Milbank LLP is pleased to announce that the firm was awarded “High Yield Team of the Year” at the 2022 IFLR Asia-Pacific Awards. The IFLR Asia-Pacific Awards recognize legal innovation in cross-border transactions that closed in 2021.
In 2021, Milbank’s Asia Capital Markets team closed over 30 high yield deals across China, India, Indonesia, the Philippines and reaching as far-afield as Turkey, with a combined value of approximately US$10 billion.
“This recognition is a testament to the talent of our lawyers,” said Hong Kong Capital Markets partner Liang (Alex) Tao. “Our hardworking team continues to put our clients first and deliver unparalleled results that continue to solidify our position as the leading high yield capital markets legal adviser in the Asia-Pacific region.”
“We are honored to have played a role in these notable transactions,” echoed Capital Markets partner and Hong Kong office head James Grandolfo. “Collectively, these deals attest to our team’s ability to execute complex and first-of-a-kind high yield transactions across a myriad of jurisdictions and we look forward to continuing to support our clients.
Singapore Capital Markets partner Giles Kennedy added: “Our team is grateful for this recognition from the International Financial Law Review, which reflects the caliber of our capital markets transactional work throughout 2021.”
“We look forward to continuing to support our stellar clients and help them successfully tackle the most challenging and cutting-edge capital markets transactions in the Asia region,” said Hong Kong Capital Markets partner Paul Pery.
The deals were led by Mr. Grandolfo, Mr. Kennedy, Mr. Tao and Mr. Pery with Special Counsel Terry O'Donnell and associates York Wu, Cesareo Singzon, Abir Varma, Olivia Lin, Raashi Mukherji and Andre Seah.
Milbank deepened its capital markets bench in 2021 with the addition of Special Counsel Terry O’Donnell, who brings over a decade of capital markets experience.
Highlights of notable high yield deals executed by Milbank’s Asia team during 2021 include:
- West China Cement Limited: Advised Nomura and other managers as initial purchasers on the US$600 million 4.95% Senior Notes due 2026 offering made by West China Cement Limited - one of very few non-real estate, high yield issuances in China in 2021.
- GCL New Energy Holdings Limited: Advised GCL New Energy Holdings Limited, a leading solar power generation company in China, in the restructuring of its outstanding US$500 million 7.1% Senior Notes due 2021 - the largest US dollar bond restructuring for an Asian renewable company to date.
- Glory Land: Advised the US$323 million exchange offer of its outstanding high yield bond due 2022. The features of this transaction are first-of-its-kind for PRC issuers and may set a precedent for future China high yield issuances with enhanced credit support of onshore security.
- PT Modernland Tbk: Advised PT Modernland Tbk on the restructuring of US$150 million 10.75% Guaranteed Senior Notes due 2021 and US$240 million 6.95% Guaranteed Senior Notes due 2024 - one of the first cross-border international restructurings to employ a pre-packaged scheme of arrangement under the Insolvency, Restructuring and Dissolution Act 2018 of Singapore for an Indonesian property business.
- PT Japfa Comfeed Indonesia Tbk: Advised PT Japfa Comfeed Indonesia Tbk in connection with the issuance of US$350 million 5.375% Guaranteed Senior Notes due 2026. This is the world’s first sustainability-linked bond by an agri-food company and the first by an Indonesian company.
- LMIRT Management Ltd: Advised LMIRT Management Ltd in connection with its US$200 million high yield bond pursuant to Regulation S to be listed on the Singapore Stock Exchange - notable as one of very few high yield REIT deals completed.
- Vista Land & Lifescapes, Inc.: Advised joint lead managers in connection with the re-opening of Vista Land & Lifescapes, Inc.’s US$200 million 7.25% Senior Notes originally issued on July 20, 2020 - one of the first and only high yield deals out of the Philippines in 2021.
- JSW Hydro Energy Limited: Advised the lead managers in connection with a US$707 million 144A/Regulation S green project bond issued by JSW Hydro Energy Limited - the first bond with project-style covenants issued from India’s hydro sector.
- JSW Steel Limited: Advised Credit Suisse and other managers as underwriters on the Rule 144A / Regulation S issuance of US$500 million 3.95% notes due 2027 and US$500 million 5.05% notes due 2032 by JSW Steel Limited – this US-dollar denominated sustainability-linked bond marks the first such issuance in the global steel sector.
- Limak İskenderun Uluslararası Liman İşletmeciliği A.Ş. (“Limak”): Advised Limak as issuer in connection with a 144A/Regulation S high yield project bond. UBS and Bank of America acted as Joint Bookrunners for the transaction - one of the first-ever project bonds issued out of Turkey.
