A long-standing firm with a highly respected banking practice, Pekin & Pekin has registered a solid year but there is a body of opinion in the market that says in some areas the firm is showing signs of slipping. This is particularly true in capital markets, with a number of peers remarking on Pekin & Pekin's low level of visibility....
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A long-standing firm with a highly respected banking practice, Pekin & Pekin has registered a solid year but there is a body of opinion in the market that says in some areas the firm is showing signs of slipping. This is particularly true in capital markets, with a number of peers remarking on Pekin & Pekin's low level of visibility.
"Pekin & Pekin should be in tier two. They are not active, we never see them," comments a capital markets lawyer, while another adds: "Pekin & Pekin I am not sure of here. They are not in IPOs."
With regards to M&A, a corporate lawyer remarks: "Pekin & Pekin don't have any practice, or at least I haven't seen them too much. They are not a strong player." It is not all bad though, as rivals acknowledge the firm's expertise in other areas: "Pekin & Pekin is very good on syndicated loans and all other finance work," says one.
The deal flow for the banking team confirms this, with lawyers advising on a number of deals for borrowers and lenders. The standout is undoubtedly a multibillion Euro financing deal for a petroleum company, while on the projects side the firm has been involved in a number of energy deals.
This energy work also spilled into the corporate side, with the team involved on a series of energy-related refinancings as well as the cross-border acquisition of a chain of Turkish hotels.
In the capital markets, the firm was involved most notably in the issuance of Samurai bonds, which are Yen-denominated securities put out in Tokyo under Japanese regulations but by a non-Japanese company. The issue in this case represented a multibillion dollar figure and was the first such issuance for many years from Turkey.
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