Awards

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.

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.

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.

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.

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.

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.

Emirates Telecom’s opportunistic purchase of a 45% stake in Swan Telecom stood out in 2008, in what was a poor year for the country’s equity and bond markets. The deal neatly enabled it to gain instant access to the world’s second largest mobile market.

The IPO of coal firm Indika Energy in June 2008 provides a textbook example of perfect timing, with the commodity cycle still in full swing. The deal ended up 15 times oversubscribed and boasted a quality order book.

China Railway Construction Corp.’s dual Hong Kong and Shanghai IPO wowed investors back in March, and despite dramatic declines in both stock markets, its shares have held up impressively.