Citi closes out the year as top equity house in Asia

The bank’s diversified footprint and stronghold across all markets within Asia, including South Korea, India, and Southeast Asia, has helped it weather the fallout from reduced deal activities in China and Hong Kong last year.

Through the year, Citi has executed numerous landmark transactions, supporting clients with the best advisory and financing solutions across its regions and products.

These include the $2 billion exchangeable bond for LG Chem, standing out as Asia’s largest ever exchangeable bond, the $659 million initial public offering (IPO) for Trimegah Bangun Persada, among the largest IPOs in Asia in 2023, the $455 million block trade for Coupang, the largest US block trade by an Asian issuer since 2021, and the $385 million global depositary receipts and $420 million green convertible bonds offering by Taiwan Cement Corporation, which was the largest concurrent equity plus convertible bond issuance in Asia-Pacific in the last two years.

Udhay Furtado, co-head of Asia Equity Capital Markets at Citi said, “We hope to see a turn in the IPO markets, as we have been seeing in India in late 2023, and we also expect to see continued pickup in convertible bond activity given the refinancing efficiencies, as well as a robust follow-on and block trade calendar.”

Looking ahead to 2024, Citi is cautiously optimistic that the capital market will gradually pick up, and that it may also see some big-name issuers.

Ramachandran A.S., Citi’s country officer said, "Citi continues to solidify its position as the international network bank that connects the world to Vietnam and Vietnam to the world. This began in 1994 when it became one of the first foreign banks to establish a local presence."

“Citi is well positioned to continue enabling access to global capital markets in Vietnam and to support the growth ambitions and expansion plans of its clients,” he added.

Citi has also been at the forefront of driving environmental, social, and governance (ESG) issuances and dialogues as more clients execute on their ESG financing journey.

The bank has taken a leadership role in working with clients to develop best practices and enhance market integrity, optimising its clients’ ESG structure and investor communication.

Lenders play the foreign equity game Vietnam’s banking sector, both traditional and digital, continues to draw significant foreign investment, signalling international confidence in the market’s growth potential.

Vietnam’s equity market prepared for upswing The narrative at the beginning of 2023 centred around the global capital’s exit from various markets, primarily instigated by rising interest rates in the US and other associated risks. However, the current landscape indicates a notable shift.

Citi Vietnam receives CSR Award from AmCham Citi was honoured by the American Chamber of Commerce in Hanoi (AmCham) for its outstanding corporate social responsibility (CSR) programmes.