Matthew Koder, joint global head of ECM, says that one of the key deals in the past 12 months has to be Bank of China (BoC), the most recent hallmark of UBS’s long relationship with the bank. “It was just a fantastic achievement in terms of the size, scale and pricing achieved relative to other banks, and the massive amount of support from the investor base.”
The BoC deal was also evidence that it has been a transformational year for UBS’s Asia business – which Mr Koder says will be a real engine for growth at UBS. But it is particularly true for China, both in terms of growth in government-related transactions and its aggressive move in the private sector. UBS executed the first H share IPO for China Merchants Bank (it was already listed in the domestic A market), which has traditionally been difficult because of the difference between A and H share values, and managed the Country Garden IPO which, at $2bn, is the largest real estate IPO ever.
Tom Fox, joint global head of ECM, says the current turmoil has caused a slowdown rather than a cessation of new issuance. “In the US and Europe, it will be about sector-specific deals but in Asia, the markets are well and truly open. We have launched Hidili Coal, Soho China and SPP Shipbuilding in the past week.”
