Trade finance
Denton Wilde Sapte LLP’s ‘second-to-none’ and ‘value-for-money’ trade and export finance group is noted for its global reach, and is ‘definitely a top-tier practice’. Highlights included advising Deutsche Bank AG on a structured receivables purchase facility for Liebharr France using Indonesian coal to finance an equipment lease, the first deal of its kind in Indonesia. The same client instructed the practice on behalf of the lead arrangers and lenders on a US$3.2bn structured pre-export financing for Rosneft oil export contracts. Other clients include BNP Paribas, Cargill, Fortis Bank, Glencore, Standard Chartered Bank and Trafigura. Banking partner Geoffrey Wynne is ‘everyone’s first choice’, and Nick Grandage is similarly ‘first class’. Jonathan Solomon brings a ‘commercial approach and dedication’, and Simon Cook is ‘accessible, knowledgeable and pragmatic’.
Lovells LLP is ‘reactive, helpful and very responsive’. The practice advised BNP Paribas and Société Générale on a US$1.6bn pre-export syndicated loan facility to OJSC Novolipetsk Steel, and represented Deutsche Bank AG as mandated lead arranger on a US$2.1bn pre-export finance facility to Kazakhstan-based copper producer Kazakhmys plc. Other clients include Citibank International plc, Rabobank and Stemcor. Department head Andrew Gamble is ‘exceptional at trade finance’, and has ‘good experience and contacts’. Andrew Taylor and Paul Oldman are also recommended.
Clifford Chance’s London team works closely with international colleagues, with the Sao Paolo office leading on advising the joint lead arrangers on a US$725m syndicated secured pre-export finance facility for Braskem SA. Clients include ABN AMRO Bank NV, Banco Santander SA, Rabobank and Société Générale. Leonard Cleland leads the practice.
Linklaters LLP is ‘very commercial and good value for money’, with resources worldwide. It advised Kazakhmys plc on its US$2.1bn pre-export finance facility, and represented the lenders on Rompetrol Group’s US$2.5bn refinancing. Other clients include ABN AMRO Bank NV, Glencore and Standard Chartered Bank. Mirthe van Kesteren has ‘deep knowledge and understanding of the pre-export finance market’, and Jeremy Stokeld is also recommended. Head of banking and finance John Tucker works from London and New York.
Norton Rose LLP’s structured trade and commodity finance practice provides ‘service of the highest standard’, and has a particular niche in mining in sub-Saharan Africa. Most representations are for lenders, but the practice also advises borrowers such as Turkey’s Teknik Grup. It advised the lender and backer on two loan facilities totalling over €117m for Lukoil Neftochim Bourgas AD, and represented BNP Paribas and a banking syndicate on arranging a US$200m pre-export financing facility for a Kazakh crude oil producer. Cynthia Witcombe is ‘outstanding’, and Martin McCann ‘has a commercial approach and a focus on getting the deal done’. Caroline Hurley and Simon Currie also impress clients.
Reed Smith’s trade and commodity finance practice expanded with the addition of former Clyde & Co LLP partner Robert Parson, whom clients admire for his ‘clear and straight-to-the-point advice’ and ‘impressive knowledge and broad experience’. Richard Swinburn and Kyri Evagora are also recommended. The team represents several major banks and traders.
White & Case LLP acted for ABN AMRO Bank NV on a pre-export credit facility of up to US$340m for Kazakh mining company JSC Kazzinc, while other clients include BNP Paribas, Banco Santander SA, ING Bank and JPMorgan. Andrew O’Keeffe is ‘very thorough and yet very commercial’, and Magdalene Bayim-Adomako and Jason Kerr are also recommended.
Stephen Tricks and consultant Clare Hatcher are the central figures at Clyde & Co LLP, whose clients include Glencore and Stemcor. Robert Parson moved to Reed Smith, and Andrew Wells is now a consultant.
DLA Piper UK LLP has built a creditable position in trade finance, particularly in African jurisdictions. Clients include Morgan Stanley, Nedbank Capital, Standard Bank and Standard Chartered Bank. Charles Morrison is recommended.
Field Fisher Waterhouse LLP’s team displays ‘very good industry knowledge’ and its partners ‘cut through legalese without dropping attention to detail’. Andrew Evans, Jon Fife and Guy Usher are recommended. Clients include Bank of Ireland Global Markets and Kaupthing Singer & Friedlander, as well as traders such as Openfield plc.
Jones Day has built an energy and metals-focused practice with a substantial relationship with Standard Bank, recently advising it on a US$50m pre-export financing for Feni Industries AD and a US$450m vault and gold bullion facility for The Jewellery Store in Dubai. Michael Pabst is recommended.
Salans represents banks such as BNP Paribas and Natixis on oil and energy trade financing. Trader clients include Stemcor, for which the practice closed a US$400m syndicated facility in May 2009. Mark Wilson and Philip Prowse lead the practice.
Thomas Cooper’s small practice comprises ‘real trade finance specialists’, primarily in relation to soft commodities. Head of finance Grant Eldred has ‘in-depth knowledge of structured trade finance’, and banks report ‘top-quality service’. Charles Williams is also recommended.
Watson, Farley & Williams LLP is ‘a very pleasant and professional law firm’ with a long list of clients including BHP Billiton, BNP Paribas, Lloyds TSB, Standard Chartered Bank, Stemcor and Trafigura. It advised Deutsche Bank AG on a US$95m inventory financing for PT Tripanca Group of Indonesia. Michael Kenny and Celia Gardiner are recommended, and David Harvey joined as a consultant from Addleshaw Goddard LLP.