The busy capital markets practice at Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALaw) is ably led by Judy Hao, who has substantial experience in equity and debt capital raising transactions. The team acts on both the underwriter and issuer side of transactions, with clients including leading domestic and international banks. Other areas of expertise include securitisation projects and the establishment of mutual funds. Highlights in 2018 included Hao and Francisco Lim's representation of Standard Chartered Bank and HSBC as joint lead managers in connection with the senior fixed rate PHP10.5bn bond issuance by Union Bank of the Philippines. The team grew at the partner level with the promotion of Everlene Lee to the partnership in 2019, and other significant team developments included the retirement of Tadeo Hilado.

Acting for both issuers and underwriters, Martinez Vergara Gonzalez & Serrano has substantial experience in IPOs, follow-on and rights offers, tender offers, reverse takeovers of publicly listed firms and issuances of global depositary receipts. The team has remained busy despite the recent slowdown in capital markets transactions in the Philippines, even picking up a number of new clients in the waste management, media and advertising sectors. In a recent highlight, a team led by Elmer Serrano and Mia Jazmin Ormita served as counsel to BDO Unibank in its bond issuance in February 2019; proceeds from the issuance are intended to diversify the bank's funding sources and support its business expansion. Manuel Gonzalez heads the practice and is supported by a team of lawyers with expertise in capital markets, M&A and banking.

A leading firm for capital markets transactions in the Philippines, SyCip Salazar Hernandez & Gatmaitan has impressive experience in debt and equity deals. In recent significant work, the team assisted BPI Capital Corporation and Standard Chartered Bank in their capacity as joint lead managers and bookrunners in the $90m green bonds issuance by International Finance Corporation (IFC), which represented the first green bond in the Philippines and the first Philippine bond issued by the IFC. The sizeable group saw organic growth in 2019 with the promotions of Leah Abutan, Bhong Paulo Macasaet and Joan Mae To-Conejos to the partnership. Vicente Gerochi heads the banking, finance and securities department; also key is Simeon Ken Ferrer, who advises on equity, debt and derivative securities issues and securitisation transactions.

Capital markets is one of the core focus areas at Gorriceta Africa Cauton & Saavedra; the firm has established itself as a significant player in the legal market in the Philippines, handling a range of complex corporate, M&A and capital markets transactions. In a major highlight, the team acted as domestic counsel for property developer D.M. Wenceslao & Associates in its PHP8.1bn IPO; the team provided comprehensive advice on the offering process, registration requirements and myriad issues arising from the offering. Mark Gorriceta is the managing partner. Expanding its geographic reach, the firm entered into a strategic cooperation agreement with Singapore-based firm Yusarn Audrey, which has an additional presence in Thailand and Malaysia.

The capital markets team at Villaraza & Angangco (V&A Law) has recently been instructed by several international companies to advise on IPOs in foreign jurisdictions. It often advises financial institutions and listed companies on transactions and regulatory compliance. In team news, Paul Rodulfo Imperial made partner in 2019; his practice spans capital markets, M&A, banking and securities law, and he has recently taken a role on several of the team's key transactions. Co-heads Sylvette Tankiang and Franchette Acosta complement their capital markets expertise with knowledge of corporate and M&A, commercial law and banking.