The issue, which HSBC’s local debt finance team led and structured, won the following awards: Best Domestic Bond Deal and Philippines Capital Market Transaction of the Year from IFR, Best Country Deal of the Year from The Banker magazine, 2003 Best Deal in the Philippines from FinanceAsia and 2003 Best Philippine Peso Bond from Euroweek.
This transaction, which was the first to be executed under the new Program Mechanics developed by HSBC to standardize and streamline the processes, bested not only deals in the Philippines but also in the region.
Co-managed by Land Bank of the Philippines and Development Bank of the Philippines, this deal tapped Filipino retail investors, which the Department of Finance considers as crucial partners in its funding strategy.
"The RTB offering is a landmark transaction as it lays down the framework for efficient RTB issuances in the future, and sets a precedent for the corporate sector. The award is a recognition of HSBC’s commitment and value-added service to provide more than just commercial benefits to a transaction but also to be an active and constant contributor to the development of the domestic capital market," said National Treasurer Sergio Edeza, who awarded HSBC with a citation for this particular deal during the recent Yearend Economic Briefing.
HSBC chief executive officer Warner Manning said: "Working with the government on this very important and highly strategic transaction was an honor for us. We are pleased that the RTB transaction has been recognized repeatedly by international publications for its merits, and grateful for this special recognition from the government itself."
HSBC also won a number of awards underscoring the bank’s leading role in the development of the local capital markets.
HSBC won Best Bank in the Philippines in The Asset’s Triple A Country Awards 2003 and was named Asiamoney’s Best Domestic Debt House in the Philippines for 2003, becoming the only foreign bank to win a domestic bank award in the entire region. In the recent Euroweek polls, HSBC emerged as Best Bookrunner of Philippine Peso Bonds, an award given by other leading banks in Asian fixed income to the best among their peers.