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

On the back of favourable client comments and strong recommendations from peers, Nishimura & Asahi debuts in the top tier this year. Over the past few years, the firm has been solidly building up its track record, amassing a devoted following of clients and working on a balanced mix of deal types, from samurai bonds and IPOs to convertible bond issuances. Hideki Ebata and Mitsuhiro Yasuda continue to stand out as star partners for their dealings with the likes of Daiwa Securities, Deutsche Securities, and Elpida Memory, among others.

In a groundbreaking IPO, the Nishimura lawyers served as domestic counsel to Dai-Ichi Life Insurance. This offering, which raised $11 billion, marked the largest IPO by a Japanese issuer this century and was a demutualisation transaction. This was the first demutualisation made under the latest Japanese company's Act. Another notable transaction that highlights why Nishimura edged into the first tier was SBI Holdings' Hong Kong IPO. Partners Takashi Ejiri and Shinpei Nakada acted for the issuer on its Hong Kong Depositary receipts (HDRs) on the Hong Kong Exchange, the first listing of HDRs for a Japanese Company on the Hong Kong bourse.

Nishimura & Asahi's all-star cast of practitioners and excellent banking client relationships buoy the firm in the first tier. In particular, partners Masaru Ono and Mitsuhiro Yasuda win compliments from peers and clients alike.

A team advised the Bank of Tokyo-Mitsubishi on its participation in a syndicated loan totalling ¥20 billion ($261 million). In another deal for private equity firm Carlyle, Masahiro Ueno helped it amend existing syndicated loan documents so that the borrower's shares could be listed on the Tokyo Stock Exchange (TSE). Demonstrating its ability to find creative solutions, Ueno and his team worked out that the existing leveraged buyout loan would continue to be outstanding after the borrower was listed on the Tokyo bourse, therefore, the terms of the loan agreement had to be amended to remove some of the borrower's covenants that were deemed inappropriate by the TSE.

A reliable choice for many banking clients, Nishimura & Asahi promises and delivers quality advice across a spectrum of financing legal services. Masaru Ono heads up the practice that includes a talented team of 26 partners.

Among its highlight transactions this year was one that saw prolific partner Masahiro Ueno advising several Japanese banks and European ones on the refinancing of an existing project finance loan provided to a mobile phone operator. The loan documentation was conducted both in English and Japanese and the size of the loan required that many non-Japanese financial institutions had to be invited to be part of the syndicate.

In the more niche area of ship lease financing, Kosuke Shibukawa acted for a domestic leasing company as arranger in the first syndicated ship lease transaction provided to a Singaporean shipping company that was arranged by a Japanese leasing company.

The sizeable M&A offering at Nishimura & Asahi certainly had no shortage of work last year. With a client list dappled by companies across every possible sector, the team can be proud of its top-tier standing and respect from peers. The domestic acquisition market was quite vibrant until the earthquake stalled a number of transactions but the firm's deal list reflects its activity.

In one deal, Takefumi Sato represented Mitsubhishi UFJ Nicos on the sale of its unsecured card loan credit guarantee business to Acom through a corporate split.

Katusyuki Yamaguchi and Tanigawa advised FreeBit on its acquisition of a majority of shares of Full Speed through a tender offer for over ¥2 billion ($26 million).

The firm has a broad international network with other top-tier law firm allies in other jurisdictions, which clients appreciate. In addition to this, Nishimura adds another layer of value by having experienced counsel, former tax officials and non-legal professionals on staff.

Nishimura & Asahi's project finance team is one of the most respected in the domestic market. The team, headed by Hiroshi Maeda, has vast experience in advising public and private sector clients and financial institutions on both the borrowers and lender's side.