Capital markets: equity and debt: local firms in Singapore

Allen & Gledhill LLP

Allen & Gledhill LLP has an outstanding record in most equity and debt segments. It has a proven record in first-of-a-kind type deals, and is the recognised leader in the REIT and business trust space. It continues to advise a range of tier-one issuers and underwriters, such as Singapore Airlines on its S$5.3bn renounceable rights issue of new ordinary shares and its S$3.5bn renounceable rights issue of mandatory convertible bonds. Jerry Koh is the dominant figure in the REIT and business trust segments alongside the increasingly prominent Chua Bor JernTze-Gay Tan leads the equity capital markets (ECM) team with Margaret Chin heading the debt capital markets (DCM) group.

Practice head(s):

Jerry Koh; Tan Tze-Gay; Margaret Chin


‘Exemplary service and attitude, sensitive to client’s concerns and processes, proposes practical and commercial solutions, seamless coordination for all areas of Singapore law.’

‘A&G is arguably the law firm for REITs in Singapore. In this arena, no other law firm in Singapore is comparable.’

‘The team is extremely strong in its knowledge of the practice and regulatory developments, is a thought leader in the market and provides careful advice and representation on transactions.’

‘Jerry Koh, Chua Bor Jern and Edward Long are supportive, responsive and highly competent in providing solutions to all issues we encountered.’

‘Tan Tze-Gay is a thought leader in the space and brings a lot of experience to her representations. She is extremely accessible and provides clear advice.’

‘Tan Tze-Gay and Rhys Goh are both exemplary partners in A&G’s capital markets team. Both are very hands-on in all their transactions, they make it a point to attend all transaction meetings and go well beyond their time costs to ensure that their work is well done to the highest quality and expectations to the client’s satisfaction.’

‘Bernie Lee is exceptionally helpful, friendly, patient, and approachable. He has an exceptionally good rapport with the various teams/partners in his firm and coordinates internally to provide well-reasoned commercial and practical solutions/advice to challenging issues.’

Work highlights

  • Advised SIA on its S$5.3bn renounceable rights issue of new ordinary shares and its S$3.5bn renounceable rights issue of mandatory convertible bonds, to raise S$8.8bn.
  • Advised CapitaLand and CapitaLand Treasury on the establishment of their S$5bn Euro medium term note programme.
  • Advised Lendlease Global Commercial Trust Management as the manager of Lendlease Global Commercial REIT and Lendlease Corporation as the sponsor of Lendlease Global REIT on the approximately $568m initial public offering of Lendlease Global REIT on the Mainboard of Singapore Exchange Securities Trading.

WongPartnership LLP

WongPartnership LLP is a major force in Singapore capital markets offerings and has gained considerable regional eminence, now advising on deals involving issuers from China down to Indonesia and elsewhere. The ECM group is active in Singapore offerings, along with issuances on Bursa Malaysia, Indonesian Stock Exchange, and Stock Exchange of Thailand. It continues to be amongst the leading firms in REIT offerings; it advised the joint book-runners and underwriters on the IPO of Elite Commercial REIT on the Singapore Exchange. The DCM group is also at the forefront of Singapore and international issuances. Choon Yuen Hui leads the DCM group with Gail Ong heading the ECM team.

Practice head(s):

Choon Yuen Hui ; Gail Ong

Other key lawyers:

Long Chee Shan; Karen Yeoh; Trevor Chuan


‘WongP’s capital markets practice is one of the clear leaders in the space due to their deep knowledge of Singapore regulations and market practice. The practice has a strong bench of partners who provide solid advice and representation.’

‘The team is very professional, technically strong, and dedicated in ensuring a successful outcome. They are very fast in understanding our business operations and perfect in the documentation required.’

‘Gail Ong is commercially minded and able to explain complicated legal/ regulatory matters to laymen in simple and understandable language. Whenever there are issues to be resolved, she will jump in to smoothen things out and to gain consensus among various professional parties. She is also flexible and accommodative to clients.’

‘Gail Ong’s US capital markets background provides added benefit on international transactions where she is able to anticipate issues and help structure the deal.’

Karen Yeoh is very strong on Singapore regulations. She is also extremely responsive and careful in her analysis.’

Key clients

Oversea-Chinese Banking Corporation

CGS-CIMB Securities (Singapore)

China International Capital Corporation (Singapore)

DBS Bank

Citigroup Global Markets Singapore

ESR Funds Management (S)

Merrill Lynch (Singapore)

Wave Life Sciences

Alliance Healthcare Group

First Sponsor Group

Frasers Property AHL and Frasers Property

Lendlease Retail Investments 3

Allgreen Treasury  / Allgreen Properties

Sembcorp Marine

Cathay Pacific Airways

Changi Airports International

Work highlights

  • Acted for Oversea-Chinese Banking Corporation, UBS, CGS-CIMB Securities (Singapore) and China International Capital Corporation (Singapore) as the joint bookrunners and underwriters in the initial public offering of Elite Commercial REIT on the Main Board of the Singapore Exchange Securities Trading.
  • Acted for DBS Bank and Citigroup Global Markets Singapore, the joint global coordinators, bookrunners and underwriters, in the initial public offering of Lendlease Global Commercial REIT on the Main Board of the Singapore Exchange Securities Trading.
  • Acted for arranger and programme dealers in the establishment of Singapore Airlines’s S$2bn medium term bond programme.

Drew & Napier LLC

Drew & Napier LLC focuses on a broad spectrum of debt and equity issuances, including REIT offerings. It has carved a niche in representing foreign issuers, including Israeli and Russian businesses, on their offerings on the mainboard and Catalist board of the Singapore Exchange. Moreover, it frequently acts as Singapore counsel on offerings on the Hong Kong Exchange. It is best known for mid-cap transactions. Grace Lai leads the practice and has a fine record in equity transactions. Consultant Sin Boon Ann is another experienced figure, while Petrus Huang covers debt, equity, and REIT transactions.

Practice head(s):

Grace Lai

Other key lawyers:

Sin Boon Ann; Petrus Huang; Michael Kwan


‘The team has a good mix of senior experienced partners, younger partners, and associates. They are knowledgeable, professional and competent, friendly and always make time for our meetings and informal discussions over the phone. Most important of all, their fees are very competitive and reasonable.’

‘Sin Boon Ann and Grace Lai seem very knowledgeable and experienced in this area of work. They make time for us when we need them.’

‘Sin Boon Ann and Grace Lai have been there as steady as a lighthouse on a cape to guide us all these years on how to best liaise with and operate within the Listco requirements.

‘Michael Kwan is a capable, client-driven and solution-focused professional. He is patient and able to explain difficult legal concepts in a simply way to the client.’

Key clients

China Mining International

The Trendlines Group

Manhattan Resources

OSIM International

Sarine Technologies


Lonza Group

Air Products and Chemicals

Summit Power International

Ocean International Capital

Guangzhou R&F Properties

Sea Cove

Haidilao International


CSE Global


Don Agro International

Astaka Holdings

Broadway Industrial Group

Work highlights

  • Acted for Don Agro International, a Russian-based agricultural company, in its S$5.1m IPO on the Catalist Board of the Singapore Exchange, the first listing of a Russian business on the SGX-ST.
  • Acted for Tuan Sing and its wholly owned subsidiary Superluck Properties in the establishment of a S$500m secured multicurrency MTN programme by Superluck.
  • Acted for Manhattan Resources Limited in its $27.2m debt-to-equity conversion exercise.

Morgan Lewis Stamford LLC

Morgan Lewis Stamford LLC has a fine history in capital markets offerings, both on the main board and Catalist board of the Singapore Exchange. It is a Continuing Sponsor for Catalist businesses. Additionally, it boasts US securities expertise within the team for any Rule 144A/Regulation S offerings. More recently, the Singapore office has leveraged the resources and expertise of the wider international firm to advise a series of Singapore clients on their plans for offerings on the Stock Exchange of Hong Kong. The Singapore team has also advised on a number of reverse takeovers. Joo Khin NgBernard Lui, and Sin Teck Lim are all impressive capital markets specialists.

Practice head(s):

Joo Khin Ng; Bernard Lui

Other key lawyers:

Sin Teck Lim; Chrystle Kuek


‘Their client service has been nothing short of outstanding. Specifically, I like the quality of their advice, their senior-level involvement, the speed of their response and their approach that is consistently balanced and strategic. They do exceptional work.’

‘Bernard Lui is particularly outstanding, more so that any other corporate lawyers we have worked with. He is not only technically sound but commercial, practical and grasps issues very quickly.’

‘I think Chrystle Kuek is also excellent and extremely talented. She is not pushy, which I like, and comes across as very transactional as a business associate.’

Key clients

Ezion Holdings

CITIC Envirotech

ASL Marine

Alpha Energy

Jason Holdings


Work highlights

  • Continued to represent Ezion Holdings in connection with a restructuring plan involving a hybrid debt and equity capital markets approach.
  • Represented Singapore Mainboard-listed CITIC Envirotech in its successful voluntary delisting pursuant to the exit offer by CKM (Cayman), a wholly owned subsidiary of CITIC Environment Investment Group.
  • Represented Jason Holdings in the listing of Revez on the Catalist board of the Singapore Exchange via a $31.2m million reverse takeover of Jason Holdings.

Rajah & Tann Singapore LLP

Rajah & Tann Singapore LLP has an extensive record in Singapore equity and debt offerings, while its international outlook has brought it a considerable share of cross-border deals. It has advised a long list of foreign issuers on their offerings in Singapore, and has assisted a series of Singapore clients on Hong Kong capital markets deals; among a number of transactions, it provided Singapore counsel to Edvance International Holdings on its HK$691m transfer from GEM to the Main Board of the Stock Exchange of Hong Kong. In addition, the firm is at the forefront of burgeoning areas such as catastrophe bonds and continues to be part of the REIT and business trust market. Chia Kim Huat leads the corporate practice and is noted for capital markets deals, while Evelyn Wee heads the capital markets team. Lee Xin Mei and Eugene Lee have become key figures in the team, advising on a series of high-profile deals; Lee has extensive international capital markets experience.

Practice head(s):

Chia Kim Huat; Evelyn Wee

Other key lawyers:

Danny Lim; Lee Xin Mei; Eugene Lee

Key clients

OUE Commercial Real Estate Investment Trust


Singapore Press Holdings

Credit Suisse (Singapore)

Maybank Kim Eng Securities

Zhenjiang Transportation Industry Group


Mizuho Securities

Swiss Reinsurance America

Edvance International


K2 F&B

Guan Chao

Safepoint Insurance Company

Alliance Mineral Assets

CGS-CIMB Securities (Singapore)

Informatics Education

Darco Water Technologies

Work highlights

  • Acted for  DBS Trustee as trustee of SGX-listed OUE Commercial Real Estate Investment Trust and its wholly owned subsidiary OUE CT Treasury in the establishment of a S$2bn multicurrency debt issuance programme.
  • Acted as Singapore deal counsel in the issuance of the US$100 million Series 2019-1 Class A Principal At-Risk Variable Rate Notes due 7 June 2023 by First Coast Re II, a special purpose reinsurance vehicle, with Swiss Reinsurance America Corporation as the ceding reinsurer, and Security First Insurance Company  as the reinsured. This landmark transaction is the first catastrophe bond transaction in Singapore issued pursuant to a collateralised reinsurance transformer structure.
  • Acted as Singapore legal advisers to Raffles Interior in its HK$500m IPO and successful listing on the Main Board of the Stock Exchange of Hong Kong.

Shook Lin & Bok LLP

Shook Lin & Bok LLP remains prominent in debt, equity, and equity-linked transactions in Singapore and across the region. The DCM team is particularly recognised for retail structured note programmes. On the equity side, the firm remains active in Singapore offerings and Hong Kong listings by Singapore issuers. Marilyn See is a leader in DCM and Gwendolyn Gn in ECM. Tan Woon Hum leads the corporate real estate practice and is noted for representing trustees in REIT offerings; he led the team that advised DBS Trustee on Prime US Reit’s $612m IPO on the Singapore Exchange.

Other key lawyers:

Marilyn See; Gwendolyn Gn; Tan Woon Hum

Bird & Bird ATMD LLP

Bird & Bird ATMD LLP is primarily known for equity deals, most notably offerings on Singapore's mainboard and Catalist exchanges, as well as the Hong Kong Exchanges. The firm has a particularly fine record in life sciences, technology, and energy. The team recently advised Memiontec, the Singapore-based water treatment company, on its IPO on the Catalist exchange. Marcus Chow is well entrenched in the growth company segment and is an experienced corporate and capital markets lawyer.

Practice head(s):

Marcus Chow

Other key lawyers:

Jolie Giouw


‘Strong ability to provide timely, comprehensive, and sound legal advice. Comes with a wealth of knowledge in respect of capital markets transactions.’

‘Marcus Chow is a standout partner. He has strong deal-making leadership and an excellent ability in communicating difficult but necessary solutions to clients. He has sharp decision-making prowess and is a respected capital markets lawyer.’

Key clients



UOB Kay Hian Private


Snack Empire Holdings

Wonderscape Holdings

Ocean Sky International

Gazelle Ventures

Southern Alliance Mining

Work highlights

  • Advised the Singapore headquartered water treatment company with operations in Singapore, Indonesia and the PRC in relation to its IPO on the Catalist Board of the Singapore Exchange Securities Trading.
  • Advised the Singapore-based medtech company on its fundraising of S$3.1m through a share placement for its expansion plans.
  • Advised the beauty and aesthetics group in Singapore on its listing on the Mainboard of the Stock Exchange of Hong Kong by way of a share offer.


CNPLaw LLP has an impressive range of Singapore and foreign issuer clients. It is routinely engaged in mid-market equity offerings on the Singapore and Hong Kong exchanges. The firm has also operated as a Singapore listing agent to a number of international corporates on their debt offerings. Tan Min-Li leads the corporate finance team and has a formidable record in mid-market issuances. Stephen Soh is recommended for deals in the technology, media, and entertainment sectors.

Practice head(s):

Tan Min-Li

Other key lawyers:

Stephen Soh


‘The strength of this firm is their knowledge and expertise in commercial laws especially pertaining to M&A transactions, corporate finance matters, and compliance with the MAS and SGX listing rules in Singapore.’

Tan Min-Li is technically very competent, knowledgeable, and hands-on in completing the assignment. She has a personalised approach to handling the assignment.’


Dentons Rodyk

Dentons Rodyk & Davidson LLP has a wide-ranging practice, covering key areas such as bond restructurings, equity issuances on the Singapore and Hong Kong exchanges, and REIT debt and equity offerings. In the REIT space, the firm is noted for its role as trustee counsel. Nicholas Chong is noted for REITs, debt offerings, and structured products. Li Chuan Hsu is key for equity issuances and Kenneth Oh is at the forefront of blockchain and crypto exchange-related matters.

Other key lawyers:

Li Chuan Hsu

Key clients


United Overseas Bank

RBC Investor Services Trust Singapore Limited as trustee of Lendlease Global Commercial REIT

Perpetual (Asia) (as trustee of Elite Commercial REIT)

Surbana Jurong Private

Blue Ocean Resources

Global Dragon

ICH Genesis

HSBC Institutional Trust Services (Singapore) Limited as trustee of Starhill Global Real Estate Investment Trust

Sapphire Corporation


RHTLaw Asia LLP remains especially active in IPOs on Singapore's Catalist exchange. Coupled with this, the firm has additional experience in mainboard listings and offerings on the Hong Kong exchanges. It acted as Singapore counsel to Kwan Yong Holdings on its IPO on the mainboard of the Hong Kong exchange. Yang Eu Jin now co-heads the corporate and capital markets group alongside corporate partner Erwan Barre, now the most prominent of the key partners within the team. Former department head Ch’ng Li-Ling has transferred across to lead the firm's financial services (regulatory) practice.

TSMP Law Corporation

TSMP Law Corporation continues to be engaged for headline and challenging transactions, despite the slowdown in capital markets activity in 2019 and 2020. This covers both debt and equity, including recapitalisation programmes and international bond offerings. Public takeovers are a core area of expertise for the highly esteemed firm. In this regard, Stefanie Yuen Thio has an outstanding reputation.

Practice head(s):

Stefanie Yuen Thio

Other key lawyers:

Jennifer Chia


‘We were very pleased to get actionable/can do advice on the key issues we needed to have addressed.’

‘When we were in a critical, time-sensitive period on our transaction, the TSMP team came through with a creative solution that literally saved the day.’

‘Their advice is to the point. Unlike some firms who caveat their advice so so heavily, I always could understand what their best, considered advice was.’

Key clients

INEOS Styrolution APAC

Ashurst ADTLaw


Credit Suisse



Work highlights

  • Acted for Credit Suisse (Singapore), the financial advisor to Temasek Holdings, in the proposed S$2.1bn recapitalisation of Sembcorp Marine through a rights issue, and the demerger of Sembcorp Industries and Sembcorp Marine.
  • Advised Credit Suisse, financial adviser to CapitaLand Commercial Trust Management (as manager of CapitaLand Commercial Trust) in the proposed S$22.9bn merger of CapitaLand Mall Trust and CapitaLand Commercial Trust.
  • Acted as Singapore counsel to the INEOS group in its issuance of €500m senior secured instrument.

Virtus Law LLP - Stephenson Harwood (Singapore) Alliance

Virtus Law LLP - Stephenson Harwood (Singapore) Alliance continues to be noted for mid-market equity offerings on the Hong Kong and Singapore exchanges. The Singapore team frequently collaborates with colleagues in Hong Kong and Shanghai. Moreover, the group has a background in representing Southeast Asia issuers on their listings and secondary offerings in London. It has seen particular growth in the consumer, healthcare, financial services sectors. Elaine Beh has a fine record in capital markets deals.

Practice head(s):

Elaine Beh

Other key lawyers:

Parikhit Sarma

Key clients

Top Global

Q & M Dental Group

Design Capital

Aoxin Q&M Dental Group

VibroPower Corporation

Anchor Resources


KLW Holdings

Work highlights

  • Advised Anchor Resources on the disposal of 100% of the issued share capital of Angka Alamjaya, as part of a settlement package with various bondholders of the company.
  • Advised Q & M Dental Group on its S$70m disposal of shares in Aidite (Qinhuangdao) Technology.
  • Advised VibroPower Corporation on its renounceable non-underwritten rights cum warrants issue of shares and regulatory and compliance issues

Wong Tan & Molly Lim LLC

Wong Tan & Molly Lim LLC is noted for equity offerings, reverse takeovers, private placements, and public M&A. The firm has extensive experience in Singapore mainboard and Catalist listings. Ong Beng Hong and Low Wee Siong are experienced figures in the capital markets space.

Key clients

Prime Partners Corporate Finance

Sing Investment Finance

UOB Kay Hian

Sumitomo Banking Corporation Group


KSH Holdings

New Silkroutes Group