The Legal 500

‘One of the premier finance law brands in Japan’, Allen & Overy Gaikokuho Kyodo Jigyo Horitsu Jimusho stands out from competitors as a result of the cohesion of its Japanese, UK and US capital markets capabilities, particularly on the debt side. Several recent deals highlight the value of this integration, most notably in its representation of Deutsche Bank on behalf of a group of investors on a pre-IPO financing issue of bonds across a range of jurisdictions by GCL Silicon and Happy Genius. Norifusa Hashimoto is highly experienced in Japanese domestic capital markets work, while Jason Humphreys has a strong reputation for structured finance and debt capital markets work.

Capital markets is Davis Polk & Wardwell’s strong suit in Tokyo and the team there is ‘easily the first name on the list for securities work’. The group, co-headed by Eugene Gregor and ‘first-rate professional’ Theodore Paradise, has a base of leading global underwriter clients and strong ties to leading Japanese banks and corporates, such as Mitsubishi and Daiwa SMBC. Recent highlights included advising Sumitomo Mitsui in connection with a $1.8bn preferred securities offering by SMFG Capital.

Although Linklaters’ US capabilities are somewhat overshadowed by other firms, the presence of Akihiro Wani, ‘a well-respected and very experienced partner’, has given the team an edge for domestic law, while the arrival of Andrew Carmichael from London further bolsters its international capital markets capabilities. In 2008, the group regularly advised leading Japanese financial clients on major debt and bond offerings, as well as representing Sumitomo Mitsui on its ¥923bn global offering, the largest ever by a Japanese bank. Paul Kruger is recommended as ‘a true expert’, while Peter Frost has continued to act on market-leading transactions for the group.

Simpson Thacher & Bartlett LLP is a consistent presence on the largest capital markets deals out of Tokyo, with a particular focus on advising Japanese issuers for US equity offerings, and global underwriters on high-value debt and equity offerings. Comprising the ‘very energetic and capable’ Alan Cannon and office head David Sneider, the team counts Chuo Mitsui, Elpida, Mizuho and Shinsei Bank among its domestic clients. ‘The team has always provided a high-quality service and there is no one else who can compete with it for its depth of US securities knowledge’.

Izumi Akai is the lynchpin of Sullivan & Cromwell LLP’s ‘outstanding’ Tokyo capital markets practice. His reputation as ‘one of the big players in this market’ and experience across a range of both debt and equity products has kept the group among the elite. A first-choice firm for handling Rule 144A and SEC-registration mandates, the team has worked hard to maintain its volume of work for underwriters such as JPMorgan, while also growing its base of Japanese issuer clients.

Clifford Chance Law Office has the capability to offer an array of structured products and debt and equity capital markets expertise in tandem with a ‘dedicated and timely service’. The ‘extremely clever’ Peter Kilner heads a four-partner practice that was bolstered in 2008 by the arrival of Reiko Sakimura who joined the team from Linklaters. Recent highlights include advising Deutsche Bank as arranger in Toyota Industries $1bn MTN programme.

Freshfields Bruckhaus Deringer’s James Lawden, Naoki Kinami and Edward Cole comprise a ‘heavily experienced but suitably hands-on’ capital markets team. In 2008, Cole advised Daiwa Securities on Orix’s multi-issuer MTN programme, one of several eye-catching mandates for its strong banking client base that also includes Barclays, Deutsche Bank and Goldman Sachs.

Morrison & Foerster Ito & Mitomi’s capital markets practice is an area of growth for the firm, and the recruitment of ‘one of the best and brightest lawyers’, Tony Grundy from Linklaters is a major fillip. Practice head Fuyuo Mitomi is ‘wise’ and ‘highly respected’ and in 2008 led the group’s representation of Chuo Mitsui Trust’s ¥103.5bn global offering. Clients say the practice is ‘equipped to deliver a world-class standard of work’, while Andrew Winden is ‘simply brilliant’.

Paul, Weiss, Rifkind, Wharton & Garrison LLP has translated strong relationships with large domestic banks into several marquee roles on significant capital markets transactions. The group, led by the ‘very focused and commercially aware’ Tong Yu, was issuer’s counsel on Mitsubishi UFJ’s $4.2bn global offering, the largest equity offering by a Japanese issuer in 2008.

Shearman & Sterling LLP’s capital markets group ‘creates innovative solutions and demystifies the securities process’. The team, led by the ‘brilliant’ Masahisa Ikeda, has both European and US law capabilities, and has a strong track record advising Japanese blue-chip clients on their global issuances. Recent highlights included representing Toshiba on its qualification for exemption from SEC registration.

Although Baker & McKenzie GJBJ Tokyo Aoyama Aoki Koma Law Office is able to call upon foreign law capital markets expertise, the strength of its domestic offering is its most recognisable trait. Group head and ‘tremendously strong finance lawyer’ Ken Takahashi leads a practice that counts Credit Suisse, Deutsche Bank and Nomura as clients. Seishi Ikeda represented Mizuho Corporate Bank and JBIC as guarantors on a $36m bond offering by Aeon Thana Sinsap.

Lovells Horitsu Jimusho Gaikokuho Kyodo Jigyo has recovered from changes in personnel in early 2008 and continued to act for major banks on amendments to existing securitisation deals. ‘Experienced and skilful’ Philip Hyde led on EDF’s issue of samurai bonds to Japanese investors.

Milbank, Tweed, Hadley & McCloy is the preferred destination for many major domestic issuers seeking advice on global offerings. Counsel Bradley Edmister is the capital markets specialist in the Tokyo office and has particular expertise in advising clients on US offerings. ‘The firm has a great network and can always assemble a team with the necessary international experience’.

White & Case LLP- White & Case Law Offices (Registered Association) has capital markets specialists in the form of Christopher Wells and Koichiro Ohashi. Although it has tended to have more of a regulatory focus, the group has been active in debt and equity offerings, with a notable strength in real estate securitisations.