China and Pakistan like to describe their relationship as sweeter than honey and stronger than steel. As a huge China-backed project to overhaul Pakistan’s creaking infrastructure takes shape, Pakistani bankers are steeling themselves to discover just how sweet that Chinese investment might be

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

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