Next Generation Partners: Bengoshi

Banking and finance: International firms and joint ventures in Japan

Allen & Overy Gaikokuho Kyodo Jigyo Horitsu Jimusho

The banking and finance team at Allen & Overy Gaikokuho Kyodo Jigyo Horitsu Jimusho is commended for its broad experience in all types of finance transactions including debt restructurings, advice on significant renewable energy projects, and financial services regulation, with particular expertise in cross-border project finance transactions. Recent work for the practice includes providing cross-border advice to lenders on the provision of term loan facilities, as well as assisting with a Thailand loan agreement in the transport industry. Matthias Voss and Scott Neilson jointly lead the team, with Nielsen possessing expertise in major infrastructure and energy projects while Voss is recommended for his experience in large-scale multi-sourced financings and project development work. Other key contacts within the team include Xue Wang for banking and finance matters with ESG and sustainability elements, and Akira Takahashi for renewable energy matters within banking.

Practice head(s):

Matthias Voss; Scott Neilson


Other key lawyers:

Xue Wang; Akira Takahashi


Key clients

Japan Bank for International Cooperation


Japan International Cooperation Agency


JERA Co., Inc.


Sumitomo Mitsui Banking Corporation


Asia Development Bank


Bank of China


Ichthys LNG Pty


Work highlights


  • Advised on the major refinancing of several credit facilities in connection with the project financing of the integrated Ichthys LNG Project in Australia.
  • Advised JBIC in relation to its financing to Turkiye Sinai Kalkinma Bankasi as part of JBIC’s GREEN operations to fund various renewable energy projects and energy efficiency projects in Turkey.
  • Advised JBIC on its loan to EXIM India to support the Indian healthcare sector related to Covid-19 including vaccine manufacturing and pharmaceuticals companies.

Baker McKenzie (Gaikokuho Joint Enterprise)

Baker McKenzie (Gaikokuho Joint Enterprise)‘s ‘very responsive‘, ‘professional‘ and ‘adaptable‘ finance and projects department is especially known for its acquisition finance advice, as well as its deep experience with securitisations, real estate finance, and bridge credit facilities. Shinichiro Kitamura, who is adept at advising clients on both domestic and inbound leveraged and acquisition finance, leads the Tokyo-based team, which also consists of Gavin Raftery, Kosuke Suzuki, and Naoaki Eguchi. Raftery is a key name for finance issues spanning Australia, Japan, and the UK; Suzuki is complimented for his ‘strengths in ECA financing‘; and Eguchi is a key contact for project finance and renewable energy infrastructure. Other names to note within the team include Tsutomu Kobayashi and Haruhiko Ogasawara.

Practice head(s):

Shinichiro Kitamura


Other key lawyers:

Gavin Raftery; Kosuke Suzuki; Naoaki Eguchi; Tsutomu Kobayashi; Haruhiko Ogasawara


Testimonials

‘The team is very responsive and adaptable. We rely on BM to speak directly to our business people in Japanese, and the feedback from the business is that they are always available.’

‘Gavin Raftery is always quick to pick up on any outstanding matters and offer bespoke solutions. It gives us confidence someone is overseeing our whole book of work.’

‘The teamwork is quite strong with the leadership and the partner is really engaged and committed.’

Key clients

Air Trunk


Work highlights


  • Advised AirTrunk, a hyperscale data centre specialist, on all aspects of the development and landmark green loan financing of its second data centre in Japan, a 110+MW facility strategically located in western Tokyo.

Clifford Chance

Clifford Chance‘s practice is lauded by clients for its ‘client-friendly‘ approach, ability to advise ‘from a client’s point of view‘, and for providing clients with the ‘latest updates in the sector using their world-wide network‘. Team head Yusuke Abe is especially known for his expertise in cross-border and domestic project finance, as well as ECA and M&A financings. Working alongside Abe is Hans Menski, who is a key contact for project financings in the energy, oil and gas sectors; and ‘friendly‘ senior associate Yosuke Nomura, who has extensive experience in aircraft finance matters. Other work the practice undertakes includes LIBOR transitions, complex syndicated financings, regulatory advice, and real estate and development financings.

Practice head(s):

Yusuke Abe


Other key lawyers:

Hans Menski; Yosuke Nomura


Testimonials

‘Their responses are always very quick, precise and exceed our expectations. They always provide us with legal advice from a client’s point of view.’

‘Yusuke Nomura worked with us quickly and in a friendly manner.’

‘The people are client-friendly.’

‘Yosuke Nomura has good knowledge and offers practical solutions.’

‘Regarding the aviation finance team in Tokyo, they provide knowledge and experience with speed and breadth.’

‘Their responses are always very quick and precise. They are always providing us with the latest updates in the sector using their world-wide network.’

Key clients

Japan Bank for International Corporation


Sumitomo Mitsui Banking Corporation


MUFG Bank, Ltd.


Mizuho Bank


Work highlights


  • Advised a syndicate of eight international commercial banks in relation to the $2.17bn Atradius covered facility for San Miguel Corporation to finance the land development works to be undertaken by Boskalis for the Phase 1 development of the New Manila International Airport in Bulacan province, the Philippines.

Milbank

The team at Milbank regularly advises well-known domestic financial institutions, international development finance institutions, and export credit agencies, as well as banks and multinational companies in Asia, the US, and Europe. Aled Davies heads up the team and is particularly well known for infrastructure and natural resources mandates, with expertise in complex asset and project finance transactions. The practice also assists with ECA-backed financings, as well as restructurings and acquisition finance issues. Associate Lewis Blundell is complimented as ‘a great negotiator‘, while Andrew Pendleton is described by clients as a ‘talented lawyer‘.

Practice head(s):

Aled Davies


Other key lawyers:

Lewis Blundell; Andrew Pendleton


Testimonials

‘Exceptionally high expertise and quality of advice by individual lawyers.’

‘Lewis Blundell is a great negotiator who has organised and harmonised our discussions while clearly advocating our position to others with different cultures and ways of thinking during negotiations.’

‘Andrew Pendleton is a talented lawyer.’

Key clients

Japan Bank for International Cooperation


The Bank of Tokyo Mitsubishi UFJ


Nippon Export and Investment Insurance


Sumitomo Mitsui Banking Corporation


Mizuho Bank, Ltd.


BNPP


ING


Société Générale


AfDB


BPI France


EDC


EIB


Export-Import Bank of China


Industrial and Commercial Bank of China


Korea Eximbank


Yinson Boronia Production B.V.


Crédit Agricole CIB


Sumitomo Corporation


Work highlights


  • Advised a lender group of export credit agencies and international financial institutions on financing the development of a high voltage direct current subsea transmission system in the United Arab Emirates issued by Abu Dhabi National Oil Company and Abu Dhabi National Energy Company PJSC.
  • Advised the lenders and agents in connection with the post-restructuring phase of the project financing for the $8.8bn Ambatovy nickel and cobalt mine in Madagascar.
  • Advised JBIC, Nippon Export and Investment Insurance and commercial lenders on the project financing of the Libra MV31 floating, production, storage and offloading vessel which will be deployed in the Mero Field in Brazil by a consortium led by Petrobas.

Norton Rose Fulbright

Clients seeking assistance from the banking and finance team at Norton Rose Fulbright are able to receive advice on a variety of finance matters, including asset finance, corporate finance, and aviation finance work. The practice has been especially busy with restructuring transactions and LIBOR cases, as well as IPOs, joint venture financings, and project finance work, for which department head George Gibson is the name to note. Paul Coggins is adept at advising clients in offshore sectors and international shipping, with a specialism in financing ships using cross-border project and asset-based leasing and debt facilities. Akihiko Takamatsu joined the practice from Clifford Chance in February 2023.

Practice head(s):

George Gibson


Other key lawyers:

Akihiko Takamatsu; Paul Coggins


Testimonials

‘Client friendly, and a very good level of knowledge.’

‘They are eager to help even when our business proposal is at brainstorming stage, which is extremely important to us.’

‘Very patient and understand very well the interests of different stakeholders. I would highly recommend Akihiko Takamatsu.’

‘Deep knowledge of asset financing, not only within one area, but throughout the globe.’

‘Paul Coggins differentiates himself from others with his vast knowledge and understanding on the Japanese trading firms.’

‘Paul Coggins and his team are excellent. He and his team are dedicated in supporting our transactions.’

Key clients

Sumitomo Mitsui Trust Bank, Limited


BNP Paribas


ING Bank


Japan Bank for International Cooperation


JERA


Mitsubishi Corporation


Mitsui & Co., Ltd.


Mitsui O.S.K. Lines, Ltd.


Mizuho Bank


MUFG Bank


Mitsubishi UFJ Lease & Finance Co. Ltd.


Nippon Export and Investment Insurance


Nippon Yusen Kabushiki Kaisha


ORIX Corporation


Sumitomo Mitsui Banking Corporation


ITOCHU Corporation


Tokyo Gas Co., Ltd.


Tokyo Century Corporation


White & Case LLP - White & Case Law Offices (Registered Association)

White & Case LLP - White & Case Law Offices (Registered Association)‘s debt finance department is complimented by clients for its ability to ‘work seamlessly across jurisdictions‘ and for its ‘wealth of experience‘. The practice regularly advises on LBOs, restructurings, regulatory issues, buyouts and M&A financings, the latter of which practice head Zenya Onishi is the key contact. Clara Shirota, who clients commend for her ‘business minded‘ skills and ‘excellent client engagement‘, is the name to note for sponsor-side deals, and is additionally qualified in New York, England and Wales, and Hong Kong. The practice also provides advice on leveraged and structured financings, complex cross-border transactions, and private equity funds.

Practice head(s):

Zenya Onishi


Other key lawyers:

Clara Shirota


Testimonials

‘They have a wealth of experience in the field given broad deal exposure in the market.’

‘Clara Shirota is efficient and able to share useful structuring advice.’

‘Able to work seamlessly across jurisdictions, sectors, and situations bringing the same standard of care to each element of the transaction.’

‘Clara Shirota – excellent client engagement, extremely thorough, very business minded.’

‘Clara Shirota is a very commercial banking lawyer who understands private equity financing needs.’

Key clients

Mizuho Bank, Ltd.


Sumitomo Mitsui Banking Corporation


MUFG


Brookfield Asset Management Inc.


CVC Capital Partners


Mizuho Bank


Morgan Stanley Private Equity Asia Limited


MUFG Bank


SK ecoplant


Sumitomo Mitsui Trust Bank


Deutsche Bank


Work highlights


  • Advised global banking and financial services institutions on the $7.5bn acquisition of Hitachi Metals by Bain Capital.
  • Represented Sumitomo Mitsui Banking Corporation, Mizuho Bank Ltd. and Aozora Bank Ltd., as Mandated Lead Arrangers in connection with the senior secured facilities provided to an acquisition vehicle of Bain Capital Private Equity, LP for its acquisition of Evident.
  • Advised Brookfield Asset Management on the debt aspects in respect of the financing for its acquisition of the Trimco Group, a leading global supplier of brand identity products, from Affinity Equity Partners.

K&L Gates

K&L Gates‘ banking and asset finance practice is lauded by clients as a ‘go-to‘ team, and as ‘one of the strongest aviation legal firms in Asia‘. The practice has particular expertise in asset finance transactions with aviation and shipping aspects, with additional experience in real estate transactions, cross-border leasing cases, and both secured and unsecured loans. Robert Melson, described as a ‘superior force‘, leads the team and specialises in aircraft finance work. Other key names include Sebastian Smith, Takahiro Kawaguchi, and of counsel Eiko Grieger.

Practice head(s):

Robert Melson


Other key lawyers:

Sebastian Smith; Takahiro Kawaguchi; Eiko Grieger


Testimonials

‘K&L Gates is one of the strongest aviation legal firms in Asia but with particular experience, know-how and strength in depth in the Japan market.’

‘For lessors and lenders in Japan, KLG is one of the premier, most experienced and professional “go-to” firms in the aviation sector.’

‘Bob Melson is a superior force in the Japanese aviation sector. Bob is always fully engaged, available, professional and always adept in finding commercial solutions.’

Key clients

JP Lease Products & Services Co., Ltd.


Financial Partners Group


JIA Trust Co., Ltd.


Work highlights


  • Advised FPG on the acquisition of Queen Kapi‘olani Hotel in Waikiki, HI.
  • Advised on New York, Japanese and English law aspects on the creation of a warehouse facility to subsidiaries of JP Lease to fund new aircraft deliveries into the US market and to refinance existing loans for aircraft less than two years old in the European and US markets.
  • Assisted JP Lease Products & Services in closing a Japanese Operating Lease with Call Option financing of three Airbus A320 aircraft with ICBC Financial Leasing as intermediate Lessee.

King & Spalding

King & Spalding‘s department is jointly headed by John McClenahan and Mark Davies, who both specialise in the financing of large-scale infrastructure and energy projects. The wider department, which also includes Aaron Lee and Jonathan Wang, is able to offer clients assistance with structured finance, acquisition finance and asset finance transactions, with many clients in other jurisdictions and requiring cross-border support. Recent work includes advising on project financings and hedging arrangements.

Practice head(s):

John McClenahan; Mark Davies


Other key lawyers:

Aaron Lee; Jonathan Wang


Key clients

MODEC


Mitsui


Marubeni


Japan International Cooperation Agency


Japan Bank for International Cooperation


Mitsui O.S.K. Lines, Ltd.


MUFG Bank


Mizuho


SMBC


Morrison Foerster

Morrison Foerster‘s banking and finance practice, complimented for its ‘great depth of knowledge‘, is headed up by Akihiro Wani, who is especially experienced in derivatives transactions and advising major Japanese financial institutions. The general team are also adept at assisting clients with financial regulatory matters, real estate finance mandates, project and acquisition finance issues, and IPOs. Katsuhiko Fujihira departed the team for Kaynex Law Offices in 2022.

Practice head(s):

Akihiro Wani


Testimonials

‘Their specific knowledge and strong engagement/network with regulators in respective jurisdictions.’

‘Great depth of knowledge and experience in the Japanese banking practice and regulations.’

Key clients

CLS Bank International


Financial Services Agency of Japan


Work highlights


  • Advised CLS Bank International on the enforceability of its trade terms and conditions in connection with the settlement of international fund transfers.
  • Provided advice to the Financial Services Agency of Japan as a Financial Policy Monitor with regard to the opinions submitted by the general public to the FSA on financial policies and related practices.

Paul Hastings LLP

The Tokyo-based banking and finance team at Paul Hastings LLP regularly advises financial institutions and banks in matters spanning regulatory advice, global extensions of credit, the granting of security interest, and cross-border acquisition financings. The team is headed up by Toshiyuki Arai, who is dual qualified in California and Japan and possesses niche expertise in payments matters.

Practice head(s):

Toshiyuki Arai


Key clients

SMTC


SMBC


BTMU


Work highlights


  • Represented Sumitomo Mitsui Trust Club Co., Ltd in a series of transactions involving Citi’s global corporate card issuance program in Japan.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP‘s team provides advice on real estate financings, acquisition financings, and LBOs to clients including private equity companies and corporate borrowers. Team head Makiko Harunari, who is based in Hong Kong, leads the team and brings experience in cross-border transactions. Other key contacts include associates Atsushi Usui and Chenyu Cui, commended for their ‘comprehensive work‘.

Practice head(s):

Makiko Harunari


Other key lawyers:

Atsushi Usui; Chenyu Cui


Testimonials

‘The service is the most meticulous among international law firms and they move ahead of time without instructions. The explanations are also very detailed, not simplistic, and they provide excellent service to their clients. The fact that they are bilingual is also significant, and the fact that we can get professional explanations in both Japanese and English saves us a great deal of time.’

‘Makiko Harunari’s team consists of bilinguals including Atsushi Usui and Chenyu Cui. Their work is comprehensive and well explained. STB works in organised matters and their information or requests for clients are well organised and centralised so that clients can save time.’

Key clients

KKR & Co. Inc.


The Blackstone Group


SoftBank


Work highlights


  • Advised KKR in financing related to the acquisition of the Hyatt Regency Tokyo by funds managed by KKR and Gaw Capital Partners from Odakyu Electric Railway Co.
  • Assisted KKR in financing related to its $2bn acquisition of Mitsubishi Corp.-UBS Realty.
  • Advised KKR in connection with financing related to its acquisition of Bushu Pharmaceuticals Ltd. from BPEA EQT.

Squire Gaikokuho Kyodo Jigyo Horitsu Jimusho

The financial services department at Squire Gaikokuho Kyodo Jigyo Horitsu Jimusho is especially recommended for its expertise in asset finance work in the aviation field, with recent work including advice on the sale of an aircraft engine and cross-border leasing transactions involving aircraft. Hisao Hirose heads up the team and is recommended for his experience in structured finance transactions, Japanese leveraged leases, and Japanese operating leases.

Practice head(s):

Hisao Hirose


Key clients

Seaspan Corporation


Fuyo General Lease Co., Ltd.


Itochu Corporation


BOT Lease Co., Ltd.


Sumitomo Mitsui Banking Corporation


ANA Holdings Inc.


Peach Aviation Limited


Solaseed Air Inc.


Work highlights


  • Advised Seaspan Corporation’s Sinosure-backed $1.17bn Japanese Operating Lease with Call Options financing for 15 dual fuel container ships.
  • Represented Fuyo General Lease Co., Ltd. in its purchase of three passenger aircraft, their conversion to freighter aircraft and subsequent leasing to Yamato Transportation Co., Ltd,.
  • Represented ITOCHU Corporation in its sale to Japanese investors of two Airbus A321 aircraft on lease to ANA Holdings.

Watson Farley & Williams (Gaikokuho Kyodo Jigyo Horitsu Jimusho)

Watson Farley & Williams (Gaikokuho Kyodo Jigyo Horitsu Jimusho)‘s asset and structured finance department, which is particularly experienced in cross-border asset, structured finance, and leasing transactions in the aviation field,  benefited from the 2022 recruitment of Keisuke Imon, Simon Collins, Shusuke Fukunaga, and senior associate Christian Orton, who moved to the practice from White & Case LLP - White & Case Law Offices (Registered Association). Imon leads the team alongside Collins; duo add expertise in commercial shipping transactions and Japanese operating leases.

Practice head(s):

Keisuke Imon; Simon Collins


Other key lawyers:

Shusuke Fukunaga; Christian Orton


Testimonials

‘WFW are excellent in terms of professionalism as well as efficiency.

Key clients

Financial Partners Group


Hongkong and Shanghai Banking Corporation


Bank of America


Sirius Aviation Capital