The Legal 500

Allen & Overy Gaikokuho Kyodo Jigyo Horitsu Jimusho’s global reputation for banking and finance work extends to Japan. Recent highlights include advising The Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Securities International on the £3.3bn acquisition of RBS’ project loan portfolio and assisting on a number of financings to Vietnam. Specifically, the firm acted for JBIC and Sumitomo Mitsui Banking Corporation on a two tranche $150m secured financing of Vietnam National Coal, Mineral Industries Holding Corporation Limited’s coal sales receivables. Tokyo office managing partner Aled Davies has ‘extensive knowledge and experience’ and Adam Moncrieff is a ‘very experienced lawyer that provides well-considered, reliable advice’. Ashley Young is now at the firm’s Hong Kong office.

Linklaters continues to lead the market with high-profile finance transactions in the energy sector, such as advising on a multi-sourced financing for a greenfield refining and petrochemical project in Saudi Arabia, and complex refinancing/restructuring transactions. The firm has also advised Royal Bank of Scotland as mandated lead arranger on the ground breaking ¥10bn asset back financing for US-based Synnex’s acquisition of Marubeni Infotec Corporation from Marubeni Corporation - this was the first Japanese security trust deal to be done under LMA style documentation. Clients include NTT and Diamond Generating Asia. The firm’s highly respected Christopher Bradley leads a team which includes traditional banking sector specialist and joint managing partner of the Tokyo office Akihiro Wani and acquisition finance and LBO expert Hiroya Yamazaki.

At White & Case LLP- White & Case Law Offices (Registered Association), Simon Collins and Toshio Dokei head up the banking and finance practice, and Christopher Wells and Koichiro Ohashi lead the firm’s regulatory practice. Rising to the top tier in recognition of its ground breaking work, the firm recently advised the lenders in the syndicated loan to eAccess - the first syndicated loan in the Japanese market to be combined with a simultaneous high-yield bond. In other market-leading matters, it also recently advised on the first sukuk involving a Japanese multinational corporation. Clients include ING Bank, Nomura and the Development Bank of Japan. Asset finance expert Robert Grondine is highly recommended. In 2011, project finance specialist Mark Goodrich relocated to London.

‘Outstanding’ Ashurst rise a tier this year in recognition of its impressive work load. The firm recently advised on the closing of the Falcon acquisition by Mitsui and Tokyo Gas, and continued to advise JBIC on a number of untied loans, buyer’s credit financings and IWPP bid financings. The banking and international finance team is led by the ‘responsive and organised’ John McClenahan and the highly recommended Kensuke Inoue, and includes Harvey Weaver and counsel Matthew O’Connor. Shri Maski was promoted to counsel in 2011. Clients appreciate the firm’s ‘appropriate and timely advice’ and ‘experience, with Export Credit Agencies’.

Baker & McKenzie GJBJ Tokyo Aoyama Aoki Koma Law Office is ‘one of the most distinguished and impressive firms’. It is currently advising the Japan International Cooperation Agency on a waste-processing facility in Indonesia and assisted a major Japanese bank as the mandated arranger and agent on a syndicated loan to rebuild a university building in Osaka. Global executive committee member Jeremy Pitts continues to manage relationships with financial services clients, and focuses on financial regulation and compliance. Head of the banking group Naoaki Eguchi has ‘excellent team management skills and overall law expertise’ and Gavin Raftery provides ‘industry expertise with great law experience’.

Clifford Chance Law Office has particular expertise in restructuring, acquisition finance and investment grade financings and refinancings. Of particular note, the firm recently advised the steering committee of a syndicate of over 20 lenders of $2bn facilities in connection with Advantage Partners’ acquisition of Tokyo Star Bank. The firm also recently assisted Mizuho Corporate Bank as lenders on the 100% share acquisition of Intelligence from Usen Corp, by KKR. Other clients include Citibank, JPMorgan and Morgan Stanley. Office managing partner Peter Kilner is ‘very thorough and articulate with excellent negotiation skills’. Masayuki Okamoto and Hidehiko Suzuki are also recommended.

Freshfields Bruckhaus Deringer recently advised the purchasers (sponsor Advantage Partners) of The Tokyo Star Bank on the debt arrangements for the acquisition, and subsequent negotiations following closing on successive waiver agreements and potential restructurings following the occurrence of defaults. It also assisted the Development Bank of Japan on a partial exit and refinance of a MBO transaction involving K Corporation. Other high-profile clients include Morgan Stanley MUFG Securities Co, Barclays Capital Japan and Deutsche Bank. Naoki Kinami leads a highly respected banking and finance team, which includes James Lawden. In 2010, counsel Don Stokes relocated to Tokyo from London; he specializes in project, asset and real estate finance.

Jones Day’s banking and finance practice has continued to strengthen both in volume and sophistication. John Roebuck’s department includes the notable talents of leasing and structured finance expert David Deck, project finance specialist Kaoru Umino, and Eric Sedlak, who focuses on cross-border financial transactions. The firm recently advised OCBC on the issuance of JPY Sendai Logistic Special Purpose Company Series 2 Unrated Term Bonds and assisted Mizuho Corporate Bank and a syndicate of lenders in the refinancing of M/V Kodaijisan.

K&L Gates’ Robert Melson and Ryan Dwyer’s banking and finance group was bolstered this year by the arrival of ten bengoshi lawyers from Clifford Chance Law Office, including Keiji Isaji. The firm recently advised Tokyo Star Bank in relation to a credit facility for International Lease Finance Corporation; Financial Products Group Co on a Japanese operating lease/aircraft finance transaction relating to a Boeing 777 aircraft leased to Air France; and a state-owned Chinese bank in two separate sovereign loans to countries in Southeast Asia, each in excess of $50m.The firm provides ‘outstanding knowledge, experience and effective execution’. With the hire of Sergey Milanov from Orrick, Herrington & Sutcliffe LLP, the firm has capability to advise on Russian law in Japan.

At Latham & Watkins Gaikokuho Joint Enterprise, aviation finance specialist Hisao Hirose has recently represented a number of Japanese airlines and leasing companies in aircraft financing by way of leases for, amongst others, Boeing 747-800, Boeing 747-400F and Airbus A320 aircraft. New office managing partner Joseph Bevash recently relocated from Hong Kong to Tokyo. He and his team advised on the $2.7bn debt facility for the $3.71bn Hongsa lignite mine and power plant in Lao PDR. Michael Yoshii is also recommended for his expertise in cross-border financing transactions.

Milbank, Tweed, Hadley & McCloy has a strong market reputation for its project and acquisition finance work in the energy, mining and infrastructure sectors. The firm recently represented various Japanese trading houses in a $1.5bn financing with PDVSA. Mark Plenderleith, who once worked for JBIC as a member of its project finance transaction team, leads the firm’s Tokyo finance team. Clients include ITOCHU Corporation, Marubeni Corporation, Mitsubishi Corporation and Mitsui & Co.

Morrison & Foerster Ito & Mitomi ‘provides an excellent service’. It recently advised Mitsubishi UFJ Financial Group on the $5bn combination of its securities business with Morgan Stanley (Japan) and represented Citibank on the workout and disposition of a financing position in the ANA hotel portfolio. Dale Caldwell’s banking and finance group includes the expertise of Theodore Seltzer and Tony Grundy.

Skadden, Arps, Slate, Meagher & Flom LLP specialises in real estate and investment finance. Recently, the firm advised Aozora Bank in its provision of $160m financings to SPVs owned by Blackstone funds and represented Citicorp North America as administrative agent and collateral agent in connection with the debt restructuring and Chapter 11 exit financing of Xerium Technologies. Audrey Sokoloff, Masahiro Shiga and counsel Robert Wray are recommended. Paul Huff has relocated to the firm’s Chicago office.

At Davis Polk & Wardwell LLP, Theodore Paradise and Eugene Gregor’s team has a well established bank regulatory practice - it gave US bank regulatory advice in connection with the merger to create Sumitomo Mitsui Trust Holdings, and has seen growth in demand from its Japanese clients for its financial institutions advisory services.

At Hogan Lovells Horitsu Jimusho Gaikokuho Kyodo Jigyo, Philip Hyde has a ‘very “can do” attitude’ and is ‘very client-focused and good at identifying problems at an early stage.’ Splitting his time between Tokyo and Hong Kong, he and his team advise investment banks, funds and other financial institutions on a wide variety of debt capital markets and finance-related transactions, including structured finance, securitsation and derivatives. Clients include BNP Paribas, Morgan Stanley and EDF.

Norton Rose Gaikokuho Jimu Bengoshi Jimusho provides banking and finance expertise to clients in the energy and infrastructure, transport, telecoms and technology sectors. The firm recently represented the lenders in the refinancing of the $760m deepwater drillship owned by a joint venture between Petroleo Brasiliero - Petrobras and Mitsui & Co and chartered to a Transocean group company. Jeremy Gibb and George Gibson are recommended.

Orrick, Herrington & Sutcliffe LLP advise on real estate and project finance. The firm recently advised Prudential Mortgage as the lender in relation to a ¥3bn debt financing to a property trust formed by a J-REIT. Other clients include Bank of Tokyo - Mitsubishi, Nomura Capital Investments and GMAC. Michael Haworth, who splits his time between Hong Kong and Tokyo, ‘understands the client’s needs and balances it with legal risks’, Toshihiko Tsuchiya and Asahi Yamashita are all experienced in this field. Sergey Milanov left the firm to join K&L Gates.

Paul Hastings LLP recently advised PT Cirebon Electric Power in the financing of a coal-fired power plant in Cirebon, Indonesia and represented a consortium of investors on the $270m financing of a coal-fired power project in the Philippines. Finance and projects partner Joseph Kim is recommended.

Akira Nakazawa at Sidley Austin Nishikawa Foreign Law Joint Enterprise focuses on finance transactions including banking, asset finance, securitization and structured finance, and has particular expertise in the real estate sector. Office managing partner Tomoo Nishikawa has an impressive financial institutions regulatory practice.