The Asset
Triple A Sustainable Capital Markets Regional Awards 2020
OUTSTANDING DEALS
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Sovereign
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Financial institutions
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New Economy
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Infrastructure
- Sovereign
- Best bond
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China Ministry of Finance US$6 billion multi-tranche bondThis is the first Reg S/144A bond offering by China MoF and the first sale into the US domestic markets in almost 17 years done amid the heightened US-China tensions. It achieved the lowest yield for any US dollar bond issued by China MoF and all four tranches were priced significantly below the secondary levels of China MoF’s outstanding US dollar bonds. It achieved a -10bp new issue concession on 3/5/30-year tranches and -5bp on 10-year tranche.Bookrunners and lead managers:Bank of China, Bank of Communications, China Construction Bank, China International Capital Corporation, BofA Securities, Citi, Credit Agricole CIB, CTBC Bank, Deutsche Bank, Goldman Sachs, J.P. Morgan, Mizuho Securities, Standard Chartered
- Best liability management
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Mongolia US$600 million 5.125% notes due 2026 and concurrent tender offerThe tender offer involving Mongolia’s short-term US dollar bonds due in 2021 and 2022 was designed to extend duration of the sovereign’s debt stock, reduce interest cost and diversify the country’s investor base. 100% of the 2021 notes and 34.9% of the 2022 notes tendered were accepted.Financial adviser:Frontier StrategiesBookrunners and dealer-managers:HSBC, J.P. Morgan, Morgan Stanley, Nomura
- Financial institutions
- Asset management
Best bond -
China Cinda (HK) Holdings Company US$2 billion multi-tranche senior unsecured notesThis is the first stand-alone issuance by China Cinda without the keepwell enhancement structure from parent. Amid the risk-averse sentiment across global markets at the time of pricing, the company decisively adopted a one-day execution process to capture the relatively benign pricing window and achieved its lowest yield ever across four tranches of the deal.Global coordinators:Agricultural Bank of China (Hong Kong), ANZ, Bank of China, Bank of Communications, BofA Securities, China Construction Bank, Cinda International CMB International, Credit Agricole CIB, DBS, Guotai Junan International, HSBC, Mizuho Securities, Nanyang Commercial Bank, Standard CharteredBookrunners and lead managers:Agricultural Bank of China (Hong Kong), ABC International, ANZ, Bank of China, Bank of Communications, Bison Bank, BNP Paribas, BofA Securities, China CITIC Bank International, China Construction Bank, China Everbright Bank (Hong Kong), China Galaxy International Securities (Hong Kong) Company, China Minsheng Banking Corporation (Hong Kong), Cinda International, CLSA, CMB International, CMB Wing Lung Bank, Credit Agricole CIB, DBS, Goldman Sachs, Guotai Junan International, Haitong International, ICBC International, HSBC, Mizuho Securities, Nanyang Commercial Bank, Shanghai Pudong Development Bank (Hong Kong), Standard Chartered
- Insurance
Best bond
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AIA Group US$1.75 billion fixed rate subordinated securitiesThe transaction represents the first tier 2 capital from AIA in the expectation that the notes will qualify as tier 2 regulatory capital when Hong Kong’s group-wide supervision framework is finalized in the first quarter of 2021. With this implementation, qualifying tier 2 subordinated securities will become an important part of the capital structure for relevant insurers subject to the framework, including AIA.Global coordinators and bookrunners:HSBC, Morgan Stanley, Standard Chartered, Wells Fargo Securities
- Insurance
Best insurance capital bond
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Tongyang Life Insurance Company US$300 million subordinated capital securitiesThe 30-year non-call five-year deal, the first by Tongyang Life in the offshore bond market, re-opened the US dollar insurance hybrid market in South Korea following the last issuance in May 2018. The successful completion of the transaction should restore the investor interest in subordinated capital instrument offering by Korean issuers.Bookrunners and lead managers:Nomura, J.P. Morgan, UBS
- Re-insurance
Best bond -
Peak Reinsurance Company US$250 million perpetual subordinated capital securitiesThis is Peak Re’s debut offshore bond and the first G3 bond offering from a Hong Kong reinsurer ever and from an Asian reinsurer since 2017. The deal is designed to strengthen the company’s capital position and it demonstrate Peak Re’s commitment to maintain a strong investment grade credit rating.Global coordinators, bookrunners and lead managers:Citi, HSBC
- New economy
- E-commerce
Best bond -
Meituan US$2 billion dual-tranche senior notesThis is Meituan’s inaugural bond offering, which attracted a solid demand from a diversified investor base resulting in a final order book in excess of US$12 billion. It printed the five-year and 10-year tranches at 50bp tighter from their initial price guidance.Bookrunners and lead managers:BOC International, Goldman Sachs, BofA Securities, CCB International, ICBC International, HSBC, UBS
- Entertainment
Best convertible bond -
Kakao Corporation US$300 million convertible bondThe deal re-opened South Korea’s equity-linked market post Covid-19 and achieved zero coupon/yield financing for the company. The initial conversion premium marketing range of between 27.5% and 32.5% was revised upwards to between 32.5% and 35%, eventually pricing at the top of the range. The proceeds will be used for mergers and acquisitions to strengthen its platform and content.Global coordinators and bookrunners:Citi, J.P. Morgan
- Entertainment
Best bond -
Tencent Music Entertainment Group US$800 million dual-tranche senior notesThis is Tencent Music’s debut bond in the offshore debt capital markets, which garnered a final demand of US$10.15 billion with strong support from European and US institutional investors. Final pricing was tightened by 45bp from initial price guidance on both tranches.Bookrunners:BofA Securities, J.P. Morgan, Goldman Sachs, Morgan StanleyLead managers:BOCHK, BofA Securities, Credit Suisse, Deutsche Bank, HSBC, J.P. Morgan, Goldman Sachs, Mizuho Securities, Morgan Stanley
- Fintech
Best bond -
ZhongAn Online P&C Insurance Company US$600 million senior notesThis is the company’s debut US dollar bond issuance, establishing a new funding source. The deal generated a strong demand from quality institutional investors, allowing ZhongAn to tighten pricing by 45bp from initial price guidance and achieved the target issue size of US$600 million.Global coordinators:J.P. Morgan, Credit Suisse, China International Capital Corporation, Morgan StanleyBookrunners and lead managers:J.P. Morgan, Credit Suisse, China International Capital Corporation, Morgan Stanley, ABC International, Haitong International, BOC International
- Fintech
Best syndicated loan -
Lufax Holding Limited US$1.29 billion syndicated senior unsecured term loan facilityThe transaction is one the largest syndicated loans by fintech companies in Asia and allows the company to further optimize its long-term capital structure with added flexibility and liquidity for its operations. The facility was upsized from the initial amount of US$1 billion due to oversubscription.Coordinators, original mandated lead arrangers and bookrunners:Citi, HSBCMandated lead arrangers and bookrunners:BOCHK, BofA Securities, Bank of China (Macau), Goldman Sachs, J.P. Morgan, Mizuho BankMandated lead arrangers:Tai Fung Bank, UBS, Hang Seng Bank, Ping An BankLead arrangers:Morgan Stanley, Industrial Bank
- Infrastructure
- Best acquisition financing
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GLP China Holdings US$1.2 billion term loan facilityThe three-year facility was the largest syndicated acquisition loan in Hong Kong in 2020. The syndication was completed in just two months after launch amid Covid-19, achieving an oversubscription from the 10 participating lenders.Mandated lead arranger, bookrunner and underwriter:Bank of Communications (Hong Kong)Mandated lead arrangers and bookrunners:BOCHK, Bank of China (Singapore)Lenders:Industrial and Commercial Bank of China (Macau), Industrial and Commercial Bank of China (Tokyo), Nanyang Commercial Bank, Ping An Bank (Hong Kong), Cathay United Bank (Hong Kong), Chiyu Banking Corporation, KGI Bank, Bank SinoPac (Hong Kong)