IFR Asia Awards 2021- winners announced

Morgan Stanley had to be quick to adapt in 2021, as some hot markets turned cold overnight and vice versa. That required the ability to see upcoming opportunities across the region and to reallocate resources to them as investor sentiment, or regulators’ attitudes, changed. In the past, other banks used to claim Morgan Stanley was overly reliant on China and the technology sector. While the bank capitalised on its strengths in those areas during a booming first half, it needed to draw on capabilities in other areas as China’s tech companies...

When one fundraising route closes, another one opens – at least, if you have a good bank behind you. Politics, regulators and credit concerns all closed funding avenues for Asian companies at some point in 2021, so issuers and arrangers had to be flexible and quick to adapt. After a booming first half of China-to-US listings, China’s regulatory crackdown on industries like the technology sector, coupled with increased scrutiny from the US authorities, ended that route to market. Some forward-thinking Chinese companies and their advisers had...

Asia’s debt restructuring landscape in 2021 revealed its increasingly dual nature: China, and the rest of the region. South and South-East Asian legal regimes remain challenging although reform is underway, led by India, Singapore, Malaysia and the Philippines and hope springs that greater transparency and predictability will emerge as markets develop. “Undoubtedly China distressed is perceived as the new frontier for Asian debt restructurings,” said Jamie Mclaughlan, director at advisory firm PJT Partners in Hong Kong. “Over many, many years...

If 2021 was the year when India finally punched its weight in Asian investment banking, Axis Bank emerged as the pound-for-pound champion. A mixture of low interest rates, a burgeoning pipeline of new economy companies, more domestic savings being channelled into the capital markets and regulatory uncertainty in other markets led to a flurry of dealmaking in the country. As equity and debt issuance boomed, India’s third-largest private sector bank led standout trades across all major products and segments. This included the record Rs183bn (US$2...

When India’s Masala bond market was launched in 2014, the hope was that it would become a vibrant issuance arena underpinned by deep secondary liquidity and a wide variety of foreign investors and traders. To say that the market has disappointed would be an understatement, but optimists are calling a turn. The International Finance Corporation opened the Masala market with the announcement of a bond programme in 2013, following severe stress in India’s capital markets as a result of concerns about the country’s budget deficit and the “taper...

JSW Group, which has energy, infrastructure and cement businesses alongside its flagship company JSW Steel, made use of both onshore and offshore capital markets in 2021 as it tested the limits of both with challenging transactions. India’s regulations limit the amount lenders can extend to one corporate group, and also restrict the amount issuers can raise from the bond market. As a result, sophisticated issuers like JSW Group are diversifying their sources of funding. “We are gradually reducing our dependence on the Indian banking system...

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Citi’s exceptional record in 2021 was backed by its nimbleness and its willingness to take tough decisions in light of market changes. The bank has been shifting its business model in recent years to become more competitive and reach new issuers in smart, concentrated ways. It has established a stronger foothold in ESG, high yield and China, and helped guide more borrowers into the 144A market, which was often the best option for Asian investment-grade issuers. The booming issuance in the first quarter slowed and spreads widened because of...