UBS AG (UBSN) jumped to the lead among
share-sale underwriters in Southeast Asia for the first time in
six years, capitalizing on its relationships with wealthy
families and a surge in equity offerings in countries including
the Philippines.
The Swiss bank worked on deals equal to 37 percent of the
total value of equity sales in the region in the first half,
compared with 26 percent for second-placed CIMB Group Holdings
Bhd., data compiled by Bloomberg show. UBS won roles on the
biggest-ever share sales in the Philippines, Thailand and
Indonesia, including PT Matahari Department Store (LPPF)’s $1.4 billion
offering in March.
UBS is pushing investment bankers and private bankers to
cooperate to generate underwriting work in a region where the
number of millionaires is rising faster than in developed
economies, said Stuart Mackay, head of equity capital markets
for Southeast Asia. The Zurich-based lender was tied with
Citigroup Inc. as the biggest private bank in the Asia-Pacific
region last year, according to the Boston Consulting Group.
“We’ve always worked closely, and the integration is
getting even better,” Mackay, who moved to Singapore from Hong
Kong in 2011, said in an interview. “It was particularly clear
to me that Southeast Asia was going to produce a lot of business
for the next couple of years.
The value of initial public offerings and additional share
sales in Southeast Asia more than tripled in the past decade and
reached $20.6 billion in the first half, overtaking Hong Kong
for the first time, according to data compiled by Bloomberg.
Billionaire Deals
Fees on equity offerings followed, with the region
generating $276 million in the first half, topping Hong Kong’s
$232 million, according to data provided by Freeman Consulting,
a New York-based research firm.
UBS was among lead managers for Matahari’s share sale in
Indonesia and BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF)’s
$2.1 billion IPO in Thailand. It led arrangers of LT Group
Inc.’s $912 million share sale in the Philippines. Those three
share sales were the biggest ever in their respective countries.
Several of UBS’s equity deals were linked to wealthy
families. GT Capital Holdings Inc. (GTCAP), which raised $350 million in
January, is the holding company of Philippine billionaire George
Ty. In Thailand, CP All Pcl (CPALL), controlled by billionaire Dhanin Chearavanont’s Charoen Pokphand Group, raised $315 million in a
February offering. LT Group, which sold $912 million of stock,
is owned by Philippine billionaire Lucio Tan.
Nouveau Riche
The dominant roles wealthy families play in the economies
of Southeast Asia can make strong private-banking operations key
to winning roles on deals, said Francis Koh, a professor of
finance at the Singapore Management University.
‘‘Southeast Asia is mainly made up of nouveau riche,” said
Koh. “Private bankers can play a key role in orchestrating or
looking for investment banking services for these rich
clients.”
In Singapore and Hong Kong, senior private bankers at UBS
whose clients have at least $50 million of investable assets
with the bank are given corporate-finance training, said
spokeswoman Rachel Lin. During the two-day course, investment
bankers and private bankers complete case studies together and
discuss how to best help wealthy entrepreneurs’ companies issue
stock or debt and pursue mergers, she said.
UBS also benefited from its dominant position in the
Philippines, a market it entered in 1996 before most competitors
and where share sales reached a record $3.4 billion in the first
half, according to data compiled by Bloomberg.
The bank has 60 percent market share in country after
working on $2.4 billion of equity deals in the period, the data
show. UBS’s success there hasn’t been matched in Singapore, the
biggest market in the region where it ranked 11th among
underwriters in the first half, or in Malaysia, where the bank
wasn’t on any completed offerings.
“Businessmen are looking at their companies, finding out
how to finance their growth, whether it’s through equity or
debt,” said Lauro Baja III, who heads UBS’ Philippine unit.
To contact the reporter on this story:
Joyce Koh in Singapore at
jkoh38@bloomberg.net
To contact the editor responsible for this story:
Philip Lagerkranser at
lagerkranser@bloomberg.net
UBS Leading Southeast Asia Stock Sales on Billionaire Deals (1)
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