A&O Shearman ‘provides commercial, pragmatic and timely advice’ to issuers, underwriters, and trustees and agents on the full spectrum of debt and equity transactions, including Islamic financing products, with additional expertise in corporate trust and agency offerings. Boasting a ‘strong US practice’, the team is well-placed to handle cross-border mandates, spanning intra-ASEAN/Southeast Asia, as well as inbound and outbound deals involving these regions. ‘The execution of capital markets transactions are always smooth sailing’ with Alexander Stathopoulos, while Aloysius Tan handles a range of fixed income and equity-linked capital market instruments. Hong Kong-based John Lee leads the team and Felipe Duque advises on offerings of high yield, convertible and investment grade bonds, IPOs, follow-ons and block trades, while Pallavi Gopinath Aney has experience in Reg S and Rule 144A international debt offerings, bond restructurings, consent solicitations, exchange offers, induced conversions, and tender offers. ‘Outstanding’ Tim Beech is another key contact in the group. Following its merger with Shearman & Sterling, the team now includes Andrew Schleider, who has considerable experience in offerings of high-yield and investment grade debt securities, convertible bonds and equity.

Latham & Watkins LLP acts for corporate issuers, underwriters, placement agents, and initial purchasers on the full range of debt and equity offerings, with demonstrable capability advising on cross-border mandates, spanning South and Southeast Asia. Sharon Lau leads the team and is noted for her expertise in IPOs, REIT offerings and high-yield debt offerings, while Rajiv Gupta spearheads the firm’s India practice group and advises on high-profile capital markets transactions in this region. Timothy Hia counts corporate borrows, private equity investors, underwriters, and financial advisers among his key roster of clients, and Jeremy Wang handles the full spectrum of securities offerings. Stacey Wong, who advises on US-registered and cross-border Southeast Asia capital markets deals, was promoted to partner in October 2022.

The ‘top class’ team at Linklaters acts for both underwriters and issuers on the full range of capital market products, from high-yield debt, investment grade debt and convertible/exchangeable bonds to equity capital markets, liability management transactions, sustainable finance and digital securities across South and Southeast Asia, in addition to Islamic finance mandates. The practice also boasts an ‘incredible track record’ in first-of-its-kind transactions. Praised as ‘highly technical and commercial’, Amit Singh leads the team and acts for issuers and underwriters on the full range of debt and equity issues, while Michele Discepola is noted for her expertise in structured/repack high-yield transactions out of India. Commended as ‘top-notch lawyers’, Jonathan Horan’s practice covers equity-linked issues, regulatory capital, straight debt offerings and MTN programmes, and Phill Hall has demonstrable experience advising on cross-border capital markets transactions, especially Malaysia-based deals, as well as Islamic finance mandates.

Housing a team of ‘highly knowledgeable, commercial and practical problem solvers’, Clifford Chance advises on all aspects of Singapore, US, English and Hong Kong law across a broad range of capital markets instruments, and counts international investment banks, Asian corporates and state-owned entities among its key roster of clients. Key areas of expertise include high-end domestic IPOs and bond issues, in addition to Reg S/144A bond transactions, liability management exercises (tender offers) and other US securities mandates. Gareth Deiner, who is praised as ‘one of the best on the street in debt capital markets’, jointly leads the practice alongside Jean Thio, who divides her time between Singapore and Shanghai, working closely with Asian companies looking to access the Chinese capital markets. Johannes Juette relocated to London.

The ‘knowledgebase and credible’ team at Milbank is noted for its strong debt capital markets capabilities, particularly for high-yield and liability management products, and continues to showcase its expertise in advising issuers facing near-term debt maturities on innovative liability management transactions. Boasting an enviable equity capital markets practice, the team’s workload includes high-value IPOs and de-SPACs, with demonstrable experience in the technology sector. Giles Kennedy leads the practice and advises major banking clients on debt offerings, including high-yield mandates, in addition to underwriters for equity offerings. Praised as ‘technically well-versed and approachable’, Terrence O’Donnell is noted for his expertise in IPOs and share placements.

With demonstrable experience across the energy, consumer goods, real estate, healthcare, technology, and telecommunication sectors, Sidley Austin LLP acts for issuers and underwriters across all types of security mandates, including IPOs, convertible bonds, investment grade debt, high-yield bonds and distressed debt restructurings. Matthew Sheridan, who is an esteemed figure in the Asian high-yield debt capital markets arena, jointly leads the team alongside Manoj Bhargava, whose practice covers a range of international capital markets matters, with a particular focus on Southeast Asia and India-related transactions. Other key contacts in the group include Alexius Chong and counsel Shashwat Tewary.

White & Case Pte. Ltd. continues to showcase its capabilities in high-profile capital markets transactions across South and Southeast Asia, acting for issuers and underwriters in equity IPOs and secondary offerings and debt offerings, including high-yield, sovereign debt issuances and liability management exercises. Other key areas of expertise include SPAC IPOs and de-SPAC business combination transactions. ‘Responsive and experienced’ practice leader Kaya Proudian represents issuers, underwriters, selling shareholders, trustees and depositaries, as well as private equity sponsors, in equity and debt offerings and exchange listings, with demonstrable experience advising sovereign governments in connection with external debt offerings. Rahul Guptan, who focuses on India-related cross-border transactions, is another key contact in the group.

Counting issuers, underwriters, shareholders and strategic investors across Asia Pacific and North Asia among its key roster of clients, Baker McKenzie Wong & Leow covers a range of debt and equity capital markets transactions, from IPOs, investment grade and high-yield debt offerings to convertible and exchangeable bond offerings, covered bond programs and primary and secondary block trades, among others. Ashok Lalwani leads the team and focuses on public and private international securities offerings, in addition to India-related transactions, while Thomas Tarala advises on public offerings, private placements of debt and equity securities, and secondary offerings.

Noted for its expertise in the oil and gas, manufacturing and technology sectors, DLA Piper has demonstrable experience advising on high-yield bonds and capital markets transactions across the Asia Pacific region. Managing partner Joe Bauerschmidt handles SPAC transactions, debt and equity offerings, PIPEs offerings, liability management deals, restructurings and private issuances, while English and New York-qualified Philip Lee acts for issuers, sponsors and investment banks on a broad range of debt, equity and equity-linked capital markets transactions. Bauerschmidt and Lee lead the team.

The capital markets team at Herbert Smith Freehills LLP acts for investment banks, issuers, and shareholders on a broad range of cross-border mandates, from IPOs, rights issues, block trades and straight debt issuances to high-yield note offerings and liability management exercises. The team is also noted for its expertise across the telecommunications, real estate, energy and natural resources, finance, healthcare, and consumer sectors. Practice leader Xavier Amadei has ‘a wealth of experience’ advising on public and private international securities offerings across the Asia Pacific region, with a particular focus on India-related transactions. Clients praise Amadei for his ‘technically sound yet commercially balanced advice’.

Hogan Lovells Lee & Lee boasts a ‘strong and dependable’ debt capital markets practice, covering EMTN programme establishments, issuances, convertible and exchangeable bonds, liability management, corporate trustee advisory matters and sustainable finance, including ESG bonds. The team is also noted for its expertise in public offerings, private placements, and other equity capital markets transactions, such as right issues and block trades. Managing partner Biswajit Chatterjee, who stands out for his expertise in India-related IPOs, jointly leads the practice alongside Andy Ferris, who acts for issuers, underwriters and trustees, and agency service providers on issues of debt and equity-linked instruments across the Asia Pacific region, with additional experience advising on matters concerning sustainable and social impact finance.