Last year was a watershed for Chinese investment banking, with firms from the mainland capturing a bigger share of business from across Asia as their international peers struggled to compete. In many cases, global banks were forced to rethink their business strategies in the region, including substantial jobs cuts.
The shift was recognized across the industry as Chinese banks combined their balance sheets, strong onshore relationships and growing sophistication to work on the region’s juiciest deals.
The standout deals reflect the internationalization of Chinese capital markets as cross-border activity picks up and assets classes such as green bonds and securitization become more widely accepted.
The result is that bankers continue to push the boundaries of what is possible in Chinese capital markets. Landmarks in 2016 included the first green covered bond and Asia’s first mandatory exchangeable security, which was also the biggest equity-linked transaction globally since 2010. Meanwhile, the surge in cross-border M&A provided plenty of opportunity for lenders to fund acquisitions.
Mainland banks are no longer confining themselves to their natural hunting ground of Greater China. With plans to expand operations into the rest of Asia, Europe and the United States, 2017 promises to be just as exciting. For more on these awards, visit globalcapital.com/asia.
Awards in association with GlobalCapital Asia
Best IPO | Best follow-on/ABB |
onshore offshore | onshore offshore |
Best equity-linked deal |
Best bond |
onshore offshore |
onshore offshore |
Best Structured Finance Transaction |
Best Syndicated Loan |
offshore | offshore |
Best Leveraged Financing |
Best Equity House |
offshore | onshore offshore |
Best Bond House |
Best Investment Bank |
onshore offshore |
onshore offshore |
Award winners
Best IPO – onshore
Shanghai Film Co Rmb10.2 billion IPO
Sole bookrunner: CICC
Best IPO – offshore
Zhou Hei Ya International Holdings HK$2.87 billion IPO
Joint global coordinators:
Credit Suisse and Morgan Stanley
Joint bookrunner: China Merchant Securities
Best follow-on/ABB – onshore
China Shipbuilding Industry Group Power Co Rmb13.48 billion private placement
Financial adviser: Citic Securities
Best follow-on/ABB – offshore
PICC Property & Casualty Co HK$9.68 billion accelerated bookbuild
Joint global coordinators: Goldman Sachs and Morgan Stanley
Best equity-linked deal – onshore
Guangzhou Automobile Group Co Rmb4.10 billion six-year convertible bond
Joint bookrunners: CICC, Credit Suisse, Citic Securities, Goldman Sachs and Guangzhou Securities
Best equity-linked deal – offshore
SoftBank Group Corp $6.6 billion mandatory exchangeable trust securities, due 2019
Joint bookrunners: Deutsche Bank and Morgan Stanley
Best bond – onshore
Iowa China Offshore Holdings (Hong Kong) Rmb1.5 billion dual-tranche panda bond
Sole bookrunner: CICC
Best bond – offshore
Bank of China (London) $500 million three-year green covered bond
Joint global coordinators: Bank of China, Citi and HSBC
Joint bookrunners: Barclays, Bank of America Merrill Lynch, China Construction Bank, Crédit Agricole, Société Générale and Standard Chartered
Best Structured Finance Transaction – offshore
Blu Zenith Designated Activity Co $300m aircraft loan securitization
Joint bookrunners: CICC, HSBC, Jefferies and Standard Chartered
Best Syndicated Loan – offshore
CNAC Century (HK) Co $12.7bn term loan and revolving credit
Mandated lead arrangers and bookrunners: BNP Paribas, China Citic Bank, Crédit Agricole, Credit Suisse, Industrial Bank, Natixis, Shanghai Pudond Development Bank and Unicredit
Best Leveraged Financing – offshore
Tencent $3.5bn term loan and revolver due 2021
MLABs: ANZ, Bank of America Merrill Lynch, Bank of China, China Merchants Bank, Deutsche Bank, HSBC and Shanghai Pudong Development Bank
Best Equity House – onshore
Citic Securities
Best Equity House – offshore
Haitong International Securities
Best Bond House – onshore
Best Bond House – offshore
BOC International
Best Investment Bank – onshore
Citic Securities
Best Investment Bank – offshore
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