Asset Finance: Asia-Pacific Region

THE FIRM This magic circle giant remains a force to be reckoned with in the asset finance market, advising a range of financiers, leasing companies and export credit agencies (ECAs). It is particularly active in China, Japan and South-East Asia, and is frequently involved in the region's most significant mandates. Aviation finance is a particular forte, with the Singapore team notably advising ANZ Banking Group as debt arranger on the financing of an A380 aircraft on lease to Singapore Airlines. In a further highlight, it advised Bank of China on the secured financing of five Boeing 737-800 aircraft by Air China.

Sources say: "This firm offers the whole package: market knowledge, extensive experience and a great track record."

KEY INDIVIDUALS Simon Briscoe enjoys an excellent reputation for his asset finance work. He has a broad practice covering both aviation and project finance. Highlights include advising Deucalion Funds on the acquisition, leasing and financing for the first two A330 aircraft to be operated by Virgin Australia.

Bangkok-based Fergus Evans is described as "diligent, reliable and efficient," with one client adding: "He addresses all the key issues." Evans is esteemed for his considerable experience in handling cross-border deals.

Paul Greenwell receives praise for his technical abilities and in-depth knowledge of the Japanese and Hong Kong markets. He advised Bank of China on the aforementioned secured financing deal.

THE FIRM This firm handles a range of asset finance work spanning the aircraft, shipping and railway infrastructure sectors. The team has traditionally been noted for its activity in China, but following the opening of a new office in Singapore in September 2011, it has also increased its ability to act for clients in South-East Asia. On the shipping side the firm recently advised Cido Tanker Holding on its sale of 30 product tankers to Diamond S Shipping. In aviation matters, the firm has advised ICBC Financial Leasing on the purchase of 42 Airbus A320 aircraft, engines and associated cabin equipment. Other key clients include Crédit Agricole, BNP Paribas and Cathay Pacific.

KEY INDIVIDUALS Alastair MacAulay in Hong Kong leads the firm's asset finance team and earns client praise for his rapid and helpful responses. He is admitted to practice in the Marshall Islands, which plays a key part in his ship finance practice. He led the aforementioned work for Cido.

"Very experienced" partner Richard Stock is noted for his activity in the aviation sector, advising a range of airlines, lessors and banks. He was the lead partner on the ICBC transaction.

THE FIRM This international heavyweight is noted for its expertise in both aircraft and ship finance. The firm's Hong Kong office takes the lead on asset finance work with assistance provided from the Beijing and Shanghai offices. In terms of aircraft finance the firm represents ECAs, banks and other financiers, as well as a number of airlines. In one recent mandate, the team represented European ECAs in the financing of two additional A380 aircraft for Qantas. The ship finance team has been active in structured and synthetic lease financings, bridging loan facilities and multi-vessel financings. One highlight was the financing and refinancing of three vessels for long-standing client KC Maritime. Other representative clients include Air Macau, Citibank and Petrochina International.

KEY INDIVIDUALS Emma Casdagli is a driving force in the firm's aircraft finance practice, and is lauded by commentators for her wealth of experience. One impressed peer remarked: "I can wax lyrical about her; she is outstanding."

Andrew Brown heads the firm's shipping finance work and is highlighted for his technical capability and knowledge of the market. He advised BAML on the structured synthetic limited recourse operating lease of a container vessel to Seaspan Group.

Chris Tang is another key figure in the shipping practice, who is noted for his financing skills. He worked alongside Brown on the aforementioned BAML transaction.

THE FIRM This firm receives outstanding feedback across the board for its asset finance capabilities. It is well respected for both shipping and aviation work, with standout practices in both areas in China, Singapore and Australia. The firm's aviation team is particularly dominant in the growing low-cost airlines market, where it acts for many regional carriers. For example, it advised Lion Air on the largest ever order for 230 Boeing 737 aircraft, a deal valued at USD21.7 billion. It also acted for Pembroke Capital on the leasing by one of Pembroke’s subsidiaries of two Airbus A330-300 aircraft to MAS, Malaysia's national flag carrier. On the shipping side, the firm continues to offer advice to the key ship finance banks and major shipping companies on financing deals, workouts and enforcements.

Sources say: "A responsive and commercially aware group that understands its clients' needs."

KEY INDIVIDUALS Global head of aviation Paul Ng attracts much praise for his wide-ranging experience in asset finance. One client states: "He has great business acumen and a commercial approach." Ng is particularly admired for his expertise in acting for low-cost air carriers, leading the aforementioned Lion Air transaction.

Interviewees describe Martin Green as "technically brilliant and highly knowledgeable." He heads the firm's shipping and offshore finance practice and has recently led transactions for key shipping finance players, including DVB Bank and ING Bank.

Iain Young "is always available and provides high-quality advice in a quick timeframe," according to sources. His practice focuses on shipping finance. 

Singapore-based Gregg Johnston is noted for his detailed knowledge of shipping finance issues. He recently acted for DNB Bank as lead arranger and agent on the USD497.48 million ECA-backed ship financing to subsidiaries of Hyundai Merchant Marine Co.

THE FIRM This prestigious firm has a strong regional asset finance practice, focusing predominantly on the aviation sector. The team handles a broad range of cross-border matters for aviation companies, banks and lessors. The China practice lies at the heart of the group, with a first-class aircraft finance team based out of Shanghai and Beijing. The firm also has asset finance specialists based in the Australian market, where it has won a number of high-profile mandates of late. It acted for Cathay Pacific Airways on the Japanese operating lease financing of three A330-300 aircraft. In the past year, the firm has attracted a number of new clients, including Standard Chartered and China Eastern Airlines.

Sources say: "A technically accomplished team with a commercial outlook."

KEY INDIVIDUALS Shanghai-based Matthew Bisley became a partner in May 2012. He is a popular choice with clients due to his extensive market knowledge and pragmatic approach.

Yvonne Ho is held in high regard by both clients and competitors. Her practice covers operating leases, bridge financing and export credit transactions. 

THE FIRM This international giant's asset finance practice is primarily known for aircraft financing work. Drawing on a substantial team working across numerous jurisdictions in Asia, the firm advises on a wide range of transactions, and has a particular focus on tax-based and non tax-based lease financings. The firm also handles bankruptcy-related work, lease restructurings and aircraft sales. Representative clients include Thai Airways, DBS Bank, ICBC and Shanghai Pudong Development Bank. In late 2011 the firm acted for Air China on the USD181 million purchase of a new Boeing aircraft, which was financed by Ex-Im Bank.  

KEY INDIVIDUALS Harvey Lau is a member of the firm's banking and finance practice group. He is based in the Shanghai office and handles aviation and equipment financing, primarily for Chinese clients. Commentators describe him as a "fine and meticulous" lawyer.

Andrew Lockhart co-heads the banking and finance group in Hong Kong. His practice focuses on asset and structured finance matters, and he works closely with airlines and aircraft manufacturers. Clients praise his diligent approach, technical knowledge and understanding of the requirements and implications of legal changes.

THE FIRM This firm remains a respected player in all areas of asset finance, winning particular praise for its shipping practice. It has a broad reach across the region, with highly skilled teams in Singapore, Tokyo and China. On the shipping side, the Hong Kong team advised China Development Bank on the financing of two container vessels for a Greek shipowner. Other key clients include HSBC, Export-Import Bank of China and Société Générale. In aviation, a major mandate involved acting for Natixis Transport Finance and DekaBank on the financing of two new Airbus A320 aircraft for AirAsia Group.

Sources say: "An eminent firm; I can't recommend it highly enough."

KEY INDIVIDUALS Clients praise Leigh Borrello as being "practical, calm, responsive and service-oriented." He heads the Asia aviation finance practice and as such is present on many of the firm's most prominent deals.

Tokyo-based Jeremy Gibb is recognised for his wide-ranging asset finance expertise, and is equally at home with shipping and aviation matters. Interviewees regard him as "charming and approachable."

Gervais Green is credited with an in-depth knowledge of shipping finance. Peers respect him as a seasoned practitioner with long-standing experience in the field.

THE FIRM This firm continues to expand its regional practice, with the opening of a Hong Kong office in March 2012. Clients appreciate the firm's sector-specific knowledge in shipping, aviation, offshore oil and gas and energy. In Thailand, the group recently advised Precious Shipping on a USD106 million pre and post-delivery facility. A further highlight saw the group advise PetroVietnam and MISC on a USD137 million debt financing for their Orkid floating storage and offloading vessel.

Sources say: "The partners take a hands-on approach and are capable of handling complex, cross-border deals."

KEY INDIVIDUALS Clients recommend Mei Lin Goh for her commercial mindset and significant market knowledge, saying: "She is attentive and always aware of the important issues in a case." She handles both shipping and aviation finance matters.

Madeline Leong leads the finance practice at the firm's new Hong Kong branch. Observers describe her as "commercial, flexible and dedicated to her clients." She focuses on debt financing, leasing and debt restructuring work.

Siva Subramaniam has become a valued member of the Singapore team since transferring from the London office. Interviewees regard him as "a proactive lawyer with a detailed understanding of shipping finance transactions."

THE FIRM This firm continues to make its presence felt in the asset finance arena, with an especially strong practice in Australia. An alliance with Linklaters has further extended the firm's traction in Asia, with effective co-operation between the two firms on deals. The group acts for both borrowers and lenders, and is active in a number of sectors including transport and mining. The Singapore team recently advised ANZ Banking Group on a USD46.5 million syndicated loan to Opisco.

KEY INDIVIDUALS Sydney-based Alan Maxton wins plaudits for his commercial approach and keen ability to "cut through to the key details of a deal and achieve a favourable outcome for the client." His practice focuses on operating and finance leases. 

THE FIRM This firm remains a market leader in Australia and also has a considerable foothold in the wider Asia-Pacific region, with branches in Japan, China and Singapore. The asset finance practice acts for a range of high-profile clients, from major airlines to international banks. The group is best known for its aviation finance work, and also handles port, rail and related infrastructure finance projects. It recently advised CIT Aerospace on the operating leases of two Airbus A330 aircraft to Virgin Australia. In addition, it is particularly active in the mining sector, serving clients such as Newcastle Coal Infrastructure Group and Port Kembla Coal Terminal.

KEY INDIVIDUALS John Field is the firm's head of projects, asset and finance and structured finance. He is widely regarded as a leading practitioner in his field, with an "excellent practice." He advised CIT Aerospace on the deal mentioned above.

THE FIRM Berwin Leighton Paisner handles a range of asset finance work relating to ship finance and aviation finance, including complex structured finance and offshore finance transactions. Singapore is the main Asian base for such work, and the firm also draws upon the expertise of its head office in London. In notable mandates, the firm advised Marubeni on the formation of a 50-50 joint venture with Singapore Technologies Engineering, and advised CDB Leasing on the financing of two B737-800 Aircraft with Shanghai Pudong Development Bank.

KEY INDIVIDUALS David Brotherton is the head of the Singapore asset finance group, and handles both shipping and aviation finance work.

THE FIRM Following the 2012 merger, this firm has an excellent spread of offices across both Asia and Australia. The Australian offices continue to be considered among the national leaders in this practice area, acting for a range of domestic and international lenders, airlines and lessors. In addition to its core area of aviation work, the firm also handles asset finance work arising in the mining sector. For instance, it recently acted for ANZ, NAB and Bank of America Merrill Lynch on the USD900 million syndicated master finance lease of mining equipment for Fortescue Metals Group.

Sources say: "A strong presence in Australia."

KEY INDIVIDUALS John Angus in Sydney heads the firm's asset and structured finance practice, and is described as an "acknowledged leader" in the Australian market. His expertise includes asset finance, corporate finance and project finance.

Rod Howell joined the firm in early 2013. He is active in the full range of asset classes, and is described as "approachable, user-friendly and pragmatic."

THE FIRM This firm is well known in the shipping sector, combining solid ship financing credentials with a top-notch contentious shipping practice. The team has specialist partners based in both Shanghai and Hong Kong, from where they service clients on deals in Greater China and across the region. Highlights include acting for a major international lender on pre and post-delivery loan facilities to finance the acquisition of container vessels.

KEY INDIVIDUALS David Beaves draws upon many years' experience of working in the Hong Kong market. His practice covers ship finance and leasing, and ship sale and purchase.  

THE FIRM Post-merger, this firm has an impressive geographic reach, combining strong teams based in both the Australian and Chinese markets. The Australian practice continues to be a go-to choice for asset finance work spanning aviation, rail and mining equipment financing. Areas of activity in the past year include an increase in financing from overseas financiers and lessors. The firm is also instructed by key airlines such as Virgin Australia and Qantas, the latter of which it advised on the ECA financing for six A380 aircraft financings.

KEY INDIVIDUALS Well-known practitioner John Canning is "technically very strong," according to sources. He specialises in structured finance transactions, and has led numerous deals for Qantas and Virgin Australia.

THE FIRM This firm focuses primarily on Japanese aviation work, which it undertakes through its Tokyo office. The team generally works with Japanese leasing companies and airlines and handles Japanese operating leases, aircraft finance and airline to airline leasing. It also carries out some ship finance work on behalf of leasing companies. It calls on the support of additional offices in Singapore and China, in Beijing, Hong Kong and Shanghai, when needed.

KEY INDIVIDUALS Joseph Bevash is based primarily in Tokyo, and heads the project development and finance team in Asia.

THE FIRM This firm is one of the top players for asset finance work in Japan, and handles a range of cross-border and domestic financing work. The main focus is in the aviation and shipping sectors, and it also handles some equipment financing work. It works with a range of international and domestic banks, airlines and lessors, and has particular strength in Japanese operating leases.

KEY INDIVIDUALS Katsu Sengoku has an excellent reputation in the market for aviation finance work, acting for both Japanese and international clients.

THE FIRM This firm assists clients with asset finance matters from its offices in Hong Kong, Tokyo and Singapore. The group is primarily noted for its aviation-related work but also handles shipping work, particularly through the Tokyo office. In the past year, activity has included acquisitions, financing and leasing. In one recent mandate the firm's Hong Kong office advised the Magic Vantage Group on the acquisition and financing of a Bombardier BD-700-1A11 aircraft to be financed by Citibank. The Tokyo office assisted Nippon Yusen Kaisha with a project to construct, own and operate an LNG tanker. Other key clients include BNP Paribas, China Development Bank and TEPCO.

KEY INDIVIDUALS Hallam Chow in Hong Kong is a key contact for asset finance work. He led the work for Magic Vantage Group, and has also been active on deals involving private aircraft purchases.