Capital Markets: Debt (International Firms) | Greater China Region

Linklaters' Hong Kong-based debt team boasts a very strong reputation for its work on both straight and hybrid bond offerings, as well as notable experience in large green and sustainability bond issuances. The team is also well known for its specialist focus on commercial paper and renminbi bond offerings, and is increasingly prominent in handling complex high-yield note offerings. Additionally, the firm fields a well-respected equity practice which often handles significant IPOs, follow-on offerings and block trades. The unified practice advises clients on English, US and Hong Kong law issues and regularly acts for major Chinese and international banks and Hong Kong-listed companies, as well as a robust stable of SOEs.

A&O Shearman has a highly experienced Hong Kong-based debt team working on complex cross-border investment-grade matters and panda bond issuances. It additionally advises on social bond offerings and large MTN issuances. Its solid equity practice advises issuers and underwriters on cross-border IPOs and secondary issuances. The firm represents an enviable roster of international banks, Chinese financial entities and sovereign issuers.

Clifford Chance boasts an excellent track record of taking on large and complex IPOs on behalf of issuers, sponsors and underwriters, as well as handling a range of high-value secondary share offerings. One of the standout ECM teams in the region, it regularly advises on major transactions and also has an enviable DCM practice, assisting on the issuance of a range of products, including hybrid, panda and dim sum bonds.The team is equipped to offer Hong Kong and US legal advice, as well as collaborating closely with its UK and European offices on cross-border matters. It consistently represents leading international and Chinese banks and investment corporations.

King & Wood Mallesons enjoys a solid reputation for its work representing a range of clients in straight debt and convertible offerings, as well as tender offers and consent solicitations. The firm is able to advise on panda bonds, as well as euro and Singapore dollar-denominated offerings, and also enjoys a growing reputation for representing Chinese issuers in high-yield work. Additionally, the team remains active on notable Hong Kong IPOs and is able to provide US, UK, PRC and Hong Kong law advice. It has a particularly strong reputation in PRC-related matters due to its network of offices there.

Davis Polk & Wardwell is a capital markets powerhouse with a superb reputation in high-value, cross-border equity matters, including some of the top IPOs and follow-on offerings in the region. An experienced adviser on international ADS offerings in the USA, the firm is also well known for its debt work, representing issuers and underwriters in major note and equity-linked bond offerings. It is additionally highly respected for its work in the high-yield space, advising on repeat and debut issuances, as well as liability management. A robust bench of Hong Kong-based partners advises clients on matters involving US, English and Hong Kong law. Familiar with US regulatory bodies and the requirements of jurisdictions around the region, the team regularly advises on transactions relating to the TMT, healthcare and consumer industries.

Freshfields maintains its reputation as a stellar ECM practice, handling some of the largest and most complex deals in the market from its Hong Kong office. The team is respected for advising both Chinese and foreign issuers and bookrunners on IPOs, H-share spin-off listings and block trades. It is also skilled on the DCM front, acting for issuers and underwriters on both US dollar and renminbi-denominated offerings. The team is also active on a range of sizeable work under medium-term note programmes, as well as on convertible and green bond issuances. It handles transactions relating to the transport, pharmaceutical and healthcare industries.

Herbert Smith Freehills has a respected ECM team spanning Hong Kong IPOs and secondary offerings. The team is familiar with acting on large-scale rights issuances and is additionally well regarded in debt matters, advising issuers and underwriters on investment-grade bonds and MTN programmes. Its expertise spans convertible and exchangeable issuances, as well as trustee representation. The firm frequently represents clients in the healthcare, technology and biopharma sectors.

Latham & Watkins has a well-balanced practice assisting clients on ECM, investment-grade debt and high-yield work. The firm continues to act on a wide range of debt transactions, working on deals originating in China and abroad, regularly assisting Chinese SOEs and private companies and often acting for property developers and industrial clients. It is notably active advising on convertible bonds and other hybrid issuances, as well as sustainability-linked issuances and private placements. The ECM team has a strong track record of acting on significant IPOs for clients in the healthcare, technology, real estate and finance industries. The firm offers an integrated team with US, Hong Kong and UK law capabilities.

With a well-rounded team with an exceptional reputation for handling complex and high-value high-yield debt work, Sidley Austin is also skilled at advising on investment-grade debt offerings, including hybrid products, green bonds and dual-currency offerings, regularly acting as issuer's counsel. The DCM team is also frequently sought out to advise on a range of debt restructuring mandates. The firm also maintains a very busy ECM practice, acting on a high number of IPOs and share placements and representing a range of issuers and underwriters. It is regularly engaged by international banks, as well as PRC and Hong Kong financial intermediaries, and is particularly active on issuances in the property, energy, biotech and pharmaceutical sectors.

Ashurst boasts a well-balanced offering with an established reputation for providing DCM advice to major underwriters and issuers on bond offerings, EMTN issues, private placements and cross-border convertible bonds, while providing Hong Kong, English and US law advice for international and Chinese banks and businesses. The team is also well equipped to handle bond restructuring.

Deacons has a solid practice with extensive local expertise and a long history of acting on equity matters. The team regularly advises sponsors and underwriters on IPOs and listings on the SEHK, as well as on share placement transactions. The firm also demonstrates experience handling cross-border debt issuances and is active on issuances ranging from MTN programmes to sovereign and silver bonds. Deacons has an established record of acting for clients in the energy and natural resources, tech, construction and finance industries.

Fangda Partners offers an increasingly prominent ECM practice with a growing team of experienced international capital markets lawyers based in Hong Kong. Recognised for significant activity assisting clients with IPOs, the firm is also well equipped to advise on debt issuances, with notable expertise in panda bond issuances.

Mayer Brown has an established track record of advising international and Chinese businesses on major DCM and hybrid products, with Eurobonds being a particular area of expertise. The firm also has experience advising on DCM matters in high-growth markets, with a particular strength in Indonesia-related matters. It is able to advise on high-yield covenants, as well as investment-grade offerings, including sovereign bond issuances. It regularly acts for some of the world's largest investment banks advising trustees.