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Established in 2007, Sidley Austin's corporate finance work in Sydney has encompassed US IPOs, public offers of debt and equity securities for seasoned issuers, and equity and hybrid securities.

Managing partner Robert Meyers of the Sydney office led the firm in advising the joint lead managers, consisting Credit Suisse, Goldman Sachs, Merrill Lynch, RBS and UBS as counsel in connection with Queensland Rail National Limited's A$6.1 billion ($5.8 billion) IPO.

The busy year concluded with acting as the issuer's counsel to Spark Infrastructure Trust in connection with an A$295 million entitlement offer.

Sidley Austin's debt practice works closely with the leading local Australian and New Zealand counsel on a broad range of transactions. The firm advised Sydney Airport Finance Company in its issue of $500 million of Rule 144A/Reg S guaranteed senior secured notes.

"I think Sidley Austin is a top-quality team, fantastic track record and is one of the most experienced in the market." One client noted. "They work well with issuers and understand issuers' concerns in going through this type of process."

Clients are pleased with Sidley's capabilities and understanding of clients' needs in the market. "In general I find them to be quite practical and commercial in taking direction and responding to my requirements," says one client. One headline deal for the Sidley Austin team this year saw partners Constance Choy and Alex Lloyd represented Industrial & Commercial Bank of China International (ICBCI) as they acted as placement agent and joint bookrunner in the $70 billion offering of common and preferred shares by Petroleo Brasiliero (Petrobras). Petrobras is a Brazilian state-owned oil company, and the world's fourth-largest energy company. The global offering was the largest in history of capital markets, and ICBCI was the only Chinese investment bank involved in the offering. Its role was seminal in that it was the fist time a Chinese investment bank has taken a major role in an IPO outside of either Hong Kong or mainland China.

Sidley's team also acted as issuers' counsel for Goodbaby International Holdings in its Hong Kong IPO, with concurrent Rule 144A/Reg S global placement. Goodbaby International is a leading global manufacturer of children's products in the China, and the $188.4 million IPO garnered major media and investor attention. Partner Jason Kuo led Sidley's team, and the incredibly oversubscribed offering made Goodbaby the third most popular IPO in the history of the Hong Kong Exchange.

Sidley Austin's Greater China banking practice supports it funds and complex financing practices. The group advised several major property companies and Chinese corporations and issuers on credit facilities and financing transactions. Partner Robert Mason led in advising Agile Property Holdings on existing loans including, including a HK$800 million ($103 million) facility, a HK$1.55 billion bilateral loan and an HK$1.6 billion syndicated facility. Mason also directed the advising of Shimao Property Holdings in relation to $440 million and HK$156 million multi-currency credit facilities. Also in the real estate sector, Sidley has advised Evergrande real estate, the Fantasia Group and Kaisa group on transactions. Mason and others have also represented Chinese businesses like including Chaoda Modern Agriculture, LDK Solar and West China cement in financing transactions.

Sidley Austin's China M&A practice advises clients in relation to cross-border and domestic M&A transactions. The team advises multinationals acquiring stakes in Chinese companies, as well as Asia-Pacific companies with regional interests.

Sidley boasts a number of high-profile transactions out of its China offices. Lead partner Tang Zhengyu represented Akzo Nobel in its $500 million major green field investments including M&A and JV/WFOE restructuring transactions in China. Partner Chen Yang has led a number of transactions in the life sciences, including advising a leading global healthcare and pharmaceutical company in establishing a vaccine manufacturing base in China, and a global life sciences and healthcare group in acquiring a target involved in dermatological products distribution in China and Hong Kong.

The team has recently been augmented by the addition of partner Joseph Chan, who joined the Shanghai office as partner in November 2010. Chan brings deep experience in working with the full spectrum of the private equity cycle to the Sidley M&A team. Chan has represented leading global clean tech-focused Global Environment Fund in connection with its private equity investment in a leading wind farm developer in China, valued at $60 million.

Clients seem to view Sidley's China practice as sophisticated and comprehensive. Indeed, as one says: "I strongly prefer working with Sidley over other firms I have worked with in China, and I would certainly recommend them. We work with them on general corporate matters and joint venture work in China, as well as certain commercial agreements. They are always very responsive and detailed."

Sidley Austin's Hong Kong practice is strong in the equity capital markets IPO space. The firm's capital markets partners are experts in Hong Kong, US and English law - meaning that the firm has the ability to support outbound and inbound listings as well as complex, multi-jurisdictional offerings across Asia and internationally. This comparative advantage is shown by the firm's recent history of equity capital markets listings as the firm tackles large and complex issuances.

Sidley's partners are also especially well-respected by clients. Constance Choi is particularly appreciated for her ability and accessibility. "Constance is particularly good with urgent advice," says one client, "if we need to reach her on Saturday, she can give advice right away in both English and Chinese. The team is all very timely and approachable."

Sidley's clients also praise the firm's ability to build lasting relationships with clients. "They always try to build a long-term relationship with us," one notes. "They are always very good and give sufficient attention to our deals."

One of Sidley Austin's most prominent equity deals this year saw partners Constance Choy and Alex Lloyd advising Industrial & Commercial Bank of China International (ICBCI) in its role as placement agent and joint bookrunner in the $70 billion offering of common and preferred shares by Petroleo Brasiliero (Petrobras). The global offering was the largest in history of capital markets, and ICBCI was the only Chinese investment bank involved in the offering. The offering was a landmark for Chinese financial institutions in that it was the first time a Chinese investment bank has taken a major role in an IPO outside of either Hong Kong or mainland China.

The Sidley Austin team also represented Indonesia's largest steel producer, PT Krakatau Steel, on its Indonesian Stock Exchange IPO. The company's sale of 20% equity was valued at $226 million, and the offering represented the largest IPO for a state owned entity since 2006.

Sidley's debt capital market's team primarily focuses on major, high-yield debt transactions-and clients seem to agree that they're among the best at what they do: "They are very capable. They are very responsive and provide a good service to us. We also like them for their international network. They're very good."

Clients also praise the quality of the firm's responsiveness and accessibility. "They are very responsive quickly," one client says, "and are always on point. They're always approachable, 24 hours a day."

Showing its high-yield ability, Sidley's team recently represented Evergrande Real Estate Group on its Rmb9.25 billion ($1.4 billion) dual-tranche synthetic offshore Rmb bond. The offerings included Rmb5.5 billion 7.5% Senior Notes due 2014 and Rmb3.7 billion 9.25% Senior Notes due 2016. This Reg S bond was denominated in Rmb and settled in US dollars, and the deal was Asia's largest ever high-yield bond as well as the largest Rule 144A/Reg-S bond since 2001.

Sidley's capabilities, however, are not at all limited to the high-yield space. The debt team has also had a strong showing in winning some of the major Rmb-bond mandates in Hong Kong, including advising the Export-Import Bank of China on its Rmb5 billion ($776 million) bond offering in Hong Kong. The two-tranche bond included a retail public offering of Rmb4 billion 2.65% bonds due 2013 and an institutional Rule 144A/Reg S placement of Rmb 1.95% bonds due in 2011.

Sidley seems to have really invested in its structured finance and securitisation practice this year, having appointed Thomas Albrecht to the position of Asia Pacific Managing Partner. Albrecht is co-head of Sidley's global structured finance and securitisation practice and has deep experience in secured financings, structured finance transactions, restructurings, workouts and cross border finance and securitisation work. Counsels Robert Mason and Gerard Hekker will also bolster the practice.

Sidley Austin's Hong Kong and Greater China banking practice supports its funds and complex Financing work across the region. This past year, Sidley advised several major property companies and Chinese corporations and issuers on credit facilities and financing transactions.

Sidley's team has done a significant amount of real estate financing work this year, with partner Robert Mason leading Sidley's team in advising Agile Property Holdings on existing loans. These included a HK$800 million ($103 million) facility, a HK$1.55 billion bilateral loan and an HK$1.6 billion syndicated facility. Sidley's partners have also advised on a number of other loans to companies in China's real estate sector.

Sidley Austin's financial services regulatory practice is led by partner Alan Linning, who has deep knowledge of the SFC's enforcement of statutory powers under the Securities and Futures Ordinance having been a former head of the that organisation.

Clients have high praise for Linning and his experience:"He's a very great litigator on these matters, as he's the former head of enforcement at SFC and was also head of litigation for an investment bank. So he's got the regulator and business perspectives. As clients, we need the right result to be delivered. We look to results only, and we got the ideal result from him."

Recently, Linning has represented Tiger Asia Management in proceedings brought by the SFC under Section 213 of the Securities and Futures Ordinance (SFO). In summer 2011, the Court will hear an application by Tiger Asia and three other parties to strike out the SFC's case on the basis that the SFC has no jurisdiction to bring over the defendants. This is a landmark case and is likely to proceed to the Court of Final Appeal, as the hearing will examine in the nature and extent of the SFC's powers under Section 213. Of particular interest will be whether the SFC can bring civil proceedings in respect of alleged breaches of criminal provisions of the SFO.

In February 2011, Linning also represented an alternate non-executive director of a listed company in proceedings for disqualification brought by the SFC under Section 214, SFO on the basis of breaches of the SEHK Listing Rules. The case was settled by way of the Carecraft procedure, and the client's restricted role was acknowledged.

As for Sidley's reputation, one client puts it like this: "Personally, I've worked with Sidley for 15 years. I really know the firm and know their reputation. I have deepest respect for them as a brand name-they don't need to develop the relationship with me, as I'm already a loyal customer."

Sidley Austin's Hong Kong M&A practice advises clients in relation to cross-border China practice and M&A deals across the region. The team advises multinationals acquiring stakes in Chinese companies, as well as Asia-Pacific companies with regional interests. Sidley's regional M&A practice has been recently bolstered by the arrival of partner Joseph Chan to the Greater China team.

Clients have very positive things to say about Sidley, appreciating their competence and the way that the firm values its relationships with clients. "I strongly prefer working with Sidley over other firms I have worked with in China," says one client. "I would certainly recommend them. We work with them on general corporate matters and joint venture work in China, as well as certain commercial agreements. They are always very responsive and detailed."

This past year, Constance Choy advised China New Network in its proposed placing and acquisition of the whole of the equity interest in Top Match Holdings Limited from Wealth Grange Holdings, in an HK$4.98 billion ($639 million) deal that was achieved through cash and a convertible bonds issuance. China New Network is a wholly-owned subsidiary of Hong Kong listed Suncorp Technologies.

Sidley Austin's team is uniquely positioned to be able to give private equity clients a "one-stop shop" for all of their transactional needs. The firm's Hong Kong offices have supporting M&A, financing, securities and employment practices, among others.

Unlike the practices of some of its peers, Sidley advises a range of private equity clients across the region - beyond the China based funds that are common clients.

One client we spoke to had particular praise for partner Scott Peterman and his team. "His knowledge and expertise and suggestions on our documents (in terms of regulatory and requirement work) were helpful," the client says. "We are a unique fund compared to other funds, so he helped present us to institutional investors and that was very helpful." Another client adds that, "They're excellent. It's their general competence and ability to advise on a wide range of areas. They give practical commercial advice based on technical knowledge. I view them as being proactive and innovative."

Peterman recently advised Mekong Capital in forming a $150 million private equity fund aimed at Vietnam investments - the Mekong Enterprise Fund III Limited Partnership. Peterman also represented an Indonesian Coal operator as it attempted to invest in a mezzanine strip of securities in a distressed Australian coal operator. The value of the investment was an initial $30 million followed by a contingent investment of over $1 billion.

This past year, partner Joseph Chan represented a leading Chinese dairy-based nutritional products manufacturer as the investment holding vehicle of controlling shareholders in connection with a $60 million exchangeable bond and/or equity sale deal. Chan is also representing a prominent Chinese private equity fund with respect to a pending $200 million investment into a clean technology company.

Sidley's crack fund formation team is known for being at the top of private equity and hedge funds work in Hong Kong. Peers have respect for Sidley's well-deserved prominence in the market and clients also have praise for the team: "I view them as valuing us as a client," noted one, "they have been flexible in their approach, particularly when in the earlier stage of our business they acted as a positive partner rather than a service provider. In terms of being helpful and recognising when a business is at a very early stage, they're great."

Their general competence and ability to advise on a wide range of areas is excellent," another client says. "They give commercial advice based on technical knowledge, but it's also practical. I view them as being proactive and thoughtful and innovative. We view them as a top firm."

As an example of the type of mandates Sidley is able to pull in, partner Effie Vasilopoulos is currently advising Morgan Sze in connection with the establishment of the Azentus hedge fund platform. The Azentus launch will represent the spin-out of Goldman Sach's proprietary trading desk, and is generally expected to be the largest hedge fund launch in this history of Asian markets (expected to be between $1-1.5 billion).

Sidley's team also represented Soros Fund Management in the well-publicised establishment of its first Asia office in Asia.

On the private equity side, Sidley advised BOCOM (Bank of Communications) International (Asia) in the establishment of their private equity management platform and the launch of their first Asia private equity fund. The fund launched in March 2010, and was valued at over $500 million.

"Sidley Austin is pretty good," says a client. "The lawyers have great knowledge in legality and lots of experience in venture capital. They came in with authority and gave a lot of credibility to opposing lawyers. They know what they are doing."The firm runs its India work through partner Samir Gandhi, who works out of New York.

The firm was involved in Corn Products International's acquisition of AkzoNobel, which was completed in December 2010 and valued at $1.3 billion.

Sidley Austin is expanding its capital markets practice, having lured over counsel Gerard Hekker from Skadden Arps and relocated partner Prabhat Mehta from New York. The firm is especially active in Indonesian transactions, which are conducted through the Singapore office.

Partner Matthew Sheridan, co-head of the firm's Asia International Finance Practice, has maintained a constant presence in the Indonesian capital markets area, advising PT Krakatu Steel (Persero), the largest steel producer in India, in its IPO listed on the Indonesian Stock Exchange. The total transaction value was $226 million.

Sheridan and Mehta also led Indonesian bank PT Bank Mandiri in its $1.35 billion rights offering and a concurrent secondary share offering by the Indonesian government

Sidley Austin's growing South Korea practice is primarily located in Hong Kong, where three dedicated native Korean speakers, two of whom are partners, are located. Other Korea attorneys are in New York, San Francisco and Los Angeles.

DH Kim, a Hong Kong partner, advised Samsung Electronics in a joint venture with the Suzhou government, Shenzhen government and TCL to manufacture LCD panels. This joint venture is reportedly one of the largest foreign direct investments made by a Korean company into China.