United Kingdom > London > Finance > Asset finance and leasing
Index of tables
Asset finance and leasing
Leading individuals
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- David Baker Ince & Co
- Justin Benson White & Case LLP
- Clive Carpenter Clifford Chance
- Nick Chandler SNR Denton
- Simon Gwynne Hogan Lovells International LLP
- Mario Jacovides Allen & Overy LLP
- Peter Jolliffe Slaughter and May
- Greg Kahn SNR Denton
- Robert Murphy Freshfields Bruckhaus Deringer LLP
- Mark Russell Stephenson Harwood
- David Smith Allen & Overy LLP
- Graham Smith Allen & Overy LLP
- Harry Theochari Norton Rose LLP
Headed by the ‘very classy’ Mario Jacovides, Allen & Overy LLP’s seven-partner team has ‘excellent expertise’ across the spectrum of asset classes, acting for a mix of banks, lessors and owners. Leveraging the firm’s impressive global footprint, the team is well placed to handle the cross-border issues which regularly arise in the aviation and shipping industries. South America has been a particularly active market; alongside colleagues in Sao Paulo, the team has handled a number of significant deals including representing Santander on the pre-delivery payment financing of 15 Airbus A320 aircraft for LAN Chile, and advising OSX Brasil on the acquisition, chartering and financing of its first two FPSOs. A ‘first choice on finance lease projects’, the team has handled a raft of leasing and portfolio transfers for numerous banks. Recommended partners include Graham Smith, across the spectrum of asset classes; David Smith for ship finance; and the ‘personable, helpful and pragmatic’ Jonathan Bevan for rail matters.
‘At the top of its game’, Clifford Chance’s team is ‘enthusiastic, proactive, innovative, and pragmatic’. It advises clients across the asset finance landscape, and is particularly accomplished in high-end financings on the bank side. Best known for its work in the aviation sector, the team has ‘up-to-date knowledge of current financing structures’, and recently represented Goldman Sachs and Crédit Agricole as joint bookrunners on AerCap’s $150m ECGD-guaranteed bond issuance to refinance the acquisition of two Airbus A330-300 aircraft. Highlights in the rail sector included advising Goldman Sachs and UBS on Network Rail’s $1.5bn bond issuance (the first sale of its bonds in the US), while in the shipping sector the team continues to handle an array of restructurings. William Glaister and Clive Carpenter are recommended for aviation financing, while Simon Lew and the ‘particularly able’ Gavin Teague are recommended for ship and rail finance respectively.
‘Consistently the best across all asset classes’, Norton Rose LLP has a deeply entrenched focus on the transport industry. The firm has long had a strong presence in shipping, where recent work for the team includes collaborating with the Milan office in advising the Coeclerici Group on the largest-ever transhipment contract in Africa for the largest coal mine in East Africa. On the aviation side, as well as handling a continuing flow of ECA work, the team advised on the English-law aspects of BA’s merger with Iberia, and represented the lenders on the $160m Islamic financing of a Boeing 777-200CR aircraft for Qatar Airways. The rail team advised on the restructuring of Ascendos Rail Leasing. Harry Theochari, Gordon Hall and Neil Poland are recommended for shipping, rail, and aviation finance respectively.
Within a relatively short period, Berwin Leighton Paisner LLP’s asset finance team has become recognised as a ‘major player in the market’, and continued its expansion with the hire of Keith Wilson from Paul, Hastings, Janofsky & Walker (Europe) LLP. Lisa Marks is the relationship partner for new client Bombardier, and recently advised it on numerous transactions with European operators in multiple jurisdictions. Although the team saw the departure of Andrew Baird to Watson, Farley & Williams LLP, it has still handled some significant shipping work, particularly in the offshore marine market; Nicola Davies is well regarded in that area, and recently advised Pacific Drilling on the $1.8bn financing of four new deep-water drill ships in Korea. Praised for his ‘impressive knowledge of the rail industry’, Russell Clifford provides ‘clear technical advice, balanced with commercial pragmatism’ and heads a team recently strengthened by the return of aviation finance expert Tom Budgett following a stint as managing partner of the firm’s Singapore office.
Praised for its ‘strength and breadth of knowledge across the team’, SNR Denton has the critical mass to handle a significant volume of transactions across asset finance, for a range of banks, owners and lessors. Nick Chandler heads the aviation finance and leasing group, and is noted for his experience in ECA-supported financings, while Matthew Harvey’s core expertise lies in the financing of corporate jets and helicopters. On the shipping side, Greg Kahn has an excellent reputation, while Serge Sergiou handles rail financing as part of his broad practice.
Deeply entrenched in the shipping industry, Stephenson Harwood provides ‘business-minded and pragmatic advice’ to banks including Bank of Scotland, Credit Suisse, DnB NOR Bank, and DVB Bank. The ‘very knowledgeable’ Jonathan Ward advised Korea Ex-Im Bank on the $1.2bn post-delivery financing of ten of the world’s largest container vessels. Paul Richardson has a strong reputation for aviation finance, and handles a raft of work for Macquarie Aircraft Leasing; and Graeme McLellan has an excellent track record in rail financing. Global practice head Mark Russell ‘understands when a business rather than a legal comment should be made’, and is a key figure in the 14-partner team, which also includes aviation finance partner Richard Parsons.
Bolstered by the arrival of the ‘commercial and pragmatic’ Rex Rosales and ‘superbly commercial’ Siva Subramaniam from Reed Smith, Watson, Farley & Williams LLP can now lay claim to having one of the more balanced practices in the market across all asset classes. Ship finance, however, remains a core area of focus; headed by the ‘user-friendly and detail-orientated’ Nigel Thomas, the team acts for a mix of banks and owners including DnB NOR, DVB, Dry Tank and Costa Cruise. Thomas recently advised Teekay on a $32m revolving credit facility from ABN Amro. Mike Vernell is ‘very experienced and a strong negotiator’; Frank Dunne is ‘adept at finding commercial solutions’; and Andrew Baird ‘adds special value in his ability to combine commercial reality and legal expertise’.
With over 30 lawyers in its London asset finance team, Clyde & Co LLP has one of the largest offerings in the market. Much of its work is for the firm’s extensive roster of shipowners and operators, and it is well equipped to handle cross-border mandates, with a particularly strong offering in Piraeus and Dubai. On the aviation side, the firm continues to flourish across its core areas of commercial aircraft, business aircraft and engines. Recent highlights include advising Westpac on financing the acquisition by a Guernsey special purpose fund of an Airbus 380 leased to Emirates. The ‘very commercial and easy-to-deal-with’ Gavin Hill and ‘very strong’ Philip Perrotta are recommended for aviation finance; Matt Hannaford heads the ship finance practice; and the arrival of Nigel Taylor from Field Fisher Waterhouse LLP gives the firm added expertise in rail matters.
Although it handles work across all asset classes, DLA Piper UK LLP’s undoubted core strength lies in aviation finance. Able to draw on the expertise of the firm’s vast international network, the team regularly handles cross-border mandates for airlines, lessors and banks. Recent highlights include advising a syndicate of banks in the financing of up to 16 aircraft on lease to five different European carriers. Team head Graham Tyler is imbued with ‘up-to-date industry knowledge’ and has a ‘pragmatic and no-nonsense’ approach to his work in the aviation sector. The team suffered a blow with the recent departures of James Cameron and Stephen Marais, to Milbank, Tweed, Hadley & McCloy LLP and Ince & Co respectively.
Headed by the ‘excellent’ Robert Murphy, Freshfields Bruckhaus Deringer LLP’s asset finance practice is smaller than many competitors, and is focused on deals at the highest end of the aviation and rail markets, regularly taking a multidisciplinary approach to deals. It recently advised HSBC Rail on the £2.1bn sale of its UK rail leasing business to a consortium of funds. Richard Phillips is a prominent figure for rail finance, and continues to advise the Department for Transport on matters including the Intercity Express project. In aviation, the team advised Aercap on a number of deals including its first export credit guaranteed bond issuance.
Able to tap into the firm’s greater international network post merger, and also benefitting from its strength in areas such as tax and capital markets, Hogan Lovells International LLP’s team has ‘excellent aircraft industry knowledge’. ‘Very pleasant and approachable’ team head Robin Hallam has an ‘extremely practical, commercial and no-nonsense attitude to transactions’, and along with the capital markets team recently advised the Export Credits Guarantee Department on two note issuances by Aercap. Austen Hall has an excellent reputation for corporate jet financings. The team was significantly strengthened by the arrival in May 2011 of Robert Fugard and Simon Gwynne from Linklaters LLP.
For the time being focusing on its core ship finance practice, following the departure of aviation partners Rex Rosales and Siva Subramaniam to Watson, Farley & Williams LLP, Reed Smith has been busy on refinancings and new purchase agreements for its shipowner client base. It has also picked up an increasing amount of work for funds investing in the industry, and attracted a first-time instruction from Icon Capital on its sale and leaseback of four tankers for $167m. Philip Rymer heads the team.
Simmons & Simmons’ team is ‘responsive, and has in-depth knowledge’ across a broad swathe of aviation finance matters. Team head Christopher Boresjo handles mainstream big-ticket commercial aviation deals, and recently advised AerCap on several aircraft portfolio sales and purchases. The ‘very pleasant and balanced’ Mark Moody ‘specialises in ECA work’, and has been particularly active handling South and Central American deals flowing from the firm’s inclusion on the ECA panel. Kim Walkling has a niche in military aircraft finance and leasing, regularly handling work for the MoD.
Slaughter and May regularly handles asset finance matters for core clients such as British Airways, although it is by no means a core area of focus. It recently advised BA on the Japanese operating lease financing and delivery of numerous aircraft. Peter Jolliffe is the principal contact and very highly rated in the market.
Led by Justin Benson and aided by a wide global network, White & Case LLP’s ‘strong’ team specialises in advising aviation clients on mandates with a strong international complexion. It is very active in the thriving ECA space, recently representing the ECGD as guarantor of the ECA-supported financing of 16 Airbus A320 aircraft for AirAsia. Adrian Beasley and Louise Mor are the other partners in the team, whose lender and lessor-focused client base includes CIT Group, Deutsche Bank and the Bank of Tokyo Mitsubishi-UFJ.
At Addleshaw Goddard LLP, the ‘excellent’ and ‘highly technical’ Rory MacCarthy is the principal contact for aviation finance instructions. Praised for his willingness to go ‘beyond the normal call of duty’, he advises an airline-focused client base that includes BA, LAN Chile, and Flybe. Manchester-based Andrew Maskill handles general equipment finance for a strong lender client base including BAL Global Finance and Investec Asset Finance.
Bird & Bird’s asset finance team has a strong reputation for aviation finance, and is led by Paul Briggs, former head of legal at BAE Systems. Simon Chamberlain also handles financing work as part of his broad aviation practice.
Sitting within the firm’s broader infrastructure and projects group, CMS Cameron McKenna LLP’s asset finance team is regularly engaged in big-ticket mandates requiring a cross-disciplinary approach. Recent examples include assisting the DfT in relation to the reorganisation of, bidding for, and sale of High Speed 1. Keith Ham and senior associate Mary Selby are recommended for their work across a broad range of assets.
Holman Fenwick Willan LLP is best known for its ship finance expertise. It handles financing work for a plethora of owner/operators including Athenian Sea Carriers and Clipper Group, and the arrival of John Forrester over five years ago has paid dividends on the bank side, where the firm was recently appointed to the DVB Bank panel. Highlights included advising DnB NOR Bank on the pre- and post-delivery financing for two shuttle tankers to be constructed in China. The team was boosted by the arrival in May 2010 of Tony Rice, former head of shipping at SNR Denton.
Ince & Co strikes a ‘good balance between experience and cost’, and advises a varied mix of banks, shipyards and owners. It is regularly involved in transactions in the Gulf States and Asia, recently advising United Arab Chemical Carriers on a $280m credit facility with a consortium of banks. The firm also has an active practice in aviation matters, particularly corporate jet financings. The ‘very impressive’ David Baker heads the team, which was strengthened by the arrival of the ‘excellent’ Stephen Marais from DLA Piper UK LLP.
The recent move of Robert Fugard and Simon Gwynne to Hogan Lovells International LLP is symptomatic of Linklaters LLP’s declining emphasis on asset finance. Now headed by Olga Petrovic, the team sits within the firm’s broader banking team, and is focused on consolidating core client relationships. Working alongside the firm’s private equity group, Petrovic recently advised Oaktree Capital on its distressed acquisition of a majority stake in Gulmar Energy.
At Field Fisher Waterhouse LLP, Andrew Evans heads a team best known for its capability in aviation finance, where it picks up instructions from the private client divisions of investment banks and high-net-worth individuals. Recent highlights include advising Citibank on the $20.9m refinancing of a Bombardier Global 5000 aircraft. Other clients include Standard Bank, UBS Leasing and JPMorgan.
Harbottle & Lewis LLP has ‘very good knowledge of the aviation industry, and is very dedicated to getting the job done’. ‘Very approachable and fun to deal with’, team head Alison Wilds draws on a wealth of experience advising airlines, leasing companies and financiers. Consultant Michael Offer has ‘superb knowledge of the business, and is able to communicate in an easily understandable way’. Clients include Cityjet, Omega Air, and Virgin Atlantic Airways.
Operating out of London and Birmingham, Wragge & Co LLP provides a ‘very commercial approach’ to financiers operating in the asset-based lending market. Team head Paula Laird is praised for her ‘commerciality and attentiveness’.
The London and Southampton based team at Blake Lapthorn is recommended for aviation finance.
Bryan Cave is recommended for aviation finance.
Burges Salmon LLP is recommended for rail financing.
Clark Ricketts LLP’s Robert Ricketts ‘really knows his stuff’ in relation to aviation finance.
Curtis Davis Garrard LLP is recommended for shipping finance.
Debevoise & Plimpton LLP’s Geoffrey Burgess is recommended for aviation finance.
Emma Pond at Dewey & LeBoeuf LLP regularly handles work for borrowers in the aviation finance sector.
Eversheds LLP’s team head Indraj Mangat has been involved in a number of asset finance restructurings.
Gateley is noted for its superyacht work.
Hill Dickinson LLP is noted for its expertise in the yacht finance market for lenders and high-net-worth private clients.
Milbank, Tweed, Hadley & McCloy LLP was strengthened by the recent arrival of the ‘superb’ James Cameron from DLA Piper UK LLP.
Paul, Hastings, Janofsky & Walker (Europe) LLP is recommended, although it was weakened by the recent departure of aviation finance specialist Keith Wilson to Berwin Leighton Paisner LLP.
TLT LLP’s department head Annette Newport is recommended for ship finance.