Capital markets: equity and debt: foreign firms in Singapore

Allen & Overy

Allen & Overy's substantial Singapore and international law team absorbs much of the headline deal activity in the region, in part thanks to the strength of the group itself and also the firm's highly reputed offices in key jurisdictions such as Indonesia, Vietnam, and Thailand. The Singapore law team competes head-to-head with domestic firms for prime engagements, including REIT offerings, and plays a pivotal role more regionally, such as in panda bond issuances. The broader international team has an excellent standing in Southeast Asia and South Asia transactions, particularly in Thailand, Vietnam, Indonesia, and India. It impresses in both equity and debt, and more specifically in both investment-grade and high-yield debt deals. Moreover, it has a market-leading corporate trustee practice, for which Tim Beech has an outstanding reputation. Lock Yin Mei is a leading figure in Singapore equity offerings, with Singapore law colleague Aloysius Tan having a fine standing in debt products. Alexander Stathopoulos is pivotal for regional equity issuances, including those in Vietnam and Thailand, while Felipe Duque is building the firm's reputation in high-yield debt. Pallavi Gopinath Aney covers India and Southeast Asia debt and equity offerings. Counsel Kai Hsien Yang is a rising star on the Singapore law side.

Practice head(s):

Stephen Miller; Lock Yin Mei

Testimonials

‘The A&O team is very hands-on, approachable, and able to discuss with ease the commercial and regulatory realities of investment banking transactions undertaken in Southeast Asia and India. A&O’s footprint across Southeast Asia makes it a compelling firm to go to for advice on investment banking transactions.’

‘I have a very high level of comfort when Alexander Stathopoulos and Pallavi Gopinath are staffed on my deals. I am confident in the knowledge that all key issues will be raised to us in a prompt and comprehensive manner, and will have been properly considered with the right level of judgement.’

‘Alexander Stathopoulos and Pallavi Gopinath, in particular, do a lot of work in Vietnam, Indonesia, Thailand, Malaysia, and India, which are tough jurisdictions to execute capital markets deals. Alex and Pallavi bring a helpful and extremely valuable perspective against this backdrop.’

Key clients

The Republic of Indonesia

PT Pertamina (Persero)

PT Bank Tabungan Negara (Persero)

Mandiri Securities

Suzlon Energy

Mapletree Investments

The Republic of the Philippines

Suzlon Energy

DBS Bank

Work highlights

  • Advised the Republic of Indonesia on raising $4.3bn, the largest ever bond offering by Indonesia.
  • Advised on the IPO and listing on the SGX of ARA US Hospitality Trust, the first pure-play US upscale select-service hospitality trust.
  • Advised the underwriters and the trustee on the establishment of the $1bn Euro Medium Term Note Programme by Vietnam Prosperity Joint Stock Commercial Bank (VPBank) and the debut drawdown of $300m 6.25% notes due 2022.

Clifford Chance

Clifford Chance's well-established Singapore and international law team has maintained strong geographic coverage, notably in Singapore, Malaysia, Thailand, Indonesia, India, and Vietnam. The firm is also active across the equity and debt product range, including having one of the strongest US securities practices amongst the Magic Circle, a leading position in the Indian market, and a fine record in sovereign issuances. The team advised the Republic of Indonesia on its $4.3bn three-tranche bond issuance under its SEC-registered bond programme. Johannes Juette is a leading US securities lawyer with a fine record in Indonesia and Singapore, most notably in high-yield debt. Raymond Tong is a prominent Singapore capital markets lawyer and Rahul Guptan is at the forefront of India deals. Gareth Deiner is an emerging talent in the DCM space.

Testimonials

‘Highly knowledgeable team with great updated experience and understanding of all bond-related matters across wide jurisdictional coverage and markets. Attentive, helpful, and professional legal counsels who are fun and a pleasure to work with.’

‘Gareth Deiner is professional, knowledgeable, commercially minded, has a hands-on approach to work, is innovative with a high capability in problem-solving, and is prompt in response times.’

Key clients

Vena Energy

Deutsche Bank

ICICI Securities

DBS Bank

Serba Dinamik Holdings

Citigroup Global Markets

Sapura Energy Berhad

PTT Exploration and Production Public Company

Singapore Stock Exchange

Blackstone

Work highlights

  • Advised Vena Energy on the establishment of its $1bn euro medium term note programme and debut offering of $325m senior unsecured fixed rate green notes due 2025.
  • Advised on Republic of Indonesia’s $4.3bn three-tranche bond issuance under the Republic’s SEC-registered bond programme.
  • Advised on Sembmarine S$2.1bn rights issue (ongoing).

Latham & Watkins LLP

Latham & Watkins LLP's team has a fine record in Singapore, India, the Philippines, and Indonesia, and is a growing force in Vietnam. The Singapore team has a particularly fine reputation for Singapore, India, and US IPOs.  Sharon Lau is the vice-chair of the firm's global corporate department and a leading figure in Singapore and regional securities offerings. Rajiv Gupta leads the India practice, while Timothy Hia is noted for debt issuances across the region. Michael Sturrock is Asia managing partner and has a strong background in capital markets. Min Yee Ng is recommended for Indonesia deals.

Practice head(s):

Sharon Lau

Testimonials

‘Latham’s capital markets team has a very strong technical grasp of US securities law, together with local market practice. It is probably the one firm (or one of very few) that are strong in both respects.

‘I feel very secure in knowing that the advice we receive on a particular topic does not compromise on the quality of the legal analysis in favour of a commercial outcome, but still provides an actionable proposal.’

‘Sharon Lau and Rajiv Gupta are both stand-out partners in the practice. They both cut through to the core of any issue, provide technically sound advice based on their US securities background plus long history in the local markets, and ultimately help arrive at a workable solution.’

Key clients

Asset World Corp. Public Company

Adani Green Energy (UP)

PT Pertamina

Citigroup Global Markets

Bangkok Commercial Asset Management Public Company

Temasek Holdings

PT Tower Bersama Infrastructure

Kasikornbank

BPI Capital Corporation

Credit Suisse

DBS Bank

Standard Chartered Bank

Melco Resorts Finance

SBI Cards and Payment Services

San Miguel Corporation / SMC Global Power Holdings Corp.

Morgan Stanley

JP Morgan

BNP Paribas

Citigroup Global Markets India Private

Work highlights

  • Advised Asset World on on its IPO on the Stock Exchange of Thailand,  the largest IPO in Thailand by market capitalisation in 2019.
  • Advised the underwriters, on Adani Electricity Mumbai’s 3.949% senior secured notes due 2030.
  • Advised SBI Cards on its IPO on the National Stock Exchange of India.

Linklaters

Linklaters has maintained intense activity levels, despite the challenging environment. This is in part due to the breadth of product offering, spanning the investment-grade debt, high-yield debt, equity and equity-linked, and liability management segments. Singapore, Malaysia, Indonesia, India, Thailand, and Australia are key markets for the Singapore group. In first of its kind deals, the firm advised the arrangers and dealers on the establishment of a $1.5bn global medium-term note (MTN) programme by PT Hutama Karya (Persero), guaranteed by the Government of the Republic of Indonesia; this was the first sovereign-guaranteed programme established by an Indonesian corporate entity. Amit Singh leads the India capital markets practice, a leading figure in both investment-grade and high-yield debt issuances in the jurisdiction. Jonathan Horan is a prominent name in Southeast Asia equity-linked deals and Hyung Ahn heads the Southeast Asia capital markets practice and the firm's Korea practice. Phill Hall and Michele Discepola continue to impress at the counsel level.

Practice head(s):

Hyung Ahn

Key clients

Adani Group

Australia and New Zealand Banking Group (ANZ)

Bank of America Merrill Lynch

Barclays

BNP Paribas

BOC International (

China Construction Bank

CIMB

Credit Suisse

Citigroup

DBS Bank

Deutsche Bank

Goldman Sachs

HSBC

JSW Steel

JP Morgan

Manulife Financial Corporation

Maybank

Mirvac Group

Morgan Stanley

Oversea-Chinese Banking Corporation (OCBC)

PT Sawit Sumbermas Sarana

Renew Power

Samvardhana Motherson Group

Sime Darby

Standard Chartered Bank

UBS Group

United Overseas Bank (UOB)

UPL Corporation

Work highlights

  • Advised the joint lead managers on the issuance of Zero Coupon Guaranteed Exchangeable Bonds due 2024 by Cerah Capital.
  • Advised the joint book runner and lead managers in relation to YES Bank’s placement of equity shares to certain institutional investors
  • Advised the arrangers and dealers on the establishment of a $1.5bn Global Medium Term Note Programme by PT Hutama Karya (Persero).

Baker McKenzie Wong & Leow

Baker McKenzie Wong & Leow has maintained its strong presence in deals originating from Indonesia and Thailand, representing a range of issuers and underwriters. It advised S Hotels and Resorts on its IPO on the Stock Exchange of Thailand. Ashok Lalwani heads the Asia Pacific capital markets practice and the India practice. Kenny Kwan provides additional Singapore equity offering expertise and Xavier Amadei is an experienced US securities lawyer.

Practice head(s):

Ashok Lalwani

Other key lawyers:

Kenny Kwan; Xavier Amadei

Key clients

Bank of America Merrill Lynch

Bangkok Commercial Asset Management

The Boon Rawd Brewery Group

BNP Paribas

Credit Suisse

CIMB

Deutsche Bank

Goldman Sachs

HSBC

The Jaiprakash Group

The Mahindra Group

PT Jasa Marga (Persero)

Standard Chartered Bank

Maybank/Maybank Kim Eng

Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara

PT Mandiri Sekuritas

Frasers Property

PT Telekomunikasi Indonesia

Work highlights

  • Advised SHR in relation to the initial public offering  and listing of the company’s shares on the Stock Exchange of Thailand.
  • Advised China Railway Construction Corporation on its offering of $1bn guaranteed perpetual securities

Milbank

Milbank is a market leader in regional high-yield debt, particularly in Indonesia. The versatile team led by Naomi Ishikawa and Giles Kennedy covers both capital markets and M&A. The group advises a range of issuer and underwriter clients. It has earned further prominence in Singapore high-yield REIT issuances, through LMIRT Capital’s $250m note issue – the first and only high-yield REIT issue in Singapore, and one of the only high-yield REITs anywhere in the world. The group also works on a select flow of deals in India, including GMR Airports’ debut US dollar bond issuance. Investment-grade offerings also form part of the practice. The highly-rated James McFarlane has been elevated to special counsel.

Practice head(s):

Naomi Ishikawa; Giles Kennedy

Other key lawyers:

James McFarlane

Key clients

PT Adaro Indonesia / PT Adaro Energy

GMR Airports

Citigroup Global Markets

Deutsche Bank

The Hongkong And Shanghai Banking Corporation

JP Morgan Securities

Standard Chartered Bank

LMIRT Capital

PT Lestari Banten Energi

PT Alam Sutera Realty

PT Inti Anugrah Propertindo

PT Lippo Karawaci

Work highlights

  • Advised PT Adaro Indonesia / PT Adaro Energy in connection with their issuance of $750m 4.25% guaranteed senior notes due 2024.
  • Advised PT Lestari Banten Energi in connection with a 20-year investment grade project bond.
  • Advised LMIRT Capital in connection with the issuance of the first-ever high yield bond issuance for a Singapore REIT.

Shearman & Sterling LLP

Shearman & Sterling LLP's compact Singapore group works in close collaboration with colleagues in Hong Kong, earning a sizeable share of premier high-yield debt offerings and other capital markets transactions in Southeast Asia and South Asia. Led by Singapore partner Andrew Schleider, seasoned high-yield debt specialist, the group has landed a series of complex engagements in the infrastructure segment, including the Mong Duong 2 Project Bond and Greenko’s $1.03bn bond offering.

Practice head(s):

Andrew Schleider

Work highlights

  • Advised Mong Duong Finance on its offering of $678.5m 5.125% senior secured notes due 2029 and execution of a US$402.7 million senior secured loan facility provided by an international syndicate of commercial bank lenders, for the purpose of acquiring all of the outstanding project financing loans of AES Mong Duong Power Company.
  • Advised Greenko Energy  and Greenko Solar (Mauritius) in connection with the offering of$500m in aggregate principal amount of 5.55% senior notes due 2025 and $450m in aggregate principal amount of 5.95% senior notes due 2026 .
  • Advised Greenko Energy Holdings and Greenko Mauritius in connection with the offering of $350m in aggregate principal amount of 6.25% Senior Notes due 2023.

White & Case Pte. Ltd.

White & Case Pte. Ltd. has an established record in Singapore and regional debt and equity offerings, representing a broad range of underwriters, corporate issuers, and sovereign issuers. It has a number of repeat clients that frequently tap the capital markets Indonesia and Thailand are currently its primary markets, though Singapore, India, Malaysia, and Greater China deals also form part of the practice. Kaya Proudian leads the Asia capital markets practice, is US and English law qualified, and has an excellent reputation for equity and debt, including high-yield bonds. She headed the team that advised the joint global coordinators on Asset World's IPO on the Stock Exchange of Thailand, one of the largest and most complex deals in 2019.

Practice head(s):

Kaya Proudian

Key clients

Bank of America

BNP Paribas

CIMB Investment Bank

CLSA

Credit Suisse (Singapore)

Deutsche Bank

The Government of Republic of Indonesia

International Finance Corporation

Jubilant Pharma

Morgan Stanley & Co

Nomura Singapore

Sinarmas Sekuritas

UBS

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP's Singapore office has an established record in Southeast Asia and India equity transactions. In February 2020 it advised the book-runners on Avenue Supermarts's $567m institutional placement on India’s National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Singapore partner Siddhartha Sivaramakrishnan leads the US securities practice in Asia Pacific and its capital markets practice in Southeast Asia and India.

Hogan Lovells Lee & Lee

Hogan Lovells Lee & Lee's practice continues to centre on EMTN programmes and corporate trustee transactions. The Singapore team has an extensive record in the Australian international bond market and has a niche in representing corporate trustees in a range of capital markets offerings. Bond restructurings in Southeast Asia and South Asia is another forte, while the sustainable and social impact bond market is a growing feature for the team. Andy Ferris leads the international DCM practice in Asia Pacific and is a leader in EMTN programmes and adviser to corporate trust services providers.

Practice head(s):

Andy Ferris

Other key lawyers:

Daniel Mok

Testimonials

‘Timely and professionally feedback and advice were given to the client; placed higher consideration for a long-term relationship.’

Key clients

HSBC

RHB Bank Berhad

BNP Paribas

RBC Europe

ANZ

JP Morgan

Morgan Stanley

The Bank of Nova Scotia

Citigroup

Bank of America

Deutsche Bank

Vicinity Centres RE

Work highlights

  • Advised the trustee in relation to the issue by The Government of the Democratic Socialist Republic of Sri Lanka of (i) $1bn 6.85% Bonds due 2024 and (ii) $1.4bn 7.85% Bonds due 2029.
  • Advised the managers on the issuance by Transurban Finance Company of €600m fixed rate notes under its $5bn Secured Euro Medium Term Note Programme.
  • Advised the issuer on the update of Vicinity Centres RE’s €2bn EMTN Programme and the subsequent issue of €500m notes.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP has an excellent record in high-yield debt, particularly in Indonesia. The Singapore team, led by Rajeev Duggal, works in close collaboration with colleagues in Hong Kong, especially Jonathan Stone who heads the firm's Asia corporate practice. The two led the team that advised PT Bumi Serpong Damai (Indonesia) on its $300m Reg S high-yield offering. Parveet Singh Gandoak is a key name at counsel level.

Practice head(s):

Rajeev Duggal; Jonathan Stone

Other key lawyers:

Parveet Singh Gandoak

Key clients

PT Medco Energi Internasional

PT Modernland Realty

PT Paiton Energy

PT Bumi Serpong Damai

PT Medikaloka Hermina

The Rizal Commercial Banking Corporation

Citigroup

CEMEX Holdings Philippines

JD.com

Sea Limited

DLA Piper

DLA Piper's expanding team is best known for high-yield bond offerings in the oil and gas sector, particularly in Indonesia. The recruitment of New York and Hong Kong qualified David Kuo from Milbank's Hong Kong office in January 2020 deepens the Singapore team's capabilities in equity and debt, including high-yield bonds. His arrival follows the hire of DCM specialist Philip Lee in 2019. This has led to the firm gaining a greater presence in EMTN programmes and other debt transactions. The team is also increasingly active in the cryptocurrency segment. Singapore managing partner Joe Bauerschmidt has a tremendous profile in Asia Pacific, notably in high-yield debt and other capital markets offerings.

Practice head(s):

Joe Bauerschmidt; Luke Gannon

Other key lawyers:

Philip Lee; David Kuo

Testimonials

‘Their professionalism and going beyond expectations are what set them apart from others in the market.’

‘Philip Lee’s contributions have been tremendous in our field of work. His expertise in this area has helped us on many transactions. Apart from his knowledge, Philip has an amazing work ethic and professionalism.’

Key clients

PT Bank Mandiri (Persero)

Hydoo International

Geophysical Sub-Strata

Seeing Machines

UnionBank of the Philippines

Enjin

Zebit

Mandiri Securities

Haitong

Axis Bank

ICICI Bank

MUFG

Duane Morris & Selvam LLP

Duane Morris & Selvam LLP has maintained an impressive pipeline of India capital markets offerings and has carved out a growing portion of the Vietnam debt issuance market. Moreover, the hire of Jonathan Crandall as a partner from Clifford Chance, where he was a senior associate, brings additional senior-level credibility to the team. Jamie Benson leads the US securities practice and India practice in Singapore, and has worked on a high volume of India issuances over the last 15 years; he is close to many of the key book running lead managers in the Indian market. Gerard Hekker has a fine background in Indonesia's capital markets offerings and is a growing force in Vietnam.

Practice head(s):

Jamie Benson

Other key lawyers:

Gerard Hekker; Jonathan Crandall

Key clients

Morgan Stanley

JM Financial

Edelweiss Financial Services

ICICI Securities

Nomura Financial Advisory and Securities (India)

Kotak Mahindra Capital Company

SBI Capital Markets

Bajaj Finance

Axis Capital

IIFL Securities

Work highlights

  • Advised on the sale of $1.2bn of equity shares in Bajaj Finance in a QIP, including a concurrent US private placement.
  • Acted as the international legal counsel to JM Financial and Edelweiss Financial Services in their role as the book running lead managers on Prince Pipes initial public offering in India and concurrent private placements outside India.
  • Acted as the international legal counsel to ICICI Securities and Nomura Financial Advisory and Securities (India) as the book running lead managers and underwriters on Affle (India)’s initial public offering in India and concurrent private placements outside India.

Squire Patton Boggs

Squire Patton Boggs has maintained a solid flow of India capital markets engagements. This is in large part thanks to the presence of Biswajit Chatterjee, who splits his time between Singapore and Dubai. He has a fine record in qualified institutions placements, public M&A, and IPOs.