HSBC was granted three prestigious recognitions for its Corporate Trust offering by Asia-focused publication The Asset as part of its Triple A Asset Servicing Providers 2021 awards.
For the second consecutive year, HSBC was recognised as Best in Escrow Agency, a category which launched last year following a sharp increase in demand for the product among institutional investors particulaly in Asia.
The bank was also named Best in Corporate Trust, Singapore and awarded Best Corporate Trust Mandate, Singapore for its role in supporting Singapore Airlines with agency and trustee services on its USD850 million Convertible Bond offering.
A resilient partner through times of uncertainty
In an unprecedented year, which saw financial markets navigating through a global pandemic, HSBC’s Issuer Services has enhanced its comprehensive platform to allow its clients to swiftly adapt to market conditions.
“More than ever in the past twelve months, we have made it a priority to support clients with services relating to debt financing, trade, investment and restructuring transactions that were either directly or indirectly related to circumstances arising from the COVID-19 pandemic. Being recognised across three categories for our offering is testament to the impact of the approach we have taken,” says Simon Field Head of Issuer Services Asia-Pacific.
Escrow solutions, a core component of HSBC’s Issuer Services proposition, are a set of strategic risk management tools offering clients a practical way to alleviate concerns around counterparty risk. Demand for these solutions picked up during the pandemic , particularly for transactions relating to the purchase/sale of medical equipment.
Find out more: Unleashing the power of Escrows in times of uncertainty.
While the pandemic was a key theme of HSBC’s approach, three other strategic themes drove its efforts:
Building momentum in the Singaporean capital markets
HSBC provided a one-stop-shop solution to Singapore Airlines Limited (“SIA”) for its Convertible Bond offerings in June and November 2020.
This landmark transaction for a prominent Singaporean issuer was executed against a tight timeline – being completed over a period of 24 hours from inception to pricing – and marked the largest equity linked deal from the country in nearly a decade.
While Sole Bookrunner and Lead Manager roles were secured by HSBC’s Strategic Equity Finance team, the Issuer Services team in Singapore was appointed on a number of corporate trust roles: Bond Trustee, Issuing and Paying Agent, Registrar, Transfer Agent, Conversion Agent and Common Depository.
The transaction generated significant interest that allowed SIA to achieve the highest conversion premium by a Singaporean issuer since 2008.
Both transactions helped SIA raise capital during the pandemic, which has significantly impacted the travel industry.
“We are delighted to have won the Best Corporate Trust Mandate for this milestone transaction and the Best in Corporate Trust, Singapore. Both awards demonstrate the strength and value-add of seamless internal collaboration across the bank which has enabled HSBC to provide clients with a truly holistic offering. Our involvement in such strategic, high profile transactions is the result of our constant efforts to strengthen our Corporate Trust proposition both regionally and locally. These recognitions are a fantastic outcome for our franchise and a validation of the changes and improvements we have made as a business,” says Jason Blondell, Head of Issuer Services Singapore.
Source: HSBC group: Helping our customers through the pandemic
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