IFLR 1000
The Guide to the World's Leading Financial Law Firms

The team at Nagashima Ohno & Tsunematsu is consistently lauded by the market as being a step ahead of its domestic competitors. "I would choose them to be the top Japanese firm for capital markets," says a pleased client. "They have so many of the strongest and must talented lawyers." Fumihide Sugimoto is highlighted as a securities luminary by the market: "Definitely one of the best lawyers out there, period," says one client.

Fitting for perhaps the top domestic capital markets practice in Tokyo, the team acted on a number of debt and equity transactions when other firms have struggled to find work.

At the end of 2008, the firm scored a role representing issuer Mitsubishi UFJ Financial Group on its three-tranche US-registered, Japanese-registered and European offering of common stock that was valued at $46.3 billion. This offering was made simultaneously in three jurisdictions and signaled the bank's rebound into health.

Another highlight for the team was advising issuer GE Capital on its ¥153 billion ($1.6 billion) issuance of samurai bonds. Showcasing its strength in sophisticated debt products, the team worked for Atrium Co on its ¥23 billion issuance of hybrid capital bonds due 2058 and hybrid capital subordinated loans.

Nagashima Ohno & Tsunematsu leads the pack with its pioneering expertise in securisations and quality high-volume practice. With a solid core of dedicated structured finance and securitisation practitioners, the team has won the loyalty of many appreciative clients: "Their lawyers are very expert and capable with an assortment of products." Leading lawyers Satoshi Inoue and Fumihide Sugimoto are well-regarded by the market.

Recent highlights for the team include its role in a ¥50 billion ($525 million) RMBS securitisation deal for a major Japanese bank and the securitisation of installment automobile sale receivables for the subsidiary of a leading Japanese auto company valued at ¥30 billion.

One top domestic bank sought the firm's expertise in the arrangement of a new financial product, which involves complex structuring and the repackaging of securitisation products.

The market dares not challenge the prominence of Nagashima Ohno & Tsunematsu's banking and finance practice. With a well-established track record of quality work on a wide spectrum of banking deals and finance products, the team is a steady foe to its top-tier peers.

Star partner Satoshi Inoue is heralded by clients for his depth of experience and knowledge: "Overall I am happy working with Satoshi sensei as he is very careful, clear and concise with his advice and has worked on many similar finance deals," says one client.

As the trend of rescheduling loans increases, the team advised Goldman Sachs on amendments to the syndicated loan agreement and commitment line agreement of Usen Corporation. In another highlight for the firm, Satoshi Moriguchi led a team that represented Sumitomo Mitsui Banking Corporation in a ¥10 billion debtor-in-possession financing to Cosmos Initia. The team also advised Bank of Tokyo Mitsubishi UFJ in relation to a term loan facility agreement to Bunge.

"Nagashima Ohno & Tsunematsu is the king of M&A," declares one client.

The large and dedicated M&A team at Nagashima Ohno & Tsunematsu was active this year on several of the market's most prominent transactions. Competitors praise its active presence, with some suggesting that the firm is perhaps the leading M&A practice of the big four. "They are so strong, I would rate them higher than the others," says one competitor.

Kenichi Fujinawa is consistently singled out as one of the star practitioners, while Hiroto Inoue and Shintaro Takai are praised by clients and rivals. "Mr Inoue is just fabulous, I can't say enough, and Mr Takai is very good too," says a client.

Pfizer and Pfizer Japan called on the firm to advise it on the employee buyout of Pfizer's Nagoya Laboratories, which was then relaunched as RaQualia Pharma. This was a significant deal for Nagashima Ohno because it was the first sophisticated and sizable transaction of this type in Japan, involving complex and prolonged negotiations.

Another landmark transaction involved representing GE Japan Holdings in relation to the ¥580 billion ($6.1 billion) acquisition of GE Consumer Finance by Shinsei Bank. The firm then featured for Acom Co on its purchase by Mitsubishi UFJ Financial Group, valued at ¥152 billion.

The project finance practice at Nagashima Ohno & Tsunematsu retains a respectable standing in the second tier. Although not as established as its peers in the big four, the practice still wields considerable power with a strong cast of practitioners and increasing roles for Japanese lenders such as Jbic (Japan Bank for International Co-operation), the Bank of Tokyo Mitsubishi UFJ, Mitsui, Development Bank of China and Sumitomo.

The firm boasts considerable experience in the thermal and wind power generation project space. The team's biggest hallmark this year was its role on the Tanjung Jati B Project in Indonesia, which won the International Financial Law Review's 2009 Asian project finance deal of the year.

Nagashima Ohno & Tsunematsu provided local advice on the groundbreaking $2 billion transaction, which was innovative in its combination of two separate limited-recourse project financings by two separate lender groups with a single project company as borrower.

Another highlight this year was acting on behalf of sponsor Mitsui in relation to the Haneda Air Cargo project.