The Asset
Country Awards 2018

Best Deals - North Asia

China
China Flag
Best IPO
Meituan Dianping US$4.2 billion Hong Kong IPO
Sponsors:
Bank of America Merrill Lynch, Goldman Sachs, Morgan Stanley
Sole financial adviser:
China Renaissance
Global coordinators, bookrunners and lead managers:
Goldman Sachs, Morgan Stanley, Bank of America Merrill Lynch, China Renaissance, UBS, China Merchants Securities International
Bookrunners and lead managers:
ICBC International, ABC International, CMB International, BOCOM International, Haitong International, Futu Securities, AMTD Tiger
Largest ever China Internet IPO in Hong Kong.
Best equity-linked
China Shipbuilding Industry Corporation zero-coupon US$1 billion exchangeable bond into Postal Savings Bank of China shares
Global coordinators and bookrunners:
BNP Paribas, CLSA
China Shipbuilding Industry Corporation’s debut offering in the international capital market and longest tenor exchangeable bond issuance by a Chinese issuer.
Best quasi-sovereign bond
Export-Import Bank of China US$3.27 billion dual-currency bond
Lead managers and bookrunners:
Bank of China, Bank of Communications, Barclays, China Construction Bank Europe, Commerzbank, Credit Agricole CIB, DBS, HSBC, ING, KGI Asia, Mizuho Securities, MUFG, Westpac Banking Corporation
First 30-year US dollar bond issued by Chinese bank.
Best new bond
S.F Holding US$500 million senior notes
Global coordinators, bookrunners and lead managers:
Credit Suisse, HSBC, Morgan Stanley
Successfully priced offering with minimal new issue premium and achieved stable post-pricing performance.
Best corporate bond
Tencent US$5 billion multi-tranche bond
Bookrunners and lead managers:
BOC International, Deutsche Bank, Bank of America Merrill Lynch, HSBC, ANZ, BNP Paribas, MUFG, China Merchants Securities (HK), Credit Suisse, Goldman Sachs, J.P. Morgan, Mizuho Securities, Morgan Stanley, Shanghai Pudong Development Bank
The lowest reoffer yield achieved by a Chinese issuer in the international capital market.
Best investment grade bond
Vanke Real Estate US$650 million 5-year floating rate notes
Global coordinators, bookrunners and lead managers:
BOC International, Goldman Sachs, HSBC, UBS
The first US dollar-denominated floating rate notes offering by a Chinese real estate issuer.
Best bank bond
China CITIC Bank US$1.8 billion multi-tranche senior bond
Global coordinators:
Citic Bank International, Agricultural Bank of China International, Bank of China, China Securities International, Citi, CLSA. CNCB HK Capital, ICBC International, Mizuho Securities
Bookrunners and lead managers:
Bank of Communications, China Everbright Bank, China Minsheng Bank, CTBC Bank, HSBC, Industrial Bank, Orient Securities, Ping An of China Securities, Shanghai Pudong Development Bank, SPDB International, Wing Lung Bank
First offshore senior US dollar bond issuance by China CITIC Bank.
Best FIG bond
Bank of China US$2.65 billion equivalent multi-currency One Belt One Road senior bond offering
Global coordinators:
Bank of China, Citi, DBS, Oversea-Chinese Banking Corporation, Mizuho Securities, Standard Chartered
Bookrunners:
Agricultural Bank of China, ANZ, Bank of Communications, Bank of New Zealand , China Everbright Bank, China Minsheng Bank, China Construction Bank, Commerzbank, Credit Agricole CIB, Commonwealth Bank of Australia, First Abu Dhabi Bank, ING, Westpac Banking Corporation, UBS
First international capital market transaction by a Chinese bank which follows the One Belt One Road initiatives in 2018.
Best green bond
Agricultural Development Bank of China 3 billion renminbi green bond under Bond Connect
Cross-border advisers:
Credit Agricole CIB, HSBC, Mizuho Securities, Standard Chartered
Lead underwriters:
Bank of Communications, Bank of Hangzhou, Bank of Nanjing, Citic Securities, First Capital Securities, Orient Securities, Shanghai Rural Commercial Bank, Shenwan Hongyuan Securities
First green bond under Bond Connect by Agricultural Development Bank of China.
Best Panda bond
Republic of the Philippines CNY1.46 billion bond
Lead underwriters:
Bank of China, Standard Chartered
First ever sovereign CNY bond issuance from Asean region.
Best local currency bond
Greenland CNH1.5 billion 3-year senior bond offering
Global coordinators, bookrunners and lead managers:
BOC International, HSBC
First CNH bond by Greenland and one of the largest CNH bonds in 2018.
Best high yield bond
Agile Group Holdings US$300 million perpetual non-call
five-year hybrid
Global coordinators, bookrunners and lead managers:
Bank of China, HSBC, Standard Chartered
Bookrunners and lead managers:
BNP Paribas, Morgan Stanley, UBS
Inaugural senior ranking perpetual instrument of the company structured solely to achieve accounting equity credit.
Best liability management
ICBC Financial Leasing consent solicitation targeting
US$8.1 billion outstanding notes
Solicitation agents:
ANZ, Goldman Sachs, HSBC, ICBC International
Largest consent solicitation exercise ever in Asia Pacific and the first-ever public consent solicitation exercise from a Chinese bank of offshore notes.
Best domestic M&A
Meituan US$2.7 billion acquisition of Mobike
Financial adviser:
China Renaissance
Meituan’s largest and latest strategic move before its IPO.
Best cross-border M&A
Kumho Tire $599 million sale or 45% stake to Qingdao Doublestar
Financial adviser:
Credit Suisse
Largest Korean auto parts cross-border M&A and the first time a controlling stake has been sold in a Korean tire manufacturer.
Best syndicated loan
ChemChina US$5.5 billion dual-tranche term loan facility
Mandated lead arrangers, bookrunners and underwriters:
Banco Santander, Bank of America Merrill Lynch, Barclays, BNP Paribas, China CITIC Bank International, Commerzbank, Rabobank, Crédit Agricole CIB, Credit Suisse, First Abu Dhabi Bank, Industrial Bank, MUFG Bank, Natixis, Société Générale CIB, UniCredit Bank
Refinancing the US$12.7 billion bridge loan that funded ChemChina’s US$43 billion acquisition of Syngenta.
Best securitization
Haitong Unitrust International Leasing 1 billion renminbi asset-backed notes under Bond Connect
Lead underwriters:
Bank of Communications, Haitong Securities
Bookrunner:
Bank of Communications
First asset-backed notes under Bond Connect.
Hong Kong
Hong Kong
Best block trade
Lifestyle International and Lifestyle China US$665 million block trade
Bookrunner:
UBS
One of the largest Hong Kong secondary block trades in 2018.
Best corporate bond
Swire Properties US$500 million green bond
Bookrunners and lead managers:
Bank of America Merrill Lynch, HSBC
The first international bond offering out of Asia in 2018 and first green bond by the company.
Best investment grade bond
CK Hutchison €1.25 billion dual-tranche bond
Bookrunners:
Barclays, BNP Paribas, Credit Agricole CIB, HSBC, ING
One of the largest euro issuances by an Asian corporate issuer in 2018.
Best high yield bond
WTT Investment inaugural US$670 million bond
Global coordinators:
Citi, HSBC, Standard Chartered
Bookrunners:
Citi, HSBC, Huatai Financial Holdings, Nomura, Standard Chartered
First financial sponsor-owned Hong Kong company high-yield transaction since 2013.
Best M&A
Link Asset Management disposal of HK$23 billion of property portfolio to consortium led by Gaw Capital Partners
Financial advisors:
Goldman Sachs, HSBC, UBS
Largest Hong Kong-listed Reit M&A transaction disposal ever.
Best syndicated loan/acquisition finance
Sale of Center Holdings to C.H.M.T Peaceful Development Asia Property
Senior and junior debt arranger:
Morgan Stanley
Junior debt arranger:
Hammer Capital Consulting
Senior lenders:
GIC, Morgan Stanley
Junior lenders:
Gaw Capital, PAG, Huatai Financial Holdings
Landmark transaction that involves acquisition financing of the most expensive office building in Hong Kong.
Best green loan
Leo Paper Group HK$350 million green loan
Mandated lead arrangers:
Bank of East Asia, BNP Paribas, Citi, Hang Seng Bank, HSBC, Mizuho Bank, MUFG Bank
First green loan for Hong Kong private companies.
Korea
Korea Flag
Best follow-on offering
Kakao Corporation US$1 billion GDS offering
Global coordinators and bookrunners:
Citi, Goldman Sachs
The largest global depositary shares (GDS) offering in Asia since 2008 and the first Korean GDS since 2014.
Best quasi-sovereign bond
Export-Import Bank of Korea 120 billion yen Samurai bond
Bookrunners:
Bank of America Merrill Lynch, Daiwa Securities, Mitsubishi UFJ Morgan Stanley Securities, Mizuho Securities
The transaction was upsized from the original amount of 80 billion yen and served as a market re-opening Samurai for non-sovereign issuers out of Asia since October 2017.
Best corporate bond
Hyundai Capital Services CHF300 million senior bonds
Bookrunners:
Credit Suisse, UBS
The deal achieved the issuer’s maximum targeted size and was priced at the tight end of the guidance with an oversubscribed order book.
Best bank capital bond
Shinhan Financial Group US$500 million perpetual non-call five AT1 notes
Bookrunners and lead managers:
Bank of America Merrill Lynch, Credit Suisse, HSBC, J.P. Morgan, Mizuho Securities
Lead managers:
Shinhan Asia, Shinhan Investment Corporation
This was the debut international bond issuance by Shinhan Financial Group and represented the first G3 AT1 bond offering in Asia-Pacific in 2018.
Best green bond
Korea Hydro & Nuclear Power Company US$600 million green bond
Bookrunners and lead managers:
Citi, BNP Paribas, HSBC, Korea Development Bank, J.P. Morgan, UBS
The first ever green bond issuance from Korea generation companies in which the US investors accounted for 51% of the total allocation.
Best social bond
Industrial Bank of Korea US$500 million floating rate notes
Bookrunners and lead managers:
Credit Agricole CIB, Citi, Commerzbank, HSBC
The first ever social bond out of Asia ex-Japan with the issuance focused on supporting new and existing projects with positive social outcomes, particularly in relation to promoting SME businesses and their work force.
Best sustainability bond
Korea East West Power Company US$500 million fixed rate notes
Bookrunners:
Bank of America Merrill Lynch, BNP Paribas, Citi, Credit Agricole CIB, Societe Generale CIB
The transaction represented the first sustainability bond by a government-sponsored enterprise both in Korea and in Asia, ex-Japan
Best M&A
The Carlyle Group’s US$2.77 billion sale of ADT Caps to SK Telecom and Macquarie Infrastructure and Real Assets
Financial advisers:
Bank of America Merrill Lynch, Credit Suisse, J.P. Morgan, Morgan Stanley
This was the largest Korea private equity M&A-related transaction since 2014 and the largest domestic M&A deal in 2018.
Macau
Macau Flag
Best deal
Sands China US$5.5 billion senior unsecured notes
Bookrunners:
Barclays, Bank of America Merrill Lynch, Goldman Sachs
Largest international bond offering by a gaming company and one of the largest US dollar offerings in 2018.
Mongolia
Mongolia Flag
Best deal
Government of Mongolia US$800 million 5.5 year notes tender offer and new issue
Bookrunners, lead managers and dealer-managers:
Credit Suisse, Deutsche Bank, J.P. Morgan
The issuer accomplished several objectives including extending its debt maturity profile and achieving long term funding at low interest rates through this deal.
Taiwan
Tawain Flag
Best IPO
Foxconn Industrial Internet US$4.27 billion equivalent A-share IPO
Sponsor:
CICC
First and largest internet IPO in mainland China.
Best GDR
Taiwan Cement Corporation US$549 million GDR placement offering
Bookrunners:
Bank of America Merrill Lynch, J.P. Morgan, Morgan Stanley
This was the largest GDR offering by a Taiwan issuer since 2014 and the largest GDR deal ever in the cement sector in Asia-Pacific.
Best convertible bond
Asia Cement Corporation US$215 million NTD-linked convertible bonds
Global coordinator:
UBS
Active bookrunners:
Citi, UBS
Bookrunners:
BNP Paribas, HSBC, Mizuho Securities
The offering was upsized from the base deal size of US$200 million after generating strong demand from equity and equity-linked investors across Asia, Europe and the US.
Best Formosa bond
The State of Qatar US$6 billion 30-year Formosa bond
Bookrunners and lead managers:
Standard Chartered, Deutsche Bank
First ever international Taipei-listed bond from a sovereign issuer.
Best acquisition financing
Trimco Group US$255 million term and revolving facilities
Mandated lead arrangers and bookrunners:
Cathay United Bank, CTBC Bank
The deal will fund the acquisition of Trimco Group by private equity firm Affinity Equity Partners and features a comprehensive securities/guarantee package to capture material subsidiaries’ shares and assets.
Best M&A
Advanced Semiconductor Engineering US$13 billion merger with Siliconware Precision Industries Company
Financial advisers:
Citi, Credit Suisse, J.P. Morgan, KGI Securities
Largest ever M&A transaction in the Taiwan semiconductor industry.
The Asset Triple A Country Awards 2018 annual dinner will be held on January 24 2019
at the Four Seasons Hotel Hong Kong. For more information or booking, please contact events@theasset.com.
Best Advisers - North Asia
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