Sri Lanka's best corporate and investment bank 2017: NDB Investment Bank
NDB Investment Bank
The long-term competitive landscape in Sri Lankan corporate and investment banking is expected to see a rise in substantial players active in the country. But it remains hard to look beyond NDB Investment Bank (NDBIB) for this award.
In 2016, the investment bank raised a healthy Rs47.6 billion ($317 million) for its clients in debt and equity capital.
One of the strong points of NDBIB is the diversity of its business. Its revenues were fairly evenly split between its four key lines of securitization and commercial paper, debentures, loans and other debt instruments, and equity and corporate advisory. This came despite headwinds including political instability and an ensuing uncertain policy framework.
Nonetheless, NDBIB brought some landmark transactions to the markets. In debt, these included: a Rs4 billion structured loan facility for LAUGFS Group, structured over eight years as a series of zero-coupon instruments; a Rs5.3 billion structured loan it raised for the state’s People’s Leasing Company, working with the State Bank of India and Bank of Ceylon to successfully raise funds; and a total of Rs31.5 billion raised in listed debentures.
NDBIB also managed a rash of mid-sized M&A deals and corporate restructurings, most notably a Rs13 billion restructuring for local agribusiness and property firm Carson Cumberbatch Group.
NDBIB is becoming the partner of choice for some of Sri Lanka’s most important clients. For example, since Sanasa Development Bank’s maiden entry into the equity capital markets in 2012, NDBIB has played a pivotal role in all of its capital raising exercises. In 2016, this included advising SDB on an innovative funding package to bolster tier-1 and tier-2 capital.