China's best investment bank 2022: Citi
As a US bank operating in China, Citi has had to balance difficult political relations between the two countries to run its business, navigating trade tensions, a sparring of words between the presidents of these two superpowers, disputes over US audits of Chinese firms, and the near-halt of lucrative China-into-US IPOs.
Yet, Citi, led by China chief executive Christine Lam, persevered, and wins Asiamoney’s award for the best investment bank in China in 2022.
During the awards period, Citi showed leadership across the board – fixed income, M&A and equity – with a top-quality client book that is proof of its corporate access and its astute read of market conditions.
Examples in debt capital markets include: a $1.2 billion deal for phone-maker Xiaomi in July 2021; Bank of China’s $300 million sustainability re-linked bond, a world first; and China's ministry of finance’s multi-tranche $4 billion issue in October 2021.
In ECM, Citi worked on a block trade in Tencent Holding for investor Prosus: the $14.7 billion deal was the largest-ever overnight equity offering at the time.