Capital Markets: High-Yield Products (International Firms) - China
What the team is known for
Milbank offers a strong Hong Kong-based team with a regional focus, most notably with regard to Philippines expertise and with additional strengths in matters spanning India and Vietnam. The team regularly advises underwriters on US dollar high-yield bond issuances, while also handling convertible bond offerings and exchange offers. The team is also adept at advising underwriters on IPOs, particularly in relation to listings in the Philippines. Its key clients include Globe Telecom, Deutsche Bank and BNP Paribas.
Strengths
"They have strong familiarity with the region and how to navigate local clients. They offer strong responsiveness and are easy to communicate with, resulting in smooth execution and proper anticipation of potential issues."
"The Milbank team was able to navigate complex transactions and provide legal advice on how to structure deals. All the professionals involved were highly capable and helpful."
Work highlights
Milbank advised ING Bank and CLSA Exchange Capital as the joint global coordinators and joint domestic underwriters on the PHP40 billion stock rights offering by the Union Bank of the Philippines.
Milbank advised GCL New Energy Holdings on a successful cash tender offer in connection with its outstanding USD notes, to be followed by a partial mandatory redemption in connection therewith.
Notable practitioners
Tao Liang (Alex Tao) remains a key figure in Milbank's high-yield products team. His practice spans advice for both issuers and initial purchasers. "Alex is a very good lawyer; I have a longstanding relationship with him."
James Grandolfo earns a ranking for a consistent track record of advising on both debt and equity issuances relating to the Philippines from his base in Milbank's Hong Kong office. "He's a strong securities lawyer but he's also a good service partner because he is able to pull all sides together. I have a very good relationship with James and I feel he is the linchpin that holds everything together; I trust him so much."
Paul Pery is based in Hong Kong but possesses notable expertise in equity capital markets matters related to the Philippines. He advises financial institutions on IPOs and follow-on offerings. "Paul has extensive experience in South-East Asia and strong local knowledge in the Philippines. He has extensive experience in dealing with clients and banks, with strong commercial understanding."
