Congratulations to all the winners of the FinanceAsia Achievement Awards this year.
The annual FA Achievement Awards celebrates excellence across Asia's financial markets, covering two key categories - Deal Awards and House Awards.
Late last year, we were delighted to announce the winners out of more than 1,000 submissions from market particpants across Asia Pacific (Apac). Our external Advisory Board along with the editorial team selected a list of esteemed winners.
Please find below the rationale behind the winning Apac's best finance houses.
BEST CREDIT RATINGS AGENCY
Fitch Ratings
Fitch Ratings distinguished itself as the go-to credit ratings agency in Asia Pacific through unmatched local and global coverage, pioneering initiatives and market leadership.
Leveraging a network of 21 offices and over 500 analysts, it delivered high-frequency research and pioneering tools such as the US Effective Tariff Rate Monitor, alongside tailored investor outreach.
The firm led numerous landmark and first-time ratings, particularly in non-US dollar issuances, while achieving 100% market share in first-time sovereign ratings – including assigning Nepal’s inaugural rating. It was also first among major credit ratings agencies to downgrade China and to develop criteria for subscription finance.
With dominant market share across sectors, ESG leadership and extensive investor engagement, Fitch consistently set benchmarks in transparency, innovation and execution.
BEST DCM HOUSE | BEST LENDER
HSBC
HSBC’s award-winning performance reflected the bank’s position among the leading financing houses in Asia Pacific across both debt capital markets (DCM) and loans – combining scale, innovation and execution excellence.
The bank ranked top across G3 and local currency DCM league tables, as well as in loan net revenue and bookrunner rankings (11.7% market share), underscoring its unmatched ability to deliver across markets, currencies and products.
HSBC led more jumbo and complex transactions than any competitor, acting as joint global coordinator on the region’s largest deals, while underwriting 44 loan transactions totaling $39 billion – up 150% YoY.
HSBC drove multiple market “firsts”, from debut issuances, new tenor structures and landmark local currency bonds to Asia’s first triple-ESG syndicated loan. It also brought 30 debut loan issuers to market and consistently delivered oversubscribed transactions.
With such a broad geographic footprint, leading positions across North Asia, India, South Korea and Australia, and strong ESG credentials, HSBC distinguished itself through its integrated, cross-border platform, deep client relationships and consistent delivery of high-impact, market-leading financing solutions.
BEST ECM HOUSE | BEST M&A HOUSE | BEST INVESTMENT BANK
UBS
UBS had a stand-out year in Asia Pacific (Apac) across key areas of capital markets and advisory, reinforcing its position as a leading investment bank through unmatched breadth, scale and execution – especially in equity capital markets (ECM) and M&A with top-tier league table rankings.
In ECM, in particular, UBS combined innovation with consistent market leadership, ranking first in Apac by number of deals (87) and securing top-three positions across regional league tables, alongside number-one rankings in key markets, including Southeast Asia (SEA), Hong Kong, Taiwan and the Philippines.
The bank executed a broad range of landmark transactions, demonstrating deep product expertise across IPOs, follow-ons and equity-linked solutions. These include the largest HKEX IPO since 2021 (CATL), the largest global automotive follow-on (BYD) and pioneering structures such as Asia’s first convertible bond with call spread outside the US since 2019.
In addition, UBS cemented its position as Apac’s top M&A house through its scale, cross-border execution and sustained market leadership.
From the final quarter of 2024 to the end of September 2025, it advised on a wide range of complex, high-value transactions across Greater China, SEA, South Korea and Australia and New Zealand. These included multi-billion-dollar mergers, privatisations and strategic stake sales. The firm also delivered multiple “firsts” and highly complex deals, spanning financial sector consolidation, cross-border privatisations and consortium-led acquisitions, enabled by its integrated regional platform and deep sector expertise.
Combined with strong distribution, innovative structuring and consistent execution excellence, UBS demonstrated clear market leadership in investment banking.
BEST ISLAMIC FINANCE HOUSE
Askari Bank
Askari Bank proved that being a mid-sized player is no barrier to Islamic finance dominance – and it delivered a stand-out performance through innovation and market leadership.
The bank arranged nine Sukuk issuances and executed landmark transactions, including Pakistan’s largest private-sector financing. It also pioneered multiple “firsts”, including the inaugural short-term Sukuk in the fertilizer sector and repeat issuances in telecom, building scalable funding models.
Flagship deals were heavily oversubscribed (up to 3.5 times), underscoring strong investor confidence. Its work also advanced financial inclusion, digital infrastructure and sustainable financing.
Askari Bank was also notable for its execution, innovative structuring and ability to deliver complex, high-impact Islamic financing solutions.
BEST LAW FIRM
Linklaters
Linklaters cemented its position among the leading international law firms in capital markets – especially in Greater China, ranking first across multiple league tables, reflecting impressive market share and client trust.
The firm advised on numerous landmark and “first ever” transactions, including the world’s largest convertible bond issuance in Asia in 2025, and Hong Kong’s largest-ever public bond offering. Linklaters also pioneered digital and tokenised bond structures.
Its market-leading role in ESG, sustainable finance and real-world asset tokenization – advising on all such deals in Hong Kong – also highlighted the firm’s capabilities when it comes to innovation.
Combined with deep cross-border expertise and top-tier clientele, Linklaters consistently delivered complex, market-defining transactions at scale.
BEST PRIVATE CREDIT HOUSE
SeaTown Holdings International
SeaTown Holdings delivered a notable performance to secure this award, combining scale, discipline and innovation. Backed by Temasek’s ecosystem, the firm leveraged deep regional networks to originate highly selective, high-conviction investments.
The SeaTown Holdings platform demonstrated exceptional consistency, achieving mid-teens net returns, double-digit yields and a zero-loss track record across vintages. At a time when developed market spreads have compressed and covenant-lite loans dominate, the firm provided investors with access to secured, cash-generative opportunities across the region.
Differentiated structuring – evident in landmark deals across Vietnam, Australia and China – enhanced downside protection while unlocking superior returns.
With over 99% of its portfolio collateralised and strong covenant protections, the firm delivered resilient, income-generating solutions. Its ability to combine bespoke structuring, rigorous risk management and trusted investor partnerships sets it apart as a leader in Asia Pacific private credit.
BEST PRIVATE EQUITY HOUSE
KKR
KKR distinguished itself as Asia Pacific’s leading private equity house through scale, performance and innovation.
With over $80 billion in AUM in the region and top-quartile returns across flagship funds, the firm delivered exceptional outcomes despite market volatility – in private equity alone, KKR deployed over $6 billion and returned an even more significant $7.3 billion to investors in the same year on the back of strong deal activity across the region.
KKR paired disciplined investing with operational value creation, generating significant value through EBITDA expansion, strategic repositioning and real asset monetization. Landmark exits in Seiyu (Japan), JB Pharma (India) and HD Hyundai Marine Solution (Korea) achieved industry-leading multiples, supported by proprietary sourcing and creative structuring. The firm also demonstrated innovation through thematic investing, first-of-their-kind employee ownership programmes across Asia, and complex transactions such as Japan’s two-stage takeover bid.
KKR’s integrated regional platform, combining global expertise with deep local execution, reinforced its position as a market leader – and deserving award winner.
BEST PROJECT FINANCE HOUSE | BEST ISSUER - FINANCIAL INSTITUTIONS
DBS Bank
DBS reinforced its position as a premier project finance house in Asia Pacific through scale, innovation and execution excellence.
Notably, it closed 36 deals across lending and advisory, achieved over 9% revenue growth and built a strong pipeline of high-impact mandates.
Among its achievements, the bank set multiple market benchmarks, including Singapore’s first project-financed biomass plant and first floating storage and regasification unit (FSRU), alongside landmark financings in offshore wind, battery storage and biofuels.
DBS’ differentiated strategy spanned the full energy transition and mine-to-battery value chain, combining deep sector expertise with bespoke structuring.
With over $4 billion committed in five years and a growing roster of new clients, DBS stood out for innovation, sustainability leadership and its ability to deliver complex, transformative transactions at scale.
In the financial institutions space, DBS demonstrated market-leading issuer excellence by setting new benchmarks across global debt capital markets through disciplined execution, innovation and scale.
Anchored in a diversified, multi-currency funding strategy, the bank ensured resilient liquidity while optimising pricing and timing to achieve consistently tight spreads and record deal sizes.
It delivered multiple market “firsts”, including a landmark triple-tranche $2 billion issuance with an innovative 5-year floating-rate note structure, and inaugural CNH and record US dollar covered bond transactions.
Despite volatile conditions, DBS repeatedly executed as the sole issuer in challenging markets, achieving exceptional oversubscription and the largest orderbooks in key segments. Its deals expanded regional benchmark curves and served as templates for peers, reinforcing its leadership, execution strength and global investor franchise.
BEST PROPERTY HOUSE
United Overseas Bank
Recognition in this space underscored UOB’s prominence in real estate financing across Asia Pacific, with a strong track record of delivering innovative, complex and large-scale solutions across markets and asset classes.
The bank’s regional scale and cross-border execution continued to be a key differentiator, with transactions spanning Singapore, Hong Kong, China, Japan, Thailand, Malaysia, Indonesia, Vietnam and Australia.
Its multi-currency platform supported the full real estate capital structure, enabling developers and institutional investors to fund acquisitions, refinancing and development while navigating complex regulatory environments. UOB’s expertise also covered commercial as well as residential sectors.
Sustainability was central, too, with pioneering green loans, sustainability-linked facilities and green bonds. Landmark deals, including Marina Bay Sands expansion and AirTrunk, highlighted an ability to integrate lending, advisory and capital markets capabilities to deliver tailored, market-leading solutions.
BEST STRUCTURED FINANCE HOUSE
Citi
Citi’s Vietnam's business stood out for its market-leading innovation, execution and cross-border capabilities in structured finance, underpinned by its unrivalled global network spanning 95 countries.
The bank delivered landmark, first-of-their-kind transactions, including Vietnam’s largest non-government guaranteed state-owned enterprise financing and a pioneering hybrid structure for the Nhon Trach LNG power project, setting a new template for future energy financings.
The bank also arranged the country’s largest bridge loan and introduced innovative onshore-offshore FX hedging structures to optimise funding costs.
Beyond transactions, Citi demonstrated strong client franchise growth, digital FX leadership and impactful ESG contributions, reinforcing its role as a trusted partner driving Vietnam’s financial market development.
BEST SUSTAINABLE FINANCE HOUSE
Natixis CIB
Natixis Corporate & Investment Banking (Natixis CIB) distinguished itself as a leader in sustainable finance through a clear, dual-pronged strategy: accelerating green financing while actively supporting clients’ transition pathways, including in high-emission sectors.
A stand-out innovation was the bank’s proprietary Green Weighting Factor (GWF), which embedded climate impact into credit decisions – in turn reducing risk weights for green deals by up to 50% and penalising carbon-intensive exposures, effectively reshaping capital allocation.
The bank also delivered landmark, high-impact transactions, including Fosun’s €675 million ($794 million) sustainability-linked loan, Yondr’s $900 million green data centre financing, and Australia’s first social residential mortgage-backed securitisation backed by disability housing.
Combined with deep advisory capabilities, market-first structures and active leadership in global ESG standards, Natixis CIB set a benchmark for innovation, scale and real-economy impact in sustainable finance.
BEST ISSUER - CORPORATES
Thai Airways International Public Company
Thai Airways International’s landmark transaction heralded the largest business and capital restructuring under a court-supervised rehabilitation plan in Asia Pacific.
It combined a debt-to-equity conversion with Thailand’s largest equity fundraising in 2024, enabling Thai Airways to successfully exit rehabilitation. The deal culminated in the airline’s historic resumption of trading after more than four years, with shares maintaining strong performance after reopening.
Through innovative structuring, disciplined execution and regulatory collaboration, the transaction restored financial stability, aligned stakeholder interests and set a new precedent for complex restructurings and re-listings in Thailand’s capital market.
From crisis to relisting success, it was a one-of-a-kind, in turn redefining investor confidence and also setting a benchmark for large-scale corporate rehabilitations globally.
BEST ISSUER - ESG (CORPORATES)
South Australia Power Networks (SAPN)
South Australia Power Networks (SAPN) was a notable ESG issuer through its scale, innovation and consistent execution. For example, it aligned all capital raising with its Sustainable Financing Framework, ensuring proceeds supported environmentally beneficial projects while maintaining cost-efficient funding access.
This helped SAPN to became one of Australia’s largest corporate green bond issuers, demonstrating strong market credibility and repeat issuance commitment.
Despite volatile markets, SAPN showed strategic agility, successfully executing a multi-tranche green bond with a large orderbook and tightened pricing across tenors. Strong engagement across Asia and domestic markets diversified its investor base.
By delivering benchmark transactions and sustained ESG issuance, SAPN set new standards for utility sector financing and reinforced the depth and viability of regional sustainable capital markets.
BEST ISSUER - ESG (FINANCIAL INSTITUTIONS)
E.SUN Bank
E.SUN Bank distinguished itself as Taiwan’s leading ESG issuer, ranking as the largest sustainable bond issuer among peers by both volume and number of deals, with 15 bonds outstanding.
Its leadership extended beyond scale to innovation and measurable impact. Proceeds align with nine UN Sustainable Development Goals, including financing 1,519MW of renewable energy across solar and offshore wind. Further, the bank pioneered Taiwan’s first biodiversity - and agroforestry-linked bonds, supporting afforestation and regenerative agriculture.
E.SUN Bank also expanded regional capabilities via Hong Kong, exporting sustainable finance expertise across Asia Pacific.
Beyond green financing, the firm established a dedicated SME ESG task force, offering loans and advisory services, with over 160 companies joining its net-zero initiative.
Meanwhile, social outcomes included healthcare access for over 1 million people and financing support for SMEs and young entrepreneurs, reinforcing E.SUN Bank’s role as both market leader and sustainable finance innovator.
