EM Polls and Awards

The Series 1 Filp Master Trust 1st SPC asset-backed securities issue collateralised a pool of public sector loans. Conducted in February, it was the first transaction in what promises to be a vibrant new form of securitisation in Japan.

US corporate Wal-Mart became the first retailer to tap the Samurai bond market in almost 30 years last July. With its AA credit rating it provided much-needed high-grade corporate diversification in a difficult environment. Local investor interest was strong, pricing was tight and coupons on the tranches were appealing.

Yamada Denki became the first firm in Japan to use a convertible bond to conduct a recapitalisation and share buy-back. The February offering, which has since been emulated, helped to lower company costs while creating value for existing shareholders in turbulent times.

Seven Bank’s debut listing was the nation's largest IPO last year. Because of the bank’s unique business model, its shares have outperformed the Japanese stock market since, impressive at a time when most bank shares have sunk amid the climate of investor fear.

Takeda Pharma’s acquisition of drugs-maker Millennium last May cemented it as a global force in pharmaceuticals. The deal offered a number of synergies and represented the pinnacle of a Japanese market trend.

The strategically important sale of Singapore’s three generation plants started with the competitive auction of Tuas Power. The valuation needed to be on the mark, since it would set the benchmark for the two privatisations to come.

Esso Thailand’s IPO galvanised international investors despite highly volatile conditions and a poor political climate. It was the nation’s largest debut listing for two years, and the subsequent global credit crunch showed that it was wise to raise the money while it could.

The strategic rationale behind DBS Group’s acquisition of Bowa Commercial Bank made an irresistible case. DBS was paid by the Singapore government to take the failed bank over, gaining an immediate foothold in the Taiwanese market.

Banco de Oro shone with its lower tier-two bond issue in May, demonstrating the depth of local investor demand for the right name at the right price.

Maybank’s purchase of 20% of MCB may seem ill-advised in retrospect, given Pakistan’s subsequent political and economic turmoil, but it represents a great deal for MCB. The Pakistani bank now has a relationship with an institution boasting experience in modern banking products as well as cutting edge Islamic finance tools.

Shinhan became the first bank in Korea to build its own fixed-rate mortgage franchise and consequently the first bank to issue a fixed-rate RMBS. The deal enabled it to meet its business needs despite appalling credit markets.

Binariang GSM’s multi-tranche Islamic bond issue was the largest local currency bond from emerging Asia and involved virtually every investor in Malaysia. The deal stretched the country’s fast-growing Islamic bond market to its limits.