Congratulations to all the winners of the FinanceAsia Achievement Awards 2025.
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 participants 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 capital markets and advisory deals in Apac across bonds, digital bonds, equities, IPOs, M&A, and syndicated loans.
BEST BOND DEALS
APAC & HONG KONG SAR
Hysan's subordinated perpetual securities and junior subordinated bond private placement
Participants: Crédit Agricole CIB, DBS Bank, HSBC, JP Morgan, Mizuho, UBS, Linklaters
This pioneering global offering used an innovative structure to make it the first corporate to issue a Perpetual hybrid rated by Moody’s only one notch below senior rating. In doing so, it marked not only a successful refinancing for Hysan; it has also created a replicable blueprint for investment-grade corporates worldwide to optimise their cost of funding and capital efficiency.
Rather than accept the standard two-notch deduction, Hysan used a two-layer subordinated structure that could meet – and exceed – the criteria for a one-notch outcome.
The deal also introduced the concept of future-proofing a rating through capital structure commitment, moving beyond one-off transactions to enduring capital framework planning.
AUSTRALIA
Scentre Group's A$650 million 30nc6.5 hybrid issue
Participants: UBS, ANZ, NAB
This was the first benchmark Australian dollar (AUD) hybrid issuance in around three years, and reopened the market for Australian corporate hybrids.
Domestic and international investors alike showed strong support, given the issuer's strong credit profile and market positioning. That also helped the transaction set several records: record tight AUD hybrid margin; record tight senior-sub spread; and record execution speed, with mandate to pricing done within two days to navigate a delicate market environment.
This was also only the second cross-currency hybrid liability management exercise by an Australian corporate – the first was also by Scentre, in September 2024.
BANGLADESH
Dutch-Bangla Bank's 5th subordinated bond of BDT12 billion
Participants: UCB Investment
This transaction represented the largest bond ever raised by a private commercial bank in Bangladesh, establishing a new benchmark in the country. In enabling the issuer to expand its lending capacity, support technology-driven initiatives and maintain long-term stability, the deal received strong support from both domestic and international investors.
Ultimately, a combination of proactive regulatory engagement, prudent structuring strategies, robust project management and innovative planning were integral to navigating the deal’s size, the timeline, regulatory hurdles and stakeholder coordination.
Executing such a large-scale transaction within a compressed timeframe of just one and a half months reinforced investor confidence, encouraged market participation, and further established the potential of subordinated bonds as an effective instrument for sustainable capital growth.
CHINA - OFFSHORE
China Modern Dairy Holding Ltd's 5-year $350 million Reg S senior unsecured sustainability bond issuance
Participants: Barclays, BOC International, China Construction Bank (Asia), DBS Bank, BOCOM International, CITIC Securities, CCB International, Linklaters, Clifford Chance
This was a transaction that counted many firsts among its achievements. Among them, it was the first US dollar bond issuance in recent years in the dairy industry from Greater China, introducing a rare high-quality supply to the offshore investment-grade market.
More broadly, it was also the first offshore sustainability bond issued by a food and beverage company in Asia Pacific.
The deal's success reinforced market confidence and paved the way for future transactions. Strong investor demand resulted in 3.4x oversubscription, with the orderbook diversified both by investor type and region. Asset managers, funds and insurance investors accounted for nearly half of the allocation.
CHINA – ONSHORE
Xi’an Urban Development (Group) Co., Ltd.’s non-public offering of sci-tech innovation corporate bond
Participants: CICC, Huatai United Securities
This bond was innovative in several ways, including being the first sci-tech innovation corporate bond themed “lab economy”.
For the issuer, it means the proceeds will be directly used to fund its equity contribution to the sci-tech innovation enterprise. For investors, the bond offers greater appeal with specifically designed investor protection provisions, plus enriches their selection of exchange-traded products.
For regulators, meanwhile, the bond’s success has set an example of how financial capital can play a positive role in facilitating sci-tech innovation and industrialisation of sci-tech achievements. That represented a success outcome for China as it deepens supply-side reform in the financial sector.
INDIA
MakeMyTrip's $3.1 billion convertible notes
Participants: Morgan Stanley, JP Morgan, A&O Shearman, Latham & Watkins
This was a stand-out transaction for India. It was the largest capital raise by a new-age tech firm in the country since 2022, as well as being a first-of-its-kind concurrent offering combining equity and zero-coupon convertible notes at scale, with proceeds used for a share repurchase.
Compared with initial expectations, the deal saw the full exercise of underwriters’ and initial purchasers’ options in both offerings. Investors were impressed, showing strong demand to validate MakeMyTrip’s strategic direction – with the convertible notes pricing at a 35% premium over the equity offering price.
The deal’s success has set a benchmark for Indian tech firms seeking global capital, while also enhancing market perception of MakeMyTrip’s financial flexibility and independent governance.
INDONESIA
Republic of Indonesia's A$500 million & A$300 million inaugural senior bonds
Participants: ANZ, Standard Chartered Bank, UBS, Linklaters
In deciding to debut in the Australian dollar market for reasons including currency diversification and to develop a stronger offshore presence, the Republic of Indonesia highlighted its strong access to the international capital markets away from G3 currencies. It was a testament to the good credit quality of its name.
Notably, a high-quality orderbook laid foundations for solid execution. Investor engagement allowed tighter pricing than initially planned, and without any significant drops in the orderbook.
This pioneering transaction established a new benchmark for similar deals in the region, potentially paving the way for other Indonesian issuers to differentiate into a new market and enlarging the universe of investment instruments available to Australian fixed income investors to include BBB credits.
JAPAN
NTT Finance's $11.25 billion and €5.5 billion senior bonds
Participants: Morgan Stanley, Citi, JP Morgan, BofA Securities, Goldman Sachs, BNP Paribas, Barclays, Nomura, SMBC Nikko, Mizuho, Daiwa Securities, Skadden, Arps, Slate, Meagher & Flom
In executing this transaction, it marked the largest-ever bond by a Japanese issuer in the US dollar (USD) and Euro (EUR) markets. Other landmarks included it being the second largest USD and EUR bond issuances for 2025 at the time of launch, and the largest ever by an issuer in Asia Pacific.
When NTT Finance first announced the mandate and roadshow, it attracted a large number of investors from Asia, Europe and the US. And discussions with investors received high-quality feedback.
The deal was able to successfully price without guarantees from NTT as the parent company. It accumulated demand of $70 billion and €24 billion ($28.3 billion), and succeeded in raising the desired issuance amount.
MALAYSIA
Exsim Capital Resources's RM455 million Asean green SRI sukuk musharakah
Participants: NewParadigm Securities, United Overseas Bank
This path-setting Asean Green SRI Sukuk represents EXSIM Group’s largest Sukuk issuance to date.
Backed by future receipts under sales and purchase agreements of green-certified residential property projects, the issuance achieved exceptional investor demand. It achieved a 2.6x bid-to-cover ratio, demonstrating the strong confidence investors placed in the sponsor and the innovative securitisation structure.
At the same time, the Sukuk successfully priced at a highly competitive profit rate of 4.8% per annum, underscoring the robustness of the structure. By securitising and monetising progress billings across multiple concurrently running projects, this deal overcame key structural, execution and regulatory challenges, setting new benchmarks in sustainable Islamic finance and securitisation.
PAKISTAN
Pakistan Mobile Communications' PKR15 billion unsecured, privately placed short-term sukuk
Participants: Askari Bank, Al-Meezan Investment, ABL Funds, Faysal Funds, AWT Investments, Lucky Investments, HBL Asset Management, Alfalah Investments, NAFA
This deal stood out as the largest back-to-back Sukuk issuance by the same telecom operator in Pakistan, demonstrating both the scalability and repeatability of the innovative digital airtime-based structure.
It reinforced the issuer’s ability to consistently tap Islamic capital markets, while maintaining strong investor appetite and confidence. Plus, the successful execution of consecutive issuances also highlighted the growing depth of Pakistan Islamic Finance landscape.
Also notably, by introducing digital airtime as an acceptable Islamic asset, the transaction created a replicable blueprint for telecom and other digital economy players to access Shariah-compliant financing.
PHILIPPINES
Petron's $475 million Reg S senior perpetual nc3 capital securities
Participants: HSBC
Several key achievements made this transaction a worthy award winner. It saw the largest orderbook a Philippine corporate issuer since June 2020, as well as the largest oversubscription achieved by a non-SSA Asian issuer since March 2019. It also marked the tightest perpetual issuance yield from the Philippines since October 2021.
There was strong and sustained investor interest in this deal from Petron, the only integrated oil refining and marketing company in the Philippines.
Books further peaked from $2.8 billion at final price guidance to $3.2 billion at pricing. That represented an oversubscription of over 22 times on the ‘new money’ portion.
SINGAPORE
Bayfront Infrastructure Capital VI
Participants: Societe Generale, Standard Chartered, BNP Paribas, MUFG, OCBC, Clifford Capital, Allen & Gledhill, Latham & Watkins, Clifford Chance
This pioneering transaction established a new benchmark for similar deals in the region. It showcased sophisticated structuring, accessing a wide array of new investors and opening up new markets to give those investors an efficient way to get exposed to Infrastructure and project finance through a securitisation.
Further, for the first time, BIC VI had a L-shape risk retention structure, plus it promoted the financing of green assets, with net proceeds from the AAA Sustainability Tranche being used to finance or refinance project and infrastructure debt for green and social assets.
At the same time, the transaction featured new industry sub-sectors such as public healthcare and nature-based solutions.
SOUTH KOREA
LG Energy Solution’s $2 billion 144A/RegS quad-tranche senior unsecured notes
Participants: BofA Securities, Citi, Crédit Agricole CIB, HSBC, Morgan Stanley, Standard Chartered Bank, Linklaters
This deal marked the first time a non-financial private firm in Korea issued a public US dollar (USD) bond in 2025. It received strong support both domestically and internationally due to its landmark quad-tranche – a first for the issuer, in turn attracting a diversified investor base.
Among broader implications, with many Korean firms expanding their investment in the US, in line with US tariff policies, this transactional showed the possibility of financing through USD bonds, to boost stability for Korean firms in an era of geopolitical uncertainty.
In addition, the deal had a successful outcome despite uncertainty about the outlook for the electric vehicle battery market.
TAIWAN
Fubon Life's $650 million 10.25-year subordinated dated capital bonds
Participants: Citi, HSBC, JP Morgan, Morgan Stanley, Allen & Gledhill, Clifford Chance
Fubon Life, among the leaders in Taiwan’s life insurance industry, marked a significant milestone with its inaugural offshore bond issuance. The deal demonstrated Fubon Life’s strategic expansion beyond domestic financing, as well as its commitment to optimising capital structure and enhancing financial flexibility.
The two-day marketing in Singapore and Hong Kong guided investors to a desired price outcome, with constructive investor feedback leading to the tightest ever spread of T+120bp for a Taiwanese Insurance Tier 2 subordinated bond.
Such success reinforced market confidence and paved the way for future transactions.
THAILAND
Debentures of Thai Beverage
Participants: Kasikorn Bank, Bangkok Bank, Krungthai Bank, Bank of Ayudhya, Siam Commercial Bank
This transaction reinforced the issuer’s position as a market leader in the Thai corporate bond market – not only through this being the largest single corporate bond offering in Thailand in 2025 at the time, but also by demonstrating the effective use of callable bond features.
For example, despite the early redemption risk associated with call options, the issuer attracted local investors through a well-timed execution, showcasing how such features can be used to enhance financial flexibility and reduce funding costs for the issuer.
The strong reception of the deal contributed to a noticeable shift in market sentiment, with several corporates evaluating callable structures in the wake of this deal.
VIETNAM
VinFast's VND5,000 billion bond issuance
Participants: Techcom Securities Joint Stock Company
This was one of the largest non-bank corporate bond issuances in Vietnam during the first half of 2025. It attracted a broad base of investors, ultimately ensuring full subscription and strong secondary market liquidity despite a competitive fundraising environment.
With this appetite, the transaction helped to expand the investor pool beyond traditional real estate and finance sectors, offering a new asset class linked to Vietnam’s fast-growing electric vehicle industry.
This came after researching and discovering many investors looking for secured investments with above-average returns from businesses that develop breakthrough products. As a result, the bond structure had a payment guarantee from Vingroup JSC with the initial collateral being shares of Vinhomes JSC, a major listed company in real estate.
BEST DIGITAL BOND DEALS
CHINA – OFFSHORE
Zhuhai Huafa Group Co Ltd.'s 4.50% guaranteed digitally native bonds due 2027
Participants: Haitong International Securities, HSBC, Huatai Financial Holdings, CLSA, CMB International Capital, China Securities (International) Corporate Finance Company, CICC, Guotai Junan Securities (Hong Kong), Luso International Banking, CNCB (Hong Kong) Capital, China Industrial Securities International Brokerage, CMBC Securities Company, Huajin Securities (International), SMBC Nikko Securities (Hong Kong), SPDB International Capital, Dragonstone Capital Management, Linklaters
This transaction was a stand-out success, chalking up several ‘firsts’: the first global public offering of a corporate digital bond; the first digital bond issued by a Chinese entity; the first issued in Hong Kong; and the first listed on the Macau exchange.
Inevitably, this marked an important milestone in China’s debt market, utilising cutting-edge blockchain technology that enabled all relevant documentation to be recorded on blockchain, which ensured transparency, immutability and security of information.
There was strong support from both domestic and international investors, reinforcing market confidence and paving the way for more tokenised bond issuances.
HONG KONG SAR
BoComm Digital's Reg S 3-year senior unsecured floating rate digitally native notes
Participants: HSBC
This issuance achieved several milestones for digitally native issuances. It was the first-ever digitally native bond offering by a Chinese financial institution, the first digitally native bond issued in floating rate format, the first US dollar benchmark-sized digitally native bond, and the first digitally native bond that followed a conventional bond execution style (with initial price guidance and final price guidance).
Reflecting these achievements, the deal was efficiently executed and well-received by investors. Strong support and appetite enabled the bank to tighten the price guidance to SOFR+55bps, and eventually price $300 million at this level, marking a significant tightening of 50bps from the initial price guidance.
BEST EQUITY DEALS
APAC & HONG KONG SAR
CATL's $5.3 billion IPO
Participants: BofA Securities, CICC, China Securities International, JP Morgan, Goldman Sachs, Morgan Stanley, UBS, Kirkland & Ellis, Llinks Law Offices, Linklaters, CM Law Firm
This deal achieved impressive results in meeting its goal to secure substantial capital via a dual-primary listing while achieving optimal valuation for CATL. The outcome was Hong Kong's largest offering for the past four years, and the biggest globally in 2025 at the time.
Investor demand was overwhelming, with the institutional portion oversubscribed 15.2 times and the retail tranche seeing 151 times oversubscription.
The innovative approach has also created lasting opportunities for the broader market, such as the successful achievement of A-H share pricing parity, challenging a long-held market convention and setting a powerful new benchmark for high-quality Chinese companies to access global capital without sacrificing domestic valuation.
AUSTRALIA
Xero's A$1.85 billion equity raising
Participants: UBS, JP Morgan
As an equity financing as part of a large M&A, this deal was notable for its differentiated approach to disclosure – which played a pivotal role in positioning Xero’s acquisition of Melio as a compelling strategic move to the market.
Other key transaction features also contributed to the fundraising success. Among them, timing flexibility was key, with a highly considered approach taken to launch timing, given this was executed during heightened market volatility after the 2025 conflict between Israel / Iran escalated in mid-June. Early preparations enabled a swift launch post ‘ceasefire’.
Navigating appropriate market windows proved crucial in ensuring positive investor sentiment. Ultimately, Xero’s raising became the largest ASX M&A equity financing since Atlas Arteria’s entitlement offer in 2022.
BANGLADESH
AKS Khan Pharmaceuticals equity investment from Danish Development Finance Institution IFD
Participants: CAL Investments
For the Impact Fund Denmark (IFD), this was its first equity investment in Bangladesh in over three decades – and notably, the first Foreign Direct Investment (FDI) equity commitment in the country following the July 2024 revolution. In turn, the deal established a new benchmark for development-focused equity financing in Bangladesh.
Yet the transaction is more than capital; it is a strategic impact investment in Bangladesh’s health infrastructure. For example, within only a few months, the proceeds quickly started to transform access to healthcare, via more pharmacy outlets and walk-in clinics, and much more expansion is now possible.
The deal also created a template for future FDI inflows into Bangladesh’s healthcare and consumer sectors.
CHINA – OFFSHORE
Alibaba's $3.168 billion convertible notes due 2032
Participants: Barclays, Citi, HSBC, JP Morgan, Morgan Stanley, UBS, Alibaba
As a result of this successful convertible bond offering, the largest globally at the time of launch in 2025, Alibaba became the largest equity-linked issuer worldwide by both equity-linked instruments issuance volume over the previous 16 months and by outstanding amount of equity-linked instruments.
In terms of deal structure, the Reg S-only issuance format was key for swiftly capitalising on an optimal market window and benefitting from the company’s strong share performance, without additional financial or disclosure requirements.
In addition, the joint syndicates tapped a favourable market window, leveraging the share price surge driven by Alibaba’s fast-growing AI business following its earnings release. The final orderbook was multiple times oversubscribed.
CHINA – ONSHORE
PSBC’s A-Share private placement
Participants: CICC, CITIC Securities, BOC International (China), China Galaxy Securities, China Post Securities, China Merchants Securities, China Securities
This transaction saw the first capital injection into a major Chinese state-owned bank by the Ministry of Finance with proceeds from a special government bond issuance in 27 years. At the same time, this was the second largest equity financing in the A-share market, marking the first time a state-owned bank broke the valuation ceiling of 1x net assets in equity refinancing.
The deal was key in enabling the Postal Savings Bank of China (PSBC) to consolidate capital strength, improve its risk management capabilities and support prudent operations.
Key elements of this outcome included professional and effective regulatory communication with regulators, plus a well-crafted shareholder communication strategy.
INDIA
Hyundai Motor India’s $3.3 billion IPO
Participants: Citi, JP Morgan, Morgan Stanley, Kotak Mahindra Capital, Latham & Watkins
This deal earned recognition for several significant achievements – including being the largest-ever IPO in Indian capital markets history and the first Korean company to list in India.
The transaction was also pioneering by leading the way for many other carve-out IPOs of the Indian businesses of large global companies.
Strong support from investors across Asia, the US and EMEA, was important in overcoming the various challenges to bring this innovative deal to market. Initial expressions of interest were a big help in creating demand tension, which drove pricing higher, leading to the IPO being priced at a premium to listed peer multiples, despite uncertain markets.
JAPAN
Kansai Electric Power's $2.6 billion primary follow-on
Participants: Citi, Nomura, Mizuho, Daiwa Securities, SMBC Nikko, Mitsubishi UFJ, Morgan Stanley
This was Japan’s largest primary follow-on since 2012, and the first in eight years for Japan’s power and utilities sector. Putting its size into context, it was also the sixth-largest deal in the global power and utilities sector over the past decade.
It was of strategic importance given the objective of repowering and decarbonising power plants, including nuclear power plants, as well as expanding the business via M&A in energy, IT and real estate business. In the medium to long term, the additional debt financing capacity will further accelerate investment in technologies such as next-generation advanced reactors.
Over 100 international investors joined the deal, which was ultimately oversubscribed amid the demand from long-only investors.
MALAYSIA
Eco-Shop Marketing's RM974.2 million IPO
Participants: Maybank, UBS, RHB Investment Bank
Eco-Shop’s IPO achieved an important milestone in being the first-ever dollar store retail chain to be listed in Asean.
It was also the largest IPO in Malaysia since September 2024, the third largest-ever in the domestic retail sector, and the only major Asean IPO to successfully launch and complete in the aftermath of so-called ‘Liberation Day’.
The offering was a success with support from both domestic and foreign investors. The final bookbuild tranche achieved a 208x subscription rate, while the retail tranche was almost 2x covered. Pricing was at a premium valuation of 28.3x P/E versus Malaysian peers at 23.6x – a strong outcome against a challenging market backdrop.
NEW ZEALAND
EBOS' NZ$949 million block trade
Participants: UBS
Notable as the largest underwritten block trade in New Zealand in 2025 when it launched, and third largest ever for an NZX-listed issuer, this transaction attracted broad-based demand from local, Australian and global institutional investors.
Strategically, the deal allowed for an increase in EBOS’ liquidity on both the New Zealand and Australian stock markets – in turn, increasing the likelihood of achieving favourable index inclusions.
It was launched in the after-market following a stable trading day in both New Zealand and Australia, and a positive US market lead – highlighting the importance of early preparation to take advantage of attractive market windows.
PHILIPPINES
Ayala Corporation's PHP20 billion Series B preferred shares
Participants: BDO Capital & Investment, BPI Capital, China Bank Capital, First Metro Investment, PNB Capital and Investment, RCBC Capital, Security Bank
This transaction stood out for its innovation, market impact and strategic significance. By re-issuing shares from treasury stock rather than creating a new class of securities, Ayala demonstrated a novel approach to capital recycling, efficiently monetising existing instruments while avoiding structural complexity.
The deal also introduced a pioneering step-up feature linked to the 10-year BVAL, offering investors protection against non-redemption while giving Ayala flexibility in managing its capital structure. Proceeds were directed to renewable energy through ACEN, making the issuance an ESG-aligned milestone.
Together, these elements strengthened investor confidence in hybrid securities and set a replicable benchmark for Philippine and Asean capital markets.
SINGAPORE
AvePoint’s S$259.2 million US SEC-registered follow-on offering with concurrent dual-listing on the SGX-ST
Participants: OCBC, UBS, Jefferies, Morgan Stanley; WongPartnership, Cooley, Venture Law, Latham & Watkins
AvePoint’s transaction reset what is possible for global issuers in Singapore. It marked the first global B2B SaaS listing on the Singapore Exchange, the first Nasdaq–SGX dual listing, and the first US SEC-registered follow-on offering executed alongside a Singapore secondary listing settled in Singapore dollars.
The deal also showcased execution excellence, with regulatory approvals, bookbuilding, pricing and settlement run in parallel, enabling pricing within one day and listing within three.
Settlement was aligned with local T+3 practice while mitigating Nasdaq volatility. Supported by a year-long investor education effort, the transaction delivered strong regional participation and created a replicable blueprint for future global technology listings in Singapore.
TAIWAN
Hon Hai's $700 million NTD currency–linked convertible bond offering
Participants: Citi, Goldman Sachs, HSBC, UBS
This landmark convertible bond issuance set multiple benchmarks in the regional market. It achieved the highest premium for an Asia Pacific convertible bond in the past three years and ranked as the second-largest convertible bond offering in Taiwan since 2022.
The deal was smartly timed to capture strong equity market momentum, enabling swift execution and securing zero-coupon, zero-yield financing.
Investor demand was exceptional, with the book over five times subscribed within 30 minutes, delivering nearly a 44% conversion premium and attracting more than 100 high-quality investors.
THAILAND
Thai Airways International PCL’s capital restructuring
Participants: Kiatnakin Phatra Securities, Baker & McKenzie
This 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.
BEST IPOs
APAC & VIETNAM
TCBS' VND10.8 trillion IPO
Participants: TCBS, SSI, Ho Chi Minh City Securities
This was Vietnam’s first billion-dollar, fully digital IPO, setting a new benchmark for efficiency, access and scale in the country’s securities market.
Executed entirely via the TCInvest platform, the end-to-end self-serve process eliminated paperwork and geographic barriers, attracting over 26,000 investors and achieving 2.5x oversubscription, including $500 million from international institutions.
The deal combined strong capitalisation – the largest in the sector – with regulatory tailwinds to enable faster listing and foreign participation.
Operated by fewer than 10 staff, the highly automated model demonstrated exceptional scalability, and establishing a replicable blueprint for future IPOs in Vietnam.
AUSTRALIA
Virgin Australia's A$685 million IPO
Participants: UBS, Goldman Sachs, Barrenjoey, Reunion Capital Partners, Gilbert Tobin
This landmark transaction marked the second-largest IPO in Australia since 2014 and the first private equity-backed IPO over $100 million since 2021, underscoring its market significance.
The successful outcome requited highly strategic, agile execution to navigate volatile conditions through a staggered, accelerated investor engagement that generated strong excess demand without cornerstone investors.
Innovative structuring, including integrated debt financings and FX hedging for Bain Capital, enhanced value across the capital structure. The IPO met valuation objectives, delivered a strong +11% debut and secured S&P/ASX300 inclusion.
CHINA – OFFSHORE
Jiaxin International Resources’ simultaneous listing on the Main Board of the Hong Kong Stock Exchange and the Belt and Road Board of the Astana International Exchange (AIX)
Participants: CICC, China Galaxy Securities, CMB International Capital, Celestial Securities, ABCI Securities, Tiger Brokers, AVICT Global Asset Management, Lighthouse Capital Financial
This $176 million IPO saw a first-of-its-kind dual listing on the Hong Kong Stock Exchange and Astana International Exchange – the first Rmb-denominated stock in Central Asia and HKEX’s first tungsten-focused issuer.
Backed by the world’s largest open-pit tungsten mine, the deal combined strategic resource significance with strong growth capacity.
Efficient cross-border execution, regulatory coordination and global distribution secured cornerstone and anchor demand multiple times the offering size. Timed to capture rising tungsten prices, the IPO achieved robust investor interest, setting a new benchmark for Belt and Road financial cooperation and advancing China’s global strategic resources footprint.
CHINA – ONSHORE
Huadian New Energy’s IPO on SSE Main Board
Participants: CICC, Huatai United Securities, CITIC Securities, China Securities, Guotai Haitong Securities, Chuancai Securities
Huadian New Energy’s Shanghai-listed IPO distinguished itself as a landmark transaction, marking the first Main Board deal of its size under the registration-based regime and the largest A-share IPO by a central state-owned enterprise (SOE) in three years.
As China’s largest listed new energy company by installed capacity, it offers a unique, integrated wind and solar platform.
The deal achieved record-breaking strategic placement scale and strongest offline oversubscription among comparable SOE offerings. The execution spanned regulatory strategy, investor engagement and green shoe stabilisation to ensure optimal timing and pricing, attracting high-quality long-term capital while advancing China’s carbon neutrality and sustainable energy ambitions.
HONG KONG SAR
Horizon Robotics' HK$5.4 billion IPO
Participants: Goldman Sachs, Morgan Stanley, China Securities International, CITIC Securities, Deutsche Bank, HSBC, CMB International, China Galaxy International, BOCOM International, CCB International, ICBC International, Futu Securities, CEB International, DBS Bank, GF Securities Holdings, SDICSI, ABC International, BOC International, CFSG, Livermore Holdings
This was an impressive IPO, combining strategic capital raising with market innovation. As one of Hong Kong’s largest 2024 tech IPOs, the deal accelerated R&D in edge AI and autonomous driving while delivering a liquid offshore platform for investors.
It exceeded expectations, pricing at the top end with strong oversubscription and a high-quality global investor base.
As the first Chinese AI chip unicorn to list at scale in Hong Kong, it set a precedent for deep-tech listings, proving resilient demand despite volatile markets and positioning Hong Kong as a key hub for next-generation semiconductor fundraising.
INDIA
Vishal Mega Mart's $941 million IPO
Participants: Kotak Mahindra Capital, ICICI Securities, Jefferies, JPMorgan, Morgan Stanley, Intensive Fiscal Services, Sidley Austin
Vishal Mega Mart’s IPO was a milestone in India’s organised retail sector, combining record scale with exceptional investor demand, evidenced by a 28.75x oversubscription and strong aftermarket performance.
As India’s leading fashion-led hypermarket with 700-plus stores, the transaction delivered the highest-ever private equity returns for Partners Group and Kedaara Capital, setting new benchmarks for monetisation.
Despite intense regulatory scrutiny and complex cross-border compliance, innovative legal coordination and enhanced disclosures ensured success. The deal established a blueprint for large sponsor-led IPOs in India, reinforcing market confidence and positioning the country as a viable venue for high-value retail listings.
INDONESIA
PT Daya Intiguna Yasa Tbk’s IDR4,156.4 billion IPO
Participants: PT Mandiri Sekuritas, CIMB
This transaction became Indonesia’s largest consumer IPO since 2010 and second largest in 2024.
Despite volatile global markets, the deal was multiple times oversubscribed and debuted with a 2.4% gain, outperforming regional indices. An extensive investor education effort, combined with strong anchor demand and premium valuation positioning highlighted the company’s scalable, market-leading model.
A meaningful 10% free float improved liquidity and price discovery, setting a new benchmark for Indonesian listings while broadening international participation and establishing a template for future large-scale consumer IPOs in Southeast Asia.
MALAYSIA
Eco-Shop Marketing's RM974.2 million IPO
Participants: Maybank, UBS, RHB Investment Bank
Eco-Shop’s IPO achieved an important milestone in being the first-ever dollar store retail chain to be listed in Asean.
It was also the largest IPO in Malaysia since September 2024, the third largest-ever in the domestic retail sector, and the only major Asean IPO to successfully launch and complete in the aftermath of “Liberation Day”.
The offering was a success with support from both domestic and foreign investors. The final bookbuild tranche achieved a 208x subscription rate, while the retail tranche was almost 2x covered. Pricing was at a premium valuation of 28.3x P/E versus Malaysian peers at 23.6x – a strong outcome against a challenging market backdrop.
PAKISTAN
Zarea's PKR1 billion IPO
Participants: Topline Securities, Growth Securities
Zarea’s IPO was a stand-out deal, becoming the first-ever B2B digital marketplace listing on the Pakistan Stock Exchange.
The transaction combined strong innovation with execution, offering investors a rare profitable tech growth story, underpinned by 235% revenue CAGR and 287% profit CAGR.
A disciplined book-building process and a ~74% valuation discount to peers drove 1.9x oversubscription, despite weak market sentiment. Differentiated by Shariah compliance and a 10-year tax holiday, the IPO broadened investor appeal.
Post-listing, shares rose 75% in six months, validating strategy and positioning Zarea as a catalyst for tech-sector listings and commodity market digitisation.
SINGAPORE
Info-Tech Systems' S$58.8 million IPO
Participants: OCBC, CGS International, Linklaters
This IPO was a first-of-its-kind SaaS listing on SGX, redefining the exchange’s traditionally industrial-focused landscape.
As a market leader in SME-focused HRMS and accounting software, the transaction combined strong institutional demand – 5.5x oversubscribed, ~70% placed with institutions – with top-of-range pricing and positive aftermarket performance.
Beyond capital raising, the IPO unlocked strategic advantages: enhancing global brand credibility, enabling cross-border talent acquisition and providing listed equity as M&A currency.
Crucially, it educated investors on SaaS metrics and scalability, setting a precedent for future tech listings while positioning Info-Tech for accelerated regional expansion and long-term value creation.
TAIWAN
Caliway Biopharmaceuticals's NT$3.04 billion IPO
Participants: Yuanta Securities
This IPO stood out for being Taiwan’s largest biotech offering in recent years, and for achieving a record market capitalisation on debut.
As the first aesthetics-focused new drug company listed in Taiwan, it set new valuation benchmarks while delivering exceptional investor demand, including over 120,000 subscribers.
Backed by innovative underwriting – combining strategic investor placement, pre-IPO stock split and intensive market education – the deal overcame valuation challenges for a pre-profit biotech.
Caliway’s pioneering pipeline further differentiated the transaction, establishing a replicable model and elevating Taiwan’s biotech sector globally.
BEST M&A DEALS
APAC & INDIA
Reliance Industries and Walt Disney's merger of Indian media assets
Participants: The Raine Group, Goldman Sachs, HSBC, Cleary Gottlieb, Skadden, Arps, Slate, Meagher & Flom LLP, Khaitan & Co, Shardul Amarchand Mangaldas & Co
The $8.5 billion merger between Reliance Industries and The Walt Disney Company created India’s largest integrated media and entertainment platform, combining Star India, Disney+ Hotstar, Viacom18 and JioCinema into “JioStar.”
The deal marked the largest media M&A transaction in India and the biggest completed in 2024, delivering unmatched scale across TV, streaming and sports. With over 600 million users and 300 million subscribers, it became the world’s second-largest streaming platform.
The innovative partnership structure aligned long-term interests, while exclusive content licensing and dominance in sports rights positioned the venture for sustained growth, redefining digital media in India.
AUSTRALIA
Chemist Warehouse's merger with Sigma Healthcare
Participants: Goldman Sachs, ANZ, NAB, Rothschild & Co
This 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.
CHINA OFFSHORE
Haier Group’s strategic investment in Autohome
Participants: CICC, Lianhu Securities
When Haier Group acquired a 43% stake in Autohome for $1.8 billion, it marked the largest market-driven takeover of an NYSE-listed company by a Chinese buyer since 2020.
The transaction showcased strong client relationships and execution expertise, aligning complex stakeholder interests across Haier, Ping An and Autohome.
Strategically, the deal accelerated Haier’s vision of an integrated home–car ecosystem, combining CARTECH’s offline capabilities with Autohome’s leading digital platform.
The transaction also pioneered a new “content, transaction and service” mobility model, enhancing user engagement, driving online-offline synergies and supporting the transformation and modernisation of China’s automotive industry ecosystem.
CHINA ONSHORE
Merger of Guotai Junan Securities and Haitong Securities
Participants: DBS Bank, BOC International (China), UBS, Orient Securities, Grandall Law Firm, Davis Polk, Haiwen & Partners
This landmark $31.2 billion A+H share merger between Guotai Junan Securities and Haitong Securities was a milestone for several reasons: it stood as the largest Hong Kong-listed Chinese merger in 15 years, the largest Asia Pacific securities M&A transaction to date and the biggest globally since 2009.
It was also the first merger of two listed Chinese securities firms following the release of the 2024 “Nine New National Guidelines”, setting a precedent for industry consolidation.
Further, getting the deal done demonstrated exceptional execution across a highly complex, multi-listed transaction, leveraging global expertise and integration insights.
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
Valued at $13.4 billion, this landmark transaction was the second-largest Hong Kong takeover and North Asia real estate logistics M&A deal at the time.
A standout innovation was the dual cash-and-share structure, offering shareholders rare flexibility between liquidity and continued upside. It effectively managed scheme veto risks arising from ESR’s concentrated ownership by expanding the buyer consortium and securing irrevocable undertakings from key blockholders to build decisive support for the scheme.
That required navigation of complex ownership dynamics by expanding the consortium and securing key undertakings.
Strategically, the privatisation enabled ESR to streamline operations, optimise its balance sheet and pivot towards an asset-light, future-focused growth model.
INDONESIA
Tripartite merger of XL, Smartfren and Smartel
Participants: Trimegah Sekuritas Indonesia, JP Morgan, Citi, CIMB, Deutsche Bank, Hiswara Bunjamin & Tandjung, Freshfields, Assegaf Hamzah & Partners, Skadden, Arps, Slate, Meagher & Flom
A landmark $6.5 billion tripartite merger between XL, Smartfren and Smartel created PT XLSMART Telecom Sejahtera, serving 94.5 million customers with a 25% market share.
The deal delivered significant scale and around $300 million to $400 million in annual synergies, exceeding expectations through seamless integration and on-time execution.
A key innovation was Indonesia’s first equalisation transaction at closing, alongside a unique exchangeable option structure approved without triggering a public offering.
Despite complex regulatory and stakeholder challenges, the transaction set a new benchmark for telecom consolidation, strengthening competitiveness, enhancing network quality and paving the way for future large-scale mergers in Indonesia’s digital economy.
JAPAN
KKR and Walmart's sale of Seiyu to Trial Holdings
Participants: KKR
KKR’s full exit from Seiyu represented a landmark success for its private equity strategy in Japan, combining exceptional returns with a transformational retail strategy.
Through proprietary sourcing and a unique partnership with Walmart and Rakuten, KKR accelerated Seiyu’s transformation from an offline-to-online supermarket. Over four years, Seiyu repositioned itself from a legacy GMS into a digital-first, grocery-focused leader, underpinned by a modernised IT platform, omni-channel innovation and portfolio optimisation. KKR delivered meaningful EBITDA growth and strong returns.
Seiyu is now positioned for long-term, sustainable growth. The sale to Trial Holdings reflects both financial outperformance and successful strategic repositioning.
MALAYSIA
Khazanah, EPF, GIP and ADIA consortium's privatisation of Malaysia Airports Holdings
Participants: UBS, Hong Leong Investment Bank, Azmi & Associates
The $5.1 billion privatisation of Malaysia Airports Holdings heralded the largest airports M&A and privatisation in Asean, and the biggest in Asia since 2013.
This landmark transaction was also notable for bringing together a high-calibre consortium – Khazanah, EPF, GIP and ADIA – balancing 70% domestic ownership with global infrastructure expertise.
In executing this, Malaysia Airports Holdings was positioned as a strategic national champion while leveraging deep sovereign and infrastructure investor relationships to secure a premium outcome.
Despite complex regulatory and cross-border dynamics, the voluntary conditional offer achieved over 94% acceptance, enabling delisting. End-to-end execution and strategic positioning delivered a transformative, future-focused upgrade platform for Malaysia’s airport network.
NEW ZEALAND
Contact Energy's acquisition of Manawa Energy
Participants: UBS, Cameron Partners, Macquarie Capital, Rothschild & Co, Lazard, Bell Gully, Harmos Horton Lusk
Contact Energy’s acquisition of Manawa Energy was a landmark for the local market, being the largest public scrip-based, peer-to-peer deal in New Zealand history.
Combining cash and equity, it delivered a compelling premium and secured overwhelming 99.97% shareholder approval. Strategically, the transaction created New Zealand’s second-largest renewable generator, enhancing portfolio resilience, flexibility and decarbonisation.
The deal was structured in a way to ensure funding certainty, de-risk execution and align with long-term ESG goals. As a result, it unlocked meaningful synergies, strengthened energy security, reduced reliance on thermal generation and set a new benchmark for complex, sustainability-driven M&A in the region.
PHILIPPINES
SPNEC's sale of its 40% stake in Terra Solar Philippines to Actis
Participants: UBS
SPNEC’s sale of a 40% stake in Terra Solar to Actis was a landmark $600 million transaction, valuing the project at $4.4 billion.
As the world’s largest integrated solar and battery storage project, it set a global benchmark and marked the Philippines’ largest renewable energy M&A and greenfield foreign direct investment.
The deal pioneered a hybrid solar-plus-storage, mid-merit offtake model and a flexible capital structure separating land and assets. It demanded a highly competitive process, securing a premium valuation, reducing funding risk and attracting a top-tier partner – while enabling SPNEC to retain control and long-term value creation.
SINGAPORE
Aster's Acquisition of Shell Energy and Chemicals Park Singapore
Participants: Morgan Stanley, Allen & Gledhill, Latham & Watkins
Aster’s acquisition of Shell Energy & Chemicals Park (SECP) created a uniquely-aligned joint venture between Chandra Asri (80%) and Glencore (20%). In achieving this, the deal delivered a rare strategic fit in a challenged sector, combining petrochemical expertise with global trading capabilities.
The transaction enabled Chandra Asri’s first major outbound expansion and earnings consolidation, while securing Glencore long-term supply and trading optionality. For Shell, it achieved a clean, risk-managed exit.
Executed in just six months despite complex structuring and environmental considerations, this preserved workforce continuity and trading relationships – therefore setting a benchmark for speed, innovation and multi-stakeholder value creation in Asia’s energy sector.
SOUTH KOREA
Air Liquide’s acquisition of DIG Airgas
Participants: Deutsche Bank, JP Morgan, Lee & Ko
Air Liquide’s acquisition of DIG Airgas stood out as a landmark, first-of-its-kind inbound transaction in Korea – the largest by a foreign buyer since 2020 and the biggest industrials deal in two decades.
Executed with exceptional speed – 16 days from bid to signing – it combined M&A advisory, sole-underwritten bridge financing and real-time FX hedging into a seamless “one-stop” solution.
Deep diligence on future contract backlogs underpinned a compelling valuation (14.8x EV/Ebitda, below precedents).
Strategically, it strengthened Air Liquide’s position in a high-growth market set to double, unlocking significant synergies and delivering net profit accretion within one year.
TAIWAN
Merger of Taishin FHC and Shin Kong FHC
Participants: UBS, Goldman Sachs
Taiwan’s first consensual merger between two financial holding companies (FHCs) created a landmark transaction that also the largest FIG M&A deal in Taiwan and Asia Pacific in 2024.
The deal required parties to leverage long-standing relationships, regulatory expertise and deep investor engagement to secure shareholder approval in the face of a competing hostile bid and public opposition.
The complex share-swap deal navigated regulatory uncertainty, capital concerns linked to IFRS 17 and ICS, and intricate stakeholder dynamics. The resulting TS Holdings is now Taiwan’s fourth-largest FHC, with enhanced scale, diversification and capital strength, supporting sector consolidation and reinforcing financial system stability – underscoring its strategic and execution excellence.
THAILAND
Amalgamation of Gulf Energy Development and Intouch Holdings
Participants: Bualuang Securities, UBS, Linklaters
This landmark $21.2 billion amalgamation of Gulf Energy and INTUCH created GULF, the largest M&A and infrastructure transaction in Southeast Asia.
Completed in just nine months, it set multiple firsts in Thailand – including the largest vertical amalgamation and concurrent pre-amalgamation tender offers. In doing so, the deal navigated complex regulatory frameworks across five listed companies and two exchanges, supported by a $6.6 billion financing package.
Strong stakeholder engagement secured around 99% shareholder approval and drove post-announcement share price gains. Strategically, it simplified ownership, strengthened balance sheets and created a diversified energy-digital platform, in turn enhancing resilience, growth potential and long-term shareholder value.
BEST SYNDICATED LOAN DEALS
APAC & INDIA
€175 million acquisition financing to Sudarshan Europe B.V for strategic acquisition of Heubach Group
Participants: Standard Chartered Bank, HSBC
Project Synergy was a landmark acquisition financing enabling Sudarshan Chemical Industries to acquire Heubach, combining two of the world’s top three pigment players to create a new industry leader.
Executed across complex insolvency and multi-jurisdictional structures, the deal delivered a fully underwritten, five-year facility with strong syndication demand.
Critically, it achieved a groundbreaking structure with no security over the Indian parent’s assets, relying instead on robust guarantees and a compelling turnaround thesis.
The transaction secured strategic assets at attractive valuation, supported post-acquisition stabilisation and set a new precedent for cross-border distressed M&A financing led by Indian corporates.
AUSTRALIA
WiseTech Global's $3 billion syndicated debt facilities to support WiseTech’s acquisition of e2open
Participants: Bank of America, MUFG, Deutsche Bank, ING Bank, NAB, Sumitomo Mitsui Financial Group, Westpac, Barclays, HSBC, JP Morgan, BofA Securities
WiseTech Global’s acquisition of e2open marked a transformational, debt-funded cross-border M&A that significantly expanded its scale, reach and strategic ambition to become the operating system for global trade.
The deal unlocked a vastly enlarged addressable market, integrating e2open’s network of 500,000 enterprises and over 250 blue-chip customers with WiseTech’s global footprint.
Uniquely, the transaction was fully financed via a $3 billion underwritten syndicated facility – a complex, event-driven financing at scale. Building on prior mandates, the deal highlighted strong advisory continuity and execution excellence in high-profile, strategic M&A.
CHINA OFFSHORE
Syndicated financing for Geely Sweden Financials AB and Geely Finance (Hong Kong)
Participants: Standard Chartered Bank, HSBC, BNP Paribas
This was a notable syndicated refinancing that showcased execution speed, innovation and global distribution strength. Despite a compressed 16-week timeline, tightened pricing (over 15bp inside 2022 levels) and a more complex dual-borrower structure, the deal achieved almost 2.5x oversubscription from 29 international lenders.
As one of the largest syndicated financings for a Chinese private auto issuer in 2025, it introduced flexible multi-currency tranches and a well-supported structure, avoiding SAFE registration.
A pioneering National Development and Reform Commission approval approach further streamlined execution, setting a replicable precedent for cross-border financings under tight timelines.
CHINA ONSHORE
Cross-boundary dual tranche green syndicated loan for Jinko Power
Participants: Hang Seng Bank
This landmark transaction marked the first cross-boundary, dual-tranche green syndicated loan involving Middle Eastern financial institutions, channeling offshore capital into China’s renewable energy sector.
The deal seamlessly integrated onshore and offshore funding, optimising Jinko Power’s debt structure while diversifying risk and expanding global financing access. Officially recognised by Hong Kong SAR authorities, it set a new benchmark for Belt and Road collaboration.
Its innovative structure, rigorous green governance and multi-jurisdiction coordination created a scalable template for future “green + cross-border” financings, reinforcing Hong Kong’s role as a super-connector and advancing sustainable finance across emerging markets.
HONG KONG SAR
Airport Authority Hong Kong's HK$20 billion revolving credit facilities
Participants: DBS Bank, ANZ, Bank of China, HSBC, Standard Chartered Bank, China Development Bank, Agricultural Bank of China, Bank of Communications, China Construction Bank, Hang Seng Bank, ICBC (Asia), OCBC, CMB Wing Lung, Crédit Industriel et Commercial, CITIC, MUFG, Nanyang Commercial Bank, Postal Savings Bank of China, Bank of East Asia, BNP Paribas, CIBC, CMBC, Chong Hing Bank, Citi, Dah Sing Bank, Mizuho, Shanghai Pudong Development Bank, SMBC, Chiyu Bank, Korea Development Bank, Crédit Agricole CIB, Taipei Fubon Bank, United Overseas Bank
The Airport Authority’s jumbo syndicated revolving credit facilities set a new benchmark as Hong Kong’s largest public-sector syndicated loan and most widely distributed deal in 2025 to-date as of time of launch, achieving the tightest margin for syndicated loans in the Hong Kong loan market in 2025.
The transaction drew exceptional demand, closing over seven-times oversubscribed with participation from 35 globally diverse lenders. Despite constraints – including limited bank invitations, tight pricing, and a 100% revolving credit facility structure – the deal was executed within two months.
Innovative structuring, including a built-in tenor extension mechanism, enhanced flexibility, while successfully onboarding new-to-sector lenders to broaden the investor base. That reinforced market confidence and demonstrated outstanding execution, distribution strength and strategic financing innovation.
INDONESIA
Syndicated term loan and revolving credit facilities to support Affinity Equity Partners' acquisition of 90% of issued share capital of PT Yupi Indo Jelly Gum
Participants: DBS Bank, BNI, CIMB, OCBC, United Overseas Bank, Milbank
This transaction set a new benchmark as Indonesia’s largest local currency-denominated structured leveraged buyout loan in 2025, distinguished by its innovative first-of-its-kind Bidco–Opco facility structure with a conditional listing exercise of the target.
Delivering a fully integrated acquisition-to-working-capital solution, it enabled seamless post-deal operations. Despite high complexity and tight timelines, strong oversubscription underscored robust investor confidence. With a sole-underwritten, pre-funded approach – executed over the New Year period – it provided critical deal certainty in a competitive auction.
Seamless cross-border syndication execution and new lender participation demonstrated market leadership, expanding Indonesia’s leveraged buyout financing landscape.
MALAYSIA
Refinancing of legacy project finance arrangement to a three-tranche syndicated loan facility and bilateral working capital facilities for OM Holdings
Participants: SMBC, Bank of China, Export-Import Bank of Malaysia, AmBank, Maybank, Bank of East Asia
OM Group’s refinancing transformed an outdated, asset-heavy project finance structure into a flexible, future-ready platform aligned with its brownfield operations.
The deal delivered over 0.5% margin improvement (to 2.5% to 2.8%), over $1.5 million in annual savings, extended maturities to three to four years and materially higher limits – loans, up 3.5%, working capital, up 40%, and FX by five times.
Despite weak commodity cycles and geopolitical headwinds, it achieved oversubscription and closed ahead of covenant deadlines.
Key innovations included a trade-based syndicated prepayment facility, clean corporate-guaranteed bilateral lines and OM’s first Islamic financing via a Tawarruq bridge – setting a new benchmark for flexible, lightly secured financing in volatile sectors.
NEW ZEALAND
Metlifecare's NZ$1.65 billion sustainability-linked loan
Participants: ANZ
Metlifecare’s sustainability-linked loan (SLL) refinancing stood out as one of the largest SLLs in New Zealand, combining scale with meaningful innovation.
The transaction extended maturities, upsized funding and refreshed KPIs to align with long-term strategy through 2029.
It also introduced market-first features, including embedding the WELL Equity Rating – making Metlifecare the first New Zealand issuer to link financing to employee wellbeing and social outcomes. Enhanced environmental targets, including emissions reduction and construction waste diversion, reinforce impact.
Strong syndicate engagement and innovative structuring, including a ‘rendezvous’ clause, ensured seamless execution, cementing Metlifecare’s leadership in sustainable finance.
PAKISTAN
PKR133 billion Islamic long-term financing to support Engro Corporation's acquisition of Deodar
Participants: Askari Bank, UBL, MBL
This landmark transaction was notable for being among Pakistan’s largest-ever Islamic syndicated financings, enabling Engro Corporation’s acquisition through a fully Shariah-compliant structure.
The deal achieved full subscription within a tight M&A timeline despite volatile market conditions. Innovative structuring, including a pro-rata allocation model, balanced Shariah requirements with commercial objectives while broadening participation. Seamless coordination across lenders and Shariah boards ensured timely execution.
The deal set a new benchmark for large-scale Islamic M&A financing, reinforcing market confidence and expanding the role of Shariah-compliant solutions in Pakistan’s corporate finance landscape.
PHILIPPINES
Bloomberry Resorts Corporation's PHP72 billion syndicated refinancing facility
Participants: BDO Capital & Investment, BDO Unibank, Bank of the Philippine Islands, China Banking Corporation, Philippine National Bank; SyCip Salazar Hernandez & Gatmaitan
This refinancing stood out as the Philippines’ largest peso-denominated syndicated loan of the year, executed with speed and precision in just five weeks.
Timed ahead of a global rate-cutting cycle, the deal delivered immediate and structural cost savings by tightening spreads by 75bps and introducing a flexible floating-to-fixed rate option. It significantly eased near-term cashflows, reducing principal repayments through 2028 and extending maturity to 2034.
Innovative structuring addressed lender concerns while securing full support, demonstrating how perceived high-risk gaming credits can achieve favourable, flexible financing through disciplined execution and strong sponsor credibility.
SINGAPORE
Marina Bay Sands' $12 billion syndicated credit facilities
Participants: DBS Bank, Maybank, OCBC, United Overseas Bank, CIMB, Standard Chartered Bank, SMBC, Mizuho, MUFG, Deutsche Bank, Bank of China, BofA Securities, BNP Paribas, RHB, SPDB, ICBC, CCB, HLF, China CITIC, BEA, BBL, BNS, Chang Hwa, CTBC, FCB, KEB Hana, Allen & Gledhill
Marina Bay Sands’ (MBS’) syndicated credit facilities set a new benchmark as the largest Singapore dollar-denominated loan in history, executed entirely onshore in a single currency – an unprecedented feat at this scale.
Despite challenging market conditions and large ticket sizes requirements, the deal achieved almost twice oversubscription from 22 globally diversified lenders, underscoring strong investor confidence.
It required seamless execution, by leveraging client relationships and orchestrating a complex syndication across year-end timelines.
The well-secured structure and marquee borrower revitalised Singapore’s loan market, while enabling MBS to fund its next phase of expansion, reinforcing its long-term growth and tourism leadership.
SOUTH KOREA
KRW3 trillion syndicated term loan facility for SK Innovation and SK E&S
Participants: Standard Chartered Bank
This syndicated term loan for SK Innovation and SK E&S stood out as a landmark Korean financing, combining scale, strategic timing and transition relevance. Executed amid tighter liquidity, it underscored strong lender confidence in SK Group’s credit and energy transition strategy.
Proceeds supported integration across batteries, LNG, renewables and hydrogen, aligning with Korea’s decarbonisation agenda. Structurally, the deal navigated merger-driven complexity, optimising balance sheets across two major entities. Robust syndication reflected deep liquidity for high-quality issuers despite market uncertainty.
Ultimately, the loan bridged traditional and future energy, marking a pivotal transaction at the intersection of corporate restructuring and long-term strategic transformation.
TAIWAN
CarUX Holding and CarUX Technology's JPY163.6 billion bridge facility and JPY131 billion takeout facility
Participants: DBS Bank
CarUX’s acquisition of Pioneer Corporation was enabled by a landmark, fully financed bridge-to-takeout structure – the largest outbound acquisition financing by a Taiwanese corporate in 2025.
The sole-underwritten bridge facility delivered critical bid certainty under intense competition and tight timelines, with documentation executed in just three weeks. A dual-currency (US dollar / Japanese yen (JPY) takeout facility was innovatively structured to optimise liquidity and provide natural FX hedging.
The deal introduced new lender channels, tested banks’ appetite in Singapore for a Taiwanese corporate and incorporated bespoke deleveraging and integration safeguards – overcoming market, credit and execution challenges to secure a complex, first-time transformational acquisition.
THAILAND
Gulf Energy Development and Intouch Holdings' $4.2 billion syndicated term loan facilities
Participants: DBS Bank, Maybank, Standard Chartered Bank, SMBC, United Overseas Bank, BNP Paribas, Natixis CIB
Gulf Energy and Intouch’s $4.2 billion syndicated term loan was notable as a landmark, post-merger financing and one of the largest Asia Pacific ex-Japan deals of 2024.
Executed at speed to meet strict Thai takeover regulations, the facility provided critical backstop funding for simultaneous tender offers for Advanced Info Service and Thaicom.
Despite a highly complex, multi-layered structure, the deal was successfully underwritten, navigating liquidity constraints and dual-currency considerations.
The scale, timing precision and structural sophistication underscored its significance as a defining M&A financing transaction in Thailand’s capital markets history.
VIETNAM
Vietnam Prosperity Joint Stock Commercial Bank's (VPBank) $1.563 billion three-year syndicated ESG loan facility
Participants: SMBC, Cathay United Bank, MUFG, State Bank of India, ANZ, Commerzbank, CTBC, Mashreq, Standard Chartered Bank
This ESG syndicated loan set a new benchmark as the largest ESG loan for a bank borrower in Asia Pacific – and the largest syndicated loan in Vietnam.
Launched at $1 billion and oversubscribed by over $700 million from more than 30 global lenders, it was significantly upsized, reflecting strong international confidence.
The innovative ESG structure, aligned to VPBank’s 2024 Sustainable Finance Framework, earmarked at least $500 million for green and social lending, setting a gold standard against greenwashing.
Despite the scale, coordination and regulatory challenges, seamless execution and global syndication - which included investors from the Middle East - the deal demonstrated Vietnam’s ability to attract cross-border ESG capital without sovereign support.
