The Legal 500

Providing ‘practical legal advice’ and ‘facilitating the speedy closure of transactions’, Allen & Overy has a superb OTC derivatives and structured finance practice. The team regularly advises the International Swaps and Derivatives Association (ISDA), and has been appointed by ISDA to advise on the credit derivatives market in India, opening up in October 2011. The ‘very good’ Matthew Hebburn led in advising Deutsche Bank on the $40m issuance of synthetically-linked notes to China Petroleum and Chemical Corporation CNY convertible corporate bonds with detachable warrants. Catherine Husted is ‘clever, responsive and knowledgeable’ and has regulatory and OTC derivatives expertise. Yvonne Siew is ‘at the top of the tree’.

‘A top firm for derivatives and structured finance work’, Linklaters is also known for its equal strength in securitisation. ‘One of the best derivatives lawyers in town’, Chin-Chong Liew has the ‘full admiration’ of peers and clients, and is ‘technically strong and responsive’ with excellent OTC derivatives expertise. Liew advised ISDA on the new 2011 Equity Derivatives Definitions, and is also advising the Hong Kong Stock Exchange on the establishment of a clearing house by 2012 to clear derivatives traded in the OTC market. The team also advises on offshore RMB financings. Andrew Malcolm has ‘in-depth knowledge of retail structured products’, and Victor Wan relocated to Hong Kong from Tokyo in 2010.

Mallesons Stephen Jaques is highly active in the retail structured products arena, where the team has ‘inside-out knowledge of warrants and retail notes’. The team of ‘quality lawyers at all levels of seniority’ provides ‘timely responses and realistic quotes’, and advises on CDOs, equity-linked products and RMB-related transactions. Richard Mazzochi is rated for his ‘deep knowledge and commerciality’. Paul McBride acts for investment banks, and recently advised a client on a credit card securitisation for a Korean issuer. Minny Siu is recommended, and clients include RBS, Credit Suisse and Bank of China.

Mayer Brown JSM has a ‘strong structured finance practice’. Jeffrey Chen handles securitisation matters, advising clients on various structured products. In 2010, Ben Sandstad joined from Clayton Utz in Sydney, bringing substantial experience in securitisations, structured finance and derivatives instruments to the team.

Orrick, Herrington & Sutcliffe LLP is rated for its securitisation experience, and has one of the most active Korean practices in the region. In April 2011, the team advised Korea Development Bank regarding the securitisation of ¥40bn of future flow airline cargo receivables originated by Korean Air Lines. The team is also active in the PRC and Taiwan. It also advised Standard Chartered Bank on two structured finance transactions of derivatives and structured products. Michelle Taylor is widely known for her longstanding experience and knowledge.

Simmons & Simmons has a solid reputation for advising on retail structured products, and is also strong in derivatives work. The group’s two teams advise on the selling of structured products to institutions and retail investors respectively, and also assist in asset repackagings, securitisation and restructurings. Paul Browne is recommended. Clients include JPMorgan, CLSA, Morgan Stanley and Citigroup.

Ashurst Hong Kong in association with Jackson Woo & Associates continues to ‘make a play’ in the structured finance and securitisation markets, and has experience advising Korean companies in transactions across Asia. The team, led by Peter Kwon, advises issuers on asset-backed securities and covered bonds, and recently assisted Korea Housing Finance Corporation in the issuance of $500m covered bonds due 2015. Chris Whiteley relocated to Hong Kong in August 2011, bringing added structured finance and OTC capabilities to the team.

Clifford Chance has strong derivatives experience across the Asia Pacific region, and is noted for its ‘very good practice’ and Islamic finance expertise. Paget Dare Bryan is the key contact, supported by consultant Francis Edwards. The team advises on CDOs and credit and equity-linked products.

O’Melveny & Myers LLP is well known for its excellent securitisation capabilities. Neil Campbell has ‘cut a niche in aircraft securitisation’, and recently acted for Standard Chartered and BNY Mellon as sole arranger of the ¥40bn securitisation of Korean Air Line’s sales on routes between Japan and Korea.

Counsel Bronwen May advises on structured products, including CDO and derivatives transactions, and advised Credit Suisse on ISDA matters and credit default swap transactions.

Baker & McKenzie advises issuers and banks across a range of matters, including asset-backed securities, collateralised debt, tax-driven licensings and trade receivables. Barry Cheng recently advised Disney on a complex structuring of shareholder loans with regard to a Sino-foreign venture for the development of a new theme park in Shanghai. Practice head Andrew Lockhart counts Thai Airways and DBS Bank as clients. The recommended Allen Ng made partner in 2010.

Eversheds LLP hired Kingsley Ong from Mayer Brown JSM in January 2011, and is building strength in this area. The group provides ‘solid, prompt and practical’ advice, and Ong has ‘top-tier finance capability’.

‘One to watch’, Freshfields Bruckhaus Deringer fields a depth of experience across its ranks despite its relatively new team; both David Winfield and Andrew Heathcote relocated to Hong Kong from London in early 2010. The team recently advised on three receivables financing transactions, as well as advising an international investment bank on an equity derivatives transaction. HSBC remains a key client.

Following a spate of departures, Sidley Austin was joined by new Asia managing partner Thomas Albrecht in June 2010, who relocated to Hong Kong from Chicago, and counsel Robert Mason. The team continues to build a presence in the arena, and has experience advising on covered bonds. In July 2010, the team acted for Standard Chartered and BNP Paribas as lead managers regarding Korea Housing Finance Corporation’s issuance of $500m covered bonds.