Capital Markets: Debt (International Firms) | Global

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 on 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. Its key clients include FWD Group, the People's Bank of China and China Tourism Group Duty Free Corporation.

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. Key clients include Bank of Communications, Bank of China and Zhejiang HangKe Technology. On 1st May 2024, Allen & Overy and Shearman & Sterling merged to form A&O Shearman.

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 firm is able to offer Hong Kong and US legal advice on cross-border offerings and consistently represents leading international and Chinese banks and investment corporations, with key clients including ICBC International, China Minsheng Bank and JP Morgan.

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, with a steady flow of repeat and debut issuances from clients in the real estate, education, oil and gas, and automotive sectors. 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 infrastructure, real estate and key commodity markets. Key clients of the firm include New Horizon Health, MedSci Healthcare and Tianfeng Securities.

Freshfields Bruckhaus Deringer 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. Shaoxing Paojiang Venture Construction Development, KE Holdings and Agricultural Bank of China are among the practice's clients.

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, with key clients including Shanghai Fosun High Technology, Univest Securities and CIFI Holdings.

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. Its key clients include Deutsche Bank, CSSC (Hong Kong) Shipping and BMW.

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. Key clients include the Suzhou City Construction Investment Group, Zhongtai International Securities and Citigroup.