The Ledger

Deals that made headlines.

More than USD 2.17 billion in successful transactions since 2006 — including a series of market firsts across structured finance, capital markets and M&A.

Securitization2006

World's first micro-credit securitization — BRAC, US$180 million

The milestone that put RSA on the map: a widely acclaimed securitization for the world's largest NGO. Named Securitisation Deal of the Year and one of CFO Asia's ten outstanding deals of 2006.

Syndication2016–2018

ONE Bank — US$124 million senior foreign-currency syndication

Sole Financial Advisor and joint Lead Arranger with FMO: US$44 million from three DFIs in 2016, followed by US$80 million from four DFIs in 2018, structured around SME and green financing.

DebtLandmark

Grameenphone — US$345 million syndicated term loan

One of the largest syndicated term loan facilities in Bangladesh, arranged for the country's leading telecom operator.

M&A~US$100m

Acquisition of Petromax LPG by SHV Energy

Market research, advisory and implementation for the largest LPG acquisition in the history of Bangladesh — acquired by one of the largest LPG groups in the world.

M&A~US$64m

edotco Bangladesh — 26% divestment to BRAC

Sole advisor to BRAC for the acquisition of 26% of the pioneer mobile tower operator of Bangladesh, including financial modeling, valuation and board presentations.

Capital RaisingUS$435m

Tier-II regulatory capital for eight banks

BDT 37 billion in Tier-II bonds raised for AB Bank, BRAC Bank, Jamuna Bank, MTB, National Bank, One Bank, City Bank and UCB — #2 in the 2017–19 league table behind only Standard Chartered.

M&A~US$13m

Acquisition of 40% of IPDC Finance by BRAC

Advisory on BRAC's acquisition of IPDC Finance, a listed NBFI — alongside AKFED's 11.05% divestment and RSA's own strategic stake.

Market FirstEUR 7m

First offshore-to-onshore Euro working capital facility

A market first for Apex Footwear Limited — one of several inventive cross-border structures in RSA's debt advisory practice.

Securitization~US$110m

BRAC — BDT 12.91 billion zero-coupon bond

Sole Financial Advisor & Arranger on a non-convertible, redeemable, unsecured zero-coupon bond for the world's largest NGO — one of the largest local-currency instruments RSA has structured.

Debt~US$25m

Prime Bank — senior term loan facility

Sole Financial Advisor on a US$25 million senior term loan facility for Prime Bank, arranged and lent by FMO.

Structured Finance~US$46m

Citycell — partial-guarantee working capital facility

Sole Arranger & Financial Advisor on a BDT 3,250 million partial-guarantee structured working capital facility for Citycell, Bangladesh's first mobile operator.

Advisory~US$1.6bn

Eastern Refinery Limited — Unit 2 expansion

Financial model validation for ERL's ~US$1.6 billion Unit 2 expansion — cost-benefit analysis, sensitivity testing on revenue and costs, payback and breakeven determination, and access to RSA's international lender network.

AdvisoryCross-border

Bangladesh Petroleum Corporation — diesel pipeline advisory

Strategic and financial advice on a cross-border pipeline project to import diesel from Siliguri, India — scenario analysis, transportation-cost sensitivity and negotiation support for BPC.

Selected Tombstones

Proof, plaque by plaque.

A selection of transaction tombstones from RSA's 22-year track record — one representative deal per client, spanning banks, telecoms, power, FMCG and NBFIs.

BRAC — Microcredit Securitization, US$180 million, Jul 2006 — BRAC
Jul 2006

BRAC Bank — Acquisition of Equity Partners Ltd, BDT 592 million, Jul 2009 — BRAC Bank
Jul 2009

Apex Footwear — First offshore-to-onshore Euro facility, EUR 7 million, Nov 2009 — Apex Footwear
Nov 2009

AB Bank — Acquisition of Amana Bank, BDT 422 million, Feb 2011 — AB Bank
Feb 2011

Citycell — Structured working capital facility, BDT 3,250 million, Nov 2011 — Citycell
Nov 2011

Grameenphone — Syndicated term loan facility, BDT 3,000 million, Aug 2013 — Grameenphone
Aug 2013

Glory Industries — Term loan & working capital financing, BDT 880 million, Dec 2013 — Glory Industries
Dec 2013

Prime Bank — Senior term loan facility, US$25 million, Jul 2014 — Prime Bank
Jul 2014

Jamuna Bank — Unsecured subordinated bond, BDT 3,000 million, Feb 2017 — Jamuna Bank
Feb 2017

Mutual Trust Bank — Unsecured subordinated bond, BDT 5,000 million, Feb 2017 — Mutual Trust Bank
Feb 2017

City Bank — Unsecured subordinated bond, BDT 5,000 million, Jun 2017 — City Bank
Jun 2017

edotco Bangladesh — 26% acquisition by BRAC, BDT 6.4 billion, Nov 2018 — edotco Bangladesh
Nov 2018

ONE Bank — USD loan syndication, US$80 million, Apr 2018 — ONE Bank
Apr 2018

Dutch-Bangla Bank — Block sale of 4,692,550 shares — FMO divestment, Nov 2019 — Dutch-Bangla Bank
Nov 2019

IPDC Finance — 40% acquisition by BRAC — a non-bank financial institution, Oct 2015 — IPDC Finance
Oct 2015

Karnaphuli Power — Non-convertible preference share, BDT 600 million, Feb 2021 — Karnaphuli Power
Feb 2021

Baraka Shikalbaha Power — Non-convertible preference share, BDT 860 million, Jun 2021 — Baraka Shikalbaha Power
Jun 2021

SHV Energy — Acquisition of Petromax LPG & Cylinders, US$100 million, Aug 2022 — SHV Energy
Aug 2022

Meghna Bank — Unsecured subordinated bond, BDT 2,000 million, Mar 2022 — Meghna Bank
Mar 2022

ACME — Loan facility for API project, BDT 3,500 million, Oct 2023 — ACME
Oct 2023