The Legal 500

Allen & Overy Gaikokuho Kyodo Jigyo Horitsu Jimusho continues to impress in the securitisation, structured finance and derivatives space with a string of integrated international and Japanese domestic transactions and high-profile matters.

The firm is currently advising a group of ten international and domestic financial institutions on the establishment of the first credit derivatives central clearing platform in Japan at the Japan Securities Clearing Corporation. Aaron Comerford, who is ‘very strong on complex derivatives products’, and Norifuso Hashimoto are particularly highly regarded. Counsel Seiji Matsuzoe, who specialises in securitisation, is also recommended. Counsel and real estate securitisation specialist Mark Heimendinger joined the firm from Skadden, Arps, Slate, Meagher & Flom LLP.

Clifford Chance Law Office has a leading securitisation and structured finance team in Tokyo with a good balance of English and Japanese qualified lawyers. Recent work has included structured notes and repackaging products involving sovereign and corporate bonds as well as convertible bonds. The firm represented Citigroup Global Markets as consent solicitation agent in respect of a restructuring of the $100m covered bonds issued by Kookmin Bank. Other clients include Morgan Stanley, Forum Partners and Credit Suisse. Peter Kilner, Eiichi Kanda and Leng-Fong Lai all command respect among their peers. Counsel Noriaki Tanimoto left the firm to join K&L Gates.

Baker & McKenzie GJBJ Tokyo Aoyama Aoki Koma Law Office’s ‘service is excellent’. It recently assisted a commercial banking group on a ¥10bn new financing for a Japanese solar company; and advised a US-based real estate fund on a new financing of a large hotel portfolio in Japan. Naoki Eguchi and Ken Takahashi lead the structured finance and securitisation group, which includes real estate structured finance specialist Akiko Hosokawa and Seishi Ikeda who is, according to one client, ‘the best lawyer in the firm’.

Linklaters has witnessed an uptick in derivatives and structured products work recently. Tokyo has a domestic focus, supporting Japanese clients and advising on Japan-related transactions from Asia. Over the last 12 months, it has been involved in structured credit derivatives transactions, OTC advisory and transaction regulatory work, restructuring, insolvency and close-outs and securitisation transactions. Akihiro Wani has an impressive reputation in this field.

Hogan Lovells Horitsu Jimusho Gaikokuho Kyodo Jigyo has an enviable market reputation for the structured finance work it undertakes. Structured finance specialist and team leader Philip Hyde splits his time between Hong Kong and Tokyo and ‘provides advice that is right on the mark by putting himself in the client’s shoes’. The firm recently advised Morgan Stanley Japan Securities Coon aspects of its securities joint venture in Japan with Mitsubishi UFJ Financial Group. Other clients include BNP Paribas and Morgan Stanley.

David Deck is the star securitisation and leveraged lease financing partner at Jones Day. The firm recently advised Macquarie Bank in connection with certain MACRS leases; the total value of this deal is $250m. In another matter for the same client, the firm assisted it in providing the equity defeasance in a UK tax lease with Hanjin Shipping; again, its total value is $250m.

At Orrick, Herrington & Sutcliffe LLP, Toshihiko Tsuchiya’s practice focuses on the securitisation and liquidation of real estate assets, while Michael Haworth, who splits his time between Hong Kong and Tokyo, specialises in secured lending transactions in the real estate sector.

Freshfields Bruckhaus Deringer represented Macquarie Goodman in the financing of J-REP Co by way of a two-year revolving ¥3.5bn loan facility; and acted for a Japanese trust bank on a ¥4bn Secured Repackaged Loan in respect of ¥4bn Zero Coupon Convertible Bonds issued by a TSE listed Japanese company. The loan was part of highly structured cross-border financing transactions which required the analysis of a complex interconnection among a swap, secured warrants and a secured loan. Edward Cole, James Lawden and Naoki Kinami are all recommended.

Skadden, Arps, Slate, Meagher & Flom LLP excels at real estate finance and recently advised Shinsei Bank, Limited in its securitization of $1bn senior loan to Secured Capital Japan Co for its acquisition of Pacific Century Place, a 32-story office building in Tokyo. Masahiro Shiga is recommended.

White & Case LLP- White & Case Law Offices (Registered Association) has invested in its structured finance and securitisation capability with the hire of Ayako Kawano, a real estate finance expert who previously practiced at Paul Hastings LLP. Highlight work included advising Société Générale as arranger to a €20bn Secured Transaction Programme. Koichiro Ohashi and Thomas LaMacchia are also recommended.

At Ashurst, John McClenahan and Kensuke Inoue have experience in secured lending and structured finance.

Davis Polk & Wardwell LLP recently advised a Japanese financial institution as to New York securitization law in connection with the financing of the acquisition of a natural resources joint venture.

Paul Hastings LLP continues to advise Fortress Investment Group on a range of their acquisitions of performing and non-performing loans. As restructuring and workout activity accelerated, Josh Isenberg’s team also represented a variety of international banks in key loan workout and restructure deals. Ayako Kawano has left the firm to join White & Case LLP- White & Case Law Offices (Registered Association).

At Sidley Austin Nishikawa Foreign Law Joint Enterprise, Tomoo Nishikawa is experienced in structured finance transactions, in particular in the financial, transport and entertainment sectors.