BEST INFRASTRUCTURE DEALS
APAC & VIETNAM
$10 billion renewable energy development of La Gan Offshore Wind ProjectParticipants: Copenhagen Infrastructure Partners, YKVN
This landmark offshore wind project in Vietnam, valued at approximately $10 billion, represents one of the country’s first large-scale offshore wind developments and a major step forward for its renewable energy sector.The transaction set key precedents for foreign investor participation under Vietnam’s evolving regulatory regime, and demonstrated how complex renewable infrastructure projects can be structured to align investor requirements with government policy objectives.
Despite legal uncertainties, foreign ownership restrictions and multi-agency regulatory engagement, the project established a viable framework for future offshore wind investments. By strengthening investor confidence and supporting Vietnam’s energy diversification, the deal positions the country to attract substantial international capital into its clean energy transition.AUSTRALIA
Central West Orana Renewable Energy ZoneParticipants: Capella Capital, Westpac
This landmark financing supported the Central-West Orana Renewable Energy Zone (CWO REZ), the first project procured under Australia’s novel regulated concession model and one of the country’s largest privately financed public private partnership (PPP).It set a new precedent by applying PPP-style gearing of up to 90% to a Transmission Network Service Provider – an operational entity rather than a typical SPV. The innovative financing structure was designed to minimise electricity consumer costs, while also ensuring intergenerational equity.
Structured as a certified green loan, the transaction attracted a diverse global syndicate of 21 lenders and was successfully executed despite evolving scope and multiple debt refreshes. The model is now expected to underpin future contestable transmission projects across Australia.BANGLADESH
$100 million long term limited recourse debt financing for RSGT BangladeshParticipants: Green Delta Capital
The $100 million limited recourse financing for RSGT Bangladesh represented a milestone in Bangladesh’s infrastructure financing market. It was the first public private partnership (PPP)-based port project in the country involving an international private operator – establishing new credibility for Bangladesh as a destination for global infrastructure investment.The transaction introduced an unprecedented, blended financing structure, combining international development finance institutions (DFIs), local DFIs and commercial banks, while setting a new benchmark with a 10-year infrastructure debt tenor.
Despite macroeconomic volatility, regulatory complexity and political transition, the deal successfully mobilised capital and delivered Bangladesh’s first limited recourse port financing, creating a replicable template for future PPP infrastructure projects across frontier markets.HONG KONG SAR
Goodman Hong Kong Data Centre Partnership's HK$9.03 billion green loanParticipants: Bank of China, DBS Bank, E.SUN Bank, Fubon Bank, HSBC, Huaxia Bank, Mizuho, MUFG, United Overseas Bank, Walkers, A&O Shearman
The Goodman Hong Kong Data Centre Partnership (GHKDCP) financing set multiple market precedents, establishing the first private institutional investment platform dedicated solely to Hong Kong’s data centre sector, and reinforcing the city’s position in the Asia Pacific (Apac) digital infrastructure landscape.The transaction also marked Goodman’s first secured platform financing in Apac ex-Japan, uniquely structured across six high-quality data centre assets at different development stages.
One of the largest green loans raised for Hong Kong’s data centre sector to date, the financing introduced a flexible sustainability framework tailored to diverse assets. Delivered within a tight timeline of only a few months, the deal demonstrated sophisticated structuring, strong lender coordination and innovation in sustainable infrastructure financing.INDIA
INR24.16 billion project finance green loan for 150MW firm and dispatchable renewable energy (FDRE) projectParticipants: Standard Chartered Bank
This project represented an important step in scaling bankable renewable infrastructure that can deliver reliable power to the grid.Structured as a limited-recourse green loan, the financing supported a hybrid renewable facility capable of delivering firm, schedulable electricity, combining renewable generation with energy storage to provide a stable 150MW dispatchable power profile.
Beyond its size, the transaction highlighted the growing role of green project finance in supporting next-generation renewable infrastructure. By financing dispatchable clean power rather than intermittent generation alone, the deal demonstrated how lenders and developers are adapting financing structures to support the transition toward reliable, round-the-clock renewable energy systems in India.INDONESIA
Trans Papua PPP project financingParticipants: PT Sarana Multi Infrastruktur, PT Bank Rakyat Indonesia
This landmark transaction delivered the first KPBU (public private partnership (PPP)) road project in Papua’s highlands, proving that PPP models can succeed even in some of Indonesia’s most remote and challenging geographies.With a structure combining senior debt, equity and government guarantees, it created a replicable financing template for frontier infrastructure where fiscal capacity is limited.
Beyond construction, the project is expected to cut logistics costs by up to 50% by shifting cargo from air to road, improving affordability of essential goods. By accelerating connectivity and social inclusion in Central Papua, the deal sets a new benchmark for scalable PPP infrastructure development across remote regions of Indonesia.MALAYSIA
Jumbo loan financing of up to $2.8 billion granted by a consortium of international and cross-regional lenders to Bridge Data Centres Malaysia (Labuan)Participants: Citi, Clifford Capital, Crédit Agricole CIB, DBS Bank, Deutsche Bank, JP Morgan, MUFG, SMBC, United Overseas Bank, Bain Capital, Kirkland & Ellis, Linklaters, Rahmat & Lim & Partners, Zul Rafique & Partners
This jumbo financing stood out as one of the largest data centre financing transactions in Asia and among the largest ever completed in Malaysia.
The advisors on this deal helped structure a complex cross-border financing incorporating a Labuan offshore structure while navigating key regulatory approvals. The transaction secured Malaysian
Digital (MD) status for all seven project companies – the highest number in a single data centre financing – unlocking special financing privileges. A landmark general permission from Bank Negara Malaysia enabled unlimited foreign-currency borrowing and financial guarantees.
PAKISTAN
Sunridge Foods' PKR2 billion agri-infrastructure sukukParticipants: Bank Islami Pakistan
Pakistan’s first-ever agri-infrastructure sukuk raised funds to finance Sunridge Foods’ grain storage plants, silos and warehouses – marking a landmark innovation in the country’s capital markets.Structured as a fully Shariah-compliant instrument and arranged by Bank-Islami Pakistan, the sukuk achieved a AAA credit rating from issuance, positioning it as a high-quality investment product. The deal was therefore able to pioneer a new asset class linking capital markets with agriculture infrastructure, directly supporting Pakistan’s food security priorities.
By attracting both Islamic and conventional investors, it established a scalable and replicable financing model for agribusiness and climate-resilient agricultural infrastructure, unlocking new private capital for a previously underfunded sector.PHILIPPINES
Meralco’s strategic partnership with ActisParticipants: Latham & Watkins, Milbank LLP
This $3.5 billion Terra Solar Project represented the largest foreign direct investment in a greenfield infrastructure project in the Philippines – and was poised to become the world’s largest integrated renewables and energy storage project.Combining 3.5GWp of solar PV capacity with a 4.5GWh battery energy storage system, the project set a new benchmark for scale and technological integration in renewable energy.
Further, its innovative financing structure, anchored by a strategic partnership with Actis, introduced robust risk-mitigation strategies and ensured bankability.With strong ESG credentials and a transformative impact on the Philippines’ energy transition, the transaction established a replicable model for large-scale renewable infrastructure across Asia Pacific.
SINGAPOREStonepeak's $1.3 billion structured equity investment into Princeton Digital Group
Participants: JP Morgan, Bae, Kim & Lee, Simpson Thacher & Barlett, Gibson DunnThis $1.3 billion structured equity investment into Princeton Digital Group (PDG) led to one of the largest digital infrastructure investments in Asia Pacific (Apac) in 2025. The transaction also provided Stonepeak with a strategic entry into a leading hyperscale data centre platform spanning six markets and over 1.1GW of capacity.
It required an innovative preferred equity structure that offered downside protection and governance rights for the investor while preserving PDG’s flexibility to accelerate expansion.Complementing PDG’s $1.2 billion debt financing, the deal created a balanced capital structure and set a new benchmark for equity-led infrastructure financing, establishing a replicable model for funding large-scale digital infrastructure growth across Apac.
SOUTH KOREAKKR's acquisition of SK Ecoplant's waste-management platform
Participants: JP Morgan, Bae, Kim & Lee, Simpson Thacher & Barlett, Gibson Dunn
KKR’s acquisition of SK Ecoplant’s waste-management platform was one of the most significant environmental infrastructure carve-outs in Asia in recent years, combining scale, complexity and strategic repositioning in a single transaction,.
The transaction saw KKR acquire a fully integrated waste and water platform comprising Renewus, Renewone and Renewenergy Chungbuk from SK Ecoplant. With leading positions across industrial incineration, landfill, medical waste and water treatment, this was a rare, scaled entry point into South Korea’s fragmented waste-management sector, positioning the platform for consolidation and operational expansion.
At the same time, it enabled SK Ecoplant to accelerate its strategic pivot toward semiconductor and digital infrastructure businesses, freeing up capital and management focus. The deal underscores the growing role of corporate carve-outs in unlocking value across Asia’s infrastructure and environmental services markets.
Amalgamation of Gulf Energy Development and Intouch Holdings, and relisting
Participants: Bualuang Securities, UBS, LinklatersThis approximately $17.2 billion amalgamation wasn’t only the largest M&A transaction in Southeast Asia; it was the region’s largest-ever deal in both the energy, infrastructure and telecom sectors.
The landmark transaction simplified a complex shareholding structure by removing Intouch Holdings as an intermediary holding company, enhancing governance, strategic agility and transparency.By combining energy, infrastructure and digital assets, the deal created a diversified portfolio of income streams that strengthened financial resilience and long-term growth prospects. It also optimised capital structure and cashflows to support future expansion.
BEST ISLAMIC FINANCE DEALS
APAC & MALAYSIA
Perbadanan Bekalan Air Pulau Pinang’s RM300 million sustainability sukuk wakalahParticipants: Maybank, United Overseas Bank, Zul Rafique & Partners
The issuer’s debut sukuk wakalah programme marked a landmark transaction, establishing the first Penang state government-linked company to access capital markets via a sustainability sukuk.The maiden issuance financed critical water infrastructure, advancing ESG goals in sustainable water and affordable basic services. Despite volatile global conditions, the deal achieved exceptional demand – peaking at 14x oversubscription – and priced inside guidance, setting new benchmarks for AAA-rated issuers.
Broad investor participation underscored confidence, while innovative structuring provided funding flexibility. The transaction set a replicable model for ESG-driven, cost-efficient infrastructure financing in Malaysia’s capital markets.BANGLADESH
SJIBL's 3rd mudaraba floating rate, non-convertible, unsecured subordinated bondParticipants: UCB Investment
UCB Investment’s execution of SJIB mudaraba subordinated bond created a landmark for Bangladesh’s Islamic finance market.By strengthening Tier 2 capital and ensuring Basel III compliance, the deal enabled portfolio expansion across SME, retail and sustainable sectors.
Despite volatile conditions, execution was timely through innovative structuring, competitive pricing and proactive regulatory engagement. A pioneering branch-led mobilisation strategy broadened investor participation and diversified funding sources.The transaction not only enhanced investor confidence and financial resilience but also set a benchmark for Shariah-compliant capital instruments, reinforcing SJIB’s leadership and advancing market development.
INDONESIARepublic of Indonesia's $2.2 billion 5/10yr sukuk sustainability bond
Participants: HSBC, BofA Securities, Deutsche Bank, Dubai Islamic Bank, Mandiri Sekuritas, Linklaters
This transaction marked the first sovereign green sukuk of 2025 and the year’s largest US dollar-denominated green tranche in Asia Pacific at the time of launch. The deal was also Indonesia’s first issuance under its updated April 2025 Sustainable Government Securities Framework.
Strong execution enabled a 30bps price tightening, with final pricing at 4.55% (5-year) and 5.20% (10-year).
PAKISTAN
Sunridge Foods’ PKR2 billion agri-infrastructure sukukParticipants: InfraZamin Pakistan
Pakistan’s first-ever agri-infrastructure sukuk raised funds to finance Sunridge Foods’ grain storage plants, silos and warehouses – marking a landmark innovation in the country’s capital markets.Structured as a fully Shariah-compliant instrument and arranged by Bank-Islami Pakistan, the sukuk achieved a AAA credit rating from issuance, positioning it as a high-quality investment product. The deal was therefore able to pioneer a new asset class linking capital markets with agriculture infrastructure, directly supporting Pakistan’s food security priorities.
By attracting both Islamic and conventional investors, it established a scalable and replicable financing model for agribusiness and climate-resilient agricultural infrastructure, unlocking new private capital for a previously underfunded sector.
BEST PRIVATE CREDIT DEALS
APAC & INDIAHinduja Group's acquisition financing of INR7,300cr for acquiring two insurance assets from Reliance Capital
Participants: 360 ONE Asset
This landmark transaction represented India’s largest-ever insurance sector acquisition financing, delivered through a first-of-its-kind onshore/offshore structure by a domestic private credit fund.
With 360 ONE underwriting over 60% of the deal, it structured a dual-issuer framework to navigate foreign direct investment caps and secure approvals from multiple regulators.
Executed under compressed timelines, it set a new benchmark for complex, regulated distressed M&A – establishing a replicable blueprint and reinforcing domestic private credit as a credible cross-border financing provider.
AUSTRALIAKKR Credit's bespoke financing solution for Family Doctor
Participants: Loftus Lane Capital, King & Wood Mallesons, G+T
In February 2025, KKR’s credit strategy provided support to Family Doctor, delivering a highly differentiated, bespoke private credit solution that enabled rapid inorganic expansion while preserving a rare 100% doctor-owned model.
Supporting one of Australia’s largest GP networks, with more than 110 clinics, the financing positioned the business to continue scaling without equity dilution.
The transaction stood out as a non-sponsored structure in a bank-dominated market, with KKR acting as sole lender and structuring a flexible, multi-tranche capital solution aligned with founder priorities. This approach aligned capital with founder objectives and reinforced a patient-centric model of care.
LBB Stage 1 - funding solution for the construction of 76 terraced houses in Hobsonville, Auckland
Participants: Fiera CapitalLBB Stage 1 delivered a scalable, first-phase financing solution for a 300-plus home master-planned development in Hobsonville, Auckland – ultimately enabling early site activation and construction of 76 terraced homes.
An innovative staged funding and flexible pre-sales structure allowed construction to progress in parallel with sales, accelerating timelines by up to 12 months. Despite a softer housing market, presales nearly doubled, while construction was completed ahead of schedule and within budget.Effective council engagement and project sequencing ensured minimal delays.
The transaction validated demand for affordable, well-designed housing and established a repeatable model for future suburban developments across New Zealand.
PHILIPPINESLending Ark's senior secured debt investment backed by eligible cash loan and BNPL receivables to Neuroncredit
Participants: Lending Ark - CITIC CLSA Capital Partners HKLending Ark Asia Secured Private Debt Fund II delivered a $75 million senior secured, asset-backed facility to Neuroncredit, enabling rapid expansion of its Philippine consumer lending and Buy Now, Pay Later (BNPL) platform.
The transaction was notable for its robust, risk-mitigated structure – featuring fixed-rate payments, over-collateralisation, parent guarantees and US dollar denomination to neutralise FX exposure.Building on a proven partnership with Atome Group, the deal combined strong underwriting discipline with scalable growth support.
It also requited a differentiated capability to structure high-quality, income-generating investments backed by granular, performing receivables across emerging markets.VIETNAM
Project Vesper - SeaTown's private credit funding for a Vietnamese EV manufacturerParticipants: SeaTown Holdings, Jefferies
SeaTown’s Project Vesper stood out as a landmark, first-of-its-kind private credit transaction in Vietnam’s emerging electric vehicle (EV) sector, combining innovative structuring with strong investor protections.The bespoke facility provided flexible growth capital to a leading Vietnamese EV manufacturer, supporting expansion while enhancing SeaTown’s portfolio diversification.
Critically, SeaTown transformed exposure to sub-investment-grade local banks into AA- equivalent, bank-grade risk through standby letter of credit confirmations from top-rated institutions and layered guarantees. That pioneering approach mitigated country, sector and counterparty risks while delivering returns in the mid-teens.Beyond financial innovation, the deal set a replicable template for mobilising private credit into Southeast Asia’s green economy.
BEST PRIVATE EQUITY DEALS
APAC & JAPAN
KKR's acquisition of FUJI SOFTParticipants: KKR
This acquisition stood out as a landmark in Japanese M&A, defined by its innovative two-stage tender offer structure that enabled KKR to secure a strategic minority stake and enhanced deal certainty.The transaction balanced tactical sophistication with strong governance, ensuring fair treatment of shareholders and securing backing from the founding family. KKR’s approach combined disciplined execution with nuanced stakeholder management in a highly complex bidding environment.
The successful privatisation laid the foundation for long-term value creation and strengthening of the management team. In FY2025, the first year following KKR’s investment, the company recorded record revenue and profit.KKR rapidly unlocked hidden value through real estate monetisation, demonstrating execution speed, stakeholder alignment and a differentiated playbook that set new benchmarks for complex, value-driven private equity deals.
AUSTRALIACC Capital and OneIM’s acquisition of Insignia Financial
Participants: Deutsche Bank, Macquarie CapitalThis notable acquisition of Insignia Financial, Australia’s largest wealth manager, stood out as a landmark, highly competitive public market transaction.
In emerging as the winning bidder in a competitive three-way process – resulting in eight indicative, non-binding and conditional offers prior to the binding offer – CC Capital secured its first Australian deal and the largest-ever financial sponsor acquisition of a FIG asset in the country.
Executed via a scheme of arrangement at a 56.9% premium, the deal underscored strong shareholder value delivery. Innovative structuring mitigated market disruption amid tariff volatility, while a globally coordinated deal team ensured seamless execution across jurisdictions.CHINA OFFSHORE
KKR's acquisition of a majority stake in Dayao BeveragesParticipants: KKR, Paul Weiss, Clifford Chance
KKR’s acquisition of a controlling stake in Dayao Beverages created a milestone foreign investment in China’s consumer sector – combining scale, innovation and strategic execution.Targeting the country’s third-largest sugared soda brand, KKR backed a differentiated food service–led distribution model while funding rapid national expansion, product innovation and channel diversification.
Despite complex red-chip restructuring and regulatory hurdles, the deal was efficiently structured with strong founder alignment.Post-acquisition, Dayao exceeded expectations – expanding into functional beverages, gaining share across regions and outperforming global peers in key markets, while also setting a precedent for foreign control, alternative distribution strategies and cross-border M&A in China.
INDIAAccess Healthcare's sale to New Mountain Capital
Participants: Jefferies, EY, Sidley Austin, Shardul Amarchand Mangaldas & Co, Ropes & Gray, AZB & PartnersThis transaction involved a landmark sale, reported as India’s largest M&A transaction in the first half of 2025.
Executed under Singapore law, the deal navigated complex multi-jurisdictional challenges across India, the US and the Philippines, including intricate tax, accounting and employee structures.A highly competitive process delivered strong monetisation for sellers, while enabling New Mountain to acquire a scaled, founder-led platform.
As a result, the transaction catalysed the creation of Smarter Technologies – an AI-powered revenue cycle management platform processing over 400 million transactions and managing more than $200 billion in revenue – establishing a pioneering model for tech-enabled healthcare outsourcing and cross-border private equity execution.SINGAPORE
Blackstone-led consortium's sale of Singapore Worker Dormitories to Bain CapitalParticipants: Barclays, Clifford Chance, Simpson Thacher & Bartlett
This was a notable exit of Singapore’s Avery Lodge portfolio, delivering a sale worth nearly twice the original investment after a decade of ownership.Despite leasehold constraints, short-term contracts, financing complexity and heightened post-Covid ESG scrutiny, the asset was repositioned as critical social infrastructure with resilient, visible cash flows.
Through targeted investor education, bespoke valuation frameworks and financing guidance, the deal attracted strong strategic and yield investor interest, culminating in a successful sale to Bain Capital. Further, the transaction not only maximised value but catalysed broader market recognition and re-rating of the worker accommodation sector.
BEST PROJECT FINANCE DEALS
Financing solution for Ørsted's offshore wind projects in Taiwan
Participants: CTBC, CACIB, ESUN Bank, FCB, Land Bank, Mega, OCBC, HSBC, Taipei Fubon Bank, LinklatersThis was a landmark offshore wind (OSW) financing in Taiwan, pioneering the first-ever integration of the National Credit Guarantee Administration (NCGA) as a local export credit agency into project finance, aligning domestic frameworks with global standards.
The deal featured multiple ‘firsts’, including Cathay Life’s debut OSW investment and the participation of three state-owned banks in a non-recourse structure.This required capability gaps to be bridged, a boost to market confidence post-Yunlin and set a template for Round 3 projects. Another notable feature was the execution strength needed for such a complex, large-scale renewable financing.
AUSTRALIACentral West Orana Renewable Energy Zone (Network Operator)
Participants: Capella CapitalThis was a stand-out transaction – the largest privately financed Australian public-private partnership (PPP) and the first procured under the innovative Regulated Concession model.
The deal created a new Transmission Network Service Provider within a project finance framework, delivering faster procurement, lower consumer costs and intergenerational equity.It required the structuring of a highly novel financing, mobilising more than 20 global lenders, achieving around 90% PPP-style gearing and embedding CPI-linked, long-dated debt with minimal amortisation. A concessional Clean Energy Finance Corporation (CEFC) tranche further reduced early-stage costs.
Despite scale and complexity, the deal secured regulatory approval, set new benchmarks for transmission financing and established a replicable model for Australia’s energy transition.BANGLADESH
BDT929.80 million rights issue of Aamra NetworksParticipants: UCB Investment
In executing this fully subscribed rights issue, Aamra Networks was able to successfully pivot from an unsuccessful zero-coupon bond in a high-rate environment. The deal was notable as a benchmark for equity-funded digital infrastructure.Proceeds were explicitly deployed into modernising the network and expanding nationwide, including core upgrades, fibre rollout and new Points of Presence, directly enhancing capacity, resilience and service quality.
The transaction aligned capital with long-term infrastructure needs, reduced leverage through partial debt repayment and delivered tangible economic benefits – in turn strengthening Bangladesh’s digital backbone while demonstrating a scalable, investor-aligned model for infrastructure financing in asset-light sectors.CHINA ONSHORE
Rmb4 billion financing for Nanchang Rail Transit Line 1 Phase I ProjectParticipants: Han Kun Law Offices
This large-sale financing for Nanchang Rail Transit Line 1 Phase I stood out as a pioneering urban infrastructure transaction, establishing an early benchmark for metro public-private partnership (PPP) financing in China.It introduced an innovative risk-sharing framework, balancing construction, operational and revenue risks between public and private stakeholders. The deal also featured a blended financing structure, combining bank lending with long-tenor project funding aligned to asset life cycles.
Critically, it catalysed private and institutional capital into a traditionally state-led sector.Beyond financing, the project delivers significant urban impact, easing congestion and supporting land development – setting a replicable model for future transport infrastructure funding.
INDIAM/s JSW Renewable Energy (Vijayanagar)'s green hydrogen project
Participants: Bank of BarodaThe financing of JSW Renewable Energy’s 5,000 Nm³/hr green hydrogen project was one of India’s earliest commercial-scale hydrogen deals, backed by integrated renewable power and a fully contracted captive offtake with JSW Steel.
This saw a first-in-market hydrogen financing product alongside robust safeguards to address greenfield and technology risks – including a debt service reserve account, sponsor undertakings and minimum debt service coverage ratio commitments.Beyond delivering above-hurdle returns, the deal created a replicable financing blueprint, enabled industrial decarbonisation in steel and reinforced lender confidence in hydrogen.
INDONESIABlended financing for Ijen Geothermal Power Plant
Participants: Sarana Multi InfrastrukturThe Ijen geothermal project represented a landmark, first-of-its-kind public-private partnership (PPP) financing in East Java, delivering a bankable, blended finance structure under PT SMI’s SDG Indonesia One platform.
Combining nearly $145 million in senior debt (including concessional Agence Française de Développement (AFD) funding), sponsor equity and technical assistance, the deal successfully de-risked high exploration and development challenges.Achieving its on-time commercial operation date in February 2025, the 34.4MW plant provided reliable baseload renewable power under a 30-year PLN PPA. Avoiding up to 838,332 tCO₂e annually, it set a replicable model for scaling geothermal investment and mobilising global capital to accelerate Indonesia’s clean energy transition.
MALAYSIAJumbo loan financing of up to $2.8 billion granted by a consortium of international and cross-regional lenders to Bridge Data Centres Malaysia (Labuan)
Participants: Citi, Clifford Capital, Crédit Agricole CIB, DBS Bank, Deutsche Bank, JP Morgan, MUFG, SMBC, United Overseas Bank, Bain Capital, Kirkland & Ellis, Linklaters, Rahmat & Lim Partners, Zul Rafique & PartnersBridge Data Centres Malaysia’s landmark jumbo financing was among the largest data centre financings in Asia and Malaysia.
The deal was highly innovative, combining a Labuan offshore structure with ‘Malaysian Digital’ status across seven project companies, in turn unlocking foreign currency borrowing flexibility.A first-of-its-kind combined approval from Bank Negara Malaysia covered both unlimited foreign currency borrowing and cross-entity financial guarantees, streamlining regulatory complexity.
The deal was delivered under tight timelines alongside a multi-entity refinancing, the transaction showcased sophisticated structuring, cross-border coordination and regulatory navigation. It also set a new benchmark for large-scale digital infrastructure financing in the region.PHILIPPINES
PHP150 billion senior secured term loan facility for Terra Solar Philippines
Participants: BDO Capital & Investment, BDO Unibank, Security Bank, China Banking Corporation,
Philippine National Bank, Bank of the Philippine Islands, Metropolitan Bank & Trust, PNB Capital and Investment, BPI Capital, First Metro Investment, Picazo Buyco Tan Fider Santos & Dee, Romulo Mabanta Buenaventura Sayoc & De Los Angeles
Structured at 75% debt with flexible cash flow and drawdown mechanisms, it balanced bankability with shareholder returns while enabling future sponsor participation. Delivered in a record six months by a fully domestic six-bank syndicate, the deal showcased unprecedented scale, speed and coordination.
Innovative features included first-time Personal Property Securities Register security implementation and bespoke covenant structuring.Ultimately, the deal set new benchmarks for Philippine infrastructure financing and demonstrated the capacity of local capital markets to fund globally significant energy transition projects.
SINGAPOREBayfront Infrastructure Capital VI
Participants: Clifford Capital, Societe Generale, Standard Chartered Bank, BNP Paribas, MUFG, OCBC, Allen & Gledhill, Latham & Watkins, Clifford ChanceThe $527 million Bayfront Infrastructure Capital VI issuance – the largest in the programme’s history – advanced Asia Pacific’s pioneering infrastructure asset-backed securities (IABS) market.
The transaction combined innovation and scale, introducing a first-time L-shaped risk retention structure and attracting a broader, first-time institutional investor base across regions.Strong demand drove a record four-times oversubscription and tighter pricing, reinforcing IABS as a distinct asset class.
Backed by a highly diversified portfolio across 15 countries, the deal also set a new benchmark for sustainable finance, with 44.2% green and social assets and a $170 million AAA sustainability tranche supporting impactful infrastructure development.
SRI LANKA$30 million bilateral loan for a luxury resort in the Maldives
Participants: HSBCThis landmark dual-structured financing, combining equity and debt, fully funded the development of a five-star luxury resort in the Maldives, demonstrating strong structuring capability in a high-risk environment.
The deal aligned seamlessly with the client’s regional expansion strategy while enabling early project mobilisation through upfront financing certainty.Despite a sovereign downgrade and tightening FX regulations, it still involved robust protections – including revenue routing, cross-border risk mitigants and tailored covenants to safeguard cash flows.
The transaction stood out for its innovation, execution under constraint and catalytic impact on the tourism sector.
THAILANDTHB5.864 billion green loan facility for Levanta Renewables (Thailand)
Participants: United Overseas BankThis transaction delivered a highly structured, two-step financing solution to support Actis/Levanta Renewables’ strategic entry into Thailand.
An initial equity bridge loan enabled the acquisition of a majority stake in Sunflower (HoldCo), followed by a project finance facility refinancing eight project companies, executed seamlessly within a single transaction.The deal covered a diversified 139.4MWp portfolio of 24 solar assets across Thailand and was classified as a green loan, underscoring its sustainability credentials.
As Levanta’s first Thailand investment, it accelerated its Southeast Asian expansion towards a 1.5GW target, combining scale, speed and innovative structuring to deliver a landmark renewable energy financing.VIETNAM
PV Power’s $521.5 million financing of Nhon Trach 3 & 4 LNG-to-Power ProjectsParticipants: ING Bank, Citi, YKVN, Pinsent Masons, Norton Rose Fulbright
This impressive financing enabled PV Power to advance Vietnam’s LNG-to-power transition through a pioneering, guarantee-free structure – setting a new benchmark for the sector.The $521.5 million tied export credit agency (ECA) loans, alongside a local loan and bridge facility, funded the 1,500MW Nhon Trach 3 and 4 plants, one of Vietnam’s most advanced power projects.
By blending corporate lending with project finance features such as secured revenues, ESG standards and robust covenants, the deal overcame the absence of sovereign backing. As the largest tied ECA power financing in Vietnam in four years, it established a scalable, replicable model for future infrastructure investment.
BEST PROPERTY DEALS
A$5.5 billion term loan and revolving credit facilities for Amidala AU Finco and Amidala CM Finco
Participants: United Overseas Bank, Banco Santander, Barclays, BNP Paribas, Citi, Crédit Agricole CIB, DBS Bank, Deutsche Bank, ING Bank, Mizuho, Morgan Stanley, INC, MUFG, NAB, Natixis CIB, Royal Bank of Canada, Societe Generale, Standard Chartered Bank, SMBCWhen Blackstone and Canada Pension Plan Investment Board completed this acquisition of AirTrunk in December 2024, it marked the largest digital infrastructure deal of the year and Blackstone’s biggest investment in Asia Pacific.
A multi-billion dollar, multi-lender financing, supported by 18 banks, enabled the transaction, reflecting strong market confidence. AirTrunk’s premier hyperscale portfolio, with ~1.9GW planned capacity across key regional hubs, was positioned at the centre of accelerating cloud and artificial intelligence (AI) demand.The deal stood out for its scale, strategic alignment with global platforms, and highly competitive mandate secured through deep sponsor relationships.
CHINA OFFSHOREShimao Group Holdings' completion of debt restructuring via Scheme of Arrangement sanctioned by the High Court of Hong Kong
Participants: Admiralty Harbour Capital, Deloitte Touche Tohmatsu, Houlihan Lokey, Allen Overy Shearman Sterling, Walkers, Appleby, Fangda Partners, Sidley Austin, Weil, Gotshal & MangesShimao’s $14.4 billion offshore restructuring was notable as the largest ever among Chinese property developers, as well as being the biggest loan restructuring executed via a Hong Kong scheme.
The deal broke new ground by unifying banks and bondholders into a single voting class and incorporating derivatives, CDS claims and PRC guarantee obligations – legal ‘firsts’ that reshaped cross-border restructuring norms.Innovative instruments – notably the short-term instrument with a contingent haircut – addressed bank regulatory constraints while securing over 95% creditor approval. Coordinated across three listed entities and multiple jurisdictions, the deal set a new benchmark for complexity, execution and market precedent.
CHINA ONSHOREJD Property Group's establishment of its second private Rmb fund
Participants: CDH Investments, China Post Insurance, Generali China, Han Kun Law Offices, Jingtian & GongchengJD Property’s second Rmb private fund heralded a pivotal step in transforming the firm into a capital-light, platform-driven infrastructure investor.
Backed by leading insurers and targeting over 900,000 square metres of logistics assets across key economic hubs, the fund institutionalised a full lifecycle model spanning development, operation and exit.Structured with an experienced co-GP, it deepened domestic capital access to new economy real assets. Crucially, it enabled capital recycling, enhanced return on equity and built recurring fee income of around 30% compound annual growth rate.
More than a fundraise, it positioned JD Property as a scalable asset manager with repeatable monetisation and long-term strategic upside.HONG KONG SAR
Starwood-led consortium's privatisation of ESR Group
Participants: UBS, Morgan Stanley, Deutsche Bank, Goldman Sachs, United Overseas Bank, Kirkland & Ellis, Freshfields, Latham & Watkins
ESR’s landmark HK$13 ($1.66) per share take-private – at a 55.7% premium – delivered compelling value and strategic flexibility, enabling its shift to an asset-light, data centre–focused model.A rare dual-option structure (cash, equity, or both) maximised shareholder choice, while early irrevocable undertakings (31.77%) and 99.97% approval underscored overwhelming support. The offer was raised twice, reflecting strong demand and confidence.
As the largest Hong Kong privatisation since 2021, the deal set a new benchmark. Despite cross-border complexity, seamless execution enabled ESR to pursue divestments, cost synergies and long-term transformation under private ownership – in turn, positioning it for sustained growth in Asia’s digital infrastructure landscape.INDONESIA
Indonesian Paradise Property's IDR500 billion bondsParticipants: CIMB, Mandiri Sekuritas, Trimegah Sekuritas Indonesia
INPP’s debut bond marked a landmark transaction for Indonesia’s property sector.As the first non-state-owned enterprise developer to issue Credit Guarantee and Investment Facility-guaranteed bonds, the deal achieved a top-tier idAAA(cg) rating, enabling investment-grade pricing and attracting nearly twice oversubscription.
The dual-tranche structure balanced investor demand with funding flexibility, while proceeds strengthened INPP’s balance sheet through refinancing and growth capital.Beyond execution, the transaction set a precedent for credit enhancement-led market access, broadening the issuer base and deepening Indonesia’s local currency bond market.
MALAYSIADayOne Data Centers’ RM7.5 billion Murabaha term facility and $1.7 billion offshore term loan facility
Participants: United Overseas Bank, Maybank, Standard Chartered Bank, OCBC, CIMB, Crédit Agricole CIB, DBS Bank, Wong & PartnersThis landmark financing for DayOne’s Johor data centre platform stood out as Asia’s first and largest hybrid syndicated data centre deal, as well as being the region’s first syndicated green Islamic facility.
Structurally innovative, it combined onshore and offshore tranches with a robust security package, while attracting strong investor demand – oversubscribed by 45% (MYR) and 56% (USD) – and onboarding 22 new lenders.The transaction supported a 22-asset, 880MW portfolio and reinforced Malaysia’s position as a regional digital infrastructure hub. With all assets targeting LEED Gold or Platinum certification, the deal also set a benchmark for sustainable, large-scale data centre financing in Asia.
PHILIPPINESAyala Land's PHP8 billion sustainability-linked bonds
Participants: BDO, China Bank, EastWest, First Metro Investment, Land Bank of the Philippines, RCBC Capital, Security Bank, BPI CapitalAyala Land’s sustainability-linked bond (SLB) issuance in late 2024 reinforced its leadership in ESG financing and set a new benchmark for the Philippine market. In addition, as the country’s first repeat SLB issuer, Ayala Land proved scalability of ESG-linked funding.
The innovative step-up mechanism directly tied financing costs to measurable climate targets, aligning investor returns with sustainability outcomes.Despite market saturation and investor fatigue risks, the deal was fully subscribed, attracting a diversified base of institutional and retail investors. This transaction validated SLBs as a credible, repeatable funding tool across Asean’s emerging capital markets.
SINGAPOREEquinix's S$500 million 3.50% Senior Unsecured Fixed Rate Green Notes due 2030
Participants: DBS Bank, Linklaters, Allen & GledhillEquinix’s inaugural Singapore dollar (SGD) bond was a landmark transaction that combined multiple market ‘firsts’ with strong execution.
The deal was the largest SGD bond by a non-Asian corporate and the first green SGD bond from a foreign, non-financial issuer, marking the first US corporate entry into the market since 2019.Robust pre-marketing and a targeted Asian investor roadshow drove high-quality demand, with orderbooks peaking and enabling 25bps tightening from guidance. The deal priced efficiently and traded above par at launch, underscoring precise positioning, investor confidence and the successful diversification of Equinix’s global funding base.
THAILANDTHB1,400 million 0.000% 2-year and THB4,600 million 0.000% 3-year Bond for Land and Houses Plc.
Participants: United Overseas Bank, LS HorizonLand and Houses Public Company successfully executed Thailand’s largest residential property developer bond issuance of 2025 – which was upsized on the back of strong institutional demand.
Priced at tight spreads of 77bps and 90bps over Thai government bonds – significantly inside comparable deals – the transaction underscored investor confidence despite a challenging property market, high household debt and volatile rates.The deal’s rapid bookbuild, disciplined pricing and Land and Houses Public Company’s strong credit profile and market leadership differentiated it, demonstrating robust access to capital and reinforcing its standing as a premier issuer in Thailand’s debt market.
BEST STRUCTURED FINANCE DEALS
APAC & TAIWAN
Wistron Corporation AI Server's structured finance solutionParticipants: ING Bank
This landmark financing for Wistron set a new benchmark for speed, scale and innovation in Taiwan’s structured finance market.Responding to a 67% surge in AI server orders, this transaction delivered an import trade loan and expanded receivables finance within just 10 days. Essentially, the fully integrated, self-liquidating trade finance solution optimised Wistron’s entire procure-to-pay cycle, enabling rapid AI-driven expansion.
In addition to the programme being scaled, new banks were onboarded, creating a replicable, multi-bank model. This deal exemplified client-centric execution, market leadership and ecosystem-wide impact.AUSTRALIA
Panorama Auto Trust's A$1.3 billion auto ABS issuance by Angle Auto FinanceParticipants: BofA Securities
This full-stack, stand-out Australian auto asset-backed securitisation (ABS) achieved notable execution, combining early pre-marketing (securing around 40% pre-placement) with strong global investor engagement.Launched into a crowded September window, the deal built rapid momentum, becoming the first auto ABS to announce indications of interest, and achieving the tightest pricing for a Panorama transaction.
Oversubscribed across all tranches, it upsized, with spreads pricing inside guidance – demonstrating depth, breadth and resilient demand for high-quality Australian dollar-denominated structured credit.BANGLADESH
Dutch-Bangla Bank's BDT12,000 million subordinated bondParticipants: UCB Investment
Dutch-Bangla Bank’s fifth subordinated bond heralded the largest ever issued by a private commercial bank in Bangladesh, therefore setting a new domestic market benchmark.Executed within just 1.5 months, the deal combined scale, speed and Basel III-compliant structuring to strengthen Tier 2 capital and support long-term growth.
Innovative single-tranche execution optimised funding costs while enabling expanded lending and digital investment. Seamless regulatory navigation and strong investor alignment reinforced confidence in complex, high-value issuances.The transaction not only achieved strategic objectives but also advanced Bangladesh’s bond market, establishing a replicable framework for future large-scale subordinated capital deals.
CHINA OFFSHOREGreen bridge loan for CGN Laos Taven Power Sole
Participants: DBS BankThis landmark green bridge loan was for the CGN Northern Laos Interconnection Clean Energy Base Phase I – Laos’ first large-scale photovoltaic project and a cornerstone of China–Laos power integration.
With complexities around Laos country risk and a cross-border Chinese element, the deal required deep expertise in China’s power market to ensure it was underwritten.The 1GW project will generate 1.7 billion kWh annually, powering around 10 million households, while cutting 1.4 million tons of CO₂ and saving 510,000 tons of coal.
As the first lender, DBS demonstrated leadership in cross-border renewable financing and Belt and Road green infrastructure development.CHINA ONSHORE
Rmb2.56 billion SME equipment lease ABN from International Far Eastern LeasingParticipants: HSBC
With this transaction, Far Eastern Leasing delivered a landmark first – the inaugural AAA, internationally rated SME equipment lease securitisation in China’s onshore market.Bond Connect eligibility and structural enhancements – reducing set-off and commingling risks – aligned the deal with global best practice, lifting ratings from A (2019) to AAA.
Crucially, over 80% of notes were placed with international investors, the highest participation for this asset class, breaking the domestic-only precedent. As a result, the transaction expanded foreign access to China’s $284 billion asset-backed securities market, strengthened cross-border collaboration and supported real-economy sectors – setting a new benchmark for onshore securitisation internationalisation.HONG KONG SAR
HK$1,503 million of rated, privately placed, fixed rate residential mortgage-backed securities for Hong Kong Capital Finance CorporationParticipants: United Overseas Bank
This issuance marked the first rated Hong Kong residential mortgage-backed securities (RMBS) transaction in over two decades, revitalising a dormant market and establishing a new funding benchmark for non-bank lenders.Backed by a static pool of first-ranking mortgages, the deal combined robust credit protection – excess spread, subordination and liquidity reserves – with innovative structuring, including CDO layering atop RMBS tranches.
Successfully executed amid a weak property backdrop, it attracted real money investors and enhanced tradability via Euroclear/Clearstream. The transaction delivering diversified funding for Hong Kong Capital Finance Corporation while reopening a critical capital markets channel for Hong Kong.INDIA
KPI Green Energy's five-year, INR6.7 billion bond issuanceParticipants: SBI Capital Markets, Aseem Infra Finance, GuarantCo
This landmark transaction enabled KPI Green Energy, a mid-sized A-rated renewable developer, to access institutional capital markets for the first time via a credit-enhanced green bond.Backed by GuarantCo’s 65% guarantee, the issuance achieved a transformative AA+ (CE) rating, four notches above the issuer’s standalone rating, in turn unlocking demand from insurers and pension funds. The deal was nearly twice oversubscribed, with strong participation from global and domestic investors.
As one of the first such structures in India, it set a precedent for mid-market issuers, diversified funding sources beyond banks, and advanced scalable private capital mobilisation for clean energy transition.INDONESIA
IDR3.3 trillion and $200 million secured term loan, revolving credit, and trade facilities for STT GDC IndonesiaParticipants: OCBC, HSBC, BNI
This was an impressive multi-tranche financing to support the development of two data centres in Bekasi, Indonesia, with a combined 42MW capacity.The deal required multiple lenders to execute within a tight timeframe. Its flexible structure – comprising term loans, a revolving facility, trade lines and tenor extension options – reflected strong client-centric innovation.
Notably, OCBC displaced an incumbent competitor, reinforcing its leadership in complex financings while enabling STT GDC’s expansion toward 90MW and advancing Southeast Asia’s digital infrastructure.MALAYSIA
Dual SCF structures supporting Cocoa & ICT SectorsParticipants: AmBank
This was a resilient, end-to-end funding structure delivered amid extreme cocoa price volatility, safeguarding liquidity and operational continuity.By integrating vendor payable and receivable purchase programmes with intercompany financing, the deal uniquely ring-fenced cash flows, reduced payment risk and enhanced transparency.
A self-liquidating structure, supported by trade credit insurance and escrow mechanisms, strengthened credit quality while lowering funding costs. The solution improved financial ratios, aligned cash flows with production cycles and enabled uninterrupted exports to global buyers.As a scalable, risk-mitigating model, it set a new benchmark for commodity financing in volatile markets.
PHILIPPINESNew NAIA Infra Corp.'s PHP52 billion senior project finance term loan facility
Participants: Bank of Commerce, BDO Capital & Investment, Security Bank, Asia United Bank, China Bank Capital, China Bank Corporation, Development Bank of the PhilippinesThis landmark public private partnership (PPP) concession set a new benchmark for Philippine infrastructure delivery.
As the largest PPP under the current administration, the project combined a compelling bid – the lowest capex with highest government revenue share – with rapid execution, securing financing within a tight six-month deadline.The innovative phased funding and flexible interest rate structure balanced borrower agility with lender protection in a volatile rate environment.
Strategically, it modernised a critical national gateway, expanding capacity to 62 million passengers while enhancing safety, efficiency and passenger experience. As a result, the transaction established a replicable model for large-scale, bankable airport PPPs in emerging markets.SINGAPORE
Bayfront Infrastructure Capital VIParticipants: Clifford Capital, Societe Generale, Standard Chartered Bank, BNP Paribas, MUFG, OCBC, Allen & Gledhill, Latham & Watkins
This $527 million Bayfront Infrastructure Capital VI transaction stood out as a landmark Asia Pacific infrastructure asset-backed securitisation (IABS), combining scale, innovation and market development.The IABS was the largest issuance to date from this programme, broadening investor access to diversified infrastructure debt, including green and social assets. In turn, the deal attracted a wide pool of new institutional investors – many being first-time participants in IABS – expanding the asset class globally.
Structurally, it introduced a first-time L-shape risk retention framework. With 44.2% sustainable assets and a dedicated AAA sustainability tranche, the transaction set new benchmarks for ESG integration and capital market innovation.SOUTH KOREA
$410 million equivalent multi-currency syndicated financing for Momentive Technologies Holding CompanyParticipants: Standard Chartered Bank
This was a market-defining, multi-currency syndicated financing for Momentive Technologies, showcasing structuring innovation and cross-border execution excellence.It required a flexible package combining US dollar and Japanese yen term loans with a revolving facility, extending maturities and lowering funding costs.
A pioneering, multi-jurisdictional collateral framework – spanning guarantees and assets across the US, Germany, Japan and China – enhanced credit strength and lender confidence amid tariff uncertainty. Strong global distribution secured a diversified investor base, while integrated hedging solutions improved stability.Successfully executed on time, the transaction set a new benchmark for complex, cross-border corporate financings in Asia.
THAILANDTHB7.295 billion green loan financing facilities for GSA Data Centre 01 Company
Participants: United Overseas Bank, Baker MckenzieGSA Data Center’s green loan created a landmark in Thailand’s digital infrastructure financing, supporting a 25.6MW Tier III greenfield facility in Samut Prakan.
Among the country’s first colocation data centre financings, it brought together blue-chip sponsors in Gulf Energy, Singtel and AIS, with KKR as a strategic investor. The deal featured a sophisticated limited-recourse structure with ring-fenced cashflows, enhancing credit robustness.Sustainability was central, targeting LEED Gold certification with best-in-class energy efficiency (PUE 1.35–1.40). Overall, the transaction stood out amid strong lender demand, addressing acute capacity shortages driven by AI and hyperscale growth.
BEST SUSTAINABLE FINANCE DEALS
APAC & SINGAPORE
AirTrunk's S$2.25 billion green loan for the development of new hyperscale data centre SGP2Participants: DBS Bank, Crédit Agricole CIB, ING Bank, MUFG, Natixis CIB, Standard Chartered Bank, United Overseas Bank, Linklaters
AirTrunk’s jumbo green loan for its SGP2 hyperscale data centre was a landmark transaction, combining record-breaking scale with structural innovation. As Singapore’s largest data centre green loan, it mobilised 23 lenders, underscoring strong investor confidence.The financing pioneered a hybrid structure, with an option to convert into a sustainability-linked loan – linking pricing to environmental targets and directing incentives to community impact. Designed to achieve industry-leading efficiency (c.1.20 PUE) and GreenMark Platinum certification, the project set new sustainability benchmarks.
Aligned with the Singapore-Asia Taxonomy, it established a replicable model for green digital infrastructure financing across Asia Pacific.AUSTRALIA
BCI Minerals' A$331 million green loanParticipants: Westpac
This green loan for BCI Minerals’ Mardie Project was a landmark, first-of-its-kind sustainable financing in Australia’s resources sector, supporting the development of one of the world’s largest solar evaporation salt operations.Powered by roughly 99% renewable energy, the project embedded circular economy principles by converting waste brine into sulfate of potash fertiliser. A bespoke green financing framework – aligned to multiple Green Loan Principles categories – set a new benchmark for technical rigor and credibility.
Overcoming complex industrial and evolving ESG challenges, the deal attracted strong global investor demand and redefined green finance applicability, establishing a transformative precedent for large-scale industrial infrastructure financing.BANGLADESH
Dutch-Bangla Bank's subordinated bond of BDT12,000 millionParticipants: UCB Investment
This was the largest ever subordinated bond issued by a private commercial bank in Bangladesh, setting a new benchmark for domestic capital markets.Executed within just 1.5 months, the deal demonstrated exceptional structuring, regulatory coordination and project management.
A single-tranche approach enhanced cost efficiency while meeting Basel III Tier 2 requirements, strengthening capital adequacy and enabling scalable lending growth.The transaction unlocked funding for SMEs, retail expansion and digital innovation, while aligning with key UN SDGs. It also deepened investor participation, improved market liquidity, and established a replicable model for future large-scale bank capital issuances.
CHINA OFFSHORE$500 million three-year blue bond issuance by Henan Water Conservancy Investment Group
Participants: China CITIC Bank InternationalThis debut blue bond set a new benchmark for regional sustainable finance in China. As Henan’s first-ever overseas blue bond, it achieved a record-low 4.3% coupon for a US dollar issuance, tightened 60bps from guidance, and attracted $2.2 billion of orders (four times oversubscribed).
Backed by an ‘Excellent’-rated framework, 100% of proceeds fund water sustainability and biodiversity projects aligned with SDGs.Innovative execution – anchor orders, hybrid roadshows and ESG-led differentiation – overcame volatile markets.
The deal strengthened international market access while establishing a replicable model for Chinese state-owned enterprises to mobilise global ESG capital for critical infrastructure.HONG KONG SAR
Chinachem Group's triple-themed syndicated loanParticipants: Bank of China (Hong Kong), DBS Bank, Hang Seng Bank, HSBC, Fubon Financial, Bank of Communications, Industrial Bank, OCBC
Chinachem Group set a new benchmark for Asia’s sustainable finance market with the region’s first triple-themed syndicated loan – integrating green, social and sustainability-linked components into a single facility.Aligned with the Hong Kong and Common Ground Taxonomies, it was the first-of-its-kind by a Hong Kong developer. The structure uniquely combined capital allocation with performance incentives, tied to environmental and social KPIs, embedding ESG into core strategy.
Oversubscribed 2.5 times with support from 12 banks, the deal demonstrated strong market validation. It offered a scalable, replicable model that transformed sustainable finance into a driver of measurable real-world impact.INDIA
INR24.16 billion project finance green loan for 150MW firm and dispatchable renewable energy (FDRE) projectParticipants: Standard Chartered Bank
This was a landmark green project finance loan for a 150MW firm and dispatchable renewable energy (FDRE) project in India – one of the first of its kind and the first fully underwritten FDRE financing by an international or domestic private bank.The structure involved an 18-year, non-recourse facility backed by a 25-year sovereign Power Purchase Agreement, minimising refinancing risk.
Innovative, probability-based cashflow modelling addressed complex solar-wind-battery dynamics, while tranche structuring enhanced execution.The deal set a new benchmark for FDRE financing, supporting grid stability, accelerating India’s energy transition and enabling significant CO₂ reduction.
INDONESIA
Project financing for Nusantara Tembesi Baru Energi's floating PV
Participants: Sarana Multi InfrastrukturThis impressive transaction delivered a bankable, ring-fenced project financing for Sumatra’s largest floating solar PV plant, combining PT SMI’s $23.3 million senior loan with GEAPP’s catalytic grant to de-risk development and enable efficient 80:20 gearing.
As the first utility-scale floating PV in the Batam–Bintan system, it added 35MWac (~6% capacity), improving grid reliability while generating ~56–57GWh annually and avoiding ~42–44ktCO₂e.Innovative blended finance, tailored structuring and strong stakeholder alignment overcame first-of-their-kind risks.
Crucially, it established a scalable, replicable model, unlocking up to ~333MWp pipeline potential and crowding in future climate capital across Indonesia.
MALAYSIAAEON Credit Service's MYR500 million social loan
Participants: MUFGIn addition to being the issuer’s inaugural social loan, this was also a first for a leading Malaysian non-bank financial institution (NBFI), therefore setting a new benchmark for social finance in the domestic market.
The transaction aligned with Bank Negara Malaysia’s Financial Inclusion Framework 2023–2026, targeting underserved segments including low-income households, rural communities and digitally excluded populations.It supported AEON’s strong growth trajectory while enhancing its sustainability profile and local funding strategy.
The deal established a scalable model for social financing, positioning AEON as a first mover and catalysing broader NBFI participation in Malaysia’s sustainable finance ecosystem.NEW ZEALAND
Auckland Council’s NZ$250 million three-year floating rate secured wholesale sustainability-linked bondParticipants: Westpac
Auckland Council’s inaugural sustainability-linked bond (SLB) set a new benchmark as Australasia’s first sub-sovereign SLB – plus the first to embed a nature-based target with a donation mechanism.The issuance was upsized amid strong demand and priced at the tight end of guidance, underscoring investor confidence despite volatile conditions.
Proceeds supported flexible funding while incentivising delivery of a one million native tree planting target by 2027.Innovative features – including a donation-linked penalty, declassification trigger and non-callable structure – enhanced credibility, accountability and simplicity, in turn revitalising the regional SLB market and establishing a scalable blueprint for future issuers.
PAKISTANInfraZamin Pakistan's 11.5-year distributed solar financing facility of PKR1.28 billion for Acumen Energy
Participants: InfraZamin PakistanThis distributed solar financing for Acumen Energy marked a breakthrough in Pakistan’s renewable financing landscape.
Backed by a partial credit guarantee – a first in renewables – the deal unlocked funding for an otherwise unbankable special purpose vehicle, reducing borrowing spreads to 1.6% (versus 3.5% to 4%).The innovative structure – combining guarantees, a debt service reserve account and revenue assignments – enabled ~12MW of C&I solar deployment, delivering 30% to 70% lower tariffs and around 8,000 tons of annual emissions reduction.
As only the second guarantee-backed distributed solar transaction in Pakistan, it established a scalable, replicable model to mobilise private capital, drive economic activity and accelerate the country’s clean energy transition.PHILIPPINES
Asialink Finance Corporation's $115 million working capital facility to support SME and women-owned SME lendingParticipants: Asian Development Bank, HSBC, Security Bank
Asialink Finance Corporation’s (AFC’s) working capital facility was a notable breakthrough for Philippine non-bank financial institutions (NBFIs).It was the first multilateral-led, blended sustainable financing of its kind, validating NBFIs as credible platforms for large-scale capital mobilisation.
The facility expanded AFC’s loan book, with a strong focus on women-led SMEs, targeting 20,000 borrowers.Featuring robust collateralisation and ESG-linked governance upgrades, the deal overcame investor scepticism and complex structuring, creating a replicable model for inclusive, scalable sustainable finance not only in the Philippines, but also across emerging markets.
THAILAND
Kingdom of Thailand's inaugural THB30 billion sustainability-linked bond
Participants: Bank of Ayudhya, MUFG, Bangkok Bank, Krung Thai, Standard Chartered Bank
This milestone sustainability-linked bond (SLB) was the Kingdom of Thailand’s inaugural SLB and the first by an Asian sovereign. It was also the only sovereign SLB issued globally in 2024.
The transaction broke new ground with ambitious, DNV-validated KPIs, including a 30% emissions reduction and a first-of-its-kind sovereign electric vehicle adoption target.
Strong oversubscription of nearly three times enabled upsizing and pricing 3bps inside the curve.
The deal also catalysed domestic market development by resolving ESG accounting uncertainties, establishing a 15-year benchmark, and setting a scalable precedent for Thailand’s sustainable finance ecosystem.
Sustainability-linked trade finance facilities for Mobile World
Participants: HSBCThis was a stand-out sustainability-linked trade finance facility for Mobile World, marking one of a limited number of sustainable finance deals for a Vietnamese retail client.
The transaction embedded ambitious ESG KPIs – targeting emissions reduction and plastic waste minimisation – aligned with Sustainability Accounting Standards Board standards and global Sustainability-Linked Loan Principles.Despite limited historical ESG data, the structure incorporated external verification and robust KPI frameworks to ensure accountability. Executed across Vietnam, Singapore and Mauritius, the deal demonstrated strong cross-border coordination.
By directly linking financing to measurable sustainability outcomes, it set a new benchmark for Vietnam’s retail sector while supporting the country’s Net Zero 2050 ambitions.
BEST VENTURE CAPITAL DEALS
Amova Asset Management’s investment in and strategic partnership with Chocolate Finance
Participants: Mori Hamada & Matsumoto, Allen & GledhillThis transaction stood out as a strategic leap into next-generation distribution, not just a fintech stake.
The partnership combined Amova’s fixed income expertise with Chocolate’s neobank-style platform to deliver liquid, cash-plus returns – embedding asset management within a digital user experience.Notably, it opens direct-to-consumer access to mass affluent investors while supporting cross-border expansion across Asia. With significant assets under management and strong scaling potential, the deal exemplified ‘smart capital’ – linking product manufacturing, distribution and technology.
The investment also reflected a structural shift: from generating alpha to owning distribution and integrating investments into digital ecosystems.
MOST INNOVATIVE DEALS
Sri Lanka’s $15 billion international sovereign bond restructuring
Participants: Rothschild & Co, Clifford ChanceThis significant sovereign restructuring – one of the most complex recent workouts – delivered $9.7 billion in debt relief while preserving investor value and meeting stringent IMF and Official Creditor Committee targets.
After two years of negotiations, the deal balanced sustainability and recovery, introducing groundbreaking macro linked bonds – index-eligible, GDP-linked instruments aligning payouts with economic performance – and the first-ever government-linked bonds tied to fiscal reform KPIs.These innovations bridged creditor divides, accelerated consensus and set new global benchmarks for sovereign restructurings, with features already replicated in subsequent transactions, underscoring its market-defining impact.
AUSTRALIAChemist Warehouse Group's merger with Sigma Healthcare
Participants: Goldman Sachs, ANZ, NAB, Rothschild & CoThis landmark merger between Sigma and Chemist Warehouse created Australia’s leading vertically integrated healthcare platform, combining best-in-class distribution with a dominant retail franchise.
The transaction marked the largest reverse takeover in ASX history – pioneering a new pathway for private-to-public listings at scale. Notably, this delivered immediate scale, supporting over 880 pharmacies and more than 3,500 customers, alongside cost synergies. Strong investor backing drove a 280% share price uplift.With an innovative structure, complex execution and overwhelming market support, Australia has a new benchmark for transformational M&A.
BANGLADESHRenata PLC's non-cumulative, non-participative, fully convertible preference shares
Participants: City Bank Capital ResourcesThis was a milestone financing for Renata PLC, pioneering Bangladesh’s first mandatory convertible preference share issuance at a fixed strike price.
This innovative hybrid instrument – combining fixed dividends with equity upside – qualified as equity from inception, enabling covenant compliance and unlocking a $58.4 million IFC facility.The structure delivered a step-change in financial strength, sharply reducing leverage, improving liquidity and enhancing interest coverage. With mandatory conversion ensuring transparency and investor protection, and strong anchor support from Sajida Foundation, the deal redefined hybrid financing – setting a replicable benchmark for capital market innovation in Bangladesh.
CHINA OFFSHOREMINISO Group’s $550 million securities offering
Participants: UBS, HSBC, Latham & Watkins, Skadden, Arps, Slate, Meagher & FlomThis convertible offering due 2032 stood out as a landmark equity-linked transaction, marking its debut convertible bond and the first Reg S-only distribution by a dual US/HK primary listed issuer.
The deal achieved strong demand, pricing at a 32.5% premium and featuring a 100% upper strike via an innovative call spread that materially deferred dilution. A pioneering delta placement supported by shareholder stock lending enabled hedging without new share issuance.Despite complex multi-jurisdiction execution, the transaction outperformed expectations and sets a replicable template for Asian issuers accessing global capital through sophisticated, dilution-efficient structures.
CHINA ONSHOREAsian Infrastructure Investment Bank’s Rmb2 billion two-year sustainable development panda bonds
Participants: Bank of China, CITIC Securities, Standard Chartered BankThe Asian Infrastructure Investment Bank’s (AIIB’s) sustainable development panda bond was a stand-out transaction that set new pricing and distribution benchmarks. Priced at just 6bp above benchmark – the tightest spread in three years at the time – the deal attracted orders from 32 investors, including 12 new accounts, with 57.5% allocated offshore.
The innovative two-year tenor optimised demand amid shifting yield dynamics, while a refinedallocation strategy broadened real money participation.
As the first two-year issuance under AIIB’s ESG framework, the deal reinforced the organisation’s leadership and set a template for future supranational sustainable panda bonds.
HONG KONG SARNIO's Reg S only HK$4.03 billion follow-on offering
Participants: Morgan Stanley, UBS, CICC, Deutsche Bank, Kirkland & EllisNIO’s landmark follow-on offering involved it issuing 136.8 million shares in the first-ever Reg S-only transaction by a triple-listed issuer (in New York, Hong Kong and Singapore).
The innovative offshore-only structure enabled NIO to raise substantial capital from non-US investors while avoiding US regulatory burdens, accelerating execution and reducing costs.Proceeds strengthened its balance sheet, reduced reliance on debt and funded electric vehicle R&D.
Despite regulatory complexity, seamless execution and strong investor demand validated the model. Crucially, the deal sets a new precedent for cross-border capital raising, offering a scalable blueprint for globally listed companies seeking efficient, flexible funding solutions.
INDIAINR24.16 billion project finance green loan for 150MW firm and dispatchable renewable energy (FDRE) project
Participants: Standard Chartered BankThis was a notable, fully underwritten green project finance facility for one of India’s largest firms and dispatchable renewable energy (FDRE) projects – integrating wind, solar and battery storage.
The 18-year, limited-recourse structure, anchored by a 25-year power purchase agreement with a sovereign-rated firm, minimised refinancing risk while ensuring bankability. A first-of-its-kind probability-based cashflow model addressed FDRE’s algorithmic and operational complexities, optimising returns and mitigating merchant risk.As the first underwritten FDRE financing in India and one of the largest local currency underwrites by an international bank, the deal set new benchmarks, advanced grid stability and catalysed broader institutional participation.
INDONESIAIssuance of exchangeable option by PT Bali Media Telekomunikasi
Participants: PT Trimegah Sekuritas Indonesia, Hiswara Bunjamin & TandjungThis landmark transaction introduced a rare, non-public voluntary exchangeable option to ensure fair treatment of PT Smartfren Telecom’s Series III warrant holders amid a complex three-way merger.
By leveraging an uncommon exemption under OJK Regulation 9, the deal enabled seamless execution alongside the M&A process – an innovative first in Indonesia.Clear exchange mechanics and pricing preserved value and trust, while intensive coordination with regulators ensured compliance on a tight timeline.
The structure set a precedent for integrating capital markets solutions into public M&A, creating a replicable framework that enhances investor outcomes and reduces execution risk in future corporate actions.JAPAN
KKR's acquisition of FUJI SOFTParticipants: KKR
This acquisition stood out as a landmark in Japanese M&A, defined by its innovative two-stage tender offer structure that enabled KKR to secure a strategic minority stake and enhanced deal certainty.The transaction balanced tactical sophistication with strong governance, ensuring fair treatment of shareholders and securing backing from the founding family. KKR’s approach combined disciplined execution with nuanced stakeholder management in a highly complex bidding environment. The successful privatisation laid the foundation for long-term value creation and strengthening of the management team.
In FY2025, the first year following KKR’s investment, the company recorded record revenue and profit.KKR rapidly unlocked hidden value through real estate monetisation, demonstrating execution speed, stakeholder alignment and a differentiated playbook that set new benchmarks for complex, value-driven private equity deals.
MALAYSIASUNREIT's RM500 million sustainability-linked perpetual securities
Participants: Kenanga Investment Bank, HSBC, CIMB, MaybankThis sustainability-linked perpetual securities issuance set multiple market precedents as Malaysia’s first REIT perpetual deal and first sustainability-linked perp.
Structured as equity under REIT guidelines, it offered a non-dilutive solution to optimise leverage and capital structure.A targeted investor engagement strategy, including tailored meetings and education on unique perp features, drove strong demand, with the book nearly 1.5 times oversubscribed and upsized.
Tight pricing at MGS+100bps – only around 65bps above senior levels – highlighted investor confidence despite structural complexities. The transaction established a new benchmark for REIT capital markets innovation.NEW ZEALAND
Silver Fern Farms’ sustainability-linked loanParticipants: ANZ, Bank of New Zealand, Coöperatieve Rabobank
Silver Fern Farms’ refreshed sustainability-linked working capital facility set a new benchmark for nature-integrated finance.Building on New Zealand’s largest agricultural sustainability-linked loan (SLL), the 2025 extension embedded ambitious, externally verified KPIs aligned to evolving SLL principles.
A standout innovation was the inclusion of one of the country’s first biodiversity-linked KPIs – underpinned by farm-level data mapping and action plans – alongside enhanced Scope 1–3 emissions targets. Silver Fern Farms was also among the first globally to secure Science Based Targets initiative (SBTi)-validated beef-only FLAG targets.The transaction reinforced deep sustainability integration across operations and supply chains, positioning Silver Fern Farms as a leading nature-positive producer while advancing market standards.
PAKISTANPakistan Mobile Communications' PKR15 billion rated, unsecured, privately placed short-term sukuk
Participants: Askari Bank, Meezan Bank, Mohsin Tayebaly & Co.This landmark sukuk pioneered a Shariah-compliant financing structure for the telecoms sector by using digital airtime as the underlying asset, in turn overcoming the sector’s lack of tangible inventory.
The deal achieved four-times oversubscription, 100% non-bank participation and sub-KIBOR pricing, underscoring strong investor confidence in a first-of-its-kind instrument.As the largest back-to-back sukuk by a telecom operator in Pakistan, it proved the scalability and repeatability of the model.
More broadly, this innovation expanded Islamic capital markets, creating a replicable blueprint for digital economy issuers and broadening access to diversified, Shariah-compliant funding sources.
PHILIPPINESAsialink Finance Corporation's $115 million working capital facility to support SME and women-owned SME lending
Participants: Asian Development Bank, HSBC, Security BankAsialink Finance Corporation’s (AFC’s) working capital facility was a notable breakthrough for Philippine non-bank financial institutions (NBFIs).
It was the first multilateral-led, blended sustainable financing of its kind, validating NBFIs as credible platforms for large-scale capital mobilisation. The facility expanded AFC’s loan book, with a strong focus on women-led SMEs, targeting 20,000 borrowers.Featuring robust collateralisation and ESG-linked governance upgrades, the deal overcame investor scepticism and complex structuring, creating a replicable model for inclusive, scalable sustainable finance not only in the Philippines, but also across emerging markets.
SOUTH KOREAHyundai Motor Group Metaplant America's $1.35 billion green loan
Participants: ANZ, HSBC, Citi, Caixabank, JP Morgan, Standard Chartered Bank, BNP Paribas, Bank of America, ING Bank, Societe Generale, MilbankThis green, K-Sure-covered term loan stood out as a landmark export finance transaction, funding its first US electric vehicle manufacturing hub with 300,000-unit capacity.
Structured under LMA Green Loan Principles with Sustainalytics validation, it reinforces Hyundai Motor Group’s $5.5 billion Metaplant investment and North American supply chain strategy.The deal also showcased cross-border execution excellence, closing within nine months through seamless global coordination.
It highlighted innovation in export credit agency-backed green financing while advancing decarbonisation via AI-driven smart manufacturing, renewable energy use and hydrogen-powered logistics – setting a new benchmark for sustainable automotive financing.THAILAND
Sustainability-linked debentures of Minor International Public CompanyParticipants: Kasikorn Bank, Bangkok Bank, Krungthai Bank, Bank of Ayudhya, Siam Commercial Bank, Kiatnakin Phatra Securities
This landmark sustainability-linked bond in April 2025 saw Minor International become the first Thai issuer – and among the first regionally – to tie financing directly to Science Based Targets initiative (SBTi)-validated climate goals aligned with a 1.5°C pathway.The bond committed to a 42% reduction in Scope 1 and 2 emissions by 2030, with a Sustainalytics second-party opinion reinforcing credibility.
Strong fundamentals, including a rating upgrade to A+ and 43% profit growth, drove over five-times oversubscription from over 50 investors, enabling pricing at the tight end.The deal set a new benchmark, proving sustainability-linked financing can deliver both impact and funding efficiency.
VIETNAMAmendment and extension exercise for the existing 2023 $650 million syndicated term loan facilities for Masan Group Corporation and The Sherpa Company
Participants: Standard Chartered Bank, United Overseas Bank, MilbankA landmark Amendment & Extension (A&E) of Masan’s $650 million syndicated loan delivered a rare, large-scale repricing in Vietnam.
The deal achieved significant margin reduction, extended tenor and enhanced liquidity– supporting Masan’s deleveraging strategy while maintaining growth flexibility. Crucially, all 22 existing lenders rolled over, with a new entrant, underscoring strong credit confidence.Innovative structuring – including consent fees, buy-out provisions and underwriting backstop – ensured execution certainty despite syndicate complexity.
By using an efficient A&E process over refinancing, the transaction set a new benchmark for pricing, structuring and relationship-driven syndicated lending in Vietnam’s evolving credit market.
