FinanceAsia’s Achievement Awards Celebrate The Best Deals in Asia’s Financial Markets

FinanceAsia, the leading source of financial news and analysis in Asia, has announced the winners of its annual Achievement Awards for 2023. The awards recognize the most outstanding transactions and institutions in the region, as well as the best banks, law firms, and rating agencies that facilitated them.

The year 2023 was a challenging one for the Asian financial markets, as the Covid-19 pandemic continued to disrupt the global economy and pose unprecedented risks and uncertainties. Despite the difficulties, many issuers and investors showed remarkable resilience and innovation, tapping into new opportunities and markets, and setting new records and milestones.

Highlights of the awards

The Best Asian Deal went to China Evergrande Group for its $23.5 billion debt restructuring, the largest and most complex restructuring in Asia’s history. The deal involved multiple creditors, jurisdictions, and asset classes, and required extensive negotiations and coordination. The deal helped the troubled property developer avoid a default and a systemic crisis, and paved the way for its future recovery.

The Best Equity Deal went to Grab Holdings for its $40 billion US listing via a SPAC merger, the largest SPAC deal ever and the largest US listing by a Southeast Asian company. The deal marked a milestone for the region’s tech sector, as Grab became the first decacorn (a company valued at over $10 billion) to go public. The deal also showcased the growing popularity and potential of SPACs, or special purpose acquisition companies, as an alternative route to the public markets.

The Best Bond Deal went to Indonesia for its $4.3 billion green sukuk, the world’s largest green sukuk and the first sovereign green sukuk to be rated by all three major rating agencies. The deal demonstrated Indonesia’s commitment to sustainable development and environmental protection, as well as its leadership in the Islamic finance market. The deal attracted strong demand from both conventional and Islamic investors, and achieved a lower yield than Indonesia’s conventional bonds.

The Best M&A Deal went to Reliance Industries for its $15 billion stake sale to Saudi Aramco, the largest foreign direct investment in India and the largest energy sector deal in Asia. The deal marked a strategic partnership between two of the world’s largest oil and gas companies, and helped Reliance reduce its debt and diversify its business. The deal also boosted India’s energy security and economic ties with Saudi Arabia.

The full list of the award winners and the rationale behind their selection can be found on the FinanceAsia website. FinanceAsia will also host a virtual awards ceremony on December 15, 2023, to celebrate and honor the achievements of the winners and the industry. Congratulations to all the winners and nominees!