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

In May 2011, UK magic circle firm Clifford Chance merged with Australia's two leading boutique law firms, Chang Pistilli & Simmons (CP&S) in Sydney and Cochrane Lishman Carson Luscombe (CLCL) in Perth.

The mergers are among the first steps in the delivery of an ambitious growth strategy for Asia Pacific, with plans to double regional revenues for the firm through investment in new offices, talent and practices.

The new Australian operation is known as Clifford Chance, and CP&S and CLCL's partners and lawyers have been fully integrated within the international firm, creating an immediate 14-partner capacity for Clifford Chance in Sydney and Perth.

The firm acted for Ricegrowers (SunRice), which is currently the subject of an unsolicited bid for A$650 million ($700 million) by the Spanish food giant, EBRO Foods. This complicated transaction involved significant legislative and political review of the State and Federal Government single desk policies and foreign investment ownership rules.

Clifford Chance continues to field a strong capital markets team in Asia and has had a robust workload this past year, including headline deals like the $10 billion simultaneous London/Hong Kong dual listings of Glencore, the H share $2 billion offering by Shanghai Pharmaceuticals and Prada's listing on the Hong Kong Exchange. Peers in the market comment on the firm's dominant presence when it comes to representing underwriters. "Clifford Chance has a good international network when it comes to relationships with top international banks," says one, "and they are very well-known in Hong Kong. They're often the go-to firm for representing underwriters in transactions."

In January 2011, Clifford Chance advised underwriters Morgan Stanley Asia and Nomura (Hong Kong) on the Chongqing Rural Commercial Bank HK$13.2 billion ($1.7billion) IPO, which was the first ever Hong Kong listing by a rural Chinese bank. Beijing partner Tim Wang, Shanghai partner Jean Thio, and Hong Kong partners Cherry Chan and Kenneth Leung led on the offering.

Clifford Chance's Greater China team also worked across its three offices in advising JPMorgan as the sole global coordinator – together with BNP Paribas, Barclays Capital, BOCOM International, ICBC International and Mizuho as the joint book runners – on the Hong Kong main board IPO of China Hongqiao Group. China Hongqiao is China's fifth largest aluminium manufacturer. The $822 million deal closed in March 2011.

The capital markets team also advised Morgan Stanley and UBS as underwriters for the listing of Zhongsheng Group Holdings, a leading national automobile dealership group in China, on the Main Board of the Hong Kong Stock Exchange. The $472 million deal was led by partner Amy Lo and Jean Thio, and closed in 2010.

Clifford Chance's banking and finance team in China is led by Shanghai and Beijing office managing partner Stephen Harder, who brings project and financing experience to the group. Bruce Schulberg brings his particular experience in project financing, commercial projects work, syndicated financing and NPL-related work to the team, having worked on finance for energy and infrastructure projects across Asia. "Clifford Chance's banking and finance work is excellent," says one client.

In one prominent example of the firm's ability to represent Chinese banks on outbound financings, the banking and finance team advised on a $157 million project loan for the construction of a Gabonese metallurgical plant in September 2010. The lead arrangers were BNP Paribas and the Industrial and Commercial Bank of China (ICBC), while the Sinosure insured loan represents Sinosure's first buyer's credit in the natural resources field in Africa. The ECA's buyer's credit benefit is from an original dual corporate and sovereign payment guarantee for up to 75% from the French Eramet, up to 25% from the Gabonese Republic. This mixture of both sovereign and corporate risk gave the deal another landmark element, as the transaction was the first Sinosure was involved in a deal with this combination of guarantees from shareholders.

When it comes to Clifford Chance in M&A, the market was almost universal in its opinion that the firm is a top tier operation. "Clifford Chance is well-established and has a longstanding history of China-related M&A work," says one partner at a rival firm. "They're the team a lot of people want to work with because of their strong history and track record." The positive peer feedback certainly makes sense in light of the team's deal list this year, with key transactions in the financial services, life sciences, healthcare and consumer goods and retail sectors for both inbound and outbound transactions.

As head of M&A in Asia, Roger Denny led a team that advised Rabobank on its investment in the Agricultural Bank of China IPO and accompanying strategic cooperation agreement which covered multiple business lines, for a deal value of over $250 million. The Agricultural Bank of China IPO was the world's largest ever IPO, with cornerstone investments that locked in 50% of the offering.

Cherry Chan and Virginia Lee advised Telefónica on an enhanced cooperation agreement with China Unicom, building on an existing strategic alliance between the two companies that the Clifford Chance team previously advised on.

On the outbound side, Head of the Mainland China Corporate Group Emma Davies led the group in advising Royal DSM on the development of a 50/50 joint venture between Sinochem group and Royal DSM's DSM Anti-Infectives activities worldwide. In the agreement, Sinochem Group takes a 50% equity interest in DSM Anti-Infectives through a cash consideration of €210 million ($302 million) on a debt-free, cash basis. The transaction is subject to regulatory approvals and clearances in the EU and elsewhere.

Clifford Chance continues to act for a wide range of international private equity funds on high-visibility transactions in China. A distinguishing feature of the private equity class is the genuine full-service offering that the firm provides to clients, offering deep experience in transactions, acquisition financing and fund formation in addition to regulatory advisory services.

In April 2011, Beijing partner Terence Foo led Clifford Chance's team in advising a subsidiary of Temasek Holdings on its $179 million acquisition of a 3% stake in New China Life Insurance, the fourth largest life insurance company in China. As part of New China Life's rights issue, Temasek also acquired subscription rights, which entitled them to $62 million in additional new shares. Standard Chartered invested with Temasek in order to acquire a 1.5% stake. The transaction represents one of the few private equity investments into a Chinese insurance company that has been approved successfully.

Clifford Chance's China private equity team also advised private equity fund L Capital Asia on a HK$140 million ($17 million) investment into Hong Kong-listed Emperor Watch & Jewellery-a leading Greater China watch and jewellery retail company. The deal, led by Terance Foo and Andrew Wahn in Hong Kong, involved subscriptions for convertible bonds and warrants in a Hong Kong-listed company issued pursuant to a general mandate granted to the directors by the shareholders. The investment aimed to target the growth potential of the Chinese luxury goods market.

Clifford Chance's Hong Kong team has had a successful year this year as the practice continues to win major mandates and act for underwriters in some of the most high-profile deals in the market. The firm's strong relationships with international banks and financial entities make the firm a trusted advisor for underwriters. Clifford Chance's partners have advised on IPOs in a wide range of sectors this year, from luxury goods to real estate to financial institutions.

One of the teams most high-profile mandates this year was advising the syndicate of underwriters on the landmark Glencore IPO. The $10 billion deal was impressive both because of its size and its status as the world's first offering to simultaneously list on the UK and Hong Kong Exchanges.

Clifford Chance's team also recently advised on the major real estate UPO of Global Logistic Properties (GLP)'s IPO, which also included a POWL (public offering without listing) tranche in Japan. The global offering raised approximately $2.9 billion and was the 3rd largest IPO in the history of the Singapore exchange.

Another highlight saw the team advise Morgan Stanley Asia and Nomura International (Hong Kong) on the Chongqing Rural Commercial Bank IPO. The offering was listed at $1.7 billion and represents the first time a rural Chinese commercial bank has listed in Hong Kong.

The Hong Kong and Chinese teams at the firm combined to represent JPMorgan in its role as sole global coordinator – together with BNP Paribas, Barclays Capital, BOCOM International, ICBC International and Mizuho as the joint book runners – on China Hongqiao Group's Hong Kong IPO. China Hongqiao has a major presence in the Chinese economy as the country's fifth largest aluminium manufacturer, and the $822 million offering closed in March 2011.

The firm is a trusted advisor for international issuers, and its client list benefits from the firm's global relationships with top companies and financial entities. The firm's especially strong network with leading international banks means that Clifford Chance often represents the underwriters in convertible bond issuances. The Hong Kong team also has expertise in high-yield and the emerging market for Rmb-denominated bonds.

Leading partner Connie Heng's continuing commitment to onshore and offshore Rmb-denominated debt markets is a continuing asset to the firm. In late 2010, Heng led the Clifford Chance team that advised Citi in its role as placement agent for a $200 million international issue of secured convertible bonds by Chaoda Modern Agriculture Holdings. The deal involving China's leading modern agricultural enterprise also included approximately a $150 million share placement. The equity-linked transaction involved upstream guarantees and a security package from certain offshore subsidiaries of Chaoda.

Clifford Chance's Hong Kong team also has regional reach across Southeast Asia, having recently advised the underwriters in the government of Malaysia on a $2 billion Islamic sovereign bond issue. The dollar-denominated bonds were issued in June 2011, with a $1.2 billion trance of five year notes at 3% and $800 million in ten-year notes at 4.6%. The shariah-compliant bonds mean that securities for the notes had to be backed by assets where partial ownership is granted to the rent-receiving bondholder.

Clifford Chance's structured finance and securitisation practice is strongest in derivatives and structured products, where Foreign Legal Consultant Paget Dare Bryan leads the Hong Kong practice. The practice advises clients on a wide array of issues-from understanding and restructuring securities related to the global financial crisis to broad-ranging derivatives and structured finance issues. The team also advises clients in the increasingly regulated OTC derivatives space.

Bryan is an expert in the developing derivatives area for the Chinese and Asian markets, and often advises clients on the emerging Derivatives Definitions.

Clifford Chance's bank landing practice has two of the most important features necessary for maintaining prominence in the Hong Kong market-close relationships with international financial institutions, and longstanding relationships with regional financial entities that finance international transactions. One partner at a rival firm notes that, "Clifford Chance is one of the largest and best teams in Hong Kong. Their relationships with the top international banks and major Chinese banks in Hong Kong make them a go-to firm for advising on syndicated loan transactions."

Partner Andrew Hutchins brings deep experience in a range of banking matters including syndicated lending work and cross-border leveraged deals to the Hong Kong team. Experienced partner Anthony Wang lends his background in syndicated loans, acquisition financing and project work to the group.

The banking partners at Clifford Chance recently acted for a syndicate of Chinese lenders leading the financing of the landmark ultra megawatt power project in Sasan, India. The syndicate of banks for the $1 billion project includes Bank of China, The Export-Import Bank of China and China Development Bank. CC also advised lenders in relation to a $400 million acquisition finance facility for the funds-based leveraged acquisition by funds by CVC Asia Pacific and Standard Chartered Private Equity of and Acument's Global Technologies' Avdel and Global Electronics & Commercial business units. Clifford Chance's Hong Kong team advised CVC Asia and Standard Chartered PE on English and Hong Kong law.

Clifford Chance has a strong financial services regulatory practice due to its indisputable relationships with the top investment banks in Hong Kong, who continue to use the firm as their destination of choice for regulatory advising. The firm's regulatory practice continues to be closely linked to its funds practice led by partner Mark Shipman.

The regulatory team also has an asset in top Hong Kong litigator Martin Rogers, who heads the contentious side of the practice. Rogers continues to work for major financial institutions in cases involving Hong Kong regulatory issues.

"Emma Davies is a rising star for corporate law on the competition front," says one client.

Clifford Chance's China antitrust practice is led by Beijing-based partner Ninette Dodoo, who brings substantial antitrust experience to Clifford Chance's Asia practice. Shanghai-based corporate partner Emma Davies also brings over 15 years of advising on China corporate transactions to the regional competition/antitrust team.

Clients seem to appreciate the professionalism and commitment the firm and its partners bring to antitrust issues, with one client telling us that, "Emma Davies is a rising star in the competition/antitrust front."

Clifford Chance has played a substantial role in the China market since Mofcom's anti-monopoly legislation was first introduced, having handled approximately 15% or notifications since the law was enacted. The team has a strong record of acting for clients by clearing cases without conditions, in Phase 1.

Recenty, Dodoo led Clifford Chance's team in advising the Aluminium Corporation of China (Chinalco) on its acquisition of a 47% interest in Rio Tinto's 95% interest in Guinea's Simandou iron ore project. The deal involved creating an iron ore sector joint venture, and took place amidst the Chinese Government's concerts about iron ore sector global price increases. Mofcom scrutinised the product and geographic market definitions for iron ore, and also asked all parties to provide a detailed market analysis as to why the proposed acquisition did not restrict or wipe out competition in China's market.

Clifford Chance's global M&A brand is well-respected in Asia and the firm's top finance and capital markets practices help to provide clients with a safe pair of hands at any level of complex transactions. "Clifford Chance gets so many of the top M&A deals," notes a partner at a rival firm, "they just have a top reputation."

Clients are particularly complementary of Hong Kong partner and Asia M&A Head Roger Denny, with one client noting that "he has a great bedside manner".

CC's strong finance practice gives the firm a position of being the go-to experts for finance-related M&A transactions. Last year, Roger Denny led a Clifford Chance team that represented Rabobank on its $250 million investment in the Agricultural Bank of China IPO, the largest IPO in world history.

In 2010, Clifford Chance's M&A team also represented HSBC as it sold its Asian Wholesale Bank Notes business for $15 million. The asset sale involved complex structures to ensure that the assets were seamlessly transferred across Asia, and entailed considering sensitive legal, commercial and regulatory issues.

In a life-sciences transaction, the M&A team also recently advised Royal DSM on a new joint venture with Sinochem and in regard to DSM's Anti-Infectives business, and will involve all of DSM Anti-Infectives' current operation worldwide. The deal is still pending approval from regulators across multiple jurisdictions.

Clifford Chance is a leading practice because of its ability to expertly advise a wide range of private equity players across diverse investments and industries. As one client notes: "Clifford Chance's private equity practice really has a good bench. We have worked a lot with Andrew Whan - he's great. The team as a whole is excellent and very commercial."

The team has faced challenges recently with a number of departures across the globe, including private equity funds partner John Fadley in Hong Kong.

The team recently advised First Media Holdings on its investment in Hong Kong listed Qin Jia Yuan Media Services, which is a new company established by funds from Advantage Partners. First Media Holdings' investment in this deal was valued at approximately HK$185 million ($24 million), and approval is contingent upon a number of conditions.

Another highlight saw Terence Foo assist Temasek Holdings on its $179 million acquisition of a stake in China Life Insurance. This consisted of Temasek's own investment and an additional 1.5% acquisition through Temasek by Standard Chartered. With insurance being highlighted as a key area of growth in China the investment is easy to understand and represents one of the few times when a private equity entity has been permitted to take a stake in the Chinese insurance space.

Another area of growth in China is luxury goods and last year Foo was again involved advising L Capital Asia as it invested HK$140 million into Hong Kong listed Emperor Watch and Jewellery. The deal necessitated subscriptions for convertible bonds and warrants in a Hong Kong-listed company issued pursuant to a general mandate granted to the directors by the shareholders.

Clifford Chance's investment funds practice primarily focuses on private equity, real estate and hedge fund formation. While the team experienced a major shake-up last year, including the departure of partner John Fadley to Weil Gotshal, the funds practice still seems to be winning significant mandates in its historically strong areas.

The firm's top regulatory team also advises clients on a range of SFC-related compliance issues, and has a history of helping top international hedge funds to obtain licenses for the Hong Kong market. The investment funds team also regularly advises Asian sovereign wealth funds as investors counsel.

The firm's strength in real estate fund formation is underscored by several key mandates, including partners Mark Shipman and James Walker's recent advising of Winnington Capital on the establishment of its $1 billion Trophy Property Development Fund II. The team also advised Phoenix Property Advisors on the establishment of the Phoenix Asia Real Estate Investments IV(A) and Phoenix Asia Real Estate Investments IV(B) funds.

In the private equity arena, Matthias Feldmann advised Darby Overseas Investments on the establishment of the Asia focused Darby Asia Mezzanine Fund II - a mezzanine finance fund with an Asia focus. Feldman, Shipman and Teresa Leung also recently advised CITIC Capital on the establishment of the CITIC Kazyna Investment Fund I in conjunction with Kazyna Capital Management JSC. Kazyna Capital Management JSC is a subsidiary of the Republic of Kazakhstan's sovereign wealth fund Samruk-Kazyna, and the $200 million fund will focus on potential-growth infrastructure projects non-energy investment opportunities in Kazakhstan and China.

Clifford Chance's Hong Kong team supports the Beijing-based project finance practice in their China-related work, and also facilitates project finance throughout Southeast Asia via the firm's relationships with major Chinese lenders. Veteran project finance partner Huw Jenkins leads CC's Hong Kong team.

The project finance team recently advised Sinosure in providing its export credit guarantee for financing the Sasan power project in India. Bank of China, China Development Bank, the Export-Import Bank of China and Standard Chartered bank are all acting as lenders for borrower Reliance Infra Projects (UK). The financing was particularly important in regional project history because it represented the first time that an Indian UMPP has been backed by Mainland banks and guaranteed by Sinosure.

Clifford Chance's project finance partners also acted as international counsel to borrower CLP holdings in connection with the $288 million financing of its Jhajjar Power Project in India. The northern Indian Jhajjar project is one of the first projects in a decade to be financed by overseas lenders, which included China Development Bank, The Export-Import Bank of China, HSBC, Standard Chartered and The Bank of Tokyo-Mitsubishi UFJ.

Clifford Chance's clients value the fact that the practice can draw on the firm's talent pool of finance specialists for asset finance, derivatives, distressed debt and securitization, and that the firm is capable of tackling any complex finance issue. "For restructuring issues," one client tells us, "I would definitely go to Clifford Chance."

Recently, the team advised Lehman Brothers as agent of a syndicated loan, as well as the lenders and PricewaterhouseCoopers (PwC) as receivers and managers of various companies in the Skyfame Group a Hong Kong listed entity which holds Chinese real estate interests. The team advised on restructuring and enforcement strategies in relation to Skyframe's HK$1 billion ($12 billion) obligations. Skyframe has since returned to solvency and had its shared re-listed in the Hong Kong Stock Exchange.

Partners Scott Bache and James Wadham also recently acted for the liquidators Moulin Global Eyecare Holdings (MGEHL) in relation to audit negligence claims brought against KPMG. The liquidators in the matter sought damages of approximately $50 million. The deal represented one of the largest claims ever made against an auditor in Hong Kong courts.

Clifford Chance acted as the English law counsel to the lead managers in Suzlon Energy's rights issue of equity shares this year. The transaction was completed in July 2010 and was valued at Re13.1 billion ($295 million).

"Clifford Chance is a good all-round firm with a focus on primary and secondary capital markets in Japan," says a client, adding: "It has an extensive and deep knowledge in structured financing."

Possessing several highly respected practitioners on its roster, including Peter Kilner, Eiichi Kanda and Leng-Fong Lai, Clifford Chance maintains a standout structured finance and securitisation practice. In line with the growth objectives of the team, it recently poached two experienced multi-lingual lawyers from Allen & Overy, Wendy Yeo and Kaori Kino, and relocated Yasuko Moriwaki, a structured debt specialist from its London office last year. The expanded team has led to more work such as repackaging, structured notes issuances, CMBS and securitised debt portfolio sales, among others.

"It has an excellent structure to handle large flow work," says an investment banking client. "This is important in a climate where appetite for risk has diminished and where flow business has increased."

At the moment, Lai is acting for several securities firms on establishing repackaging and structured notes programmes. The firm's star trio of Kilner, Kanda and Lai, along with counsel Kenji Miyagawa have been working with a bank on the restructuring of its CMBS and non-recourse real estate loan assets. As the restructurings require many different structures, the Clifford Chance team has demonstrated its cross-disciplinary capabilities and strengths to be able to tackle such a multi-layered and complex transaction. In one landmark deal, Lai advised Citigroup Global Markets on the restructuring of $1 billion covered bonds that were issued by Korea-based Kookmin Bank back in 2009. These were the first covered bonds issued by an Asian issuer.

"Leng-Fong Lai is proving to be a reliable contact at Clifford Chance, and he is always available," says a director at a European investment house.

"Clifford Chance is our biggest competitor," says a peer. A French banking client offers: "It is a world class firm with expertise and I feel valued as a client." The well established banking and finance team advised lenders, Mizuho Corporate Bank, on the 100% share acquisition of a Japanese recruitment services firm, being one of the high profile acquisition finance deals involving an international private equity fund after the credit crunch. They have "extensive and deep knowledge in structured financing" says a banking client.

Another noteworthy deal, due to its intercreditor complexities, sees counsel Yemi Tepe, advising ING as mandated lead arranger in connection with a junior mezzanine facility to the GST AutoLeather group.

Clifford Chance's enviable client list includes BNP Paribas, Citigroup, Morgan Stanley, Mizuho Corporate Bank, Development Bank of Japan, Sumitomo Mitsui Banking Corporation, JPMorgan Chase, Permira and CVC.

Clifford Chance's Tokyo office suffered a blow when ten of its lawyers departed to American firm K&L Gates in May 2011. Three partners have left, though eight remain at the firm.

Regardless, Clifford Chance retains a strong M&A practice. Clients recommend the firm for its international capabilities. "The firm has a strong global track record and in different sectors. For example, it can easily bridge gaps between Japan and UK regulatory bodies," says a client.

Clifford Chance's long history in Singapore and its familiarity to domestic clients has proved to be a key driver of its practice as international firms become more established in the country's capital markets landscape. "I think although they act for us directly, they are so established in Singapore that even the client that we're working for knows them as well," says one client. "They're very reasonable about fees and on the big transactions we negotiate fees upfront so basically they're very good value for money."

Partners Amy Lo, based in Hong Kong, and Johannes Juette, located in Singapore, led the S$3.9 billion ($2.9 billion) IPO of Global Logistic Properties on the SGX-ST. The firm represented Global Logistic Properties, and advised the company on its Singapore listing as well as its public offering in Japan, which did not involve listing.

Clients have high praise for Raymond Tong who is seen as one of the practice's key figures: "He forms a relationship with you, shows you how to handle high-level contacts," says one client. "Very knowledgeable in terms of their client and in terms of the Singapore local rules, he's been around for a long time so is very good. We take his advice, very serious lawyer with extensive knowledge."

In another highlight transaction, partner Joan Janssen advised CapitaMalls Malaysia Trust, a spin-off of Singapore-listed CapitaMalls Asia, on its $244 million IPO on Bursa Malaysia Securities Berhad.

One of Clifford Chance's highlights last year saw partner Andrew Brereton represent ING, SBMC, Bank Mandiri, BTMU, Intesta Sanpaolo, and Morgan Stanley among others on the refinancing of the $285 million loan and $315 million bond financing, closed in 2009, for the acquisition of PT Bukit Makmur Mandiri Utama by Northstar. Complicated structuring was required so that the existing security package remained the same, though others could be added.

Brereton also advised ANZ in raising $1 billion in financing for San Miguel Corporation in a transaction that closed in August 2010.

"Clifford Chance has always been very accessible, accommodating and responsive to our Group's issues and requirements," is one client's view of the firm's M&A team which remains in the top tier this year.

In a landmark transaction, a team, led by partner Lee Taylor, advised Mitsui & Co regarding a $225 million joint venture with Singaporean company Hyflux. Their joint venture company, Galaxy NewSpring, acquired all 21 existing water treatment facilities, 17 public and four private, owned by Hyflux and Singapore-listed Hyflux Water Trust. Because of the differing ownership schemes, the deal and acquisition of all facilities were quite complex and took approximately four months to complete. Hyflux Water Trust was delisted in December 2010.

Senior associates Melissa Ng and Satbir Walia also advised Philip Morris in the restructuring of its Vietnam operations due to legislative changes regarding foreign-owned tobacco distribution companies in Vietnam. In response to this law, Philip Morris has luanched a joint venture with Vietnam National Tobacco Corporation.

Clifford Chance's project finance team was given a huge boost in May 2010 with the relocation of Geraint Hughes from Hong Kong. Highly experienced, Hughes will no doubt enhance the firm's reputation even further and ensure it remains one of the first ports of call for project finance mandates.

The firm, led by partner Ting Ting Tan, represented the ICIC Bank in a $250 million project financing to Adani so that it could acquire coal assets in Asia. The most notable aspect of this deal is its lightening quick completion, lasting only two weeks from start to finish.

Partner Simon Briscoe was also involved in a limited recourse debt financing deal for an A380 aircraft. Hannover Leasing bought the aircraft and leased it to Singapore Airlines. This represents the first Airbus 380 airplane to be fully underwritten by a Singapore bank.

Partner Andrew Brereton is a key figure in the Clifford Chance R&I team and has been involved in several restructuring deals throughout Southeast Asia.

One highlight saw him lead a team representing the lenders, Barclays, in the debt restructuring of Jindal Stainless, an Indian steel producer. As of now, the restructuring of $24 million of foreign currency convertible bonds has closed, with the total value of the restructuring programme reaching $2 billion. Though Brereton is not licensed to practice law in India, he advised the lenders regarding international law.

Partners Lee Taylor and Nish Shetty, along with Brereton, have also advised an investment holding company in Dubai, Istithmar Beach Road, in its disposal of shares of South Beach Consortium (South Beach). South Beach is a joint venture corporation founded by Istithmar Beach Road, Scottsdale Properties and Elad Group Singapore, and owns prime Singapore real estate. Since Istithmar Beach Road is a part of the troubled Dubai World group, it was forced to exit the joint venture and sell its shares to Scottsdale Properties.

Clifford Chance, like several other large European firms, is poised to open an office in Korea after the ratification of the Korea-EU free trade agreement earlier this year. It has a strong group of lawyers, especially just -promoted partner Hyun Kim, in its Hong Kong office, who is already well respected in the legal community.

The Korea practice advises several important clients, including Hyundai Capital Services, Hanwha Group, Citigroup, and Hyundai Motors. In a notable project finance transaction, Kim, along with Fergus Evans of the Bangkok office, acted for Crédit Agricole Corporate and Investment Bank in a $200 million financing deal for two A330s for Korean Airlines.

Clifford Chance's Thai capital markets and M&A teams leverage off the firm's top international brand and relationships with clients to provide cross-border and global expertise to clients: "We have a good global relationship with them," says one client. "We know them from Europe and London. The come up with creative ideas, and they are very timely in their responses. Even if it's a holiday, when they're on a deal they're really on."

Clifford Chance's team has been getting its fair share of work in light of the market's uptick in debt mandates, capitalising on the high demand for domestic baht bonds. In this space, counsel and head of the debt capital markets practice Doungporn Prasertsomsuk is seen by the market as a key figure.

This past year, the team has acted as Thai counsel for Bangkok Bank in connection with its issue of $1.2 billion in offshore notes. This was the only case in which a domestic entity successfully closed a foreign currency issuance in 2010, and also the first offshore note issue done by a Thai bank after recent US SEC reforms.

The team also recently advised Barclays Capital in its role as sole lead manager and book runner in a $700 million offering of 5.629% 10-year senior notes by PTTEP Canada International Finance and guaranteed by Thai oil giant PTT Exploration and Production Company. The deal involved a multi-jurisdictional team of lawyers from Bangkok and Hong Kong.

Andrew Matthews leads CC's Bangkok M&A team and brings his 30 years of experience in M&A work across the globe to the practice. The team is especially adept at advising clients on cross-border transactions, but is also developing more of a presence with local Thai companies.

In 2011, the team advised True Corp on its acquisition of Hutchison Wireless Multimedia Holdings for Bt4.35 billion ($144.7 million). The acquisition represented a major milestone for True Corp because of its success in the face of sizeable political and regulatory concerns about the deal's size.

While not the largest of Thailand's international firms, Clifford Chance's banking and projects practices still maintain a strong reputation. One client describes the team by saying: "They give high quality advice. There is great availability of partners and assistants. They provide excellent service, and swift response to questions. Their network of lawyers in other jurisdictions is useful in complex cross-border transactions."

Clifford Chance's project finance team recently advised Siam Commercial Bank, Krung Thai Bank and TISCO Bank in their role as lenders on a syndicated acquisition loan for Sahaviriya Steel Industries (SSI) and its UK subsidiary to obtain the upstream steel production capabilities of UK-based Teesside Cast Products. The financing included a Bt23.9 billion ($798 million) onshore facility for SSI's Thailand base as well as a $600 million offshore facility to subsidiary SSI UK. This major deal was SSI's first overseas investment. The deal underscored Clifford Chance's multi-jurisdictional capabilities, as CC teams from Bangkok, Hong Kong and London all worked on the project.

Clients speak very highly of banking and finance partner Fergus Evans and project finance specialist counsel Joseph Tisuthiwongse. One client compliments Evans by saying: "He gives great advice and has high reliability and availability." Another client adds that: "Many senior partners disappear after the first call, which can be an ongoing problem where work is passed to associates doing the rest of the deal. That definitely does not happen with Fergus."

Clients praise Tisuthiwongse by saying that "Joseph, the lead counsel who worked closely with us in these deals, was very knowledgeable and was able to provide continuity and immediate response to ad hoc queries related to the deals. We're pleased with the quality of the advice and the turnaround time. Our team rates him highly amongst all the counsels we work with in Thailand from various different firms."