The Legal 500

Allen & Overy’s broad and strong practice has had notable success in representing major PRC banks on outbound transactions, including major LNG deals in Australia, and mining deals in Indonesia and Mongolia. The firm has done well in ‘cracking China’ with much credit going to Joseph Tse, who ‘thinks outside the box’ and is regarded as a ‘finance guru’ and the ‘go-to person’ for PRC outbound and structured deals. Clients commend the team’s ‘industry knowledge’, ‘quality of advice’ and ‘international capabilities’. Other key members are Vicki Liu (‘very commercial’, ‘responsive’, ‘good at focusing on the key issues’), and Asia managing partner Thomas Brown. The loss of Ashley Young to Kirkland & Ellis International LLP is a blow to its leveraged finance credentials.

Clifford Chance has a typically broad practice, with standout experience in acquisition and leveraged finance, both for sponsors and lenders. Led by the ‘fantastic’ and prominent figure on Macau casino financings Huw Jenkins, the team has ‘genuine depth’ and a ‘level of experience and quality of people that sets it apart from most other firms’. Matthew Truman and Anthony Wang are leading figures in acquisition and leveraged finance. The former advised CVC Asia Pacific on the $190m acquisition financing for the acquisition of certain subsidiaries of Acument Global Technologies.

In recent years, Linklaters has worked more intensively in the project and infrastructure finance segment. In this regard, it has achieved great success with the major PRC banks. Despite the slump in leveraged and acquisition finance, it continues to lead the way. In April 2011, it advised the lead arrangers on Project Halo, the first bank loan plus high-yield bond acquisition financing in Asia for some time. The team is ‘quick’, ‘responsive’, ‘knowledgeable’ and delivers ‘common sense advice’. David Irvine is commended for his leveraged expertise, while Trevor Clark is widely considered to be one of the outstanding finance practitioners in Asia.

Baker & McKenzie ‘can stand alongside most top-tier firms for banking and finance’ and is particularly recommended for China-outbound and RMB financing deals as well as structured finance. Andrew Lockhart has an ‘excellent understanding of the economic drivers behind the products’, and is ‘commercial and reasonable to deal with’. Thanks in part to the efforts of Barry Cheng, the firm has successfully built a fine portfolio of Chinese bank clients. Export credit deals now form a large part of the practice.

Hogan Lovells is certainly ‘knocking on doors’ with genuine credibility in leveraged and acquisition finance, structured lending, and its ability to successfully target the major PRC banks. The firm recently acted for CITIC Bank on the financing of the acquisition and delisting from the NYSE of Tongjitang Chinese Medical by Tonsun International. Gary Hamp is a recognised leader in leveraged finance, and Owen Chan has played an integral role in developing the firm’s PRC bank connections. Clients commend the partners’ ‘business acumen’ and ‘industry knowledge’.

With three finance partners and a large team of associates, Norton Rose Hong Kong is a major player in Hong Kong. It now has a genuine general banking practice with considerable success in bilateral and syndicated financings, as well as project finance. It has a market leading position in structured trade and commodity finance. Chris Redden, who is ‘making a mark’, recently advised a syndicate of 20 banks on the $5bn term loan facility to Sinopec. The experienced Peter Haslam and Davide Barzilai are also recommended.

White & Case is recommended for leveraged finance and investment grade lending, with eminent figure John Hartley (‘constructive’, ‘innovative’, ‘efficient’, ‘wealth of experience’) to the fore. He acted for the lead arrangers on the $75m acquisition financing provided to MMI Precision Technologies for its acquisition of Intri-Plex Technologies. The firm has successfully targeted commercial banks such as Standard Chartered and PRC banks including China Development Bank and Bank of China. PRC-outbound lending is now a big chunk of the overall practice.

Hong Kong firm Deacons has a powerful presence in structured trade and real estate finance, as well as bank regulatory issues. Philip Gilligan has had considerable success in structured trade deals across Asia and even into Latin America. Simon Deane remains a prominent figure amongst the Hong Kong banking community, and Lam Wing Wo has developed strong connections to the major PRC banks.

Freshfields Bruckhaus Deringer has gone some way to re-establishing its finance credentials in Asia, with the arrival of leveraged finance specialist David Winfield and debt capital markets and structured finance expert Andrew Heathcote in 2010. While much of the practice previously centred on borrowers, the firm has successfully achieved a greater swathe of instructions from leading banks. The firm further enhanced its standing by hiring former Linklaters banking counsel and Mandarin speaker Howard Lam as a partner in 2011.

Herbert Smith is focused on project finance and secured structured lending (including pre-IPO financings). China, India and Mongolia are core markets, with steady work coming from institutions such as Standard Chartered, RBS, Deutsche Bank, China Development Bank and China Exim Bank. The firm recently worked on the first commercial RMB loan to a non-PRC corporate. Alexander Aitken heads the team.

Latham & Watkins LLP is principally known for project finance, although its practice is considerably broader. Clients highlight the ‘outstanding service’, ‘quick response times’ and ‘sensible business acumen’, with David Miles applauded for his ‘commitment’ and ‘in-depth knowledge’. Joseph Bevash recently led the team that advised the lenders on the $3.89bn financing for the development of the power and mining facilities forming part of the Hongsa Mine-Mouth Power Project in Lao PDR.

With the retirement of Steven Christopher, Mallesons Stephen Jaques is now principally known for its work in the DCM, structured products, derivatives and securitisation arenas. Even with Christopher’s departure, it benefits from close connections to major investment banks such as RBS, Credit Suisse, Barclays and Merrill Lynch, as well as key PRC banks including Bank of China and CICC. Paul McBride is now the key partner on general lending work.

Mayer Brown JSM is principally known for its real estate and asset finance work. It still maintains a close connection to cornerstone client HSBC, but it has diversified its client portfolio, with particular success in representing the major PRC banks. In this regard, Joe Tam is becoming a recognised name for PRC financings.

Paul Hastings LLP is recommended for leveraged, real estate and project finance. ‘Clearly a leader in the region’, Brett King is recognised as a genuine leveraged finance specialist, with a tremendous reputations amongst the banks. On the project finance front, the firm continued to work on the PT Cirebon and Cebu Power projects, with Patricia Tan Openshaw to the fore.

Reed Smith Richards Butler’s practice is still largely driven by borrowers, with the firm’s strong corporate client base, but it has had considerable success in acting for the major PRC banks. Pre-IPO financings, syndicated lending and leveraged finance accounts for much of the practice, with Andrew Brown having a solid reputation.

Though with a smaller team than many of its traditional rivals, Simmons & Simmons continues to work on some notable acquisition, leveraged, structured trade and pre-IPO finance deals on behalf of clients such as Standard Chartered. Richard McKeown is commended by clients for ‘general banking’ and ‘acquisition finance’.

Simpson Thacher & Bartlett LLP has a premier private equity sponsor-driven leveraged finance practice. Sinead O’Shea, who is familiar with both English and New York law structures, runs an ‘extremely effective’ and ‘very high-quality’ team, and ‘knows exactly’ what clients are looking for. Even where another firm is advising on the acquisition or investment, her team is often mandated to handle the financing side.

Principally focused on project finance and structured lending, Ashurst Hong Kong in association with Jackson Woo & Associates has done well to develop its banking connections in Hong Kong. Export credit deals have featured heavily for the practice, including advising Korea Eximbank on financing provided to Korea National Oil Corporation to fund its $2.6bn acquisition of Dana Petroleum. Matthias Schemuth is the lead partner.

With a strong focus on real estate, project and structured finance, Orrick, Herrington & Sutcliffe LLP is a slightly more borrower-oriented practice, with notable expertise in infrastructure and energy (including coal, gas and clean technology). The firm has worked on a series of project finance deals in Vietnam. On the structured finance side, the firm frequently advises banks such as Citibank, HSBC, Standard Chartered and BNP Paribas. Christopher Stephens is the key project finance name, with Michelle Taylor on the structured finance side.

Slaughter and May is recommended principally for corporate borrower mandates. Even so, in 2010 it represented China Construction Bank on its $200m acquisition finance facility for Geely Sweden to finance its acquisition of Volvo.

With the retirement of Matthew Barnard, Allens Arthur Robinson’s banking practice is more transactional than regulatory in nature. The team is ‘commercial’, ‘enthusiastic’ and ‘dependable when needed’, most notably in relation to ‘Sino-Australian matters’. Senior associate David Hinchey now leads many of the deals, with support from Singapore partner Rod Howell.

Bolstered by the recent arrival of ‘good operator’ Paul Lee, DLA Piper has successfully evolved from being a borrower-oriented practice, to one which now serves a series of Chinese and international lenders. Structured trade finance and project finance are key components of the practice.

Gide Loyrette Nouel has a strong structured finance and project finance weighting, with Balbir Bindra and Samuel Chau respectively. Clients now include China Development Bank, China Export Import Bank and ICBC.

Kirkland & Ellis International LLP will be a major force in leveraged finance following the hire of Ashley Young (‘one of the preeminent LBO financing lawyers in the region’) from Allen & Overy.

Milbank, Tweed, Hadley & McCloy is principally known for its project finance work, with Gary Wigmore currently splitting his time between Hong Kong and Tokyo. He recently advised the sponsors on the GNPower project in the Philippines, an example of his fine record in Southeast Asia.

Ropes & Gray LLP has one of the few private equity sponsor focused leveraged finance practices in Hong Kong. In new partner Michael Nicklin, it has a practitioner with extensive European LBO experience.

Shearman & Sterling LLP has a strong reputation in project finance with counsel Nick Wang in Hong Kong and partner Andrew Ruff in Shanghai. Much of the practice centres on PRC banks, including outbound financings such as advising the lenders on the financing of the Salalah IWPP in Oman.

Sidley Austin utitlises its strong background in structured finance and high yield debt to great effect. In Robert Mason, it also has a senior practitioner with genuine leveraged finance expertise. The firm recently advised Shimao Property Holdings Limited in relation to a $440m and a HK$156m multicurrency credit transaction.

Skadden, Arps, Slate, Meagher & Flom LLP counsel Dominic Gregory is recognised for leveraged finance and is ‘outstanding’, ‘solid’ and ‘methodical’. In 2011, the firm hired seasoned finance expert Clive Rough, until recently a senior figure at Freshfields Bruckhaus Deringer 30040.

Historically better known for asset finance, Stephenson Harwood has successfully built a much broader practice with notable deals in key areas such as pre-IPO financings. Clients such as Bank of China and ICBC are integral to the practice, led by Mark Reed.

Gallant Y. T. Ho & Co has a strong banking history in Hong Kong and has successfully achieved a greater standing amongst PRC banks. Philip Wong is the leading name.

Woo Kwan Lee & Lo is recommended for real estate finance with it acting largely on the borrower side for its potent developer client base. The firm recently acted for Henderson Land in connection with a large term loan and revolving credit facility.