DBS beats the competition to win the much-coveted ESG bank of the year accolade in The Asset Triple A Sustainable Capital Markets Awards 2022 as announced in an Oscar-style awards ceremony held last night (March 14) at the Four Seasons Hotel in Hong Kong.
Singapore’s largest lender is among the leading arrangers of ESG-related debts across the region. It advises and assists many issuers in setting up their sustainable financing and sustainability-linked financing framework and has brought many first green/sustainability-linked and transition bond deals into the market.
In its recently published sustainability report, DBS says it is on track to meet its decarbonization targets in seven of nine priority carbon-intensive sectors named as part of its commitment to being net zero in its financed emissions by 2050 – power, oil and gas, automotive, aviation, real estate, food and agriculture, and chemical. The bank is “almost on track” in the steel sector, but “not on track” in shipping.
Citi is once again chosen as the Best bank, even as it refocuses its strategy in Asia. The US bank has exited consumer banking in several Asian markets, while expanding its wealth management business in the region. While retaining a consumer banking presence in Singapore and Hong Kong, Citi is deploying its resources and directing investments in businesses where it says it has the competitive advantages and the scale necessary to generate higher returns. Overall, Citi has demonstrated the strength of its franchise in such markets as China, Taiwan, Singapore, India, Indonesia and Thailand.
The Best sustainable finance adviser award goes to MUFG Bank as it manifested its commitment to supporting Asia’s transition journey, engaging a wide range of clients on their sustainability strategies and arranging their sustainability financing transactions. The bank was involved, among others, in the Olam Group’s US$4.875 billion sustainability-linked loans that included US$1.975 billion for Olam Food Ingredients and US$2.9 billion for Olam Agri in which the bank acted as a senior mandated lead arranger and a joint Poseidon Principles programme coordinator.
HSBC wins the Best green adviser of the year award, being a leader in the development of the GSSS (green, social, sustainability and sustainability-linked) bond market, doing value-add structuring work and bringing inaugural structures into the market.
Among the maiden transactions, HSBC has helped six issuers in executing their first sustainable bond offerings, including the first-ever double ESG structure (green + sustainability-linked bond) issuance in Asia ex-Japan for Yunnan Provincial Energy Investment Company in April 2022, which was an innovation in the market.
The bank was also involved in New World Development Company’s US$200 million social bond and US$500 million senior perpetual green notes, acting as joint social and green structuring bank, global coordinator, bookrunner and lead manager. New World Development is the first corporate globally to issue a US dollar-denominated green and social dual tranche offering in the public bond market.
The Asset also honoured the winners of The Triple A Rating Agency of the Year Awards with Moody’s taking home five awards in APAC and one in Europe, while Fitch Ratings won four awards in APAC, including one for Sustainable Fitch as ESG Rating Agency of the Year for the region. Fitch also got one award in Europe.
China Lianhe Credit Rating, meanwhile, received its award as the Rating Agency of the Year for China.
To view photos from the awards gala please go here.