Capital markets: equity and debt: foreign firms in Singapore

Allen & Overy

Allen & Overy has invested heavily into its Singapore capital markets practice, bringing in Pallavi Gopinath Aney from Baker McKenzie Wong & Leow to reinforce its India equity capital markets (ECM) and debt capital markets (DCM) practice, and Felipe Duque from Shearman & Sterling LLP to bolster its high-yield debt and broader US securities expertise. Moreover, Singapore-qualified Aloysius Tan has been promoted to partner. The substantial team now ably covers most core product groups and has been a dominant force in Vietnam ECM and DCM deals, while maintaing a strong position in Indonesian and Thai transactions and Singapore IPOs. Lock Yin Mei is a leader in Singapore offerings, Jeremy Stoupas covers a range of international products and is noted for especially complex transactions, while Alexander Stathopoulos is another experienced US securities lawyer. Tim Beech continues to develop the firm's corporate trustee practice.

Practice head(s):

Lock Yin Mei; Jeremy Stoupas

Testimonials

‘The team has a detailed practical understanding of the legal and commerical issues that affect different capital markets transctions and is able to articulate them in an manner that is easy to understand in order for decisions to be made quickly.’

‘The practice really is our go-to team when we are looking at a particualr structure for the first time or for high profile matters.’

‘Tim Beech and Regina Lui are key members of the regional team and stand out vs their peers. Both are accessible to discuss matters as and when they arise and I always get the sense that Tim has a stong degree of Partner ownership and ovesight of engagements, which is not always the case with other practices. As a Business Head and non-lawyer they come across as being very user friendly and are able to provide views and analaysis on both commerical and legal issues to enable me to make quick and considered decisions in order to move transactions forward. One thing that does come across is their ability to provide solutions/alternatives for any issues that they highlight

‘Tim Beech is an exceptionally good lawyer technically but also commercial, flexible and completely in tune with the client’s needs. He is singularly client focused and solution driven, making him one of the stand-out lawyers in this area of the market.’

Key clients

Top Glove Labuan

CIMB

CapitaLand

DBS Bank

UOB

Goldman Sachs

HSBC

OCBC

Mizuho Securities

Work highlights

  • Advising United Overseas Bank on its inaugural issue of RMB2bn Panda bonds in the PRC interbank bond market, the first Singapore public panda bonds issuance.
  • Advised HSBC, Mandiri Securities, MUFG Securities, SCB Singapore Branch and Standard Chartered Bank on the establishment of PT Bank Mandiri (Persero)’s $2bn EMTN programme and the inaugural drawdown of $750m.
  • Advised the joint lead managers on the $2.2bn equivalent multi-tranche and multi-currency Green Belt and Road Bankers Roundtable (BRBR) bonds issued by Industrial and Commercial Bank of China.

Clifford Chance

Clifford Chance leads the field in Singapore law equity offerings, India equity and debt deals, regional debt, high-yield debt and hybrid products. The firm has achieved an impressive market share of Singapore REIT offerings, growth in Malaysia debt issuances and a mounting pipeline of deals from Vietnam. Newly minted partner Gareth Deiner is recognised for English law structured DCM issuances. Johannes Juette covers the US securities angle, including high-yield debt and Regulation S/144A offerings, notably in Malaysia, Indonesia and Singapore, while Rahul Guptan is a leader in India ECM/DCM transactions, including the market's first REIT offering and many other headline deals. Singapore- and English-qualified Raymond Tong is at the forefront of local and regional offerings, including REIT transactions.

Practice head(s):

Gareth Deiner; Johannes Juette; Rahul Guptan; Raymond Tong

Testimonials

‘Johannes Juette is constructive, understands the product and works collaboratively.’

‘Gareth Deiner combines technical expertise, business savvy and an attention to detail. He is our go-to lawyer for capital markets transactions.’

Key clients

Blackstone

PT Indonesia Asahan Aluminium Persero (Inalum)

Baring Private Equity

Government of Indonesia

Kotak Mahindra Capital Company

DBS Bank

BNP Paribas

JM Financial

Work highlights

  • Advised Blackstone and Embassy Office Parks on the $630m IPO by Embassy Office Parks REIT, India’s first ever REIT which comprises a portfolio of seven office parks and four office buildings.
  • Advised Serba Dinamik Holdings on its $300m high-yield sukuk offering; this was the first US dollar high-yield sukuk offering in Asia and only the second ever high-yield sukuk offering globally.
  • Advised Kotak Mahindra Capital on Bandhan Bank’s $687m IPO, the largest IPO by a bank in India to date.

Latham & Watkins LLP

Latham & Watkins LLP has a fully rounded practice, with an excellent record in Singapore, Indonesia, India and Vietnam capital markets offerings. It is a recognised market leader in high-yield debt and in India equity and debt issuances. Rajiv Gupta is a leader in India capital markets issuances, while Michael Sturrock and Sharon Lau are giants of the Singapore market.

Practice head(s):

Rajiv Gupta; Michael Sturrock; Sharon Lau

Key clients

Vinhomes Joint Stock Company

Morgan Stanley

Credit Suisse

Vedanta Resources

Work highlights

  • Advised Vinhomes Joint Stock Company on its initial equity offering on the Ho Chi Minh City Stock Exchange.
  • Advised Morgan Stanley on the $300m high yield debt issuance by  NagaCorp.
  • Advised Credit Suisse as the underwriters on the IPO by PT Surya Pertiwi on the Indonesia Stock Exchange.

Linklaters

Linklaters reinforced its Singapore capital markets practice with the hire of Amit Singh from Allen & Overy's Hong Kong office; his arrival has pushed the firm to the forefront of the India DCM segment and it now boasts a significant market share of bond issuances from that jurisdiction. Elsewhere the firm continues to impress in Indonesia, Malaysia, Thailand and Australian capital markets offerings, including equity-linked transactions and bank regulatory capital. Hyung Ahn heads the Southeast Asia and Korea capital markets practice, while Jonathan Horan and counsel Phill Hall are also highly rated. Counsel Michele Discepola provides additional US securities expertise.

Practice head(s):

Hyung Ahn

Testimonials

‘It is the standard bearer and has the best bench of talent with dynamic young partners and a work product of a higher quality.’

‘Jonathan Horan and Phill Hall are commercial, understand the market clearly and don’t waste clients’ time and money by negotiating around the edges.’

Key clients

BNP Paribas

BOC International

DBS Bank

HSBC

Manulife Financial Corporation

Morgan Stanley

Work highlights

  • Advised the joint lead managers on the co-issuance of $435m of senior secured high yield notes by  subsidiaries of Renew Power, the largest renewable power producer in India.
  • Advised the joint global coordinators on the $500m senior secured green bonds offering by subsidiaries of Adani Green Energy.
  • Advised the lead managers and underwriter on the issue of three tranches of listed bonds backed by a portfolio of 36 private equity funds.

Baker McKenzie Wong & Leow

Baker McKenzie Wong & Leow has an established presence in equity, debt and equity-linked transactions, covering South Asia, South East Asia and some North Asia offerings. It has a particularly strong presence in transactions originating from Indonesia and Thailand. Kenny Kwan has provided additional Singapore and international expertise since joining from Allen & Overy and Xavier Amadei has added international equity and debt experience, including US securities expertise, having joined from Linklaters; both joined in 2019, while senior name Pallavi Gopinath Aney left for Allen & OveryAshok Lalwani heads the team.

Practice head(s):

Ashok Lalwani

Key clients

Bank of America Merrill Lynch

Bangkok Commercial Asset Management

BNP Paribas

Credit Suisse

CIMB

Deutsche Bank

Goldman Sachs

The Jaiprakash Group

The Mahindra Group

Work highlights

  • International counsel to Thailand Future Infrastructure Fund on its $1.4bn IPO on the Stock Exchange of Thailand.
  • Advising on Digital Telecommunication Infrastructure Fund’s preferential public offering and subsequent international and domestic offerings in Thailand.
  • Advising on Leong Hup International Berhad’s RM1.03bn  IPO on Bursa Malaysia Securities’s main board, the largest IPO in Malaysia in almost two years.

Milbank

Milbank maintains an eminent local and regional profile with an especially estimable record in Indonesia capital markets offerings. High yield debt is its particular forte, though it routinely achieves prominence in newer products such as project and green bonds. Beyond Southeast Asia, the Singapore team has gained traction in India, most notably in airport securities offerings. It has developed an especially strong record with first-time issuers, having historically been wedded to underwriter roles. It is also noted for market-first and innovative transactions. Naomi Ishikawa and Giles Kennedy are big-name partners, the latter with an impressive recent record in Indonesia real estate deals. James McFarlane impresses at associate level.

Practice head(s):

Naomi Ishikawa

Key clients

Tata Steel

Mandiri Securities

PT Lestari Banten Energi

Mumbai International Airport

BUMA

Star Energy

Work highlights

  • Advised Tata Steel on its $1bn and $300m bond offerings.
  • Advised CLSA and Mandiri Securities on the $200m Reg S offering of guaranteed senior notes by TBLA International, a subsidiary of Tunas Baru Lampung.
  • Advised PT Lestari Banten Energi on its $775m project bond issuance of guaranteed secured senior notes.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP has a strong record in equity and debt, especially high-yield debt. The Singapore team is led by Rajeev Duggal, who works closely with Jonathan Stone in Hong Kong, the two making a further impression in Indonesia high-yield debt. Moreover, the Singapore team has landed several notable Singapore equity deals and remains a big name throughout Southeast Asia. Parveet Gandoak and Jonathan Wisebrod provide further senior-level support at counsel level.

Practice head(s):

Rajeev Duggal

Testimonials

‘The team is very responsive and very client oriented.’

‘Individuals have superior knowledge not only on legal side, but also are able to understand the business of the client and its needs in short period of time.’

‘Rajeev Duggal is a knowledgable person who excels in providing us with legal opinion and input.’

‘Jonathan Wisebrod is a knowledgable person who excels in quickly understanding our business and translating it into commercial legal terms.’

Key clients

PT Medikaloka Hermina

PT Modernland Realty

PT Paiton Energy

Citigroup

Morgan Stanley

Work highlights

  • Advised PT Medco Energi Internasional on the $650m million Rule 144A/Regulation S high-yield debt offering by its subsidiary Medco Oak Tree.
  • Advised PT Bumi Serpong Damai on the $250m Regulation S high- yield debt offering by subsidiary Global Prime Capital.
  • Advised Sea Limited (Singapore) on its $1.6bn SEC-registered follow-on offering of American Depositary Shares on the New York Stock Exchange.

White & Case Pte. Ltd.

White & Case Pte. Ltd. has both English and US law capabilities, operating at the forefront of big-ticket and market-first equity and debt issuances. Historically, it has been a dominant force in Indonesia and has spread its geographic focus to include Thailand, Malaysia and Singapore, among other jurisdictions. The firm frequently advises the key international banks in the region, along with regular corporate issuers and sovereign issuers. Department head Kaya Proudian is English- and New York-qualified, and is rated in a range of equity and debt products, including high yield bonds.

Practice head(s):

Kaya Proudian

Key clients

BNP Paribas

CIMB

Credit Suisse

Deutsche Bank

Indopremier

Jasmine International

Jubilant Pharma

Morgan Stanley

PT Mandiri Sekuritas

Work highlights

  • Advised the joint lead managers on LMIRT Capital’s $250m Regulation S high-yield debt offering; this is the first high yield issuance by a Singapore REIT.
  • Advised Jubilant Pharma on its $200m Regulation S offering of senior notes.
  • Advised the joint global coordinators and joint bookrunners on the secondary offering of ordinary shares by PT MAP Aktif Adiperkasa.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP is better known for ECM transactions, in part due to the departure of key DCM partner Philip Lee to DLA PiperSiddhartha Sivaramakrishnan heads the US capital markets practice in Asia and the India capital markets practice; he is a key support to the Hong Kong office on US securities issues. The Singapore team is best known for offerings originating from Indonesia and India, and has seen an increase in Malaysian issuances.

Practice head(s):

Siddhartha Sivaramakrishnan

Key clients

Goldman Sachs

Macquarie

Morgan Stanley

Duiba Group

Work highlights

  • Advised PT Wijaya Karya on on its Rule 144A/Regulation S global offering of senior notes on London’s International Securities Market, one of the largest Komodo bonds to date.
  • The Singapore team advised the joint lead underwriters on the US securities aspects of PT Bank BRISyariah’s offering of common shares.
  • Advised Avation Capital, Avation Group and Avation, as the issuers and the guarantor, on the update of its $1bn global MTN programme and its first $300m 144A/Regulation S drawdown.

Hogan Lovells Lee & Lee

Hogan Lovells Lee & Lee remains intensely focused on EMTN programmes and corporate trustee work. Much of the practice is linked to Australian issuances, though the firm is gaining more transactions from Southeast Asia. Moreover, it is making a greater impression in default and distressed work emanating from India, Indonesia and mainland China. The team advises an even mix of underwriters and issuers. Andy Ferris  is co-head of the Asia DCM practice. Associate Daniel Mok is also rated.

Practice head(s):

Andy Ferris

Testimonials

‘The practice is unique in its ability to turnaround a high quality product within a tight time frame and place equal importance on both commercial and legal/technical aspects.’

‘It is very advanced in converting 144A/RegS documentation into EMTN documentation within very tight time constraints.’

‘Andrew Ferris is a standout performer and provides clients with confidence in his abilities. He is very articulate and equally persuasive in his writing. He is respected by his peers and is an absolute pleasure to work with.’

‘Daniel Mok is also a stand out performer. He delivers quality products within budget, which is very rare.’

Key clients

HSBC

RHB Bank

Brisbane Airport Corporation

UBS

Merrill Lynch

Ausgrid Finance

JP Morgan

Citi

Vicinity Centres

Work highlights

  • Advised Ausgrid Finance and its related entities on the establishment of a $3bn guaranteed and secured EMTN programme and the issuance of €650m fixed rate notes.
  • Advising the managers on APT Pipelines’ £400m notes issuance under its $5bn EMTN programme.
  • Advising the joint-lead managers on the $500m fixed rate notes issuance by Transurban Queensland Finance under its US$2bn EMTN programme.

Shearman & Sterling LLP

Shearman & Sterling LLP is an established name in high-yield debt and equity offerings, most notably in India, Indonesia and Thailand. The firm remains strong in power and mining, along with TMT, oil and gas and real estate. Andrew Schleider is highly rated for high-yield debt, along with investment grade debt, convertible bonds and equity. Counsel Terrence O’Donnell joined the Hong Kong office from Davis Polk & Wardwell LLP in May 2019 and was due to relocate to Singapore later in the year. Felipe Duque has returned to Allen & Overy as a partner.

Practice head(s):

Andrew Schleider

Work highlights

  • Advised Citigroup Global Markets, Barclays Bank, CIMB and SMBC Nikko Capital Markets on the $775m debt refinancing of project financing loans for the Banten IPP in Indonesia via project bonds.
  • Advised Citibank, HSBC, Mandiri and Standard Chartered Bank on the establishment of Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara’s $5bn MTN programme .
  • Advised the initial purchasers on Golden Energy and Resources’ $150m senior secured notes offering.

DLA Piper

DLA Piper has a greater recent emphasis on DCM transactions, primarily for issuers. Indonesia is its primary market with a significant concentration on the oil and gas sector. More recently, the team has been active in MTN and EMTN programmes along with high-yield debt. Philip Lee has added broader debt expertise to the team having joined from Herbert Smith Freehills LLP where he was Asia head of DCM. Senior figure and Singapore managing partner Joe Bauerschmidt has an extensive background in high-yield debt and a wide range of capital markets products.

Practice head(s):

Joe Bauerschmidt

Testimonials

‘Philip Lee has a long track record and is highly experienced. He consistently provides best in class service. He is trustworthy, exceptionally reliable and regularly goes above and beyond the call of duty.’

Key clients

PT Bank Mandiri

Hydoo International

Geophysical Sub-Strata

Avation

Seeing Machines

Work highlights

  • Counsel to PT Bank Mandiri on the establishment of its $2bn EMTN programme and its first drawdown.
  • Advised Hydoo International on three completed high-yield transactions and a further deal which was on hold.
  • Advised Geophysical Sub-Strata on the establishment of a $400m MTN programme.

Duane Morris & Selvam LLP

Duane Morris & Selvam LLP is primarily recognised for its record in India IPOs, qualified institutional placements (QIPs) and debt offerings. The firm is also noted for Indonesia debt issuances and has a growing record in Myanmar listings. It has extensive connections to investment banks, particularly those that are part of the India capital markets segment. Jamie Benson heads the firm's US securities and India practices. Gerard Hekker is key for Indonesia capital markets transactions.

Practice head(s):

Jamie Benson; Gerard Hekker

Key clients

The President of India

Edelweiss Financial Services

Kotak Mahindra Capital

Citigroup Global Markets India

ICICI Securities

SBI Capital Markets

Work highlights

  • Advised the book running lead managers on Fine Organic Industries’ IPO in India and concurrent private placements outside India.
  • Advised ICICI Securities and Nomura Financial Advisory & Securities (India) on Affle Holdings’ IPO in India and concurrent private placements outside India and the US.
  • Acted as sole international legal counsel to the lead managers on Prince Pipes and Fittings’ IPO in India and concurrent private placements outside India.

Squire Patton Boggs

Squire Patton Boggs is highly rated for India capital markets offerings. Biswajit Chatterjee splits his time between Singapore and Dubai, is New York- and India-qualified, and has a wide range of issuer and underwriter clients. The India-focused practice was reinforced in May 2018 with the London office hire of Nimi Patel from Herbert Smith Freehills LLP.

Practice head(s):

Biswajit Chatterjee

Key clients

Tata Consultancy Services

ICICI Securities

SBI Capital

Kotak Mahindra

Work highlights

  • Advised Axis Capital on the $285m rights offering by Indiabulls Ventures.
  • Advised Axis Capital on the $200m rights issue by Max Ventures.