Hong Kong > Structured finance and securitisation > Law firm and leading lawyer rankings

With 'a depth of team that is second-to-none in Hong Kong', and praised for its 'investment in legal tech', Allen & Overy's two-partner team provides 'first-class service' to banks and brokers on their most sophisticated transactional and regulatory matters. The 'technically strong, commercially minded' Ross Stewart is, according to one client, 'the best derivatives partner in Hong Kong'. As well as spearheading the firm's work on the roll-out of well-received proprietary technology products MarginMatrix and TransforMatrix, which assist clients with complying with the global margin requirements for uncleared swaps, Stewart is also regularly engaged in the most sophisticated transactions in the market, including his recent work for the hedge counterparty on the financing (through a multi-tranche note issuance denominated in US dollars) of the purchase of Hong Kong skyscraper The Center. The 'highly experienced' Yvonne Siew is the other key partner, and is praised for her 'technical knowledge and strong work ethic' across regulatory and transactional matters. Of counsel Jonathan Chapman is appreciated for his 'client-friendly approach and great technical skills'. Clients include Bank of America Merrill Lynch, Deutsche Bank, Goldman Sachs and HSBC.

Benefiting from 'excellent technical skills, a good understanding of the industry and a strong business sense', King & Wood Mallesons has superb market credibility across transactional and regulatory matters on behalf of global and Asian financial institutions, including Haitong International Securities, HSBC, Guotai Junan Securities (Hong Kong) and J.P. Morgan Structured Products. Minny Siu 'knows the retail structured products industry inside-out', and continues to advise the majority of the market's issuers of unlisted retail structured products. Siu is also active in relation to listed structured products and alongside the 'excellent' Richard Mazzochi has been assisting the Financial Services Development Council with its recent review of Hong Kong’s listed structured products market.

'Top of its class in the field', Linklaters provides 'outstanding service' to banks, industry bodies and investors across both transactional matters, including on the equities and fixed income fronts, and regulatory issues. The team is regularly involved in many of the most innovative mandates in the market, including the 'technically strong and commercial' Chin-Chong Liew's advice to the Hong Kong Stock Exchange on the establishment of Bond Connect, which  enables Hong Kong and overseas investors to trade debt securities on the mainland Chinese onshore bond market. 'Very well informed about current developments', counsel Karen Lam was key to the aforementioned matter, as well as to the forerunner to this on the equities side with the establishment of the Stock Connect platform. Counsel I-Ping Soong is 'an expert on Hong Kong regulatory issues regarding derivatives'. On the transactional front, the 'superb' Victor Wan recently advised BNP Paribas as lead manager on the first-of-its-kind issuance of a sustainable bond in Indonesia. Stephen Song  has been very active in the equity derivatives space. Other names to note include Andrew Malcolm and Mary Matson. Industrial Bank, China CITIC Bank International, UBS and Value Partners are additional clients.

The 'responsive and user-friendly' team at Ashurst has 'good expertise across structured products and over-the-counter (OTC) derivatives'. The 'vastly experienced' Nigel Pridmore is 'very knowledgeable', particularly in relation to repackagings and the equity derivatives market. The 'excellent' Christopher Whiteley has a very strong reputation for OTC derivative transactions as well as in relation to structured credit-linked repackagings. Peter Kwon has considerable cross-border securitisation expertise involving an eclectic mix of underlying asset classes, including credit card receivables and auto loans. Christopher Tang regularly advises leading banks on the structuring of exotic equity derivative products; he recently acted for J.P. Morgan on its issuance of $31m-worth of synthetic convertible notes linked to the ordinary shares of Ping An Insurance (Group) Company of China. Other clients include Bank of China, BNP Paribas and Goldman Sachs.

With three partners based in Hong Kong, and able to leverage the expertise of lawyers in mainland China and across the firm's global network, Clifford Chance is well-placed to advise banks, securities houses, regulators, trade bodies, trustees and investors on the gamut of complex derivatives, structured products and securitisation transactions and regulatory matters. Team head Francis Edwards has vast and varied experience in structured finance transactions in the Greater China market, including repackagings and credit and equity derivative deals, as well as in the evolution of regulatory change, particularly as it relates to the OTC derivatives market. Edwards recently advised Hong Kong Exchanges and Clearing on the launch for trading on the Hong Kong Futures Exchange of physically settled Gold Futures contracts denominated in offshore renminbi and US Dollars. On the transactional front, he also has expertise in advising private equity clients on the utilisation of derivatives products as a potential hedge in relation to corporate financing transactions. Connie Heng heads the firm’s Asia-Pacific capital markets practice, and has a strong reputation for handling structured finance matters. Terry Yang handles work for both buy- and sell-side clients on structured note investments, margin financing transactions and cross-border acquisitions involving OTC derivatives. Clients include Bank of China, Credit Suisse, CVC and Goldman Sachs.

Eversheds Sutherland has a strong reputation among arrangers, issuers and investors in the Asian market across a range of structured finance and securitisation transactions. Team head Kingsley Ong recently acted for Hong Kong Capital Finance as arranger on a high-value Hong Kong mortgage securitisation warehouse transaction with Korean bondholders. Ong's expertise on the front end of deals has also seen him develop a market-leading reputation for unwinding securitisations, derivatives and complex structured products; he continues to advise KPMG as Hong Kong liquidator of derivatives brokerage MF Global and investment bank Lehman Brothers on their respective high-profile and long-running insolvencies. Other clients include China Merchants Securities, Axis Bank, CTI Capital and China Minsheng Bank. Associate Polly Chiu is another name to note.

Freshfields Bruckhaus Deringer's 'first-class' two-partner team excels at handling high-value and complex structured finance and securitisation transactions on behalf of funds, banks and corporates. The 'extremely knowledgeable and technically able' Richard Perks advised China Zheshang Bank on the establishment of its offshore derivatives trading business, and provides ongoing advice on trading documentation and new product development. On the transactional front, Perks recently advised Alibaba on treasury hedging. In addition to handling traditional debt capital markets work, Andrew Heathcote is also regularly involved in securitisations, tax-structured product transactions and derivatives.

Led by the 'excellent' Jeffrey Chen, Dentons Hong Kong's structured finance offering continues to gain market penetration on behalf of funds, banks and non-bank financial institutions. Chen is noted for his strong track record in cross-border securitisation transactions in Asia, including acting on the first wrapped cross-border residential mortgage-backed securities (RMBS) offerings in Korea and Taiwan.

K&L Gates' department has excellent experience across a wide spectrum of structured finance and securitisation matters by virtue of its eclectic range of clients, which include arrangers, dealers, issuers, trustees, hedge funds, counterparties and investors. Philip Hyde recently advised Citicorp International as trustee on Rock International Investment's $300m high-yield structured finance issuance. Although he is active across a range of industry sectors, a significant amount of Hyde's work relates to aviation sector-related securitisation and structured finance matters, including on behalf of leasing companies. Neil Campbell is also recommended. Other clients include HSBC, China Aircraft Leasing Group Holdings and CITIC Securities.

Led by Posit Laohaphan, Latham & Watkins LLP handles transactions across the full range of OTC and exchange-traded derivative products on behalf of an impressive array of global and Asian financial institutions, including Morgan Stanley, Deutsche Bank, Mizuho Bank and HSBC. Although the team handles work on its own, it also benefits from being able to work alongside colleagues spread across the firm's vast network of European, US and Asian offices and is consequently often a vital part of global teams across complex multi-jurisdictional matters. For example, in a novel matter involving significant input from New York, Laohaphan advised Deutsche Bank Securities in relation to China Lodging Group's $425m convertible bonds issuance. The arrival in October 2017 of Derek Chua from Linklaters strengthens the team's ability to handle a wide range of structured finance mandates involving debt- and equity-linked securities, structured equity financings, corporate derivative transactions, and a variety of retail and institutional structured products. Simon Hawkins is recommended for his derivatives regulatory expertise.

'A long-established presence in Hong Kong', Mayer Brown's two-partner team handles a range of derivatives and structured finance work for an array of clients including sponsors, trustees, issuers and arrangers. 'Experienced, resourceful and practical' team head Vincent Sum is particularly appreciated by clients for his expertise in cross-border mandates by dint of his legal qualifications in Hong Kong, UK and the US. Clients include Bank of China Group, Industrial and Commercial Bank of China, Credit Suisse and DZ Bank.