The Legal 500

Atsumi & Sakai is ‘second-to-none for structured finance’ and ‘shows a dedication and commitment to the area that few other firms can match’. Name partner and finance head Hiroo Atsumi is a ‘market leader’ and oversees a team that includes securitization and asset finance specialist Yutaka Sakai and securities partner Ryuichi Nozaki. The firm’s bolt-on of seven partners from TMI Associates was particularly valuable on finance side, and it attracts praise for being ‘strong on complex, cutting edge transactions’. Recent highlights include advising on the structured securitization of NEXI insured bonds using a trust structure, worth ¥20bn.

Lawyers at Mori Hamada & Matsumoto score points for being ‘creative and innovative’, with clients particularly valuing their ability to ‘challenge conventional structures’. Masanori Sato is a ‘forward-thinking lawyer with a strong market empathy’ while Toru Ishiguro is noted for his regulatory expertise. In a landmark mandate, the firm advised Nomura Holdings on the Japanese aspects of the issuance of the first US dollar-denominated sukuk for a Japanese corporation - worth $100m. Also recommended are Susumu Masuda, who excels on tax issues, and Eriko Ozawa, who is known for structured real estate transactions.

Nagashima Ohno & Tsunematsu’s ‘responsive and commercially-sound’ team is headed-up by ‘highly knowledgeable’ securities and regulatory specialist Fumihide Sugimoto. Other high-profile lawyers include real estate securitisation partner Mami Ikebukuro and Satoshi Inoue, who comes highly recommended for his ‘incredible international experience’. The firm acted on a series of high-profile securitisations over the past twelve months but a major highlight was advising the Development Bank of Japan on the securitisation of ¥30bn worth of loans against local government.

Nishimura & Asahi’s team wins plaudits for its ‘adroit handling of complex issues that other firms muddle over’, with team head Masaru Ono singled out as a ‘leading light for structured finance’. In addition to the firm’s strength across transactional issues in the trusts, funds and securities areas, the firm has an excellent record in groundbreaking contentious actions. In a landmark case, the firm is representing a major Japanese trust bank in litigation regarding the legality of tax assessment of securitisations, which will have a wide impact on the industry in Japan. Hajime Ueno is particularly recommended for real estate and international work.

At Anderson Mori & Tomotsune, Isao Shindo provides a ‘valuable insight into structured finance in Japan’ and is held in high esteem for his ‘strong international experience’. The firm advised Sumitomo Life Insurance Company and its SPC, on the $859m Sumitomo Life Foundation Funds Securitisation.

City-Yuwa Partners advises on securitisations, structured real estate transactions and J-REITS issues. In 2010, the firm advised on the Japan aspects of Bank of Tokyo-Mitsubishi UFJ’s $2bn senior debt offering. Shoji Ushijima is a leading name.

TMI Associates is strong on the structured real estate side but also has experience in asset finance and securitisation. Haruo Narimoto iis recommended.