Rising Stars

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

Allen & Gledhill LLP

Covering a wide range of innovative financial products and structures, Allen & Gledhill LLP is highly sought after for advice on the entire spectrum of structured finance matters, as well as over-the-counter (OTC) and exchange-traded derivatives. With broad capabilities in regulatory, compliance and tax issues in these spaces, the team is regularly retained as Singapore opinion counsel by the International Swaps and Derivatives Association (ISDA) and the Securities Industry and Financial Markets Association. Debt capital markets specialist Margaret Chin has considerable experience in asset securitisations, while financial services regulatory expert Francis Mok is proficient in the structuring and documentation of derivatives transactions. They jointly lead the department alongside Yeo Wico, whose strong experience in corporate finance extends to securitisation and structured finance. Islamic finance, convertible bonds, and asset securitisation are some of Magdalene Leong‘s core areas of activity.

Other key lawyers:

Magdalene Leong; Jeanne Ong

Work highlights

  • Advised Bayfront Infrastructure Capital II Pte. Ltd. , a wholly owned subsidiary of Bayfront Infrastructure Management Pte. Ltd., on the issue of five classes of investment grade rated notes.
  • Advised United Overseas Bank Limited, as arranger and programme dealer, on the establishment of a S$500m secured medium term note programme, and the issue of S$109m 2.85 per cent. Class A1 sustainability-linked notes due 2026, and S$36m 3.65 per cent. Class A2A sustainability-linked notes due 2026 by M&T Investments Pte. Ltd.
  • Assisted Astrea 7 Pte. Ltd., as transaction counsel, on the issue of S$526m Class A-1 Secured Fixed Rate Bonds due 2032, US$175m Class A-2 Secured Fixed Rate Bonds due 2032, and US$200 million Class B Secured Fixed Rate Bonds due 2032.

Ashurst LLP

Ashurst LLP ‘provides practical advice‘ to major financial institutions, ranging from international banks to broker dealers, commodities traders and fintechs, in the full array of derivative matters, including transactional, regulatory and day-to-day advisory. Benefitting from the firm’s strong regional team and global structured products practice, the group offers Singapore law advice on numerous cross-border deals, and stands out for its knowledge of local insolvency law and its impact on derivatives enforceability. Department head Evan Lam, who has a deep understanding of the local market, is singled out for his experience in OTC derivatives work. He receives key support from associate Jermaine Ng, who marries OTC derivatives experience with in-depth knowledge of financial services regulations.

Practice head(s):

Evan Lam

Other key lawyers:

Jermaine Ng


‘The team is responsive and provides practical advice. They are able to meet deadlines and keep the client informed of milestones and developments. The partner makes himself available for discussions.’

‘Evan Lam and Jermaine Ng are approachable, seek to understand the issues and work with clients to achieve their objectives. The advice given is practical and to the point.’

‘The team is effective and highlights issues for us in areas we may not be familiar with and hence have not specially raised.’

‘Evan and Jermaine are approachable and their technical expertise is excellent. We appreciate that they are more than willing to help us when we have queries that are related to but may fall outside of the agreed scope of work.’

Key clients

JPMorgan Chase Bank, N.A.

Nomura (Singapore) Limited

CIMB Bank Berhad

Goldman Sachs

Oversea-Chinese Banking Corporation Limited

Morgan Stanley

Rajah & Tann Singapore LLP

Focused on financial services, derivatives and structured products, the team at Rajah & Tann Singapore LLP handles the full range of transactional and regulatory matters. Standing out for its in-depth knowledge of regulations involving listed and unlisted derivatives and structured products, the practice is well positioned to advise on innovative, and often, novel issues in this space. Regina Liew has over 25 years of experience in the financial services and derivatives markets, advising banks, financial institutions and businesses on related disputes, transactional and regulatory issues. Larry Lim, who also advises on a wide range of fintech matters, digital currencies and crowdfunding, maintains a broad practice that covers regulatory compliance, clearances and product development. Benjamin Liew is a key contact for banks, fund managers, securities brokers, derivatives dealers and commodity trainers.

Practice head(s):

Regina Liew; Larry Lim

Other key lawyers:

Lee Xin Mei; Benjamin Liew

Key clients

Lion City Rentals Pte. Ltd and M&T Investments Pte. Ltd.

Work highlights

  • Advised Lion City Rentals Pte. Ltd and M&T Investments Pte. Ltd. on the establishment of a S$500m secured medium term note programme and the issue of S$145m sustainability-linked notes by M&T Investments Pte. Ltd.

WongPartnership LLP

Praised for its ‘excellent knowledge of the legal and regulatory environment in Singapore and the region‘, WongPartnership LLP fields a dedicated team of derivatives lawyers, who are seasoned in OTC derivatives of all types of asset classes. Bringing together expertise in derivatives, structured products and financial services regulations, the practice is a popular destination for clients seeking transactional and regulatory advice. Leading the department, financial markets and services regulatory expert Rosabel Ng handles a range of derivatives transactions and structured finance matters on behalf of issuers, sponsors, arrangers and investors. Tian Sion Yoong, who is recommended for his ability ‘to understand cutting-edge and novel transactions‘, regularly assists clients in the preparation and negotiation of derivatives documentation, and advises financial institutions on the new regulatory landscape in Singapore.

Practice head(s):

Rosabel Ng

Other key lawyers:

Tian Sion Yoong


‘Tian Sion Yoong is able to understand cutting-edge and novel transactions, is always reachable and able to guide his clients confidently.’

‘Excellent knowledge of the legal and regulatory environment in Singapore and the region.’

‘Rosabel Ng is client-oriented and has an excellent sense of the business needs.’

Key clients

China ZhenHua Oil Co., Ltd.

City Developments Limited


Clearstream Banking S.A.

China CITIC Bank

Credit Suisse


Oversea-Chinese Banking Corporation Limited

Rio Tinto group companies (including Rio Tinto Commercial Pte. Ltd. and Rio Tinto Finance plc)

SG Securities (Singapore) Pte. Ltd.

Société Générale S.A.

The Australia and New Zealand Banking Group Limited (ANZ)


UOB Bank