The Asset
Country Awards 2017

Best Deals - North Asia

China
China Flag
Best IPO
ZhongAn Online P&C Insurance Company US$1.75 billion IPO
Joint sponsors and global coordinators:
CMB International, Credit Suisse, J.P. Morgan, UBS
Joint bookrunners and joint lead managers:
ABC International, BOC International, China International Capital Corporation, CMB International, Credit Suisse, ICBC International, J.P. Morgan, Morgan Stanley, Ping An of China Securities (HK), UBS
Joint lead managers:
Head and Shoulders Securities, Futus.com, Essence International
The first large scale fintech company listing in Hong Kong and the largest fintech IPO in Asia during the past year
Best equity-linked
United Laboratories International Holdings US$130 million convertible bond
Sole bookrunner:
Credit Suisse
The first ever US dollar-denominated CB by a Chinese pharmaceutical company
Best quasi-sovereign bond
Export-Import Bank of China US$3 billion equivalent
dual-currency bond
Joint bookrunners and lead managers (USD tranche):
Bank of China, Barclays, Bank of Communications (HK), BOCOM International, Credit Agricole CIB, ING, KGI Asia, MUFG, Westpac Banking Corporation
Joint bookrunners and lead managers (Euro tranche):
Bank of China, Barclays, Bank of Communication (HK), Credit Agricole CIB, ING, MUFG
Achieved the lowest euro re-offer spread for three years at that time
Best new bond
China Chengtong Holdings Group US$500 million
senior bond
Joint global coordinators:
ABC International, BOC International, CCB (Asia), China Merchant Securities (HK), DBS, UBS
Joint bookrunners and lead managers:
ABC International, BOC International, CCB (Asia), China Merchant Securities (HK), DBS, ICBC International, SPDB International Holdings, UBS
Debut offshore bond offering for China Chengtong and achieved the lowest yield for an unrated US dollar bond from Chinese state-owned enterprise issuer since 2014
Best corporate bond
State Grid Corporation of China US$5 billion
multi-tranche bond
Joint global coordinators:
Bank of China, Citi, HSBC, ICBC International, Goldman Sachs, Morgan Stanley
Joint bookrunners and lead managers:
ANZ, Bank of America Merrill Lynch, Bank of China, China Construction Bank, Citi, Credit Suisse, Deutsche Bank, HSBC, ICBC International, J.P. Morgan, Goldman Sachs, Mizuho Securities, Morgan Stanley, UBS
The largest US dollar only bond offering from a Chinese state-owned enterprise corporate and all four tranches were priced with minimal to negative new issue concession
Best investment grade bond
China Huarong Asset Management Company US$3.4 billion equivalent multi-tranche dual currency bond
Joint global coordinators:
HSBC, Standard Chartered
Joint bookrunners and lead managers (USD tranche):
ANZ, Bank of China, Bank of Communications, CCB International, Credit Suisse, DBS, HSBC, Huarong Financial, ICBC International, Nomura
Joint bookrunners and lead managers (SGD tranche):
DBS, HSBC, Standard Chartered
The largest dual currency issuance from a Chinese non-bank financial institution and the largest ever Singapore dollar bond from a Chinese issuer
Best bank capital
Postal Savings Bank of China US$7.25 billion
additional tier 1 capital securities
Joint global coordinators:
Bank of America Merrill Lynch, CICC HK Securities, DBS, Goldman Sachs, Haitong International, HSBC, ICBC (Asia), J.P. Morgan, Morgan Stanley, UBS
Joint bookrunners and lead managers:
ABC International, Bank of America Merrill Lynch, BOC International, CCB International, China Merchants Securities (HK), CICC HK Securities, CITIC CLSA Securities, Credit Agricole CIB, DBS, Deutsche Bank, Goldman Sachs, Haitong International, HSBC, Huarong Financial, ICBC (Asia), ICBC International, J.P. Morgan, Morgan Stanley, Ping An of China Securities (HK) Company, SinoPac Securities (Asia), Standard Chartered, UBS
The largest ever additional tier 1 capital issuance from a Chinese commercial bank and the largest ever single tranche Asian US dollar offering to date
Best FIG bond
China Development Bank US$4 billion equivalent
multi-tranche dual currency bond
Joint bookrunners (5-year and 10-year tranches):
Bank of China (HK), Bank of Communication (HK), China Construction Bank (Asia), BNP Paribas, Deutsche bank, HSBC, KGI Asia, MUFG, Standard Chartered, UBS
Joint bookrunners (20-year tranche):
BNP Paribas, BOC International, Deutsche Bank, HSBC, ING, KGI Asia
Joint bookrunners (euro tranche):
Barclays, BOC International, BNP Paribas, China Construction Bank (Europe), Commerzbank, Deutsche Bank, HSBC, ICBC, ING, Mizuho Securities
The transaction represents the first seven-year euro and 20-year US dollar issuance from a Chinese financial institution and CDB’s largest international bond deal ever
Best green bond
China Three Gorges Corporation €650 million green bond
Joint global coordinators:
Bank of China, Deutsche Bank, J.P. Morgan
Joint bookrunners and lead managers:
Bank of China, CCB International, Deutsche Bank, ICBC, J.P. Morgan, Natixis, Standard Chartered, UBS
The first Chinese green bond to gain certification under the Climate Bond Standard
Best Panda bond
United Company RUSAL one billion yuan Panda bond
Sole lead underwriter and bookrunner:
China International Capital Corporation
The first ever Russian and “Belt and Road” country Panda bond issue
Best local currency bond
Agricultural Development Bank of China 16 billion yuan
onshore policy financial bond
Joint global coordinators:
Bank of China, Standard Chartered
Special underwriters:
Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank, HSBC, ICBC, Standard Chartered
The first bond offering toward both domestic and foreign investors under the Bond Connect scheme
Best high yield bond
Shandong Ruyi Technology Group Company
US$250 million bond
Sole global coordinator and sole rating adviser:
Standard Chartered
Set a new standard in Greater China high yield bond market as the lowest ever rated debut issuer from the region
Best liability management
China Jinmao Holdings Group tender offer and
US$500 million new issue
Sole dealer manager:
HSBC
Joint global coordinators, bookrunners and lead managers:
Bank of Communications (HK), DBS, Goldman Sachs, HSBC, Shanghai Pudong Development Bank (HK), Standard Chartered
Utilized an allocation code mechanism which offers targeted bondholders the opportunity to automatically reinvest into the new issue, and uses demand from the tendering holders wishing to reinvest to build a larger order book for the new issue
Best domestic M&A
CITIC consortium US$2.08 billion acquisition of McDonald’s China Management Limited
Acquirers:
CITIC Limited, CITIC Capital China Partners III, Carlyle Asia Partners IV
Financial adviser:
CITIC CLSA Securities
The acquisition is expected to enhance innovation to maximize McDonald’s China’s long-term growth
Best cross-border M&A
China National Chemical Corporation’s
US$43 billion acquisition of Syngenta
Financial advisers:
China CITIC Bank International, Credit Suisse, Dyalco, Goldman Sachs, HSBC, J.P. Morgan, UBS
The largest foreign acquisition by a Chinese company and a complex transaction involving regulatory approvals in multiple jurisdictions, including the US, Europe and Switzerland
Best syndicated loan
Ant Small and Micro Financial Services Group
US$3.5 billion syndicated term loan
Joint mandated lead arrangers, underwriters and bookrunners:
ANZ, Barclays, Citi, Credit Suisse, DBS, Goldman Sachs, HSBC, ING Bank, J.P. Morgan, Mizuho Bank, Morgan Stanley
The transaction represented Ant Financial’s debut international syndicated debt facility and precursor to its planned IPO
Hong Kong
Hong Kong
Best corporate bond
Cheung Kong Property US$1.5 billion fixed-for-life
perpetual securities
Joint bookrunners and lead managers:
Deutsche Bank, HSBC, UBS
The largest fixed-for-life hybrid note globally from a corporate issuer
Best investment grade bond
CK Hutchison US$2.25 billion triple tranche bond
Joint bookrunners and lead managers:
Barclays, Citi, Goldman Sachs, Morgan Stanley
Tightest issuance spread ever achieved by the issuer on a 3-year and 10-year US dollar offering
Best FIG bond
China Development Bank (HK) US$3 billion equivalent dual currency bond
Joint bookrunners and lead managers (USD tranche):
Bank of China, BNP Paribas, Bank of Communications (HK), China Construction Bank (Asia), Crédit Agricole CIB, HSBC, ICBC (Asia), Mizuho Securities, National Australia Bank, Wing Lung Bank
Joint bookrunners and lead managers (HKD tranche):
Bank of China, Bank of Communications (HK), China Construction Bank (Asia), HSBC, OCBC Bank, Standard Chartered, Wing Lung Bank
The first Chinese quasi-sovereign entity to issue Hong Kong dollar bond
Best liability management
New World Development Company tender offer and
US$600 million new bond
Sole dealer manager:
HSBC
Joint bookrunners:
HSBC, J.P. Morgan
First intermediated tender offer from a corporate in Asia
Best syndicated loan/acquisition finance
Hutchison Global Communications HK$7.137 billion term
loan facility
Senior mandated lead arrangers and bookrunners:
Credit Suisse, Credit Agricole CIB, Deutsche Bank
The transaction generated strong demand from the market at the senior, anchor ticket level stage
Best privatization
Belle International US$6.8 billion privatization
Sponsors:
Hillhouse Capital, CDH Investments, Belle Management
Sole financial adviser and sole underwriter of bridge loan and term loan for the consortium:
Bank of America Merrill Lynch
Independent financial adviser:
Anglo Chinese Corporate Finance
Mandated lead arrangers and bookrunners:
ANZ, Bank of America Merrill Lynch, Bank of China (HK), China CITIC Bank (Shenzhen), China Merchants Bank, China Minsheng Banking Corporation (HK), DBS, ICBC (Asia), Mitsubishi Financial UFJ Group, Shanghai Pudong Development Bank (Shanghai)
Mandated lead arranger:
Bank of China (Macau)
The largest ever private equity sponsors-led privatization in Asia-Pacific and the largest ever solely underwritten private equity sponsors-led acquisition financing in Asia-Pacific
Most innovative deal
FWD Group US$500 million zero coupon subordinated perpetual capital
Joint bookrunners and lead managers:
HSBC, J.P. Morgan, Standard Chartered
New template for the hybrid market that can be accessed by corporate and select insurers alike
Best M&A
GOGOVAN merger with 58 Suyun
Financial adviser:
China Renaissance
Merger created Asia’s largest on-demand intra-city logistics company
Korea
Korea Flag
Best IPO
Celltrion Healthcare US$887 million IPO
Joint bookrunners:
Mirae Asset Daewoo Securities, UBS
Notable healthcare IPO in the Korean market that saw a strong debut in trading
Best block trade
KB Financial US$380 million secondary block
Joint bookrunners:
Bank of America Merrill Lynch, Deutsche Bank
Block with the tightest discount completed in Korea for 2017
Best bond
Kyobo Life Insurance Company US$500 million
subordinated capital securities
Joint bookrunners:
Citi, J.P. Morgan, Nomura, UBS
The first ever international bond offering by a life insurance company in Korea and the lowest coupon/re-offer yield achieved by an Asian insurer
Best quasi-sovereign bond
Export-Import Bank of Korea US$1.5 billion
triple tranche bond
Joint bookrunners and lead managers:
Daiwa Capital Markets, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan, Standard Chartered
Joint lead manager:
Hanwha Investment & Securities
Issuer was able to distribute its offering to the widest range of investors
Best corporate bond
Hyundai Capital Services US$900 million dual tranche bond
Joint bookrunners:
Bank of America Merrill Lynch, BNP Paribas, Citi, DBS, MUFG
The largest deal by a Korean private corporate issuer since 2014 and garnered a robust demand amid concerns over geopolitical instability surrounding the Korean peninsula
Best green bond
Korea Development Bank US$300 million debut green bond
Green structuring agent:
Bank of America Merrill Lynch
Joint bookrunners:
Bank of America Merrill Lynch, Credit Agricole CIB, HSBC
The choice of floating rate note instrument ensures garnering of broadest investors’ reception
Best securitization
KAL Japan ABS 20 Cayman Limited 26.61 billion yen
senior and subordinated notes
Joint arrangers:
BNP Paribas, Korea Development Bank
Joint lead managers:
BNP Paribas, Korea Development Bank, Shinhan Investment Corporation
The first yen-denominated unwrapped ticket receivables deal in Asia and the first ticket receivables deal from Asia offering both senior and subordinated notes
Best M&A
SK Holdings US$532 million acquisition of 51% stake
in LG Siltron
Financial adviser:
Credit Suisse
The first meaningful vertical integration transaction involving a wafer manufacturer and semiconductor producer
Taiwan
Tawain Flag
Best IPO
FIT Hon Teng US$394 million IPO
Joint sponsors:
Bank of America Merrill Lynch, China International Capital Corporation, Credit Suisse
Joint global coordinators, bookrunners and lead managers:
Bank of America Merrill Lynch, China International Capital Corporation, Credit Suisse, UBS
Joint bookrunners and lead managers:
CCB International, China Merchants Securities, DBS, Nomura
The largest Taiwan company IPO in Hong Kong since 2008 and the largest technology hardware company IPO in Hong Kong since 2007
Best GDR
GlobalWafers Company US$469.2 million GDR
Sole global coordinator:
Nomura
Joint bookrunners:
Citi, Nomura
The largest international equity issuance from a Taiwan tech company in past five years and the first GDR offering out of Taiwan since March 2015
Best Formosa bond
Export-Import Bank of India US$400 million floating rate note
Joint structuring agents:
J.P. Morgan, MUFG
Sole lead manager:
Standard Chartered
The first Formosa bond issue by an Indian financial institution and the inaugural public transaction in FRN format by the issuer
Best equity-linked
Highwealth Construction Corporation NT$10.02 billion secured convertible bond
Arranger:
Fubon Securities
The biggest offering of secured convertible bonds among Taiwan’s publicly-listed firms by issue amount since 2000
Best M&A
Cathay United Bank/Cathay Life Insurance US$255 million acquisition of The Bank of Nova Scotia Berhad
Financial adviser:
Citi
A significant acquisition by Cathay United to expand the footprint of its banking operations into Malaysia
Best Houses - North Asia
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