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

Allen & Gledhill LLP

Allen & Gledhill LLP has a highly developed practice, which is recognised for its deep expertise in OTC and exchange-traded derivatives, covered bonds, and repackagings and securitisations. The firm has recently impressed in retail bond offerings, including those backed by cashflows from private equity houses. Head of DCM Margaret Chin is an experienced figure in asset securitisations, Francis Mok is a key practitioner in derivatives and regulatory matters, and Yeo Wico is immensely experienced in mainstream capital markets deals, securitisation and structured finance. Magdalene Leong is also recognised for Islamic finance and structured finance.

Practice head(s):

Margaret Chin; Francis Mok; Yeo Wico

Other key lawyers:

Magdalene Leong

Work highlights

  • Advised Astrea on its issuance of S$315m Class A-1 Secured Fixed Rate Bonds Due 2029, $230m Class A-2 Secured Fixed Rate Bonds Due 2029, and $140m million Class B Secured Fixed Rate Bonds Due 2029.
  • Advised United Overseas Bank (as manager) and Perpetual (Asia) (as trustee) on the rights issue of S$147m in aggregate principal amount of 3.98% perpetual convertible capital securities.

Rajah & Tann Singapore LLP

Rajah & Tann Singapore LLP has a formidable reputation in the regulatory field. It has extensive experience with listed and unlisted derivatives and other structured products. The firm has worked closely on changes to the OTC derivatives regime in Singapore and frequently advises clients on structuring their derivatives transactions. Regina Liew is a prominent regulatory specialist in derivatives, securitisation and other structured products. Larry Lim is also highly rated in this sector.

Practice head(s):

Regina Liew; Larry Lim

Work highlights

  • Acted as Singapore deal counsel in the issuance of the $100m  Series 2019-1 Class A Principal At-Risk Variable Rate Notes due 7 June 2023 by First Coast Re II.
  • Advised on the impact of regulatory changes to over-the-counter derivatives regulatory regime in Singapore to the client’s proprietary trading/market making business in OTC derivatives, including engagement with regulators and consideration of restructure of derivatives business and products.
  • Assisted the client in the conduct of an extensive legal risk exercise involving the review of all the prime brokerage agreements entered into by the fund manager client and the associated fund.

WongPartnership LLP

WongPartnership LLP's dedicated derivatives and structured products practice has an impressive background in OTC derivatives, synthetic products, retail structured products and structured finance transactions. It is a member of the International Swaps and Derivatives Association (ISDA)  and it continues to make a greater impression in the fintech market. The firm routinely advises the major local, regional and international financial institutions that operate in this space. Rosabel Ng leads the derivatives and structured products practice, having a strong background in both regulatory and transactional matters.

Practice head(s):

Rosabel Ng; Choon Yuen Hui 

Other key lawyers:

Tian Sion Yoong

Key clients

City Developments

CIMB Bank

Clearstream Banking

China CITIC Bank

Credit Suisse

DBS

Oversea-Chinese Banking Corporation

Rio Tinto

SG Securities (Singapore)

Société Générale

The Australia and New Zealand Banking Group

Temasek

UBS

UOB Bank