Capital markets: structured finance, derivatives and securitisation: Foreign firms in Singapore

Clifford Chance

Clifford Chance brings together experts in banking and finance, capital markets and financial regulation to advise on over-the-counter (OTC) and exchange-traded derivatives, and structured products. The group is able to handle multi-jurisdictional transactions, leveraging the firm's international office network, including in Hong Kong and Tokyo. Regulatory knowledge is an area of strength for the team, and the group often provides advice on local regulatory expectations to industry bodies. Paul Landless is a key figure for structured finance, derivatives and securitisations, and has particular expertise in commodities trading. Landless is also part of the firm's Brexit markets group. Lena Ng leads the financial regulatory team, and has substantial experience advising on derivative and securitisation transactions. Capital markets lawyer Johannes Juette specialises in US securities law and handles transactions across south east Asia. Kabir Singh is the name to note for disputes relating to derivatives and is admitted in Singapore and England.

Other key lawyers:

Paul Landless; Lena Ng; Johannes Juette; Gareth Deiner; Kabir Singh; Janice Goh

Testimonials

Very knowledgeable and has global reach which assisted with ensuring all securitisation related issues were covered. Obviously a unique asset class meant having this “depth” in the team was very useful.’

Great client coverage, readily available and provided regular contact and checked in with us, which many law firms don’t bother to do.’

Key clients

Caisse de dépôt et placement du Québec (CDPQ)

Citi

ING

Standard Chartered

CME Group

Credit Suisse

Futures Industry Association (FIA)

Macquarie

Westcon Group

Work highlights

  • Advising Citi, ING and Standard Chartered as joint global coordinators, lead managers and bookrunners on Clifford Capital’s US$400m Bayfront Infrastructure Capital II cash CLO of APAC, Middle East and South American infrastructure and project finance loans.
  • Advised the consortium establishing the Partior platform on a full range of legal issues such as the regulatory analysis (including engagement with the Monetary Authority of Singapore (MAS), corporate establishment, technology licensing, and antitrust compliance.
  • Advised Westcon on the establishment of a multi-seller, multi-currency trade securitisation receivables facility provided by Westpac for the Australian, Singapore and New Zealand subsidiaries of Westcon International Limited, a subsidiary of Datatec Limited which is incorporated in South Africa and listed on the Johannesburg Stock Exchange.

Norton Rose Fulbright

The structured lending and markets practice at Norton Rose Fulbright is well-integrated into the firm's global offering, and regularly provides cross-border advice to the firm's banking clients on issues such as derivatives and securitisations. The group is particularly known for Islamic derivatives work. Heading the team is English law qualified Colin Rice , an expert in financial regulations, often supported by associate Francesca North. In November 2020, the firm brought on senior associate Nivedita Raghavan from Clifford Chance, an expert in OTC derivatives transactions.

Practice head(s):

Colin Rice

Other key lawyers:

Nivedita Raghavan; Francesca North

Testimonials

‘The Capital Markets team at NRF has a wide range of industry experience and are able to give a practical view on the law and its applicability. As a result they are able to give practical advice and solutions. ’

‘Colin Rice has excellent knowledge of the relevant laws and regulations and also a good grasp of the industry and offers good practical advice. ’

The team has always been responsive and prompt in their advisory and legal work, displaying strong and deep knowledge of the areas they have been engaged for. There is also always a willingness to perform certain additional and pro-bono work outside of the contemplated work scope.

Colin Rice and Francesca North have a strong understanding of the derivatives market and OTC products. Further, as we are an Islamic bank with conservative Sharia guidelines, it is essential to be able to create solutions that are acceptable to our sharia board and are as close as possible to the market standard treatment.’

The team was always up to the task, whether it was applying the solutions we come up with and provide key advice to its regard, or coming up with solutions based on their experience working with us.’

Colin Rice and Francesca North are very detail-oriented, have an excellent knowledge when it comes to the financial aspect of products/transactions.’

Key clients

Al Rajhi Bank

Anglo American

ANZ

Bank of Communications Limited

Barclays Bank plc

BP Singapore Pte. Ltd

BHP Billiton

Citibank

Commerzbank

Credit Suisse

EFG Bank

Equinor

Exxon

First Abu Dhabi Bank

HSBC Bank plc

IG Markets Ltd

Kotak Mahindra Bank

Louis Dreyfus Company

Macquarie Bank Limited

Maybank

MUFG Bank

Shell

Societe Generale

Standard Chartered Bank

Sumitomo Mitsui Banking Corporation

The Northern Trust Company

United Overseas Bank

Simmons & Simmons

In July 2021, the team at Simmons & Simmons expanded, with the arrival of Sonia Lim from Linklaters; adding substantial pedigree in derivatives and structured transactions and regulations. Areas of expertise for the team include structured credit and equity products, interest rate, FX and inflation-linked products and commodity-linked transactions. The group also advises asset managers on prime brokerage documentation and agreements. Practice head Jason Valoti is an expert in OTC derivative transactions; Jonathan Quie handles the asset management work, with a specialism in financial regulatory advice.

Practice head(s):

Jason Valoti

Other key lawyers:

Jonathan Quie; Edward Laird; Anna Burns; Sonia Lim

Key clients

Credit Suisse

UBS

CMBI

Haitong

Deutsche Bank

Maybank

JP Morgan

Work highlights

  • Advised Credit Suisse on a high value of highly strategy linked off-balance sheet bond secured Note issuances issued out of a Irish based issuance platform.
  • Advised UBS on a large number of structured off balance sheet equity, fund and credit/bond linked secured limited recourse note issuances, issued off a number of Note Programmes.
  • Assisted with drafting the Credit Linked Investment terms for CMBI’s investment product.