Awards for Excellence 2020
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The London-headquartered lender has its roots and its future in Asia, and from the outset it was keen to provide staunch support to its customers across the region. It has been everywhere throughout the Covid-19 crisis, playing, in the words of chief executive Noel Quinn, a “massive role” in supporting communities and helping restore economic growth.
At the group level, HSBC reinforced its reputation for resilience by keeping 80% of its branches open, despite asking 90% of its staff to work from home. Its team of ‘food angels’ distributed aid to the needy, while in mainland China it built an app that streamed pandemic updates to staffers and joined forces with healthcare platform WeDoctor to provide real-time consultation services.
In Singapore, the bank introduced a one-hour turnaround on the issuance of shipping guarantees, while in its heartland of Hong Kong, it rolled out relief measures worth more than HK$30 billion ($3.9 billion) and deferred principal payments on loans for companies in stressed sectors.
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Noel Quinn |
But HSBC’s leadership qualities were most apparent in its ability to keep Asia’s capital markets powering along. It was joint lead manager on a $516 million bond printed in February 2020 – at the height of China’s main coronavirus wave – by Bank of China Macau; and was sole bookrunner on a $65 million share placement by Chinese healthcare platform Ping An Good Doctor.
In March, it helped Korea’s Shinhan Bank issue a $50 million Covid prevention bond in the private market and acted as joint bookrunner on United Hampshire US real estate investment trust’s $310 million Singapore initial public offering.
The next month it helped New Development Bank, a Shanghai-based multilateral, to sell a Rmb5 billion ($707 million) panda bond and the Republic of Indonesia to raise $4.3 billion via a triple-tranche bond.
According to Dealogic, HSBC was the clear leader in Asia ex-Japan G3 bonds through the first five months of 2020, helping to raise $12 billion in 112 sales, for a market share of 8.8%. It also led Asia in green, social and sustainable bonds, and in G3 hybrid capital offerings in the 12 months to the end of March 2020.
Small firms need financial help in tough times – but so do multinationals, sovereigns and supranationals. HSBC has again demonstrated its ability and willingness to support them all.
