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Deal of the year: Techcombank

Risk Asia Awards 2025

Phan Thanh Son, Techcombank
Phan Thanh Son, Techcombank

Last year, Vietnamese lender Techcombank executed one of the most structurally sophisticated cross-currency interest rate swaps ever seen in its domestic market. The transaction was executed for one of the South-east Asian country’s largest consumer goods companies, Masan Group, which needed to refinance its US dollar debt.

While the instrument used in the deal was relatively straight-forward (a

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