A&O Shearman boasts strong capabilities on both the issuer and underwriter side of debt capital market transactions. The global financial markets team is particularly well-versed in transactions involving digital assets, sovereign bonds and green bonds, as well as regulatory and total loss-absorbing capacity requirements. Agnes Tsang took over leadership of the practice from John Lee , who departed in January 2025. Tsang has a wealth of experience across a broad range of transactions and counts sovereigns, insurance companies, corporates and financial institutions among her clients. Kyungwon (Won) Lee focuses his practice on high yield, investment grade and convertible bonds. Jaclyn Yeap and Tim Beech have both left the firm in 2025.

Clifford Chance caters to a broad range of clients, including Chinese state-owned and privately-owned enterprises, local government financing vehicles and high-yield issuers. The team covers the full spectrum of DCM capabilities and is particularly notable for its US expertise. Connie Heng is at the helm. She excels in international securities offerings and structured finance, in particular RMB capital markets products. Angela Chan and David Tsai undertake international bond offerings, medium-term note programmes, regulatory capital and hybrid securities issues. Bringing deep knowledge of US federal securities laws, Alan Yeung is also noted for his expertise in high yield and investment grade debt issuances. Mark Chan handles an impressive variety of DCM transactions in both the Hong Kong and Macau markets.

Davis Polk & Wardwell LLP fields substantial expertise across the full spectrum of DCM products, from investment-grade and high-yield bonds to liability management and debt restructuring matters. James Lin heads up the team and focuses his practice on debt issuances in the US market. Gerhard Radtke and Bingqing Pan are also key names to note.

William Liu and Victor Wan jointly lead the capital markets practice at Linklaters. The team undertakes a range of complex and novel DCM transactions, as well as related regulatory issues, catering to issuers such as sovereigns, state-owned enterprises, commercial banks and supranationals. Liu maintains a strong relationship with the PRC Ministry of Finance, while Michael Ng’s expertise spans public offerings of digital bonds green and sustainable bond offerings and debt offerings on behalf of local government financing vehicles. Gloria Cheung is a key contact for digital bonds and Taiki Ki has a particular focus on convertible and exchangeable bonds. Min Fang and Hanwen Yu are also names to note. Sherry Cui left the firm in June 2025 and former practice head Hwang Hwa Sim retired in May 2025.

The Global Markets team at Ashurst has extensive experience advising both issuers and underwriters on a range of Hong Kong and international DCM matters. The team is particularly well-versed in offshore bond issuances as well as digital and green bonds on behalf of PRC-based and international financial institutions and corporates.  Jini Lee is a key contact for matters relating to the Asia and Greater China market, advising banks and corporate issuers on a range of complex transactions. She heads up the practice alongside Patrick Phua.

King & Wood Mallesons has a strong presence in the Greater China region and is particularly notable for its strong regulatory capabilities in relation to cross-border debt financings. The team also leverages capabilities in digital assets, decentralised finance, debt restructuring and bond offerings. Hao Zhou spearheads the practice and is well-versed in investment-grade and high-yield debt offerings. Alongside his DCM practice, Richard Mazzochi offers advice on the full range of default scenarios and consensual restructurings. Michael Lu is another name to note, he is an expert in transactions with a cross-border element.

Latham & Watkins LLP applies expertise in Hong Kong, US and English law to a wide variety of DCM transactions. The team is particularly notable for its ability to advise on both US-listed and non-US listed companies on convertible and exchange bond offerings. Practice head Ji Liu acts for both issuers and underwriters on a broad spectrum of DCM matters, including dim sum bonds, sustainability-linked bonds, medium term note programmes and the issuance of notes. Posit Laohaphan is the firm’s key contact for hybrid bond offerings and US regulations. Benjamin Su is particularly well-versed in matters relating to the TMT sector.

James Grandolfo is at the helm at Milbank. The capital markets team is particularly strong within the Philippines market and is well-regarded for its work across a range of investment-grade debt and high-yield debt transactions. Grandolfo has extensive experience across a range of DCM matters, from project bonds such as green and other ESG bonds to sovereign debt mandates. Paul Pery is active in the Philippines market and advises on DCM matters across diverse sectors such as the telecoms, real estate, financial services and energy sectors. Alex Tao left the firm for Han Kun Law Offices in January 2025.

Sidley Austin LLP is best known for its strong relationship with Chinese real estate issuers and offers advice on straight bond offerings as well as perpetual securities, convertible and exchangeable bonds. Carrie Li acts for both issuers and underwriters in debt restructuring matters, investment grade and high yield debt issuances. Renee Xiong is another key member of the team, with expertise in a wide variety of DCM transactions. Matthew Sheridan retired in May 2025.

Jonathan Stone, Haiping Li and Paloma Wang lead the corporate capital markets team at Skadden, Arps, Slate, Meagher & Flom LLP. The firm maintains an active presence in both Hong Kong and Mainland China. The team offers on a variety of complex and ‘first-of-its-kind transactions and its expertise spans the full spectrum of DCM transactions, including convertible bond offerings, high yield notes offerings with a 144A/Regulation S element and structured finance. Edward Lam retired in 2025.

Kevin Tong is at the helm at Deacons. The DCM team is integrated within the firm’s broader corporate finance practice and is well-regarded for its work in issuances in Hong Kong. Tong acts for issuers and arrangers and offers advice on the full spectrum of DCM transactions, including green and sustainable bond issuances, and retail notes. Icarus Yuen is another key contact, he counts financial institutions, listed companies and PRC state-owned entities among his clients.

Herbert Smith Freehills Kramer LLP is well-versed in the full gamut of DCM matters, catering to issuers, arrangers and trustees. William Ku spearheads the practice and acts for the Hong Kong Government and Chinese state-owned enterprises. His DCM capabilities span investment-grade and high-yield bonds, convertible and exchangeable bonds, medium term note programmes, hybrid securities and liability management exercises.

The corporate and securities team at Mayer Brown is well-equipped to handle the full range of DCM transactions, boasting particular expertise in structured and multi-tiered financings as well as intricate subordination and intercreditor issues. Thomas Kollar heads up the practice and is a key contact for cross-border transactions relating to every type of DCM transaction. Jason Elder‘s diverse caseload encompasses global bond offerings and distressed liability management. Guiping Lu is also recommended, he has a wealth of experience across international capital markets.

Edwin Luk and David Liao head up the capital markets offering at Morgan, Lewis & Bockius. The team is well-versed in an impressive range of DCM matters, including high-yield and investment-grade debt, Rule 144A transactions, hybrid securities offerings and is particularly well-regarded for its work on ESG bonds. Liao is an expert in US securities law and excels in international debt securities offerings as well as a wide variety of liability management transactions. Luk divides his time between Hong Kong and Beijing. Alongside his capital markets practice he offers advice on a broad range of corporate and business matters, including compliance and debt restructuring.

Drawing on offices in Beijing and Shanghai, as well as Hong Kong, the capital markets team at White & Case handles every aspect of cross-border capital markets transactions. The team also brings capabilities in Hong Kong, English, US, Singaporean, Japanese and Indian law relating to both ECM and DCM matters. International securities and finance expert, Jessica Zhou, leads the practice. She also offers advice on private placement, liability management and restructuring transactions.

Fangda Partners is particularly well-regarded for its work in offshore DCM matters, catering to issuers, managers and trustees on the full spectrum of transactions. Splitting her time between Hong Kong and Beijing, Christine Chen specialises in debt offerings by Chinese issuers on the international market as well as panda bond transactions. She heads up the practice. Annie Shen is the firm’s key contact for international debt securities work.

Paul Hastings LLP is well-equipped to handle the full spectrum of DCM transactions and is particularly notable for its work on investment-grade, credit-enhanced, high-yield debt issues and bond issuance deals for local government financing vehicles. Jeff Lee offers advice on high-profile capital market deals from investment-grade to high-yield debt issuances. He leads the team alongside Raymond Li. James Ma left the team in January 2025.

Leveraging capabilities across the ECM and DCM spaces, the corporate team at Reed Smith Richards Butler LLP routinely advises on a wide variety of transactions. Gregory Wang and Vivian Ji spearhead the practice. Ji acts for Hong Kong-listed clients and advises on bond issuances, M&A and related compliance matters. She also excels in advising local government financial vehicles on offshore bond issuance transactions. Arthur Tso joined the team from DLA Piper in December 2024.

Simpson Thacher & Bartlett Hong Kong represents both issuers and underwriters in a variety of DCM transactions, including convertible and exchangeable debt and equity-linked securities offerings. Daniel Fertig’s diverse practice spans both equities and debt securities offerings, such as  Rule 144A/ Regulation S and US registered offerings. Christopher Wong heads up the practice.

Slaughter and May fields extensive expertise in regulatory issues and maintains a strong relationship with regulatory bodies. Lisa Chung is well-regarded for her ESG expertise and offers advice on a wide array of DCM transactions as well as green bond transactions. Clara Choi acts for issues across a range of financing mandates including issuance and buyback of listed debt securities, medium-term note programmes and regulatory issues. Benita Yu leads the integrated corporate team.

The capital markets team at Sullivan & Cromwell fields Hong Kong, US and English law capabilities and handles every type of DCM transaction from investment-grade and high-yield debt to liability management transactions. Ching-Yang Lin is notable for his dual Hong Kong and US expertise and specialises in debt offerings within the technology sector. He leads the practice alongside managing partners Kay Ian Ng and Gwen Wong, who divides her time between Hong Kong and Beijing.