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

Since last year's office openings, Allen & Overy has won significant mandates.

The firm advised Sylvania Platinum Limited in relation to its corporate restructure, involving the issue of shares with a market value in excess of A$200 million ($192 million). This transaction also included preparing an information memorandum for listings on Australian Securities Exchange (ASX) and Australian Institute of Management (AIM).

Another transactional highlight was assisting ASX and Aim listed Nyota Minerals, on the share placement to International Finance Corporation in late 2010.

Allen & Overy's debt capital market team was involved in advising Fortescue Metals Group last year in relation to a Rule 144A unsecured bond offering which raised $2.04 billion to be used for refinancing its senior secured bonds. In December 2010, the team again completed a similar transaction valuing at $1.5 billion to be used to meet costs of expanding Fortescue's existing operations.

Another notable highlight was advising Lloyds TSB, Australia branch, in relation to the establishment of it's A$15 billion ($14 billion) Debt Issuance Programme and a number of fixed rate and floating rate issuances under the programme.

Allen & Overy (A&O) had a busy year acting for a number of authorised deposit-taking institution sponsors. Rival competitors have taken note of the firm's presence in securities work, "high-quality service, and broad range in corporate work with a burgeoning securities practice," was one peers assessment.

The firm's busy year included advising Macquarie Leasing in relation to its SMART Programme in an auto finance transaction by SMART Series 2010-1US Trust. Another similar transaction saw A&O advising the Bank of Queensland in relation to its REDS programme, which securitises residential and auto-equipment finance.

Led by Grant Fuzi and Angela Flannery, last year the team at Allen & Overy advised Kohlberg Kravis Roberts (KKR) on the debt financing bid for Healthscope, an Australian listed health service business. Although the bid proved unsuccessful, this particular deal required financing involving senior syndicated debt as well as a mezzanine tranche.

Another highlight saw the firm act for Australia and New Zealand Banking Group, Bank of Tokyo-Mitsubishi, DBS Group, Overseas-Chinese Banking Corp, United Overseas Bank and National Australia Bank in relation to the long-term funding for the Singapore Stock Exchange's proposed $7.8 billion takeover of the Australian Stock Exchange (ASX).

The Allen & Overy M&A team, "is highly experienced and extremely commercial" and "very enjoyable to work with", says a client of the firm.

The past year saw the M&A team advising SABMiller, the world's second largest brewer, on its A$11.2 billion ($10.7 billion) proposed acquisition of Foster's Group, the Australian based brewer.

Other highlights include advising Equinox Minerals on a number of high profile transactions including, the offer by Barrick Gold Corporation to purchase all of the shares in Equinox for A$7.1 billion and $6.5 billion bid for Equinox by Minmetals Resources.

The Allen & Overy project finance team has settled very quickly in Australia and was advising the Independent State of Papua New Guinea and various State participants in connection with the establishment of its participation in the PNG LNG (liquefied natural gas) project.

Another highlight was advising Magellan Petroleum Corporation's wholly owned subsidiary, Magellan Petroleum Australia in their acquisition of Santos Limited's 40% interest in Evans Shoal.

While there have been some market naysayers in the past years who have claimed that Allen & Overy's Greater China equity capital markets team was a bit thin, this year has seen the firm's capital markets team working on several of the most major deals in the market, and it looks as if they will only increase their presence in the future. "Allen & Overy was great, as always," says one client who recently instructed the firm on a deal. "They are a firm that understands and values long-term relationships." The firm also continues to be a leader in the debt field (especially in equity-linked and convertible bonds space), offering a depth of knowledge and breadth of debt practice that is hard to match.

Last year, the team acted as international counsel to underwriters Morgan Stanley, Goldman Sachs, Deutsche Bank, Macquarie, Nomura, JPMorgan and China International Capital (CICC) in Agricultural Bank of China's IPO, which included H shares and a 144A placement. Partners David Johnson and Mark Roppel led the IPO team. The worldwide listing, including a dual listing on the Shanghai and Hong Kong stock exchanges, was the largest IPO ever, valued at $22.1 billion.

The Hong Kong team also worked closely with its Singapore branch representing the underwriters on another leading offering, the Hutchison Ports IPO-the largest ever IPO in South East Asia. The $5.8 billion deal was groundbreaking in that it was the first spin-off of a business trust by a listed Hong Kong company. The team also advised the lenders on a $3 billion secured syndicated loan provided to Hutchison International Terminals in connection with the IPO.

Allen & Overy's Beijing team is led by partners Matthias Voss in and Yvonne Ho, who work in tandem with the Greater China team in Hong Kong. Voss heads the Chinese Energy Group, while Ho regularly acts for Chinese and foreign corporates and banks on inbound and outbound financings. Head of the Chinese regulatory team Jane Jiang was promoted to partner in spring 2011, and her experience with domestic and international banks adds to Allen & Overy's banking and finance capabilities in China. One client says that, "We use A&O for our bigger bank group transactions."

On of the team's key deals last year was the Sinosure Covered Mining facility, which was a $340m export credit facility by ICBC for the purchase of construction work and mining equipment from a Chinese contractor to a Russian firm. The financing was insured by Sinosure and guaranteed by the parent company of the borrower - innovative elements are the deal's seminal place as a Sinosure covered facility for a mining project in Russia and the fact that it was the first Russian mining facility without sovereign guarantee. Allen & Overy's China and Russian teams navigated difficult mining regulatory rules and local regulatory and listings rules issues in bringing the project to fruition.

Another deal saw Matthias Voss lead the team advising Sinosure on the $1billion landmark financing of the Indian UMPP Sasan power project. Bank of China, the Export-Import Bank of China, China Development Bank and Reliance Infra Projects.

Allen & Overy's project finance practice has enjoyed a strong year as the team has been involved in numerous high-profile deals across the Asia Pacific region. The firm continues to develop its broad relationships in the project finance area, including those with banks, sponsors, project companies, multilaterals and export credit agencies, and the project finance the team has also been involved with a number of export credit facilities for mining, hydropower and infrastructure developments.

The team has advised several major energy companies in regional oil, gas and petrochemicals projects. "They're an international firm with really good relationships with large Chinese banks as well as international institutions," says one partner. "It means that a lot of companies and banks will go to them for work on major international projects." The practice has also continued to be active in the power sector, recently acting for China Export and Credit Insurance Corporation (Sinosure) on the landmark Sasan power project in India. Last year, they also acted for Sithe on GN Power Mariveles, which represented the first Chinese financed non-Chinese sponsored IPP (Independent Power Project) outside the country. Financing for the $1 billion Sasan power project was to be provided by Bank of China, The Export-Import Bank of China, China Development Bank and Standard Chartered Bank (acting as lenders) to Reliance Infra Projects (UK) (the borrower).

Allen & Overy's team also has a presence in the renewable sector, advising on active projects and corporate ventures including financing for a Wind Farm project in Gansu Province. The Gansu project is widely considered to be the first wind power project in China that is financed through offshore debt.

Allen & Overy's M&A team has won substantial recognition from peers this year, with many partners at rival firms acknowledging the growing strength of its Greater China presence. "A&O is really investing in their China-side practice," says one peer. "You can see that with the kinds of deals they've recently been getting."

The firm's deal list from this past year shows how they have earned this strong reputation. In the life sciences sector partners Peter Thorp, Jing Wang and David Esseks advised Novartis on its Rmb850 million ($131 million) acquisition of 85% of private company Zhejiang Tianyuan Bio-Pharmaceutical, one of China's largest influenza vaccine manufacturers. This transaction represented the first acquisition made by Novartis Vaccines and Diagnostics in China. Because Novartis Vaccines and Diagnostics is a US company, the acquisition involved a significant FCPA investigation and a compliance program element.

Shanghai partner Richard Kim also represented Novartis in its multi-jurisdictional acquisition of Alcon. The transaction involved one of the first ever orders by the Chinese anti-trust authorities in ordering a company's subsidiary to end a distribution and manufacturing relationship-in this case, CIBA Vision was ordered to end its distribution and manufacturing relationship with Ginko, China's largest seller of contact lenses. Allen & Overy's team is assisting CIBA Vision on the unwinding of arrangements with the contact lens manufacturer.

On the financial services side, corporate partner Victor Ho led a team in advising DBS Bank and DBS Bank (China) on the acquisition of the retail and commercial customer base, banking portfolios and related employees of RBS China. This transaction represents a rare opportunity for DBS and DBS China to acquire a large customer base in the country. Because of limitations under the Chinese law requiring individual customers to consent to a transfer of deposits, the transaction is structured and described as a "business migration" instead of a sale of RBS China's retail and commercial business. The deal is further complicated because of issues concerning the allocation of risk between the banks for deposits or structured products which were sold to the migrating customers prior to the migration. Additionally, there is not a clear regulatory review and approval framework for this kind of transaction, which means that the parties have to rely on an ad hoc review and approval process.

Allen & Overy's private equity practice has continued to grow, with the team acquiring new clients such as Blackstone and winning repeat instructions from major private equity firms like the Carlyle Group. The team can also boast repeat instructions from funds like Ontario Teachers and the private equity arms of major financial institutions like Goldman Sachs Private Equity, InfraRed NF Fund (formerly HSBC NF Fund) and Macquarie.

One of the most innovative deals that the team worked on this year was in advising the Carlyle Group on its HK$20.6 billion ($2.65 billion) disposal of part of its interest in China Pacific Insurance by way of two block trades. This turned out to be one of the largest block trades in Hong Kong, and the deal was put out to tender to a number of investment banks due to its large size. Jeremy Hunt, Joelle Lau and Anthony Fan led on the transaction.

Allen & Overy's private equity team also advised the Carlyle Group on its $175 million acquisition of convertible preference shares of CP Pokphand, a SEHK-listed company, from the Charoen Pokphand Group. The deal was especially complex because of the regulatory issues facing PIPE's in Hong Kong Stock Exchange-listed companies.

There have undoubtedly been some naysayers in the market who have said that Allen & Overy's Hong Kong equity capital markets team has been a bit thin after the departure of several key partners in recent years. However, Allen & Overy's team seems to be getting back on track this year, pulling in major mandates and carving out a presence in representing underwriters.

In 2010, Allen & Overy's team represented underwriters Morgan Stanley, Goldman Sachs, Deutsche Bank, Macquarie, Nomura, JPMorgan and China International Capital (CICC) on Agricultural Bank of China's (ABC) IPO. Partners David Johnson and Mark Roppel led the IPO team, and ABC's offering included both H shares and Rule 144A placement. The global listing involved a dual listing in Shanghai and Hong Kong and at $22.1 billion dollars was the world's largest IPO to date.

Allen & Overy's Hong Kong debt capital markets practice derives its top-tier position from a number of attributes. For one, Allen & Overy's place in the market is somewhat unusual because of the firm's status as a leading magic circle firm with a top high-yield bond practice. While the rise of the US firms has meant that much of the high-yield bond business has shifted away from Hong Kong's top UK firms, Allen & Overy has managed to maintain its practice in high-yield and other debt products because of its commitment to this practice area and the expertise of its partners. "Allen & Overy has really been able to ride the market," comments a partner at a rival firm. "They've used their expertise to stay competitive in high-yield as well as convertible bonds."

In the high-yield space last year, A&O advised on transactions for Energy Development Corporation, Vista Land & Landscape, SMC Global Power Holdings and the Travellers International Hotel Group. The team also advised on Alliance Global Group's $500 million guaranteed high yield bond.

A&O has also managed to stay at the forefront of Hong Kong's growing Rmb-denominated bond trend. In a seminal offering, Hong Kong partners Walter Son and James Grandolfo advised Asian Development Bank (ADB) on its Rmb1.2 billion ($186 million) offshore bond offering managed by Deutsche Bank and Bank of China. The transaction represented a number of firsts in the history of Hong Kong Rmb bond offerings-including being the first long-dated offshore Rmb issuance, the first offshore Rmb bond issuance by a supranational issuer, the first such issuance to be rated triple-A by the leading ratings agencies and the first to be listed on the Hong Kong Stock Exchange. While most offshore Rmb bonds have tenors of less than five years, the ADB was the longest tenured issuance ever in the market.

The Hong Kong team also has a presence that expands across the larger region, as exemplified by Grandolfo and fellow partner Andrew Harrow acting as international counsel to the State Bank of India (SBI) on the issue of $1 billion bonds and a subsequent issue of €750 million bonds due in 2015. This represented SBI's first Rule 144A offering and was a landmark in that it allowed the bank to access the US market. The Euro issuance was also one of the largest euro-denominated issues ever to be done by an Asia financial institution outside of Japan.

Allen & Overy is particularly well-known in the Hong Kong market for its securitisation work, with three partners providing derivatives expertise in the rebounding Asia markets. Allen & Overy has the enviable position of advising many of the international banks and securities firms on derivatives-related matters.

In this vein the team has been involved in creating new derivatives and structured finance rules within the country's undeveloped regulatory and legal framework for such products. Allen & Overy's team was one of the principal drafting members of the 2009 NAFMII Master Agreement published by the National Association of Financial Market Institutional Investors (NAFMII), which is the mandatory agreement used for a wide variety of derivatives transactions between interbank market participants in China.

Recently, Allen & Overy's team has been advising Standard Chartered Bank in a standalone synthetic CLO transaction where Standard Chartered Bank sold the credit risk of a diversified pool of loans extended to more than 400 borrowers. In the transaction, approximately 90% of the borrowers were based in Asia and the Middle East, and the Notes were listed on the Irish Stock Exchange. The deal represented Standard Chartered Bank's first 'STAR' synthetic securitisation since the global financial crisis.

During 2010 and early 2011, Allen & Overy's China banking practice has advised on a number of highly-complex deals including pre-IPO financings, asset finance, real estate finance, and Chinese inbound and outbound investments. The firm maintains a strong client list of Chinese and international banks. "Allen & Overy has a very strong franchise in syndicated loans," one client says, "They are a very well established firm and we have a longstanding, traditional relationship with them."

Partners Joseph Tse and Yvonne Ho recently advised lenders in seven separate bilateral loan facilities to Sinopec Century Bright, a Sinopec-incorporated Hong Kong company. Each bilateral facility was to be used in relation to Sinopec's acquisition of 9% of the shares of Canadian-based crude oil extractor Syncrude Canada limited.

Allen & Overy's team also advised HSBC as the lender in financing provided for SAIC Motor HK Investment as it sought to buy a 0.97% state in General Motors Company at the time it was listed on the New York Stock Exchange. The $850 million loan was significant because the high-profile investment by a Chinese car manufacturer into the US market included heavy negotiations with the SAIC group so as to ensure the security of the investors.

Allen & Overy's Asia Pacific regulatory group, led by partner Alan Ewins, assists the firm's comprehensive list of leading financial institution clients on financial services regulatory matters.

Ewins has made great strides in developing the non-contentious side of the practice this year, which is exemplified by his leading a team on advising a major US financial institution on their Asian booking centre project. This included detailed analysis of regulatory authorisations and recommendations relating to the structuring and establishment of the proposed banking entity. It was also a multi-jurisdictional advisory project, which included understanding and relaying Hong Kong, US and Singaporean aspects to the client.

Litigation partners Simon Clarke, Fai Hung Cheung and Angus Ross form a strong team in representing clients on contentious financial services regulatory issues.

Allen & Overy's M&A partner have been receiving good feedback in the market this year from clients and partners alike. One client describes A&O's M&A practitioners by saying: "They are a very professional team and they have coordination power across offices. They give both aggressive advice and reasonable suggestions. I give them the highest ratings for professionalism."

Partners at rival firms have also acknowledged the growing strength of Allen & Overy's Greater China presence. "They've really put together a strong team this year," remarks one partner, "and they're really becoming even more of a presence."

In this regard, recently the team was augmented by the relocation of experienced M&A partner Chris Swift from the firm's Toyko office. Swift brings his specialisation in public M&A and corporate finance to the Hong Kong Team.

The firm's list of mandates last year includes advising Starr International (Starr) on its strategic investment into China's Dazhong Insurance Company (Dazhong Insurance). The deal was achieved after more than a year of negotiations, and required the support of the Shanghai Financial Service Office. The deal was complicated by the difficulties inherent in gaining an insurance license, a sought after document considering that insurance is likely to be a fast growing market in China within the next decades. Dazhong insurance is one of only a few Shanghai-based financial institutions with a license to operate in the insurance sectors. As a result of the investment, Starr will hold a 20% stake in Dazhong and also management control as minority shareholder-making this one of the first times that a strategic investment has been made into a Chinese financial institution.

Allen & Overy's private equity practice has a high profile client list, winning repeat mandates from funds like Ontario Teachers and the private equity arms of major financial institutions like Goldman Sachs Private Equity, InfraRed NF Fund (formerly HSBC NF Fund) and Macquarie. The firm has also routinely works for the Carlyle Group and has acquired Blackstone as a new client.

Allen & Overy's private equity practice showed its ability to innovate this year when it represented Carlyle Group on its HK$20.6 billion ($2.65 billion) disposal of part of its interest in China Pacific Insurance by way of two block trades. The disposal was among the largest block trades in Hong Kong, and the deal was put out to tender to a number of investment banks due to its large size.

Allen & Overy's project finance team benefits from its top relationships with Chinese and international banks, as well as its expanding regional presence. The firm also has strong experience working on increasingly influential export credit facilities.

This year, Allen & Overy has shown an increased presence in Australia-related project financings due to the recent openings of its Sydney and Perth offices. Partner Matthias Voss recently led Allen & Overy's team in advising an energy company and sponsors on a LNG (liquefied natural gas) joint venture project to be developed in Queensland. The LNG financing is novel in the Australian market because it combines equal investments by western oil company Shell and China's Petrochina. The financing is also one of the largest of its kind around the world.

The firm's strong relationships with Chinese financial institutions has also allowed the Allen & Overy to advise on a variety of projects sponsored by Chinese financiers. As an example, the team recently advised China Export and Credit Insurance Corporation (Sinosure) on the landmark Sasan power project in India.

In 2010, the team also advised Sithe on GN Power Mariveles, in a deal which marks the first time the region has seen a Chinese financed non-Chinese sponsored IPP (independent power production) project outside the of the country's borders.

Allen & Overy's Asia restructuring team is led by practice head David Kidd, who has over 13 years of experience in the Asia restructuring market. Senior partner Joseph Tse leads the firm's Greater China practice, and he brings his 20 years of experience in Hong Kong to aid the team in advising on major restructurings in Hong Kong and China.

As with the counter-cyclical nature of most insolvency practice, Allen & Overy's team has had a successful set of years following the financial downturn in advising receivers in Lehman minibonds matters. This gave the practice a particular foothold in the market, which they seem to have expanded beyond Lehman mandates. Nevertheless, Allen & Overy's prowess and strong brand when it comes to advising clients on complex financial issues is what gives them their comparative advantage in the market.

This year, Kidd led the Allen & Overy team advising PricewaterhouseCoopers (PwC) as receivers appointed to the mortgaged property securing the Lehman minibonds, as well as advising the bondholders in the wind-up of the China Sun Bio-Chem Technology Group. Kidd also continues to advise the bank creditors of the high-profile Dubai World restructuring.

In another significant mandate Joseph Tse advised Glorious Property Holdings on their pre-IPO investment, as well as the multi-jurisdictional distressed acquisition of Hungarian chemicals manufacturer Borso Chem by leading China-based chemical manufacturer Wanhua Industrial Group.

Allen & Overy's India practice group operates out of London, Singapore and Hong Kong. Clients recommend the firm for its "attentive and diligent service."

A client praises the India group partners: "They're excellent, highly responsive, and have delivered despite very tight timelines without compromising on advice or quality. From a lender's point of view, this is a very good law firm."

A highlight in the last year for the firm was advising Reliance Industries on the sale to BP of a 30% stake in 23 production sharing contracts for $7.2 billion, exploration bonuses of up to $1.8 billion and the creation of a joint venture for the sourcing and marketing of gas and development of related infrastructure in India.

"With Allen & Overy, you can sleep easy," a client says. Though counsels Aaron Comerford and Seiji Matsuzoe focus on the firm's outstanding structured finance practice, they also possess a high level of expertise in capital markets. The firm's close relationship with large international banks means it has advised a plethora of household names including Nomura, Bank of America Merrill Lynch, Mizuho, Daiwa and Citi.

In a highlight deal, Comerford acted for arrangers Goldman Sachs, Mizuho and Nikko Cordial regarding the initial offering of units in the Mori Trust Sogo real estate investment trust (Reit), worth over ¥40 billion ($520 million).

'Allen & Overy's performance has been excellent," says a client of the magic circle firm's structured finance practice. "It is not the cheapest but you pay for quality." Another client remarks: "The lawyers are well-experienced in different types of structured deals and always advises us new and innovative solutions for a risk of the deal."

Allen & Overy remains a prominent name within the structured finance and securitisation field due to the impressive work done by partner Norifusa Hashimoto and his team, including leading derivatives counsel Aaron Comerford. Many clients are quick to mention the team's unparalleled advice on over-the-counter (OTC) derivatives work. The already impressive team was bolstered in October last year by the arrival of Counsel, Mark Heimendinger from Skadden's Tokyo office. The firm hopes to boost its real estate finance and securitisation capabilities with Heimendinger's arrival. Peers offer a resounding chorus of admiration and credit to this team that stays high up in the top tier. Clients are even more effusive in their praise.

"The firm has good expertise in OTC derivatives products. Its quality is very good," says one banking client, while another adds: "The lawyers provide the necessary advice in a timely fashion, which is quite impressive."

"On derivatives side, Aaron Comford and Seiji Matsuzoe is a very good team who can provide seamless services from an international perspective plus have Japanese local input," says a client. "Other firms tend to be strong in either of international aspect or domestic aspect but as I mentioned, Aaron and Seiji are the good team to provide very well-integrated legal advice".

Despite investor appetite continuing to languish and a slow deal flow due to market conditions, whatever work that was to be had in the securitisation or structured finance space, Allen & Overy was quick to pick it up. The team was involved in the first CMBS deal since the collapse of Lehman Brothers and the first secured TMK Bonds and restructurings of asset-backed securities (ABSs) and CMBS.

Clients single out Allen & Overy for its credit derivatives experience, being the go-to firm for this work given its first-hand experience with credit events and the resulting credit derivative auction settlement. For example, Comerford and Matsuzoe have been busy this year advising a group of ten international and domestic financial institutions on the establishment of the first credit derivatives clearing platform in Japan. In another deal, Hashimoto worked with Nomura Securities as an arranger of a ¥5.5 billion (71 million) loan and CMBS backed by a loan. Clients flocking to the magic circle firm read like a who's who on a list of prestigious financial institutions: Goldman Sachs, Shinsei Securities, UBS, Credit Suisse and Bank of America Merrill Lynch, among many others.

A US investment bank client says the firm's "analyses are always very thorough", and suggests that Comerford "should be made up as a partner. Aaron is indispensable with respect to complex finance deals in Japan involving derivatives. The results he produces will unfailingly exceed your expectations."

Allen & Overy has had another stellar year with partners Aled Davies and Adam Moncrieff leading the banking and finance team on some first class mandates. The duo continues to receive high praise from competitors for their project finance work.

"I like that they always discuss with the counterparty and find out the compromised points, without increasing the total risk of the deal," said a client.

One highlight saw Davies advising JBIC and the mandated lead arrangers on the financing of the acquisition of five gas-fired power stations, a 54km gas pipeline and associated companies in Mexico totalling up to a loan value of approximately $750 million and purchase price of approximately $1.2 billion. A standout deal sees Davies, along with partners in London, advising advised the Bank of Tokyo-Mitsubishi UFJ Limited (BTMU) and Mitsubishi UFJ Securities on their acquisition of a portfolio of project finance assets from the Royal Bank of Scotland Group (RBS).

In the past year, Allen & Overy has further expanded its global reach by opening offices in Australia and Indonesia. Its integrated system allows the firm to assist their Japanese clients with no boundaries. A significant arrival and potential boost to the firm's real estate finance capabilities is New York qualified Mark Heimendinger, who joins from Skadden's Tokyo office.

"Allen & Overy's team always tries its best to find a best solution for our company with meeting the requirements from the counterparty," says a Japanese banking client. Another client recommends the firm because "you can expect top level legal advice with a decent level of fees."

The firm has been expanding extensively over the past year and sees the return of Simon Black from its Shanghai office. His arrival bolsters Allen & Overy's corporate real estate, oil and gas, power, water and infrastructure offering. It is worth noting the firm is featured in both the local and foreign law rankings, reflecting its lawyers' strengths across the board in Japanese and foreign law.

Of Black, clients remark that he is "accustomed to Asian-style negotiations" and that he is "remarkably patient" during these. With a well-connected international network and resources across the globe, the bulk of the team's deals are cross-border and demand specialised knowledge. A number of Japanese companies continue to invest in Europe and Allen & Overy has been steadfast in following its clients abroad. For example, the Bank of Tokyo-Mitsubishi called upon the firm for advice when it acquired the Royal Bank of Scotland Group's project finance portfolio, a mega-deal with assets topping a value of £3.3 billion.

Despite a quiet inbound market, the team managed to win roles on juicy deals such as Barclay's joint venture with Sumitomo Mitsui Banking Corporation and Nikko Cordial Securities. In this deal Nobuo Nakata and counsel Jeremy White, along with former Tokyo-based partner Chris Swift (who has since relocated to Singapore) advised Barclays.

"The lawyers have quick responses, engage in tough negotiations and have faithful minds," says a corporate client.

Hailed by competitors as being one of the best projects team in Tokyo, Allen & Overy continues to lead the pack in the rankings this year. Managing partner Aled Davies heads the banking and projects practice and is seen by peers on "almost every single pitch". The magic circle firm continues its close relationship with the leading banks and corporations in Japan.

On the acquisition side Davies, along with colleagues from the London office, advised Bank of Tokyo-Mitsubishi UFJ (BTMU) on its acquisition of a portfolio of project finance assets, comprising loans and related assets of approximately £3.3 billion, from the Royal Bank of Scotland Group (RBS).

The team also advised Japan Bank for International Cooperation (JBIC) and lenders BTMU, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corporation on the financing of the acquisition of five gas-fired power stations. The structure, which combined aspects of limited recourse financing on an operating company by operating company basis with aspects of a portfolio financing, set a precedent in the field.

Davies was joined by fellow leading lawyer partner Adam Moncrieff in advising Donggi Senoro LNG (liquefied natural gas) with respect to the development of the Donggi Senoro LNG project in Indonesia.

On the asset finance side, Moncrieff and fellow partner Ashley Wright, who has recently relocated to Hong Kong, are acting for JBIC and other lenders on the ship financing to a Norwegian ship owning company. Allen & Overy continues to impress with the depth and breadth of their deals in this field.

Like several of its contemporaries, Allen & Overy has benefited greatly from the qualifying foreign law practice license (QFLP), allowing it to now advise on local aspects of capital markets deals. In this respect, partners Kenny Kwan and Lock Yin Mei have begun to make names for themselves and the firm is seen as a credible choice for both domestic and international mandates.

One highlight deal last year saw both partners along with Hong Kong's Chris Swift act for Deutsche Bank, DBS Bank, JPMorgan, and Barclays, among others in a $5.8 billion IPO on the SGX-ST for the Hutchinson Port Holdings Trust. The Trust holds the Pearl River Delta container assets of Hong Kong's Hutchinson Whampoa group, and the IPO required coordination between counsels in Singapore, Hong Kong, China, British Virgin Islands and the United States.

Mei and Kwan, along with fellow partner Hooman Sabeti-Rahmati, also advised Citigroup, JPMorgan, China International Capital Corporation, DBS Bank and UBS as joint bookrunners and joint underwriters of the Global Logistic Properties IPO on the Singapore Stock Exchange. The $3 billion IPO represents the largest real estate IPO ever.

Unsurprisingly perhaps, given that it is the area the firm built its reputation on, Allen & Overy remains in the top tier in banking this year. In addition to a strong team on the ground, the firm can call on the experience of teams in Hong Kong, Japan and, as of January 2010, Australia.

Last year the Singapore team was also boosted by the arrival of Jason Humphreys, who moved across from the Tokyo office. He has wasted no time in establishing himself and clients already see him as a key part of the firm's offering: "He's a very experienced lawyer in the sector with a friendly and open-minded character," says one. "He understands well the clients' needs and Japanese business as well as the market standard, which I believe enables him to come up with solutions which any transaction party can finally accept."

Another client says: "A&O works towards the interest of the transaction and have been very good with financial acumen and understanding the business needs, apart from being excellent at documentation and closing transactions."

Highly-regarded partners John Richards and Chris Moore worked in conjunction with London-based partner Richard Hough in advising structuring agent Credit Suisse on a $1.35 billion share-backed loan facility to fund a reverse takeover of Indonesian companies Bumi Resources and Berau Coal Energy. The companies planned to create an enormous London-listed Indonesian resources company, Vallar, which would in turn purchase both for $3 billion.

In another complicated banking transaction related to project finance, partner Kayal Sachi and consultant Andrew Roche advised Axis Bank on a $358 million facility to expand Male International Airport, located in the Maldives. This represented one of the first public-private-partnerships (PPPs) in the Maldives.

Within Allen & Overy's M&A practice clients were quick to point to Ban Leong Oo as the firms' star performer: "Very thorough, covers all possible legal and commercial angles when he looks at a problem. He is responsive, meets tight deadlines and provides excellent products. I've been very pleased with Ban." Another highlights his cross border ability: "We certainly had some challenging and unique issues in some jurisdictions we've worked in and he has come up with practical and creative solutions to complex problems in some very difficult jurisdictions, places like Pakistan and Indonesia."

Last year partner Christopher Moore represented Khaznah Nasional Berhad in the formation of a joint venture with Camco International, a company listed on the Alternative Investment Market of the London Stock Exchange that focuses on emission reduction and clean energy products. The two companies engaged in a cross-border M&A transaction to develop clean energy projects and carbon credit development in Southeast Asia.

Moore, banking partner John Richards and London-based partner Richard Hugh advised Credit Suisse in a reverse takeover that created a London-listed resources company, Vallar. It acquired shares in Bumi Resources and Berau Coal Energy for a combined total of $3 billion with the goal of creating a globally-recognised mining company.

"A&O understands the commercial side to a transaction well. Creative thinking, out-of-box thinking was required to reach certain agreements and A&O did an excellent job at that. Great work-ethic and strict adherence to deadlines and a tight schedule," says one client of the firm's project finance team which, on the strength of its banking reputation and some solid mandates, retains its tier one position this year. Following the opening of its Australian operations at the beginning of 2010 and the continuing strength of its Tokyo and Hong Kong offices, the Singapore team can rely upon a good stream of mandates emerging from its Asian offices.

Partner Jason Humphreys advised lenders BP, Standard Chartered Bank and ICON Capital on a subordinated financing deal of $2.4 billion for the Jurong Aromatics petrochemical project on Jurong Island, Singapore. The project required complex structuring that was acceptable to senior lenders but still maintained the rights of the subordinated lenders.

In another deal showcasing the firm's Indonesia capabilities, Humphreys and partner Andrew Diggs are advising on an important project in Tayan, West Kalimantan, Indonesia. Showa Denko K.K. and Mizuho are leading the financing: a $450 million injection for the development a chemical grade alumina plant.

"Their Korean credentials are second to none and are complimented by their international track record," a client says. "They are our first port of call when we need assistance."

Walter Son, an international capital markets partner in Hong Kong, and Adam Moncrieff, a banking and finance partner in Tokyo, are among the firm's most notable lawyers in the Korea group.

A highlight deal this year was the IPO of Mando in March 2011. The firm, led by Son and consultant John Lee, worked as counsel to the underwriters, Citi and JPMorgan. Six million shares were issued and the offering raised $437.9 million.

Allen & Overy's corporate and capital markets teams are appreciated in the market for their technical ability, commercial sense and commitment to clients. Partner Arkrapol Pichedvanichok is the key figure in the team who advises on both corporate and capital markets issues. One client describes Pichedvanichok as "good on technical issues but also prepared to be commercial", while another notes that, "he is flexible and tries his best to meet customer needs and develop relationships with clients". Fellow partners Stephen Jaggs and Suparerk Auychai are also highly regarded.

With equity capital markets work still quiet due to the relatively recent political uncertainty within the country, Allen & Overy like other firms has focused on its debt side.

In one recent deal, the team represented PTT Exploration and Production Public Company (PTTEP) on its $500 million offering of Rule144A/Reg S bonds. Jaggs and Auychai also advised PTTEP in connection with a $200 million tranche of bonds exclusively issued and sold within Thailand. This represented the first time that a dollar bond issuance took place in Thailand since 2007.

The firm's M&A practice has a strong foothold in real estate matters as well as a wide array of other cross-border deals. The group's expertise in this area is enhanced by the fact that managing partner Simon Makinson is himself an M&A practitioner with a deep experience of inbound and outbound M&A work. Deal wise, last year saw Pichedvanichok advise BEC World as lead arrangers for the Maleenont Family's Bt3.4 billion ($113.7 million) sale of their shares via an accelerated global tender. Pichedvanichok also advised Banpu on the Bt6.6 billion ($222.7 million) sale of its 13.96% of shares in Ratchburi Electricity Generating Holding.

Clients have particular praise for Allen & Overy's work beyond the deal. "We appreciate the ad hoc legal training from time to time that Allen & Overy has provided for us," says one. "They are really customer oriented with their services." Another points to the firm's speed and efficiency "They turn around drafts very efficiently. They are also good value for money...more economical than another leading magic circle firms."

Allen & Overy's banking and finance practice has had a strong year, bolstered by the market increase in bank lending activity, property sector lending and a strong capital base in regional and domestic banks. The firm's strong project finance practice has also benefited from the general market increase and interest in major project financings around the region, particularly in the energy sector. Partner Stephen Jaggs brings extensive experience in regional bank lending, structured financings and projects, while partner Suparerk Auychai is also a key figure.

When it comes to bank lending, clients comment that Allen & Overy's team is experienced and professional: "They a have thorough understanding of the transaction," says one client. "Their high level of experience is the key to the success of the transaction. A&O is fully committed to the transaction, and key conditions and critical issues are well identified in advance. The turnaround time is fast and the transaction has been completed within a tight timeframe they had brought in a full professional team consisting of senior partners, a junior team as well as a support team. Khun Suparerk Auychai provided outstanding service."

Major banking transactions this year include advising the International Finance Corporation (IFC) on a $15 million loan to Electricité du Laos and Advising NordLB on its refinancing of two A330-300 aircraft leased to Thai Airways. The team also recently represented Standard Chartered on a Bt2 billion ($67 million) bridge loan transaction to Advance Agro.

A&O's project finance practice has also won many of this year's top mandates in the sector and client's appreciate the firm's reliability: "I think that their reliability is number one through innovation, and they think outside the box," says one. "Their service and advice have always been consistent, lawyers are good and reliable, and give value-added service. Allen & Overy really leverage their international capabilities."

The team is currently serving as English and Thai counsel to Kansai Electric (KEPCO), EGAT International and LHSE Holdings in connection with the financing and development of the 282MW Nam Ngeip 1 hydropower project. Lead partner Stephen Jaggs also recently advised Japan Bank for International Cooperation (JBIC) (the international arm of Japan Finance Corporation) on a private/public sector partnership framework for developing Thailand project and infrastructure work.