank of America Merrill Lynch. Bank of China, CCB International, Citi, DBS, Deutsche Bank, Goldman Sachs, HSBC, ICBC International, ING, J.P. Morgan, Mizuho Securities, Morgan Stanley, Societe Generale CIB, Standard Chartered
The largest US dollar and euro dual currency bond issued by an Asian company. Deal was executed rapidly and without having the requisite roadshow.
Delhi International Airport US$288.75 million senior unsecured notes
Citi, HSBC, J.P. Morgan, Standard Chartered
Inaugural US dollar bond offering from Delhi International Airport and GMR Group that drew from project finance structuring that could set the stage for project bonds in the coming year.
San Miguel Corporation PHP33.5 billion perpetual preferred shares callable on 2018, 2020 and 2022
BDO Capital and Investment Corporation, BPI Capital Corporation, China Banking Corporation, HSBC, ING, PNB Capital Corporation, RCBC Capital Corporation, SB Capital Investment Corporation, Standard Chartered
Introduced a new settlement mechanism in the Philippines allowing old preferred shares and new issue to settle on the same day.
People’s Bank of China 5 billion yuan senior unsecured notes
Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank, HSBC, ICBC, Standard Chartered
Making a statement on China’s determination to pursue the internationalization of the renminbi. It is a rare offshore bond offering from the People’s Bank of China that strengthened London’s status as an offshore centre for the Chinese currency.
DBS Bank US$1 billion covered bonds
Deutsche Bank, DBS, J.P. Morgan, Societe Generale CIB
Barclays, Citi, Deutsche Bank, DBS, J.P. Morgan, Societe Generale CIB
At least a year in the making, the deal is the inaugural covered bond transaction from Southeast Asia and fully met DBS’ objectives of broadening its investor base, securing a stable source of funding and promoting the covered bond market in Asia.
Xinjiang Goldwind Science & Technology US$300 million green bond
Bank of China, Deutsche Bank, Societe Generale CIB
First official green bond in China that is paving the way for future environmental friendly financing in the country.
Greentown China Holdings exchange offer and consent solicitation
BOC International, Credit Suisse, HSBC, UBS
Effective deal that was able to provide the company with greater financial and operational flexibility as it manages its debt exposure across the offshore and onshore markets.
Krungthai Bank one billion ringgit Basel III-compliant tier 2 subordinated notes
The largest ever Basel III-compliant ringgit subordinated debt offering by an offshore bank and showcases the availability of the ringgit bond market as an alternative for international issuer to raise bank capital and holds the promise of the Asean capital markets.
The Asset Triple A Regional House & Deal Awards 2015 dinner will be held on February 22 2016 at the Four Seasons, Hong Kong.
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