The Legal 500

In 2010, Allens Arthur Robinson’s capital markets group advised Leighton Holdings on its A$750m-plus equity capital raising. Alex Ding led advice to developer Peet on a number of capital management initiatives to assist its land acquisition funding to buy the Flagstone Estate in South East Queensland. Robert Pick is recommended along with Stuart McCulloch and Tom Story, whose practice concentrates on equity capital raisings, private equity transactions in particular.

Freehills ‘consistently gives the best and most accurate legal advice’, and fields partners who are ‘more accessible and responsive’ than most. The group advised on Aston Resources’ A$1.2bn IPO, a matter co-led by Philippa Stone, the ‘doyenne of equity capital markets work’. It also acted for Santos Finance on a 60-year subordinated deferrable bond issue, raising €1bn. Other recommended lawyers are: Andrew Booth (‘provides practical advice’); Justin O’Farrell (‘very commercial’); the excellent Michael Ziegelaar and Evelyn Halls; Tim McEwen (‘excellent practitioner’); and Patrick Lowden, who heads the debt capital markets group.

A ‘top law firm on capital markets matters’, Mallesons Stephen Jaques acted on several notable transactions during 2010. It advised QR National and the QR National board on QR National’s A$6.7bn IPO, and acted for Westfield Group on the $3.1bn Westfield Retail Trust IPO. Co-head of the debt capital markets team Ian Paterson is ‘expert in this area and gives cutting-edge advice’. Also recommended are: Philip Harvey and equity capital markets co-heads Shannon Finch and David Friedlander.

Blake Dawson fields a ‘deep team’ that has ‘some good young associates coming through’. Highlights included advising Kula Gold on its A$202.7m IPO of ordinary shares and listing on ASX. On the debt side, it acted for Goldman Sachs on Boart Longyear’s $200m Rule 144A notes issue. ANZ, Merrill Lynch and Rabobank are also clients. The ‘technically strong’ Sarah Dulhunty and the ‘very bright’ Jamie Ng are recommended, as is special counsel Graeme Tucker for his ‘patience and structuring skills’.

Clayton Utz has a well-established reputation in debt and equity capital market work. The team advised Asciano Finance on its $1bn senior guaranteed notes issuance; Andrew Jinks, who joined recently from Allens Arthur Robinson, was lead partner on the matter. On the equity side, Stuart Byrne and Tim Reid led the advice to the five joint lead managers (including Goldman Sachs and Merrill Lynch) on QR National’s IPO.

Minter Ellison provides ‘an excellent level of service’, and houses the highly rated Bruce Cowley, Ralph Ayling and Stuart Johnson, who gives advice ‘tailored to the circumstance’. Also recommended is recent arrival Daniel Scotti, formerly of Freehills, who specialises in equity and hybrid capital raisings. One recent highlight saw the team advising Gloucester Coal on a A$230m capital raising. Westpac, Mirvac Group and Bank of New York Mellon are key clients.

Baker & McKenzie provides ‘superb industry insights’. It advises on the Australian domestic capital markets and also has a Sydney-based US capital markets team. US securities lawyer Andrew Reilly recently led on a number of multibillion-dollar US private placements in the electricity sector and provided international law advice to QR National on its A$6.7bn IPO. Craig Andrade is ‘a rising star, very congenial but exceptionally sharp; unflappable’.

Corrs Chambers Westgarth provides a ‘good level of service’, and strengthened its debt capital markets capabilities further with the recruitment of the highly rated Brad Robinson, formerly of Mallesons Stephen Jaques, as well as Rommel Harding-Farrenberg and Shaun McGushin, both formerly of Freehills. Robinson led advice to JPMorgan and RBS on Fortescue’s $2bn senior unsecured note offering. Key clients include Suncorp Metway and Foster’s Group.

DLA Phillips Fox fully integrated with the DLA Piper LLP network internationally and was renamed DLA Piper Australia. It provides comprehensive advice on equity capital market matters with a particular focus on cross-border transactions. Clients note that the team ‘seems to be challenging the big guys but at a fraction of the cost’. Led by practice head David Morris and Catherine Merity, the team acted for new client REVA on its A$85m IPO and ASX listing.

Gilbert + Tobin added new clients such as Sundance Resources, Marengo Mining and Aurora Oil & Gas to its client base (which already included BNY Mellon, Telstra and NAB) following the integration with Perth-based Blakiston & Crabb. ‘Up-and-comer’ Rachael Bassil made partner in July 2011; she works closely with the highly rated Peter Cook. Duncan McGrath and Marcello Cardaci are also recommended. McGrath led advice to ANZ and Westpac as arrangers and lead managers on Australia Pacific Airports’ A$350m fixed rate medium term issuance.

Strong mid-cap firm McCullough Robertson is ‘one of the leading practices in Queensland’. The team strengthened its already ‘good depth and breadth’ through the addition of special counsel and private equity specialist Tim Sayer. The ‘extremely responsive and commercial’ Derek Pocock led advice to ERM Power on its A$100m IPO. Brett Heading is also recommended.

Norton Rose Australia strengthened its debt-side capabilities when it recruited Petar Kuessner from Mallesons Stephen Jaques in March 2010. The team has particular strength in cross-border Southeast Asian transactions, and acted for CST Mining Group on its oversubscribed $600m placement on the HKEx to develop its Lady Annie mine in Queensland. Another highlight saw it advise Brisbane Airport on a A$1.5bn medium-term note programme. James Stewart and Tim Flahvin are recommended.

Practice head Jonathan Wenig at the premium boutique Arnold Bloch Leibler, led the capital markets team in advising key client, Nufarm, in relation to a A$250m equity raising. It also acted for VISY Property Group in a successful bid to secure long-term financing of A$150m through a private placement of notes in the US.

Benefiting from its recent absorption of Cochrane Lishman Carson Luscombe and Chang Pistilli & Simmons, Clifford Chance Australia is now visible in the equity capital markets space. Sydney-based Lance Sacks led advice to RBS Morgans on the management and underwriting of Silex Systems’ placement of a A$109.3m share purchase plan. Perth-based Tracey Renshaw, Paul Vinci and Michael Lishman lead the practice.

At the ‘solutions-driven and fee-conscious’ Henry Davis York, practice head Alex Mufford has ‘deep experience in the market, and a very commercially driven attitude’. The team acted for Jupiter Mines on a A$150m placement of shares to institutional investors. The firm recruited Tim Barton from Corrs Chambers Westgarth in 2010, and in 2011 opened an office in Brisbane.

Kelly & Co has a strong reputation in the Adelaide market, and acts for national as well as local clients. The ‘accessible and well-reasoned’ Andrew Corletto led advice to Argo Investmans on its A$150m share purchase plan. Practice head Jamie Restas is also highly recommended.

Skadden, Arps, Slate, Meagher & Flom LLP enters the ranking by way of its niche practice advising international and Australian domestic clients exclusively on US law. Practice heads Adrian Deitz and Mark Leeman are recommended. Leeman advised Westfield Group on the creation of a new separately listed property trust, Westfield Retail Trust, which was effected in part through a $2bn Rule 144A offering of new Westfield Retail Trust units. Other clients include Lend Lease, Aston Resources, Brambles, QBE and DEXUS.

Sullivan & Cromwell acts as US counsel to a number of clients including NAB, ANZ, CBA, Fortescue Metals and BHP Billiton. Robert Chu and Waldo Jones advised on Asciano’s $1bn debt offering.