Taiwan Loan House: Taipei Fubon Commercial Bank

ANZ remained the go-to bond house Down Under, where a broad footprint allowed it to nimbly adapt to shifting landscapes. Once again ANZ participated in the most Australian dollar bond trades (95), spread across a range of sectors, for a 14.7% share of the A$119.3bn (US$85bn) market in 2021, according to Refinitiv data. “ANZ was focused on providing best in class advice across all sectors during another interesting year for Australian bond markets,” said Paul White, who was head of capital markets until moving to a new role in February 2022....

Goldman Sachs made its mark in Australia’s record year for ECM with leading roles in the country’s largest deals, leveraging its ability to navigate through market uncertainty. Boutique firms expanded aggressively in Australia and poached rainmakers from leading banks in 2021, but Goldman Sachs fought its way to the top of the league table. Following Ian Taylor’s return from New York to head Australia and New Zealand ECM in November 2020, Goldman made further hires in 2021 to strengthen its team. “This has obviously been a focus for a number of...

In a market where local banks dominate, HSBC rose to the fore with a diverse flow of loans, including sustainable and event-driven financings. For its prominent role in several standout and widely syndicated loans, HSBC is IFR Asia’s Australia/New Zealand Loan House of the Year. HSBC stood out as sole sustainability coordinator on five syndicated sustainability-linked loans totalling A$8.2bn-equivalent (US$5.9bn) closed in Australia and three joint roles on other SLLs for another A$5bn combined. The bank led SLLs for borrowers from a variety of...

As China’s most international and diversified bank, Bank of China continued to show leading underwriting capabilities in both onshore and offshore markets and demonstrate product innovation. The A1/A/A rated lender scored a few firsts in 2021, including new structures that set it apart from its peers. In January 2021, BOC issued a US$778m-equivalent dual-currency Reg S deal – the first climate transition bonds from China. The same month, it issued the first Yulan bond, a new Euroclear-settled format that makes it easier for international...

CICC stood out in 2021 by putting its cross-border capabilities to work on some of the biggest deals of the year, after offshore listings of Chinese technology companies largely came to a halt. China’s equity capital market started the year with a bang, but sentiment turned in July after regulators launched a cybersecurity probe into ride-hailing giant Didi Global. That eventually led to an overhaul of rules governing cybersecurity and overseas listings, and froze most of the planned Hong Kong or US IPOs in the second half. As a result, many...

The Shenzhen municipal government printed the first municipal offshore renminbi bond from a Chinese local government in October, adding welcome diversity to the Dim Sum market, and, more importantly, setting a template. The landmark Rmb5bn (US$775m) three-tranche transaction from the coastal city in the southern part of Guangdong province supported several initiatives. The deal helped to expand the initial investment scope of the southbound Bond Connect scheme, through which investors in mainland China can invest in the Hong Kong bond market,...

A HK$18.8bn (US$2.4bn) primary follow-on from British life insurer Prudential set a precedent for Hong Kong retail investors to participate in a share placement and reinforced the city’s status as a major international financial centre. London and Hong Kong-listed Prudential announced the fundraising plan in January, saying it would be executed after the completion of the demerger of its Jackson US business. The insurer could have carried out the plan in London or Hong Kong, or both, but decided on a Hong Kong-only share sale to help raise...

As the pace of issuance picked up in India, Axis Bank stepped to the forefront to develop the market in areas like ESG, as well as breaking new ground offshore. Axis Bank, the first Indian lender to set up a standalone ESG committee at the board level in 2021, was one of the arrangers of the Rs12.37bn (US$166m) three-year debut green rupee bonds issued by Vector Green Energy (VGC). The bank helped VGC, which owns and operates 652 megawatts of solar and wind projects across India, raise funds in the domestic market at attractive rates. This...

In a year when India’s equity capital market was under the spotlight with unprecedented competition, JP Morgan continued its dominance by leveraging its global capabilities. When the Chinese government started to tighten scrutiny of the country’s technology giants around mid-year, investors were keen to look for high-growth alternatives. With Chinese deals on hold, foreign banks marched into India in the hope of diversifying their revenues and muscling into upcoming tech deals. JP Morgan continued to be among the top players in India ECM thanks...

Indofood CBP Sukses Makmur made an eye-catching debut in the US dollar bond market in June with an ambitious US$1.75bn two-tranche deal that was the year’s best capital markets trade from Indonesia. Marketing a maiden US dollar bond is hard enough, but Indofood aimed for a large size and long tenors, presenting additional challenges. The instant noodle producer priced a US$1.15bn 10-year note at par to yield 3.398% and a US$600m 30-year bond at par to yield 4.745%. The shorter tranche saw price guidance tighten by 45bp during the bookbuild,...

CIMB Investment Bank showed strong leadership in a rebounding ringgit bond market in 2021, bringing holistic solutions to existing clients and leading new credits over the hurdles introduced by the pandemic. Corporate issuers that made their maiden forays into the local bond market this year praised CIMB for its pivotal role their successful issues, while a major fund investor said the bank’s transparent communications to investors while juggling large order books earned it well-deserved respect as a lead bookrunner. “We are not suitcase...

Monde Nissin’s mix of resilient and high-growth businesses helped it to complete the Philippines’ largest IPO at Ps55.9bn (US$1.2bn), drawing international investor attention. The food producer also broke the jinx of recent large Philippine IPOs and re-IPOs not trading well, with the shares ending the year up 20% from the issue price of Ps13.50. The IPO comprised 3.6bn new shares with an overallotment option of up to 540m shares which was fully exercised. The shares sold represented 23% of the capital. Monde Nissin had twin advantages. Demand...