Tectonic shifts in the capital markets have been pushing corporate trustees to be more proactive in anticipating new client requirements and more creative in meeting them.
In addition to traditional bonds and M&A transactions, 2022 saw the proliferation of other products in the market such as asset-backed securities (ABS), special purpose acquisition companies (Spacs) for initial public offerings as well as sustainability products such as green bonds and green loans.
For service providers, providing trustee services for these products has been made more challenging by tighter deadlines, ambiguous regulations in some cases, and more complex structuring requirements.
Rising up to the challenge, leading corporate trustees such as Citi, HSBC, Deutsche Bank, and CCB Asia showcased their capabilities in dynamic markets like Hong Kong, India, Malaysia, and South Korea.
It is in this context that we are announcing the winners of the Best in Corporate Trust Awards of The Asset Triple A Sustainable Investing Awards for Institutional Investor, ETF, and Asset Servicing Providers 2023.
The nominees for the regional award include Citi, HSBC, Deutsche Bank, and CCB Asia. The winners will be announced in an awards ceremony to be held in Hong Kong.
CCB Asia distinguished itself as Best in Corporate Trust, Hong Kong by servicing the first Spac structure in Hong Kong, a highly complex transaction which set a precedent since there were issues on whether a trustee or custodian structure should be adopted. CCB Asia was able to overcome challenges such as the timing, complexity, and ambiguity of regulations by leveraging its expertise as a bond trustee, escrow agent, and public fund custodian to service Spacs. CCB Asia was also well recognized by its clients based on the results of The Asset’s in-house asset servicing survey.
HSBC’s focus on sustainability enabled it to win major mandates in India, particularly in the gas and electricity distribution sector, as well as in M&A deals such as ports and power plant acquisitions. In 2022, HSBC also played a key role in servicing a variety of ESG-related transactions including green bonds, sustainability bonds, green loans, and sustainability-linked loans.
Deutsche bank is recognized as the leading corporate trustee based on client feedback, particularly The Asset’s in-house asset servicing survey which measures the level of client satisfaction on the basis of clients’ third-party assessment.
In 2022, Citi ranked number one in the Korean asset-backed securitization (ABS) market with 100% of the deals in a greater number of categories including cross-border ABS and domestic ABS with non-resident foreign bondholders. This further expanded Citi’s market share and client coverage as issuers have turned to ABS issuances amid the recent tightening in the domestic credit market.
For the complete list of winners, please click here.
To join the in-person annual celebratory dinner on June 19, 2023 in Hong Kong, please contact us at [email protected]