Credit Suisse
Making the most of very little served Credit Suisse’s Cambodian investment banking operations well in the past year. During Asiamoney’s awards period, the economy was still struggling to recover from the pandemic, leading to a difficult environment for capital-raising. Yet the Swiss bank, led by head of frontier markets Babur Rais, brought some key deals to the market.
One was helping NagaCorp, which runs the largest integrated gaming and entertainment hotel complex in Cambodia, to sell a $200 million bond. Structured as a reopening of its existing $350 million 7.95% 2024 bonds, the new fundraising helped the borrower to extend the tenor of its deal and cut the cost of its debt, despite the market conditions.
The transaction in June 2021 was NagaCorp’s third international bond; Credit Suisse is the only global coordinator to work on all three of the firm’s deals. The borrower is also the only Cambodian issuer to have come to the international debt market so far, cementing Credit Suisse’s credentials further as the bank of choice for frontier market issuers.
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