Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Allen & Gledhill is the preeminent local firm for banking and finance work in Singapore. It has developed a reputation for its commercial approach that attracts big-ticket companies. Allen & Gledhill broke new ground by representing CIMB-GK Securities, ... [more]

Allen & Gledhill is the preeminent local firm for banking and finance work in Singapore. It has developed a reputation for its commercial approach that attracts big-ticket companies. Allen & Gledhill broke new ground by representing CIMB-GK Securities, the arranger and dealer, as well as Bank of New York Mellon, the trustee, in the establishment of a S$1 billion (US$707 million) Islamic trust certificate programme. This is the first sukuk (Islamic bond) programme to be established by a corporate entity in Singapore. In addition, the initial series of sukuks issued under the programme will be the first generated by a Singapore corporation under ijarah (capital leasing) financing principles.

The firm assisted Temasek as well as the issuer, DBS Bank, in structuring a one-for-two rights offering that amassed S$4.1 billion. This was Singapore’s largest ever capital raising. The firm also acted for CapitaMall Trust Management, as manager of the Singapore Reit (real-estate investment trust) CapitaMall Trust, in raising S$1.23 billion in an oversubscribed rights issue – the largest-ever fund-raising carried out by a Reit in Singapore. The firm boasts a strong a bench of leading lawyers such as Tan Tze Gay, Mark Hudspeth, Eugene Ooi, Lim Teong Sit and Lucien Wong.

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Drew & Napier has a strong reputation for restructuring work and is viewed as housing a very capable overall banking and finance practice. A showpiece project finance deal saw the firm represent Resorts World on its 15-bank syndicated senior secured ... [more]

Drew & Napier has a strong reputation for restructuring work and is viewed as housing a very capable overall banking and finance practice. A showpiece project finance deal saw the firm represent Resorts World on its 15-bank syndicated senior secured credit facilities of up to S$4.19 billion (US$3 billion), comprising S$4 billion term and revolving loan facilities and a S$193 million banker’s guarantee facility used in the construction and development of the Sentosa resort. The deal was one of Singapore’s largest ever non-traditional syndicated project financings, with the first tranche closing successfully amid the global financial crisis.

The Marina Bay District Cooling Project was another defining deal for the firm. It acted as Singapore counsel to DBS Bank, the mandated lead arranger, underwriter and financial adviser to the S$140 million (US$95 million) project financing of an innovative urban air-conditioning utility. The firm also advised Armada (Singapore)’s creditors in a scheme of arrangement for the dry bulk shipper involving debts of over S$1.08 billion. Leading names at the firm include David Ang, Valerie Kwok, Gary Pryke, Manoj Sandrasegara and Davinder Singh.

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WongPartnership is a strong banking and finance firm and is one the biggest names in Singapore’s MTN markets, often acting for the underwriters on Reit transactions. In what was one of its most impressive deals of the year, the firm represented Olam ... [more]

WongPartnership is a strong banking and finance firm and is one the biggest names in Singapore’s MTN markets, often acting for the underwriters on Reit transactions. In what was one of its most impressive deals of the year, the firm represented Olam International in the buyback of its existing S$300 million convertible bonds, listed on Singapore Exchange Securities Trading. The firm also acted for UOL Equity Investments and UOL Group in its S$1.56 billion (US$1.1 billion) hostile takeover offer for all ordinary shares in United Industrial. WongPartnership also represented the client on the S$1.7 billion facility financing the transaction.

In another key deal, the firm represented the syndicate lending nearly S$2 billion to Macquarie Global Property Advisors’ purchase and development of the state-owned 1 Marina View property site. This is the biggest property acquisition completed in Singapore and the largest consideration paid for government land. In a bold project financing which began at the start of the credit crunch, the firm acted as Singapore counsel to Sumitomo Mitsui Banking on the facility provided to Central Java Power for the restructuring of its Tanjung Jati B power project consisting of a coal-fired plant in central Java, Indonesia. The S$2.3 billion deal was the first large-scale power project completed in Asia following the onset of the financial crisis. Susan Wong and Alvin Chia are considered standout lawyers for banking work. Rachel Eng also has an excellent reputation.

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Rajah & Tann is a powerful performer in the banking and finance market. The firm represented the Lion Power consortium on its S$3.65 billion winning bid for Temasek Holding’s Senoko Power, which saw Lion Power assume S$323 million of Senoko Power’s net ... [more]

Rajah & Tann is a powerful performer in the banking and finance market. The firm represented the Lion Power consortium on its S$3.65 billion winning bid for Temasek Holding’s Senoko Power, which saw Lion Power assume S$323 million of Senoko Power’s net debt. Soon Choo Hock is a standout banking lawyer at the firm.

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Rodyk & Davidson has a steady reputation for banking and finance work. Last year, the firm worked on a high-profile deal representing the lenders for the Marubeni Consortium – comprising Kansai Electric, Kysushu Electric Power, Japan Bank of International ... [more]

Rodyk & Davidson has a steady reputation for banking and finance work. Last year, the firm worked on a high-profile deal representing the lenders for the Marubeni Consortium – comprising Kansai Electric, Kysushu Electric Power, Japan Bank of International Co-operation and GDF Suez – on the S$2.9 billion acquisition financing and JPY67 billion repowering of Senoko Power. Doreen Sim is a leading lawyer at the firm.

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