‘Being there’ is one of Citi’s many skills. It is always there for clients: underwriting stock offerings, printing bonds and taking the lead on bridge loans to support complex acquisitions.
AfE 2024
Citi again had another stellar year in what was a tough one for investment banks in Asia. The equity capital markets were generally weak in Asia, yet Citi always managed to be there when it mattered. In October 2023, it was sole global coordinator on a $805 million concurrent convertible bond and global depositary receipt offering for Taiwan Cement; the deal marked the first green convertible issue in Taiwan. Citi was green structuring agent on a transaction that helps the firm meet its net-zero commitments.
The bank helped a host of other clients to raise capital on the primary markets. The list of IPOs it completed in 2023 included: Trimegah Bangun Persada in Indonesia ($672 million raised); Cube Highways Trust in India ($638 million); and Kelun Biotech in Hong Kong ($200 million).
Citi