The Legal 500

Allen & Overy is one of ‘the best law firms in Asia for finance and capital markets products’. The firm worked on a significant share of the RMB bonds that have come to market, with Walter Son very much to the fore. The firm also leads the way in hybrid capital and MTN programmes, and with a potent US securities team, it also has a blossoming high-yield debt practice. The firm worked on the first corporate hybrid issued out of the Philippines and the headline Alliance Global $500m high-yield bond. Andrew Harrow heads the department.

Clifford Chance has a strong and broad practice, with notable strength in areas ranging from RMB bonds to high-yield debt. The firm worked on a number of landmark deals including advising the lead managers of Volkswagen’s RMB1.5bn bond issuance. Crawford Brickley and Connie Heng are the standout partners, while Matthew Fairclough and Hyun Suk Kim were elevated to partner status in 2011.

Linklaters has led the way on the emergence of RMB or ‘Dim Sum’ bonds, with William Liu (‘primary force’, ‘unparalleled expertise’), Hwang Hwa Sim and Andrew Malcolm to the fore. The firm advised the lead manager on the landmark Hopewell Highway Infrastructure RMB bond. The firm remains particularly active in convertible bonds and equity derivatives, including hybrid deals with Jeremy Webb earning accolades. The team is ‘responsive’, ‘commercial’, ‘very knowledgeable’ and ‘confidence inspiring’. On the US securities front, Jon Gray is industrious, ‘client friendly’ and a ‘man of integrity’.

Davis Polk & Wardwell LLP has a ‘broad practice’ and a ‘depth’ of team. It is a leader in high-yield debt, thanks to the presence of preeminent figure and ‘superb technician’ William Barron. The firm has a notably strong record on the underwriter side.

Mallesons Stephen Jaques’ Hong Kong office has a strong emphasis on DCM, structured finance and securitisation. Of late, RMB bonds have featured prominently within the practice, led expertly by Richard Mazzochi. Convertible bonds and MTN programmes also feature prominently.

Another dominant force in the high-yield environment, Shearman & Sterling LLP’s leading presence also extends to high-value and sophisticated investment grade debt deals. In April 2011, it represented CNPC (HK) Overseas Capital in connection with its $1.85bn bond offering. Kyungwon Lee is a leading name in high-yield debt according to banks. Fellow US securities partner Matthew Bersani is also highly regarded.

Sidley Austin handles a high volume of high-yield bond offerings with Matthew Sheridan (‘the best’, ‘technically strong’) and Alexander Lloyd renowned for Southeast Asia and China real estate deals. The team is praised for its quick responses and ‘commercially sound’ advice. With more traction on the issuer side, it represented Evergrande Real Estate Group on its RMB9.25bn dual-tranche synthetic offshore Renminbi bond offering.

Simmons & Simmons’ Sau-Wing Mak and Kevin Tong are leaders in RMB bonds, including advising on the landmark McDonald’s RMB bond. The two have a strong record in convertibles and MTN programmes. Paul Browne is strong on retail structured products.

Skadden, Arps, Slate, Meagher & Flom LLP is recommended for high-yield debt, as well as RMB bonds, particularly those with a hybrid high-yield structure. Alec Tracy is ‘honest and easy to work with’, ‘very experienced from a high-yield debt perspective’ and has a ‘good breadth of experience across China and Southeast Asia’. Edward Lam is also recommended.

Baker & McKenzie is recommended for a broad range of debt products including convertible bonds and MTN programmes. Scott Clemens and Brian Spires are recommended. Perpetual capital, RMB bonds and high-yield debt have also features strongly.

DLA Piper has a notable presence in the convertible and RMB bond market, as well as on some high-yield debt deals. Jeffrey Mak is the leading figure in the team, and Jae Chul Lee advised on a major bond offering for LG Display.

Freshfields Bruckhaus Deringer has carved out its own share of the RMB bond market on behalf of both issuers and underwriters. Andrew Heathcote is the key partner with Calvin Lai on the US securities side.

Herbert Smith is strong on convertible bonds, equity-linked deals and high-yield debt. Response times are quick and the advice is ‘commercially slanted’. US partner Kevin Roy ‘knows the area well’ and is a ‘very good lawyer’. The firm recently advised the joint underwriters on the huge $1.84bn convertible bond offering by a subsidiary of China Unicom (Hong Kong).

Milbank, Tweed, Hadley & McCloy is known for high-yield debt, notably deals emanating from Indonesia. Joshua Zimmerman and Anthony Root are recommended.

Slaughter and May continues to handle major MTN programmes for leading Hong Kong corporates. In this regard, Lisa Chung and Peter Lake are highly recommended.

White & Case is recommended for high-yield debt, with genuine high-yield specialist Anna-Marie Slot (‘bright’, ‘accessible’, ‘gets things done’) to the fore. The practice largely acts for underwriters and is regarded as a ‘go-to’ firm by clients who commend the ‘integrated’ international network.

Ashurst Hong Kong in association with Jackson Woo & Associates is recommended for covered bonds transactions with Peter Kwan to the fore. The firm recently advised the Korean Housing Finance Corporation on the first statutory covered bond in Asia.

Cleary Gottlieb Steen & Hamilton LLP is also recommended high-yield bond offerings. In February 2011, it advised the underwriters on the RMB1.2bn offering by LDK Solar. Megan Tang led on the deal.

With the transfer of Philip Hyde from Tokyo to Hong Kong, Hogan Lovells’ debt practice has gained credibility, both in straight debt and structured finance. Deals include RMB, convertible and high-yield bonds.

Kirkland & Ellis International LLP has entered the high-yield debt fray with the hire of John Otoshi from Latham & Watkins LLP.

Mayer Brown JSM’s Jason Elder is recommended for high-yield debt and links into the firm’s broader DCM and strong structured finance practice.

Orrick, Herrington & Sutcliffe LLP may be recognised principally for structured finance deals, but it too has a notable DCM practice with some success in the RMB bond market. Michelle Taylor is recommended.

Paul Hastings LLP has an active debt practice, including a strong Korean team based in Hong Kong. The firm recently represented Sino-Ocean Land Holdings on its landmark $400m perpetual subordinated capital securities issue. The team is ‘responsive’ and ‘knowledgeable’, with Vivian Lam singled out for ‘personal commitment’ and ‘solution oriented’ advice. High-yield expert David Grimm is also recommended.

Troutman Sanders LLP’s Joe Sevack (‘responsive’, ‘extremely experienced’, ‘easy to work with’, ‘good at finding solutions’) has a principle focus on high-yield debt, most notably in relation to China real estate deals. Although having good connections to underwriters, the firm’s mandates are primarily on the issuer side.