With one of the leading capital markets teams based in Singapore, Latham & Watkins LLP acts for clients in jurisdictions across South and Southeast Asia, most notably India, Vietnam and Singapore. The group, which provides advice on the full gamut of debt and equity offerings, is the first choice for a number of corporate issuers, underwriters, placement agents and initial purchasers seeking advice on transformative capital markets transactions, including IPOs across South Asia, debt securities, and inaugural SPAC listings and de-SPAC transactions. The team has recently taken on a key role on several market-shaping IPOs in India, which emerged as one of the top equity capital markets destinations in 2021. Leading the practice, Sharon Lau has advised on significant first-of-their-kind capital markets offerings in Singapore and emerging economies like Vietnam. SPACS-related mandates, including business combinations involving Asian targets searching for US listings, are among her recent areas of focus. Rajiv Gupta, who oversees India-related work, stands out for his track record in the region’s most innovative capital markets transactions, including US IPOs out of India and high-yield bonds. Timothy Hia is the local chair of the firm’s finance department in Asia; debt capital markets work involving Singapore, Indonesia, Malaysia and the Philippines are key areas of expertise.

With a stellar reputation in the international capital markets space, Clifford Chance houses a ‘go-to team‘ in Singapore, which advises on all aspects of Singapore, US, English and Hong Kong law across a range of capital markets instruments. The team undertakes work across much of South and Southeast Asia, with recent highlights in jurisdictions such as Indonesia, the Philippines, Thailand and India. Reg S/144A bond transactions, liability management exercises (tender offers) and other US securities matters are key areas of expertise for the practice; co-head Johannes Juette, who is a US-qualified lawyer rated for his performance in both debt and equity transactions, is a name to note for these type of mandates. Fellow co-leader Gareth Deiner regularly attracts instructions from sovereign and corporate issuers, private equity sponsors, underwriters and real estate investment trusts (REITs) in relation to debt securities offerings, Islamic finance and regulatory capital matters, among other areas. The firm’s domestic capabilities are also noteworthy: Jean Thio, who often assists Chinese issuers listed on the New York Stock Exchange and Nasdaq in compliance and private placement issues, and counsel Ying Chiang Chong are key contacts for Singapore-related ECM and DCM transactions.

Milbank‘s capital markets team has a prominent presence in Southeast Asia, standing out for its impressive track record in debt transactions on behalf of banking clients and issuers throughout the region. The team has carved out a strong reputation in the high-yield bonds space, but is equally proficient in ECM deals, having recently worked on landmark issuances, including Indonesia’s first tech unicorn IPO, the largest Indonesian IPO to date (Bukalapak). Transactions with ties to Indonesia are in fact a key area of activity for the team, which has also seen a great influx of matters related to special purpose acquisition companies (SPACs). Department head Giles Kennedy, who is qualified in New York, England and New Zealand, is the main point of contact for banking clients and underwriters in relation to debt and equity offerings. Recent joiner Terrence O’Donnell has a wealth of experience in international capital markets offerings, including IPOs and share placements. Naomi Ishikawa retired in 2022.

Led by Andrew Schleider, Shearman & Sterling LLP‘s Singapore practice is engaged in sophisticated capital markets transactions throughout the APAC region, with a special emphasis on India, Indonesia and Thailand. The firm, whose experience in high-yield debt offerings exceeds three decades, handles a balanced workload which features investment grade debt deals, IPOs, follow-on equity offerings, convertible and other equity-linked products, and private placements.

Sidley Austin LLP houses a seasoned international capital markets team in Singapore which is recognised for its strong credentials in all types of security work, including IPOs, convertible bonds and high-yield offerings. The team acts for an impressive roster of underwriters and issuers in transactions across an array of sectors, ranging from energy to real estate, tech, telecoms and healthcare, and jurisdictions such as India, Singapore and Indonesia, just to name a few. Matthew Sheridan is highly regarded in the Asian high-yield debt capital markets space. He oversees the practice with Manoj Bhargava, who handles an impressive volume of equity and debt offerings, with a special emphasis on India-related deals. The newly promoted Alexius Chong, who has practised in Hong Kong and London, has deep ties to Singapore and the Southeast Asian region. English-qualified counsel Shashwat Tewary recently joined from Clifford Chance, bringing impressive experience in capital markets transactions across APAC, including India, Indonesia and Malaysia.

White & Case Pte. Ltd.‘s strong position in the global capital markets space ensured that it was involved in some of the largest debt and equity transactions to recently hit the South and Southeast Asian market. Testament to this are the team’s latest engagements, including the biggest IPO on Indonesia’s stock exchange history; one of the first listings of a SPAC in Singapore; and the largest green sukuk tranche ever printed globally, among other impressive highlights. Covering both underwriting and issuer instructions on equity IPOs, secondary deals and debt offerings (including high yield and sovereign debt), the team has recently expanded into other areas, including SPAC IPOs and ongoing de-SPAC business combination transactions. Practice head Kaya Proudian is highly regarded for her wealth of experience in assisting corporate, investment banking, private equity and sovereign issuer clients in Asia. Rahul Guptan, who joined from Clifford Chance in May 2021, has more than 20 years’ experience advising underwriters and issuers on equity and debt capital markets offerings pursuant to Rule 144A and Regulation S, and is particularly noted for his capabilities in India-related work. Associate Stephanie Zhao is proficient in equity and debt offerings, as well as equity-linked securities, including Hong Kong and Singapore IPOs. Hendy Handoko is no longer at the firm.

DLA Piper is the first port of call for clients in the oil and gas, petrochemical, manufacturing and technology sectors seeking advice on high-value, cross-border capital markets deals taking place across Southeast Asia and beyond. The practice, which has recently experienced some growth at the associate level and brings together US-qualified individuals, has developed a niche in high-yield bond offerings, where it acts for underwriters and issuers. It also stands out for its regulatory knowledge of cryptocurrencies, initial coin offerings and digital securities. The team is under the joint leadership of two practitioners: Joe Bauerschmidt, who has been particularly active in SPAC transactions from Asia, and is singled out for his high yield background; and English and New York-qualified capital markets specialist Philip Lee, who is regarded for his experience in transactions with a nexus to Indonesia and India.

At Hogan Lovells Lee & Lee, the integrated US securities, equity and debt capital markets-focused practice benefits from significant on-the-ground experience gained by English, US and Singapore-qualified lawyers in the APAC region. The team has been attracting a growing roster of leading Indian clients and international banks, and increasing demand in capital markets transactions with ties to India, in part as a result of the recent arrival of Biswajit Chatterjee from Squire Patton Boggs in July 2021. Besides ECM deals in India, the team also fields specialist knowledge of the Australian international bond market, and restructuring of defaulted bonds in Indonesia, China and Singapore. In addition, the group is well-known for its work in the convertible bond space, sustainable finance and trustee-related matters. Co-head Andy Ferris advises on debt and equity-linked instruments, with a particular focus on sustainable and social impact finance.