Capital Markets: High-Yield Products | Global

Davis Polk & Wardwell has a broad and highly accomplished practice which dominates the North-East Asia international capital markets scene, with notable teams in Japan, Hong Kong and South Korea. It frequently acts for an impressive selection of international banks and financial institutions. Focusing on US law issuances, it is skilled at assisting clients with IPOs, block trades and secondary share offerings through its China and Japan teams. It often acts for clients from the real estate, technology and financial services sectors. The team is highly sought after for expertise advising on investment-grade debt, green bonds and hybrid products. The firm is especially notable in China for its experience acting on high-yield issuances, including South-East Asian work.

Linklaters has a truly region-wide offering with large pools of resources and expertise in Greater China, Japan, Singapore, South Korea and Thailand, in addition to robust activity in the India and Indonesia markets. The team represents blue-chip clients in a comprehensive range of DCM matters, including convertible and exchangeable bond offerings and vanilla investment-grade debt issuances. Additionally, the firm maintains a notable ECM practice advising on IPOs, block trades and secondary offerings in a number of key jurisdictions. In addition, it has a comprehensive derivatives, securities and structured products practice.

Sidley Austin has a superb Asia-wide high-yield practice which is especially commended for its work on complex issuances in Hong Kong, Singapore and Australia. It also works on a range of investment-grade debt and hybrid products across the region, including MTN programmes. The ECM practice continues to be active in Australia, Hong Kong and Singapore, and has been building strength in India. Sought out for advice on IPOs, rights issues and secondary offerings. The team is regularly instructed by a stellar line-up of international investment banks and regional financial institutions. It is experienced in handling capital markets transactions in the energy sector.

Skadden has a strong reputation for its broad capital markets practice, with notable prowess in cross-border equity offerings. It has extended its practice across South-East Asia from its Singapore office, while maintaining its strong presence in Hong Kong. Its established team in Japan is well regarded for advice on US law and international IPOs. It also ably handles high-yield bond issuances, where it has been busy advising on complex offerings in Hong Kong, Singapore and Australia. The firm ably handles regional investment-grade offerings spanning South-East Asia, China and Japan and represents an impressive roster of international banks, industrial corporations and sovereign wealth funds.

A&O Shearman is reputed as a go-to firm for a wide variety of capital markets mandates, with particular strength in complex cross-border debt and hybrid product work. It is well recognised for handling a solid line-up of cross-border high-yield offerings. The firm is also very skilled at advising on equity issuances in the region. It is especially well respected in the major hubs of Hong Kong, Australia and Singapore, and additionally maintains a strong presence across the South-East Asia region, where it has standout practices in Thailand and Indonesia. It maintains a highly rated Hong Kong securitisation and derivatives practice, supported by resources in Singapore. The practice is highly experienced advising on matters relating to the education, energy and manufacturing sectors. The firm is valued for US law expertise across the region, particularly advising on SEC compliance. On 1st May 2024, Allen & Overy and Shearman & Sterling merged to form A&O Shearman.

Clifford Chance is a major international firm with an exceptional track record of handling traditional equity and debt transactions throughout the Asia-Pacific region. It has particular ECM expertise located in Hong Kong, Singapore and Malaysia, advising on headline IPOs, listings and secondary issuances. It has leading investment-grade practices in China, South-East Asia and Japan, and is familiar with green, sovereign and convertible bond offerings. The firm often advises major international banks and Asian financial institutions on large-scale MTN programmes. It is also well respected for its ability to handle structured products and derivatives matters, regularly advising on regulatory changes and developments.

Milbank LLP has an excellent spread of high-yield mandates, including work on deals in Hong Kong, Malaysia, Singapore, the Philippines and Indonesia. It has well-regarded and experienced teams based in Singapore and Hong Kong, often advising international investment banks on investment-grade offerings in South-East Asia. The firm is recognised for further DCM activity throughout the region, including MTN programmes and sovereign bond issuances. Additionally, the firm maintains a solid ECM practice, with a very strong track record of advising on IPOs and secondary offerings in the Philippines.

White & Case offers advice on complex debt and equity capital markets matters throughout the region, with expertise ranging from IPOs and secondary sales to rights issues and debt programmes. Its Singapore team regularly works alongside lawyers from the firm's wider global network, particularly colleagues in Hong Kong, London and New York. The firm is especially noted for its Indonesia expertise.