The Asset
Regional Awards 2018

Best Deals - Fixed Income

Best bond /
Best sovereign bond

Ministry of Finance, People’s Republic of China US$3 billion bonds
The largest US dollar bond offering by the Ministry of Finance and the first time it priced a 30-year tranche.
Bank of China, Bank of Communications, China Construction Bank, China International Capital Corporation, Credit Agricole CIB, CTBC Bank, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan, Mizuho Securities, Standard Chartered
Best quasi-sovereign bond

Development Bank of Mongolia US$500 million senior notes
The first time that the Development Bank of Mongolia accessed the international capital markets without a government guarantee and set an important benchmark for other potential Mongolian issuers.
Frontier Strategies
HSBC, J.P. Morgan, Morgan Stanley
Best corporate bond / Best high-yield bond

Yingde Gases Group Company US$500 million senior notes
This was Yingde Gases’ first offshore debt financing since 2011 demonstrating Yinde’s turnaround story. Price guidance was tightened by 45bp due to robust demand.
Deutsche Bank, Morgan Stanley
China CITIC Bank International
Best bank capital bond

Bank of China (Hong Kong) US$3 billion additional tier 1 capital
The first US dollar Basel III-compliant instrument by Bank of China (Hong Kong), marking its return to the US dollar capital markets in nearly seven years. It was also the largest US dollar Reg S/144A AT1 offering globally since 2015.
Bank of China, Bank of China (Hong Kong), BOC International, Cinda International, Citi, Goldman Sachs
Best insurance capital bond

Hanwha Life Insurance Company US$1 billion 30 non-call five year subordinated capital securities
This inaugural US dollar offering of Hanwha Life recorded the lowest issue spread among the US dollar non-call five year hybrid securities issued in Korea and the issue spread was the lowest among all US dollar-denominated hybrids since the 2008 global financial crisis.
J.P. Morgan
Bank of America Merrill Lynch, J.P. Morgan, Nomura, UBS
Hanwha Investment & Securities
Best investment grade bond

China Development Bank US$1.5 billion dual-tranche floating rate notes and 800 million euro fixed rate notes
Generated robust investor demand with the euro tranche achieving negative new-issue premium despite a difficult market environment.
ANZ, Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank (Asia), Deutsche Bank, HSBC, Mizuho Securities, Standard Chartered, UBS
Bank of China, Barclays, BNP Paribas, China Construction Bank (Europe), Commerzbank, Deutsche Bank, DZ Bank, HSBC, MUFG, Standard Chartered
Best local currency bond

Temasek Holdings S$500 million placement and public offer tranches
The first Temasek bond with a public offer for retail investors and the first such bond offered under the Monetary Authority of Singapore’s bond exempt issuer framework.
DBS, HSBC, Oversea-Chinese Banking Corporation, Standard Chartered, United Overseas Bank
Best renminbi bond

Shui On Land CNH2.2 billion senior notes
Opened the high yield dim sum bond market in 2018 and traded well in the secondary market.
Standard Chartered
Best new bond

Minor International US$300 million perpetual senior capital securities
The transaction structure incorporates a third-party guarantee and backstop-put facility from the issuer’s relationship bank Bangkok Bank – the first such transaction to be executed in Thailand and the first in the Asia Pacific outside of Korea.
Bangkok Bank
Mizuho Securities, Standard Chartered
Best liability management

Perusahaan Listrik Negara US$2 billion dual-tranche notes and accelerated any-and-all tender offer
The first public tender offer of US dollar bonds from an Indonesian state-owned enterprise, allowing the company to extend its debt maturity profile and realizing a significant coupon savings.
Citi, HSBC, Mandiri Sekuritas, Standard Chartered
Best transport finance deal

Korean Air Lines Company US$300 million senior notes
The first non-investment grade bond transaction from Korea since Hynix Semiconductor in 2007 as well as the company’s first standalone senior unsecured offering in international capital markets.
BOC International, Citi
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