The Asset Triple A Country Awards 2019 - Best Deals - Southeast Asia

The Asset
Country Awards 2020

Best Deals by country

Cambodia Flag
  • Best bond
  • NagaCorp US$350 million guaranteed senior notes
    Global coordinators, bookrunners and lead managers:
    Credit Suisse, Morgan Stanley, UBS
    The transaction marks the return of NagaCorp to international bond market following its inaugural issuance in 2018, with comparatively longer tenor and achieving lower cost despite challenging market environment.
  • Best local currency bond
  • RMA (Cambodia) KHR 80 billion bond
    Sole financial adviser and underwriter:
    SBI Royal Securities Plc.
    Guarantor:
    Credit Guarantee and Investment Facility
    This is the first time that Credit Guarantee and Investment Facility has provided a guarantee to a corporate in Cambodia and this is the first time that a non-financial institution has raised financing in Cambodian capital markets.
  • Best syndicated loan
  • Amret US$50 million syndicated loan
    Mandated lead arranger and bookrunner:
    Cathay United Bank
    Lead arranger:
    KGI Bank
    Arrangers:
    Bank of Panhsin, Bank SinoPac, Hua Nan Bank, SinoPac Leasing, Taiwan Cooperative Bank, Union Bank of Taiwan
    This is Amret’s first foreign commercial bank-led syndicated loan in Taiwan, representing a new chapter in its financing portfolio and broadening its investor base.
  • Best cross-border financing
  • Royal Field Development US$70 million long term loan facility
    Lender:
    Bangkok Bank
    The facility will finance the construction of a 45-storey tower owned by Cambodian conglomerate Chip Mong Group, which will house a hotel, offices and retail outlets.
  • Best M&A deal
  • Kookmin Bank acquisition of 70% stake in PRASAC Microfinance Institution
    Financial advisers:
    BNP Paribas, ING
    The transaction, valued at US$603.4 million, is the largest M&A deal ever in Cambodia and the biggest cross-border acquisition made by KB Financial Group (KBFG). It was structured with a put and call option to address the needs of KBFG and the vendors, which will allow Kookmin Bank to acquire the remaining 30% stake in the Cambodian microfinance company.
Indonesia Flag
  • Best sovereign bond
  • Republic of Indonesia US$4.3 billion SEC-registered triple-tranche bond
    Bookrunners and lead managers:
    Citi, Deutsche Bank, Goldman Sachs, HSBC, Standard Chartered
    The transaction included the first ever 50-year bond tranche from an emerging market sovereign issuer, and part of the proceeds was earmarked to fund RoI’s Covid-19 relief and recovery efforts.
  • Best quasi-sovereign bond
  • Perusahaan Listrik Negara US$1.5 billion dual-tranche bond
    Bookrunners and lead managers:
    Citi, HSBC, Mandiri Sekuritas, Standard Chartered
    The deal achieved the lowest coupon and yield ever for a 30-year US dollar bond for an Indonesian corporate and recorded the largest price compression at 70bp for both 10-year and 30-year tranches, allowing PLN to price new US dollar benchmarks through its fair value.
  • Best bank capital bond
  • Bank Tabungan Negara US$300 million Basel III-compliant tier 2 capital securities
    Bookrunners and lead managers:
    Citi, HSBC, Standard Chartered
    This is the first Basel III-compliant tier 2 capital securities issuance out of Indonesia and the inaugural global bond offering by Bank Tabungan, which is among the few Asian banks that successfully issued capital securities with no outstanding US dollar senior bond curve.
  • Best FIG bond
  • Bank Mandiri US$500 million senior notes
    Bookrunners and lead managers:
    CIMB, DBS, Mandiri Sekuritas, MUFG, Standard Chartered
    The deal saw broad distribution across the types of investors and a high participation from quality institutional accounts, as well as significant interest from European investors, beside the traditional Asian investor base.
  • Best corporate bond
  • Tower Bersama Infrastructure US$350 million unrated senior notes
    Global coordinators:
    Barclays, BNP Paribas, Credit Agricole CIB, DBS, HSBC, OCBC Bank
    Bookrunners and lead managers:
    ANZ, Barclays, BNP Paribas, CIMB, Credit Agricole CIB, DBS, HSBC, Mizuho Securities, MUFG, SMBC Nikko, OCBC Bank, United Overseas Bank
    The deal represents a highly successful transition to an unrated issuance programme, having accessed the market previously on a rated basis. It achieved the lowest ever coupon for a five-year non-SOE corporate deal out of Indonesia.
  • Best high yield bond
  • Medco Energi Internasional US$650 million senior notes
    Bookrunners and lead managers:
    Credit Suisse, DBS, Mandiri Sekuritas, Morgan Stanley, Societe Generale, Standard Chartered
    The deal was timely executed, capitalizing on the company’s ratings upgrade by Moody’s Investors Service and S&P Global Ratings announced in January this year. The offering further diversified its investor base as 38% of the notes were allocated to US investors.
  • Best new bond
  • Hutama Karya US$600 million government-guaranteed bond
    Bookrunners and lead managers:
    Citi, Deutsche Bank, HSBC, Mandiri Sekuritas, MUFG
    Issued in Reg S/144A format, the offering is the first government-guaranteed bond in the international debt capital markets from Indonesia. It was part of the company’s diversification of funding sources to build the trans-Sumatra toll road.
  • Best liability management
  • Pertamina US$1.45 billion dual-tranche senior notes and any-and-all tender offer
    Bookrunners and lead managers:
    Citi, Credit Agricole CIB, HSBC, Mandiri Sekuritas, Mizuho Securities
    Dealer-manager:
    Credit Agricole CIB
    The bond offering represents the first ever 40-year US dollar bond issuance out of Indonesia. The tender offer is part of Pertamina’s strategy to pro-actively manage its upcoming debt maturities and extend its debt maturity profile.
  • Best local currency bond
  • PT Pupuk Indonesia 2.4 trillion rupiah three-tranche bond
    Lead underwriters:
    Bahana Sekuritas, BCA Sekuritas, BNI Sekuritas, Danareksa Sekuritas, Mandiri Sekuritas
    The issuance is a re-profiling of bank loans and bonds in both parent and subsidiary companies and represents Pupuk Indonesia’s strategy to manage interest rate volatility for more sustainable efficiency.
  • Best acquisition financing
  • Indofood CBP Sukses Makmur US$2.05 billion equivalent syndicated term loan facility
    Sole coordinating mandated lead arranger and bookrunner:
    Sumitomo Mitsui Banking Corporation
    Mandated lead arrangers and bookrunners:
    Bank of China (Hong Kong), BNP Paribas, Mizuho Bank, Natixis, OCBC Bank
    The dual currency financing in US dollar and yen resulted in cost savings from lower yen rates, diversification of currency and maximizes liquidity by allowing Indofood to tap on Japanese lenders.
  • Best M&A
  • PT Dayamitra Telekomunikasi and PT Telkom Indonesia US$315 million acquisition of telecom towers from Indosat Ooredoo
    Financial adviser:
    Credit Suisse
    The 2,100 telecom towers involved in the deal represents one of the few marketable tower portfolio of scale in Indonesia not already owned by a tower company.
  • Best syndicated loan
  • PT Charoen Pokphand Indonesia US$300 million equivalent syndicated revolving credit facilities
    Coordinators and mandated lead arrangers and bookrunners:
    Citi, DBS
    Mandated lead arrangers and bookrunners:
    ANZ, Bank Central Asia, Bank Mandiri, Bank Tabungan Pensiunan Nasional, Sumitomo Mitsui Banking Corporation, BNP Paribas, Bank Rakyat Indonesia, CIMB Niaga, HSBC, Mizuho Bank
    Mandated lead arrangers:
    Bank of China, CTBC Bank, Qatar National Bank
    The deal achieves multiple objectives for the borrower, including continuing to manage its foreign exchange exposure by maintaining its borrowings substantially in rupiah, keeping the pricing down and flexibility with option to extend loan maturity.
Laos Flag
  • Best loan
  • Ministry of Finance €207 million financing facility
    Mandated lead arranger and bookrunner:
    Credit Suisse
    The deal upsized the 2019 senior unsecured financing facility of €135 million through new lenders and through Credit Suisse. The transaction helps MoF to diversify its funding avenues and enhances its track record in raising capital from the international debt capital markets.
Malaysia Flag
  • Best primary placement
  • Serba Dinamik 450.7 million ringgit primary placement via cash placement
    Principal adviser:
    Affin Hwang Investment Bank
    Placement agents:
    Affin Hwang Investment Bank, CIMB, Credit Suisse
    This was the largest primary placement in Malaysia since January 2018 and the proceeds will be used to reduce Serba’s gearing level. The stock consistently traded above the placement price.
  • Best block trade
  • Khazanah Nasional US$232 million block placement in Tenaga Nasional
    Bookrunners:
    CIMB, Credit Suisse
    The deal achieved the tightest discount for a fully marketed placement in Asia-Pacific since the Covid-19 pandemic declaration and the final book was well-covered from pre-launch indications and additional long-only investor demand.
  • Best corporate bond
  • PETRONAS US$6 billion triple-tranche bond
    Global coordinators:
    BofA Securities, Citi
    Bookrunners and lead managers:
    BofA Securities, Citi, HSBC, Maybank, MUFG
    The offering garnered one of the largest order books ever for an Asian issuer reaching US$36 billion and the 40-year tranche of the transaction represents the longest US dollar offering out of Malaysia since 1996.
  • Best investment grade bond
  • Axiata Group US$1.5 billion conventional bond and sukuk
    Bookrunners and lead managers:
    CIMB, Citi, UBs, Standard Chartered
    The deal achieved the lowest 10-year (for sukuk) and 30-year (conventional bond) US dollar rates and coupons out of Malaysia and it was the largest issuance by an Asian telecom issuer in the US dollar capital markets. The dual-tranche combination enabled Axiata to broaden its investor diversification and tap different investor pools.
  • Best bank capital bond
  • United Overseas Bank (Malaysia) 750 million ringgit tier 2 subordinated notes
    Bookrunners and lead managers:
    CIMB, HSBC Bank Malaysia, UOB (Malaysia)
    This is the largest tier 2 issuance by a locally-incorporated foreign financial institution in the ringgit market since 2015 and the deal achieved the lowest coupon ever to-date for a ringgit-denominated Basel III-compliant subordinated bond.
  • Best liability management
  • Press Metal (Labuan) Limited tender offer
    Dealer-managers:
    J.P. Morgan, Standard Chartered
    This was Press Metal’s first liability management exercise designed to redeem up to US$200 million of its US$400 million 2022 notes. It utilized a modified Dutch auction pricing strategy and achieved a participation rate of 86.56% of the maximum acceptance amount.
  • Best syndicated loan
  • Yinson Boronia Production US$400 million syndicated bridge loan facility
    Mandated lead arrangers:
    Export-Import Bank of Malaysia, HSBC, Maybank Investment Bank, Mizuho Bank, Natixis, Standard Chartered, Sumitomo Mitsui Banking Corporation
    The bridge financing, structured across five jurisdictions, is earmarked for Yinson’s maiden venture into Brazilian floating production storage and offloading market.
  • Best acquisition financing
  • Hong Leong Healthcare Group US$385 million syndicated term loan facility
    Bookrunners:
    Maybank, MUFG Bank Malaysia
    Mandated lead arrangers:
    Maybank, MUFG Bank Malaysia, OCBC Bank (Malaysia), Sumitomo Mitsui Banking Corporation (Labuan)
    The facility partly funded Hong Leong Healthcare’s acquisition of the Southeast Asian business of Columbia Asia hospitals via a joint venture company owned 50% each by Hong Leong and TPG group.
  • Best M&A deal
  • Pantai Holdings 100% acquisition of Prince Court Medical Centre from Pulau Memutik Ventures
    Financial adviser:
    Maybank Investment Bank
    Independent financial adviser:
    RHB Investment Bank
    The acquisition, valued at 1.02 billion ringgit, will strengthen the position of IHH Healthcare, owner of Pantai Holdings, in the premium healthcare segment.
Philippines Flag
Sustainable Finance
  • Best green bond
  • AC Energy Finance International US$400 million fixed-for-life perpetual green bond
    Sole global coordinator:
    BPI Capital Corporation
    Bookrunners and lead managers:
    BPI Capital Corporation, CLSA, Credit Suisse, UBS
    Second party opinion provider:
    Sustainalytics
    This transaction marks the first ever fixed-for-life perpetual green bond to be issued globally and only the third perpetual issued out Asia in 2020 with the fixed-for-life structure.
  • Best social bond
  • Bank of the Philippine Islands 21.5 billion pesos CARe bonds
    Social structuring adviser:
    BPI Capital Corporation
    Lead arrangers:
    BPI Capital Corporation, HSBC
    Selling agent:
    BPI Capital Corporation
    This is the Philippines’ first peso-denominated bonds to be issued as a direct response to the Covid-19 pandemic, with the proceeds to be used to finance or refinance micro, small and medium enterprises’ loans under the BPI Group that meet qualifications under its sustainable funding.
  • Best sustainability bond - Corporate
  • Manila Water Company US$500 million sustainability bond
    Bookrunners and lead managers:
    BPI Capital Corporation, Citi, Credit Suisse, HSBC, Mizuho Securities, UBS
    Second party opinion provider:
    DNB GL
    This is Manila Water's debut bond issuance in the international capital markets. The offering, upsized from US$300 million, is the single largest sustainability bond issued by a listed private water utility in Asia and the first Asean sustainability bond by a corporate issuer out of the Philippines.
  • Best sustainability bond – Financial institution
  • Development Bank of the Philippines 18.125 billion pesos Asean sustainability bond
    Issue manager:
    Standard Chartered
    Lead arrangers:
    China Bank Capital Corporation, Standard Chartered
    Second party opinion provider:
    Sustainalytics
    This is the first bond programme exclusively focused on sustainability, with the deal upsized from the initial amount of 5 billion pesos. The proceeds are used to fund projects that contribute towards economic inclusion, climate change mitigation and adaptation, natural resource conservation, pollution control and prevention, and specific social issues.
  • Best IPO
  • Ayala Land AREIT 12.3 billion pesos IPO
    Sole global coordinator:
    BPI Capital Corporation
    Bookrunners:
    BPI Capital Corporation, UBS
    Underwriters:
    BPI Capital Corporation, PNB Capital and Investment Corporation, SB Capital Investment Corporation
    This is the first ever real estate investment trust in the Philippines.
  • Best block trade
  • Century Pacific Food 2 billion pesos secondary placement
    Sole bookrunner:
    Credit Suisse
    The deal achieved the tightest discount for a fully institutionally distributed secondary block in the Philippines in the past 10 years. The order book was oversubscribed, driven by regional long-only investors, local investors and sovereign wealth funds.
  • Best sovereign bond
  • Republic of the Philippines €1.20 billion dual-tranche bond
    Global coordinator:
    UBS
    Bookrunners and lead managers:
    Citi, Credit Suisse, Standard Chartered, UBS
    This is the first ever zero-coupon euro issuance by the RoP in the international capital markets and represents the government’s diversification in funding sources.
  • Best new bond
  • Jollibee Worldwide Private Limited US$600 million perpetual capital securities
    Global coordinators:
    Citi, J.P. Morgan
    Bookrunners and lead managers:
    Citi, Credit Suisse, J.P. Morgan, Mizuho Securities
    Domestic managers:
    BPI Capital Corporation, China Bank Capital Corporation, PNB Capital and Investment Corporation
    This is Jollibee’s debut deal in the international debt capital markets and the first time it accessed the capital markets since its initial public offering in 1993. The issuance is likewise one of the first by an Asian restaurant company.
  • Best corporate bond
  • PLDT US$600 million dual-tranche bond
    Bookrunners:
    Credit Suisse, UBS
    The transaction marks the return of PLDT in the international debt capital market after 18 years and achieved the lowest ever coupon for a 10-year and 30-year issuance by a Philippine corporate with a competitive spread to the sovereign. This is also the first ever 30-year offering by a non-government entity out of the Philippines.
  • Best bank capital bond
  • Rizal Commercial Banking Corporation US$300 million additional tier 1 capital securities
    Sole global coordinator and bookrunner:
    Credit Suisse
    This is the first additional tier 1 (AT1) capital securities offshore out of the Philippines. It re-opened the US dollar AT1 bond market in Southeast Asia after the most recent.
  • Best local currency bond
  • Union Bank of the Philippines 6.8 billion pesos tier 2 capital securities
    Lead arranger and bookrunner:
    HSBC, Standard Chartered
    The first Basel III-compliant tier 2 offering from a Philippine issuer in five years. It generated sizeable demand from both retail and institutional investors, enabling the bank to upsize the deal amount from the original target of 5 billion pesos.
  • Best retail bond
  • BDO Unibank 36 billion pesos fixed rate bond
    Sole arranger and bookrunner:
    Standard Chartered
    The deal amount was raised from the initial issue size of 5 billion pesos on the back of strong investor demand.
  • Best liability management
  • International Container Terminal Services Inc US$300 million senior perpetual securities and tender offer
    Bookrunners, lead managers and dealer-managers:
    Citi, HSBC, Standard Chartered
    The bond issuance and liability management exercise achieved the company’s objectives of reducing capital cost, eliminating call redemption risk in 2021 and enhancing the strength of its balance sheet.
  • Best syndicated loan
  • San Miguel Corporation US$2 billion syndicated term loan facility
    Original mandated lead arrangers, underwriters and bookrunners:
    ANZ, Bank of China, DBS, Mizuho Bank, MUFG, Standard Chartered, Sumitomo Mitsui Banking Corporation
    Mandated lead arrangers and bookrunners:
    First Abu Dhabi Bank, Industrial and Commercial Bank of China
    Lead arrangers:
    CTBC Bank, ING, Korea Development Bank
    Arrangers:
    Bank of Taiwan, Hua Nan Bank, Land Bank of Taiwan
    Lead managers:
    Chang Hwa Bank, E.SUN Bank, Shinsei Bank, Hyakugo Bank, Joyo Bank, Sunny Bank, Taichung Commercial Bank, Taiwan Business Bank, Taiwan Cooperative Bank, Shin Kong Commercial Bank, Taipei Fubon Bank, AfrAsia Bank
    This is the most widely-syndicated loan in the Philippine loan market and pushes the tenor boundaries with a five-year bullet maturity profile. The borrower exercised the greenshoe option to increase the deal size to US$2 billion.
  • Best structured finance deal
  • HC Consumer Finance (Philippines) 8 billion pesos senior secured syndicated term loan facility
    Mandated lead arrangers and bookrunners:
    SB Capital Investment Corporation, Citi, ING Bank, Union Bank of the Philippines
    Lenders:
    Security Bank Corporation, Citi, ING Bank, Union Bank of the Philippines, KEB Hana Bank, United Coconut Planters Bank, Industrial and Commercial Bank of China, Robinsons Bank Corporation, First Commercial Bank, CTBC Bank (Philippines) Corporation
    The facility included an accordion feature of up to 3 billion pesos, which addressed the needs of the client both in terms of timing and size, while at the same time ensuring that parties agreed to a financing structure which lenders (including those participating in the accordion to the facility) could be comfortable with.
  • Best M&A deal
  • KKR consortium US$1.3 billion acquisition of majority stake in Metro Pacific Hospital Holdings
    Financial adviser:
    BofA Securities
    Mandated lead arranger and bookrunner (acquisition financing):
    BDO Capital & Investment Corporation
    Sole lender:
    BDO Unibank
    This is the largest healthcare M&A in the Philippines using the dual-track M&A and IPO strategy.
Singapore Flag
Sustainable Finance
  • Best green bond
  • Vena Energy Capital US$325 million green bond
    Green structuring advisers:
    Credit Agricole CIB. SMBC Nikko
    Global coordinators:
    Credit Agricole CIB, DBS, ING, MUFG
    Bookrunners and lead managers:
    ABN AMRO, Banca IMI, BNP Paribas, Credit Agricole CIB, DBS, ING, MUFG, SMBC Nikko
    Second party opinion provider:
    Vigeo Eiris
    This is Vena Energy’s debut bond and it represents the first ever corporate US dollar green bond issuance from a Singapore-headquartered company.
  • Best green loan
  • MS Commercial Pte Limited S$1.95 billion green term loan facility
    Green loan advisers and mandated lead arrangers:
    DBS, OCBC Bank, United Overseas Bank
    This is the largest real estate green loan facility in Asia-Pacific for the company’s sustainable asset Marina One.
  • Best sustainability-linked loan
  • Olam International/Olam Treasury Pte Limited US$250 million sustainability-linked revolving credit facilities
    Senior mandated lead arrangers, bookrunners and sustainability coordinators:
    ANZ, DBS, Standard Chartered
    Mandated lead arranger:
    Rabobank
    The interest margin on the facilities is linked to the achievement of sustainability KPI improvement targets and could be lower than comparable conventional loans, if those targets are met.
  • Best acquisition financing
  • Ophir-Rochor Commercial Pte Limited S$945 million syndicated green loan facility
    Green loan advisers, mandated lead arrangers, underwriters and bookrunners:
    DBS, Standard Chartered, United Overseas Bank
    The green loan facility supports the sponsors, Allianz Real Estate and Gaw Capital, in their competitive bid to acquire Duo Tower and Duo Galleria from a joint venture owned by Khazanah Nasional and Temasek Holdings.
  • Best concurrent equity offering
  • Wilmar International US$550 million block trade and US$300 million exchangeable bond
    Active bookrunners:
    Goldman Sachs, BofA Securities, Citi
    Passive bookrunner:
    Barclays
    This is the first concurrent block trade and equity-linked offering in Asean since 2011. The exchangeable bond is the largest such issuance for a Singapore-listed underlying since 2010 and the most negative yield equity-linked deal in Asia-Pacific, ex-Japan, ever.
  • Best investment grade bond
  • Temasek Financial (I) Limited US$2.75 billion triple-tranche senior bond
    Bookrunners and lead managers:
    Barclays, Citi, DBS, HSBC, Morgan Stanley
    This is the largest international bond offering from Temasek and the 50-year tranche is its longest tenor offering ever, further extending its debt maturity curve to 2070. The bond also secured the lowest ever coupon for 50-year issuance in US dollar.
  • Best bank capital bond
  • OCBC Bank US$1 billion tier 2 subordinated bond
    Bookrunners and lead managers:
    BofA Securities, Citi, J.P. Morgan, OCBC Bank
    The deal achieved the lowest coupon for a tier 2 transaction in Asia-Pacific and was priced through the secondary curve - representing a negative new issue premium of between -5bp and -7bp.
  • Best insurance capital bond
  • NTUC Income Insurance Cooperative Limited S$800 million tier 2 subordinated notes
    Sole global coordinator:
    DBS
    Bookrunners and lead managers:
    DBS, Standard Chartered
    The 30-year non-call 20-year tier 2 subordinated offering is the longest-dated tier 2 ever launched in the SGD bond market and the first insurance tier 2 out of Singapore specifically structured to achieve rating agency equity credit. The final pricing implies a negative new issue concession of -10bp.
  • Best corporate bond
  • Singtel Treasury Group US$750 million fixed rate senior unsecured bond
    Bookrunners:
    Citi, DBS, HSBC
    The bond achieved the lowest coupon ever for a 10-year US dollar issuance out of Singapore and out of Asia in the telecom sector. The deal generated one of the largest order books for a Singapore issuer anchored by high quality institutional investors, including life insurance companies.
  • Best local currency bond
  • CapitaLand Treasury Limited S$800 million senior bond
    Bookrunners:
    DBS, United Overseas Bank
    The deal achieved the tightest ever 12-year coupon for a corporate issuer in the SGD bond market in the past 20 years and was priced inside CapitaLand’s existing secondary curve.
  • Best multi-product solution – M&A + rights issue
  • S$2.1 billion recapitalization of Sembcorp Marine and demerger from Sembcorp Industries
    Financial advisers (Demerger):
    Credit Suisse, DBS
    Financial adviser, lead manager and underwriter (rights issue):
    DBS
    This is the largest M&A deal and the largest recapitalization exercise in Southeast Asia’s offshore and marine sector since 2011 and 2012, respectively. It strengthens the financial positions of both companies and unlock shareholder’s value.
Thailand Flag
Sustainable Finance
  • Best sustainability bond
  • Kingdom of Thailand 30 billion baht sustainability bond
    Sustainability structuring advisers, bookrunners and lead managers:
    Bangkok Bank, Bank of Ayudhya, Standard Chartered
    Second party opinion provider:
    Sustainalytics
    This is Thailand’s inaugural issuance of government sustainability bond with the proceeds allocated for the MRT mass transit orange line project and for Covid-19 relief package.
  • Best green bond
  • Global Power Synergy 5 billion baht digital green debentures
    Green structuring advisers, bookrunners and lead managers:
    Bank of Ayudhya, Bangkok Bank, Standard Chartered (Thailand)
    Second party opinion provider:
    DNV GL
    The first Thai baht green debentures with the proceeds earmarked for a waste-to-energy project and the first digital green debentures using ThaiBMA e-bookbuilding platform.
  • Best retail bond
  • PTT 15 billion baht dual-tranche CBI-certified green debentures
    Bookrunners and lead managers:
    Bank of Ayudhya, Kasikornbank, Krungthai Bank, Siam Commercial Bank
    Second party opinion provider:
    DNV GL
    This is the first Thai baht green debentures offering to retail investors with Climate Bonds Initiative certification to finance forest conservation projects.
  • Best green loan
  • Berkeley Energy Symbior Solar Limited 1.26 billion baht senior secured green term loan facility
    Sole lender:
    United Overseas Bank
    The transaction is the first onshore Thai commercial and industrial solar portfolio financing structured and funded in Thailand under UOB’s green infrastructure framework.
  • Best IPO
  • Sri Trang Gloves (Thailand) Public Company Limited 14.905 billion baht IPO
    Sole financial adviser, bookrunner and lead underwriter:
    Finansa Securities
    Co-lead underwriter:
    Kasikorn Securities
    Thailand’s largest domestic-only IPO in the history of the Stock Exchange of Thailand and one of the best performing IPOs in the country.
  • Best privatization
  • Bangkok Commercial Asset Management 30.888 billion baht IPO
    Financial advisers:
    Kasikorn Securities, Trinity Securities
    Global coordinators, bookrunners and lead managers:
    Kasikorn Securities, Trinity Securities, UBS
    This is the largest privatization in Thailand and generated a strong demand from cornerstone, institutional and retail investors.
  • Best block trade
  • Intouch Holdings US$186 million secondary block placement
    Bookrunner:
    Credit Suisse
    The transaction was multiple times oversubscribed and attracted strong support from existing holders, domestic and regional long-only investors and international hedge funds. It achieved the tightest ever discount to last close for a secondary block placement in Intouch.
  • Best corporate bond
  • PTT US$700 million 50-year fixed rate bond
    Bookrunners and lead managers:
    BNP Paribas, Citi, HSBC, Standard Chartered
    This is the first 50-year bond issuance by an Asian corporate in more than 20 years and marks the return of PTT in the capital markets since 2012. It achieved a negative new issue premium of 10bp despite the rare tenor.
  • Best bank capital bond
  • Bangkok Bank US$750 million Basel III-compliant additional tier 1 capital securities
    Global coordinators:
    Citi, Morgan Stanley
    Bookrunners:
    Citi, J.P. Morgan, Morgan Stanley
    This is Bangkok Bank’s inaugural Basel III-compliant AT1 capital securities and the first Thai Reg S/144A AT1. It achieved the lowest coupon for an AT1 for an emerging market bank in post Covid-19 period.
  • Best local currency bond
  • Land & Houses Public Company Limited 5.4 billion baht dual-tranche fixed rate senior unsecured debentures
    Bookrunners and lead managers:
    United Overseas Bank (Thai), Kasikornbank
    The deal was upsized from the original amount of 3 billion baht on the back of a strong order book driven by institutional demand after the liquidity crunch due to Covid-19.
  • Best syndicated loan
  • Thai Pipeline Network Company US$250 million equivalent syndicated facilities
    Mandated lead arranger (USD lender):
    China Development Bank
    Co-lead arranger (Thai baht lender):
    Bangkok Bank
    The loan will fund the project to help promote energy security in northeast Thailand and will eventually reduce petroleum prices at the service stations.
  • Best M&A
  • Stark Corporation Public Company Limited 100% equity acquisition of Thinh Phat Cables JSC and Dong Viet Non-Ferrous Metal and Plastic JSC
    Financial adviser:
    United Overseas Bank
    Mandated lead arranger, underwriter and bookrunner (acquisition loan facility):
    United Overseas Bank
    The transaction represents the largest inbound private sector industrial transaction in Vietnam in the last three years.
Vietnam Flag
  • Best new bond
  • HSBC Bank (Vietnam) 600 billion dong unsecured bonds
    Sole bookrunner:
    Techcom Securities
    This is the first bond issued by a foreign bank in Vietnam, which diversifies the issuer’s local currency funding and paves the way for further capital mobilization. It also offers investors, especially life insurance companies, with a new asset class.
  • Best local currency bond
  • Vietnam Electrical Equipment Joint Stock Corporation 1.15 trillion dong fixed rate bond
    Issuance agent:
    Standard Chartered
    Guarantor:
    Credit Guarantee and Investment Facility
    This is the inaugural local currency bond deal by the issuer and the proceeds were used to refinance a bank loan for the 50MW Ninh Thuan solar project.
  • Best syndicated loan
  • Techcombank US$500 million syndicated term loan facility
    Sole coordinator:
    United Overseas Bank
    Mandated lead arrangers, underwriters and bookrunners:
    ANZ, CTBC Bank, First Abu Dhabi Bank, Taishin Bank, United Overseas Bank
    This is Techcombank’s first ever syndicated loan transaction, which was upsized from the initial target of US$300 million to accommodate an oversubscription.
  • Best M&A deal
  • KKR consortium US$650 million investment in Vinhomes
    Financial adviser:
    Credit Suisse
    The KKR consortium, which includes Temasek Holdings, will collectively hold a minority stake of 6% in Vinhomes.
Disclaimer: The winners of The Asset Triple A Awards are welcome to translate the awards’ names in their native language. We are happy to provide Chinese translation upon request, and we reserve the right to have the final say for any Chinese translation of the awards’ names. For clarity, please refer to our website in English.
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