Capital markets in Philippines
Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALaw)
Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALaw) is involved in a range of debt and equity raising transactions, advising underwriters, issuers, lead managers, and arrangers. The team is particularly active in IPOs and is currently advising the issuer on the first real estate investment trust (REIT) IPO in this market. Judy Hao leads the team, which also includes the experienced Francisco Lim and Everlene Lee.
Practice head(s):
Other key lawyers:
Key clients
The Hongkong & Shanghai Banking Corp.
BDO Capital & investment Corporation
China Bank Capital Corporation
Philippine National Bank
Ayala Land, Inc.
First Metro Investment Corporation
Fruitas Holdings, Inc.
Standard Chartered Bank
Work highlights
- Acted as counsel for joint lead managers and joint bookrunners, The Hongkong & Shanghai Banking Corp., Ltd., DBS, Mizuho Securities, MUFG, and Standard Chartered Bank, on the dollar bond issuance by Aboitiz Equity Ventures, Inc.
- Acting as counsel for the joint lead underwriters on a proposed application with the Securities and Exchange Commission for the registration and issuance of debt securities. The project involves the shelf registration of P100 Billion debt securities of SM Prime Holdings, Inc. with an initial issuance of up to Php15 Billion with an over subscription option of up to Php5 Billion series K&L bonds.
- Acting as counsel for the issuer, AREIT, Inc., on its proposed real estate investment trust IPO.
Martinez Vergara Gonzalez & Serrano
Martinez Vergara Gonzalez & Serrano is active in a range of capital market transactions, acting for some of the biggest banks in the Philippines as well as advising private companies. The team has recently advised on IPOs, despite the challenging conditions produced by the Covid-19 pandemic. Practice head Manuel Gonzalez is experienced in acting for issuers and underwriters in offerings; Mark Vergara and Elmer Serrano are also key contacts in the team. Senior associate Janice Co frequently handles due diligence for transactions, while Gwyneth Ong advises local and foreign clients on capital market transactions.
Practice head(s):
Other key lawyers:
Testimonials
‘While the team is relatively young versus other law firms in the industry, the MVGS team’s work is comparable with the more established firms. In every deals that we have done with them, the team has displayed maturity and expertise. They are also very accommodating. I can call them up anytime to consult.’
‘MVGS team members are knowledgeable and accommodating. Provides good advices to clients. During negotiations, they can defend the position or preferences of the client and provide good workarounds if necessary.’
‘Very personalized service. All work is closely supervised by competent partners of the firm.’
‘The partner in charge of our relationship fiercely aligns with and protects our interest. There is a healthy sense of trust and respect that makes working with them second nature.’
Key clients
P.A. Alvarez Properties and Development Corporation
BDO Unibank, Inc.
MerryMart Consumer Corp.
Suncity Group Holdings Limited
Security Bank Corporation
KEB Hana Manila Branch
Shinhan Bank Manila Branch
LDA Capital Limited
LDA Capital LLC
Bank of Commerce
Work highlights
- Representing P.A. Alvarez Properties and Development Corporation (PAAPDC) in a number of capital/fund raising exercises: (a) in 2019, in the Php1 billion corporate notes issuance to partially finance its land banking initiatives as part of its expansion plans, and (b) in 2020, in its proposed Php5 million retail bonds issuance.
SyCip Salazar Hernandez & Gatmaitan
SyCip Salazar Hernandez & Gatmaitan is active in advising on debt and equity transactions, acting for foreign and local banks and financial institutions. The firm's client base includes companies operating in the food and beverage, real estate, and port operations industries, and it also acts on aviation financing transactions. The team is led by Vicente Gerochi, who frequently acts for international banks in the Filipino market. Simeon Ken Ferrer, Marievic Ramos-Añonuevo and Joan Mae To-Conejos are also key contacts in the team.
Practice head(s):
Other key lawyers:
Simeon Ken Ferrer; Marievic Ramos-Anonuevo; Joan Mae To-Conejos
Key clients
BDO Unibank, Inc./BDO Capital & Investment Corporation
Philippine National Bank/PNB Capital & Investment Corporation
Bank of the Philippine Islands/BPI Capital Corporation
Standard Chartered Bank
Australia and New Zealand Banking Group Limited
HSBC
Citigroup
MUFG Bank
Mizuho Bank
Deutsche Bank
San Miguel Corporation
Work highlights
- Advised on the 100 million Swiss francs (Php5.3 Billion) ASEAN Green Bonds issuance by Bank of the Philippine Islands.
- Assisted with the issuance and offer by SMC Global Power Holdings Corp., the issuer, of Philippine Peso-denominated fixed-rate bonds in the aggregate principal amount of 25 billion Pesos.
Gorriceta Africa Cauton & Saavedra
Managing partner Mark Gorriceta is the key figure at Gorriceta Africa Cauton & Saavedra, which is particularly active advising on IPOs. The team also has a presence in Thailand and Malaysia through its strategic cooperation agreement with Singapore-based firm Yusarn Audrey.
Picazo Buyco Tan Fider & Santos
Picazo Buyco Tan Fider & Santos handles capital markets work including IPOs, bond offerings and securities issuances.
Puyat Jacinto & Santos Law Offices
Led by Pearl Grace Cabali and Ramil Bugayong, Puyat Jacinto & Santos Law Offices advises on the securitisation of bonds as well as share issuances.
Practice head(s):
Quiason Makalintal Barot Torres Ibarra Sison & Damaso
Led by Enrique Quiason and Ruelito Soriano, Quiason Makalintal Barot Torres Ibarra Sison & Damaso handles a range of equity and debt capital markets deals. Notable associates in the team include Rochezka Beltran and Jose Antonio Reyes.
Quisumbing Torres
Led by Alain Charles Veloso, Quisumbing Torres handles capital markets work including debt and equity transactions as well as advising on IPOs and delistings. In addition to his work in capital markets, the well-regarded Veloso also handles corporate and competition work.
Practice head(s):
Key clients
Prudential Plc
Alphabet (Google Inc.)
Romulo Mabanta Buenaventura Sayoc & De Los Angeles
Romulo Mabanta Buenaventura Sayoc & De Los Angeles handles capital markets work including IPOs and equity issues, advising the companies involved as well as the bookrunners, lead managers and underwriters. The team is led by Perry Pe, Ma. Stella Batungbacel and Christiana Andrea Golez.
Practice head(s):
Work highlights
- Acted as CHP’s counsel on its stock rights offering of 8,293,831,169 common shares to its existing shareholders in January 2020. The total amount raised from the equity offering was Php 12,772.5 million which was used primarily: (a) to fund the expansion of the solid cement plant, including to pay outstanding amounts owed under the solid expansion facility agreement, and (b) for other general corporate purposes.
- Acted as the underwriters’ counsel on the initial public offering of AllHome Corp. (“Hovels”) where a primary and secondary offering of 1,125,000,000 common shares of Home, with an over-allotment option of 168,750,000 common shares, were offered to the public at an offer price of Php 11.50 (approx. US$0.25) per share.
- Acted as counsel to Melco (Philippines) Investments Limited on its tender offer of 1,338,477,668 common shares in Melco Resorts and Entertainment Philippines, Inc. (“MRP”) representing 23.5% of MRP’s outstanding capital stock.
Villaraza & Angangco (V&A Law)
Villaraza & Angangco (V&A Law) is active in advising on listings and IPOs, including cross-border work. The team's client base is varied, including companies in sectors such as real estate, manufacturing, healthcare, and construction. Franchette Acosta leads on much of this work, alongside Kristin Charisse Siao and Paul Rodulfo Imperial.
Practice head(s):
Other key lawyers:
Key clients
Swiss Reinsurance Company Ltd.
Swiss Re International S.E.
Swiss Re. Corporate Solutions Ltd.
Swiss Re Asia Pte. Ltd