Milbank > The Legal 500 Rankings

Singapore > Corporate and M&A: foreign firms Tier 1

A team which is ‘always one step ahead’, Milbank fields a ‘very strong local team which is able to bear the depth and quality of the firm’s global practice’. The group demonstrates a tenacity for landmark and market-first transactions, recently working on one of the first de-SPAC transactions involving an Asia-based company, and has been particularly engaged within the infrastructure, healthcare, logistics and technology sectors. In addition to its M&A and corporate transaction prowess, practice head David Zemans provides banking, project finance and capital market transaction expertise while Jacqueline Chan has forged a commanding reputation for debt and equity transaction structuring. The recent workload stretches beyond Singapore and includes a number of significant transactions across India, Indonesia, the Philippines and Vietnam.

Singapore > Projects: foreign firms Tier 1

A notable client list comprising the market’s most notable lenders and sponsors differentiates the offering at Milbank. The department stands out as a leading practice for large, multi-sourced project financings involving multilaterals and export credit agencies across Asia. Energy and natural resources specialist James Murray heads up the team, and receives valuable assistance from UK and US-qualified lawyer James Orme. Other noteworthy practitioners include special counsel Andrew Gibb and associate Rosaline Yusman; the former’s broad workload spans assisting with project structuring, advising on risk analysis and infrastructure regulation, and negotiating a broad range of finance and project agreements. The group is able to combine its local knowledge with the firm’s pan-Asian and global resources to provide truly international coverage.

Singapore > Restructuring and insolvency: foreign firms Tier 1

Milbank‘s highly-rated Singapore office has some of the top practitioners in the jurisdiction, several of which have significant experience in the restructuring field, particularly in the energy and oil and gas segments. The Singapore team has an impressive record in restructurings centred in Indonesia, Malaysia and Singapore itself. David Zemans and Jacqueline Chan are outstanding names in the market, both of which continue to work on a number of big-ticket restructurings, representing a range of debtors, creditors and bondholder committees.

Singapore > Banking and finance: foreign firms Tier 2

The ‘solution-driven and consistent‘ team at Milbank is noted for advising global financial institutions active in Asia on regional transactions, with a particular reputation for matters involving Indonesia, where it has expertise in the energy and natural resources sectors. The group also acts for borrowers, which alongside lenders, it assists with project finance, syndicated lending, acquisition finance, debt capital markets deals and distressed transactions. Taking the lead is David Zemans, who has vast experience in regional and cross-border financings. Jacqueline Chan focuses on work arising from Indonesia and Vietnam, specialising in structuring debt transactions. James Murray is an expert in resources financing and is particularly active in the area of multi-sourced finance. Dual-English and -New York qualified James Orme is another core practitioner.

Singapore > Capital markets: equity and debt: foreign firms Tier 2

Milbank has developed a strong profile for cross-border high-yield debt transactions and investment grade debt deals, advising issuers and lenders, although it also has a notable ECM practice. From Singapore, the group advises on transactions across Asia, with recent experience in transactions involving Indonesia, Malaysia and India. Drawing on broader firm expertise in real estate, the group counts a number of big-name developers as clients. While the firm lost James McFarlane to an in-house role in June 2021, it brought on special counsel Terrence O’Donnell from Shearman & Sterling LLP in July 2021, bolstering the group's capabilities in ECM transactions. Jointly leading the team are Naomi Ishikawa and Giles Kennedy.

Singapore > Energy: foreign firms Tier 2

Milbank is at the forefront of big-ticket non-recourse financings in the energy field. It is historically strong in oil and gas sector projects but the team also steadily built its standing in renewables as well as in LNG-to-power projects. It represents a number of the major international oil companies, Japanese trading houses, big Indonesian conglomerates, and a range of ECAs and multilateral agency lenders. Indonesia has dominated the firm’s practice for many years, along with power work in the Philippines and Vietnam, and now with further growth in power projects in Bangladesh and Sri Lanka. James Murray is a market leader in energy sector project financings, with James Orme also having made a strong impression in recent years.

Singapore > Asset finance: foreign firms Tier 3

Milbank remains a prominent player in aviation finance, most notably for the major Chinese aircraft lessors such ICBC Leasing. It also represents a number of other international lessors, lenders, and low-cost Asian airlines and international airlines. Furthermore, it was at the forefront of airline restructurings and has an established record in offshore oil and gas financings, including FPSOs. Paul Ng is an established name in the market, frequently landing many of the biggest engagements in the region, particularly for aircraft lessors.

Singapore > TMT: foreign firms Tier 3

Milbank has a leading track record advising on landmark TMT transactions across Southeast Asia, including assisting with M&A, corporate finance and debt and equity offerings. The group’s client roster comprises a stellar list of the region’s most recognised innovators in the technology and telecoms space, as well as notable investors. The firm is able to leverage its significant global capabilities – including a highly regarded offering in the UK – when handling cross-border mandates. Giles Kennedy and Jacqueline Chan are the key names to note, along with David Zemans, who acts as the managing partner of the Singapore office.

Indonesia > Foreign firms Tier 1

Milbank has a strong presence in Indonesia and advises on high profile banking and finance, capital markets, M&A, projects and restructuring transactions. The capital markets team which includes the highly regarded Naomi Ishikawa and Giles Kennedy is well-regarded in the region and real estate has been a key area of sector focus for the team. The 'excellent' corporate partner Jacqueline Chan specialises in the technology, consumer and financial services sectors. Managing partner David Zemans heads the corporate practice and showcases extensive experience in the energy sector, as does James Murray who focuses on resources finance and multi-sourced financings. Cross-border financings partner James Orme is also active in the energy space.

Vietnam > Foreign desks Tier 2

Milbank has a strong track record in high-profile and landmark corporate deals in Vietnam, and it is also seen as a first port of call for advice on major projects, as well as finance transactions. It has been active in the market for more than three decades. The firm particularly stands out for its work in the aviation sector, as is reflected by the fact that it acts for aircraft and engine manufacturers, financiers and jet fuel suppliers, among other clients. VietJet is one of its key clients. Jacqueline Chan and aviation specialist Paul Ng are the names to note in Singapore. New York-qualified partner James Grandolfo, who leads the Hong Kong office, is another key practitioner.

Philippines > Foreign firms

Milbank’s Philippines practice has a long-standing reputation as a leader in cross-border capital markets, M&A, and project financing transactions, using its ‘vast expertise’ to advise on several landmark deals. In a major highlight, the firm advised global coordinators on the initial public offering of Monde Nissan Corporation, the country’s largest IPO to date. Practice head, James Grandolfo has over 20 years of experience advising on M&A transactions in major jurisdictions in Asia. Desiree Woo is highlighted for her ‘experience in EPC contracts and project finance’. With expertise in project finance, James Murray is a go-to individual for the financing of power, oil and gas, mining, telecoms, and other infrastructure projects.

India > Foreign firms

Milbank is in demand by major financial institutions, banks, ECAs and corporations in respect of substantial projects in the energy, telecoms, and infrastructure sectors. It counts major Asian and international banks among its clients in these areas as well as corporates such as Delhi International Airport. On the capital markets front, it is especially strong on debt matters; James Grandolfo (Hong Kong), who is US-qualified, is well known for his skills in respect of US issuances and project bond matters; equally well known is John Dewar in London who handles high-value, India-related project financings working with the gamut of banks and financial institutions and private equity houses, especially in the infrastructure and energy arenas. Naomi Ishikawa in Singapore attracts high-profile capital markets mandates, assisting major Indian corporates on their fund raisings, including green bonds. The practice has expanded considerably with the hires of transactional and finance specialists Andrew Whan and Neeraj Budhwani from Clifford Chance, and Davide Mencacci and John Bona from Linklaters – all based in Hong Kong.