Hall Of Fame

Asset finance: foreign firms in Singapore

Norton Rose Fulbright

Praised as a ‘great one stop shop for complex cross-border transactions’, Norton Rose Fulbright maintains a prominent position in the region’s aviation, shipping, and offshore sectors, leveraging its broad Asian and global networks to provide advisory services. The team is adept at handling high-value transactions, such as aircraft acquisitions and aviation equipment deals, along with complex portfolio management, often working with leading financial institutions and major regional airlines. Furthermore, the shipping division functions as a pivotal hub, delivering a comprehensive suite of services designed to meet the diverse needs of the industry. Keith Sandilands is noted for his considerable experience in all aspects of domestic and cross-border sales. He leads the team alongside Ben Rose, who advises on asset and project finance matters, specialising in the shipping, energy and offshore energy sectors. Elsewhere in the team, Sue Ann Gan stands out for her experience in shipping litigation, while Sophie Polisena is noted for her experience acting for international shipping and project financing banks, owners, operators and other financial institutions in syndicated and bilateral debt facilities. Praised as ‘commercial and extremely responsive’, Edward Bentley is another key contact in the group.

Responsables de la pratique:

Keith Sandilands; Ben Rose


Autres avocats clés:

Sue Ann Gan; Edward Bentley; Sophie Polisena


Les références

‘NRF has a comprehensive offering across Asia in aviation. The practice has strong capability and depth in current practice and legal developments in different jurisdictions in Asia so they give practical and commercial advice.’

‘They are supported by the broader network of offices and a huge global team in aviation that they have around the world. It’s a great one stop shop for complex cross-border transactions.’

‘Keith Sandilands is very experienced and has a depth of technical knowledge mixed with a commercial approach to problem-solving. He is always available and engaged and finds options and solutions no matter what the sticking point on a transaction is. I think his knowledge of the Asia aviation market is unparalleled.’

Principaux clients

BNP Paribas


Carlyle Aviation Partners


Green Shipping Fund (with Prow Capital B.V. as its fund manager)


HSBC


Landesbank Baden-Württemberg (LBBW)


Malaysian Airlines Berhad


Natixis


Pembroke Capital Limited


Philippine Airlines


PT Pelita Air Service


RRJ Capital


Singapore Airlines


Standard Chartered Bank


Standard Chartered Bank


TATA – SIA Airlines Limited


Yinson Production


Principaux dossiers


  • Advised Malaysia Airlines Berhad on the leasing of 25 Boeing 737 MAX 8s under a deal with Air Lease Corporation (ALC).
  • Advised Yinson Production on a $1.035 billion senior secured notes issuance.
  • Advised subsidiaries of Yinson Holdings Berhad ) in relation to the financing and call option arrangements in respect of a modern, low-emission floating, production, storage and offloading  vessel, to be chartered to Enauta Energia S.A.  and operated by a subsidiary of Yinson in the Atlanta Field located in the Santos Basin, offshore Brazil.

Stephenson Harwood LLP

Well-regarded for its ability to find ‘pragmatic solutions to difficult matters and achieving results that work for all parties’, the team at Stephenson Harwood LLP specialises in structured and aviation finance as well as shipping and offshore finance. Counting major financial institutions, banks, lessors, and lessees among its key roster of clients, the team’s expertise covers both contentious and non-contentious issues, with extensive experience in handling restructurings and refinancing, as well as lease transactions, sales, purchases, and portfolio management within the aviation sector. Co-head Gregg Johnston is involved in loan portfolio transfers related to international bank mergers and group reorganisations. Fellow co-head Saugata Mukherjee stands out for his expertise in derivatives and structured products. Huay Yee Kwan continues to assist on high-profile matters, focusing on PRC leasing, and Pedram Norton advises on all aspects of ship finance, workouts, debt structuring and financing. Other notable individuals include: Jeffrey Tanner, who is noted for his strong sector focus on maritime and offshore energy; Gregory Xu, who is recommended for his experience advising on complex financing; and Clement Leung, who regularly advises on the hedging aspects of aviation finance transactions.

Responsables de la pratique:

Gregg Johnston; Saugata Mukherjee


Autres avocats clés:

Huay Yee Kwan; Pedram Norton; Jeffrey Tanner; Gregory Xu; Clement Leung


Les références

This team consistently and efficiently delivers the best quality legal work and works around the clock to ensure that our interests are well protected even when the closing timeline is very tight and the transaction is very complex. We also greatly appreciate the partner’s heavy involvement and the team’s responsiveness throughout the entire documentation process.’

‘Exceptional knowledge in the industry with diverse deal experience.’

‘Strong international finance experience with particular expertise in the maritime, logistics and offshore energy sectors.’

Principaux clients

Cebu Pacific


Cebu Air, Inc.


Transportation Partners


ABN AMRO Bank


Standard Chartered Bank


ING Bank


Bank of Communications Financial Leasing


ANZ Bank


BNP Paribas


Huaxia Financial Leasing Co. Ltd.


Commercial Bank of China (ICBC)


Straitsman Limited


CPF Dubai


Crédit Agricole Corporate and Investment Bank


E.SUN Bank


Cetus Maritime


Principaux dossiers


  • Advised Cebu Pacific on a series of leasing transactions and a $123 million Japanese Operating Lease with Call Option (JOLCO) financing.
  • Advised Transportation Partners with respect to extension and restructuring of financing relating to thirteen B737-900ER aircraft.
  • Advised Huaxia Financial Leasing Co. Ltd. on its sale and leaseback financing arrangements with Cool Company Ltd. for two new-build MEGA LNG carrier vessels, the Kool Tiger and Kool Panther. Hyundai Samho Heavy Industries.

Clifford Chance

Clifford Chance remains a key player for aviation matters throughout the Asia Pacific region. The practice had manages a steady stream of mandates over the last year, including financing deals, restructurings, sales and leasebacks, JOLCO structured leasing, and sustainability-linked financings. Spearheading the team is Fergus Evans, who advises clients on various types of financing including syndicated lending, aircraft and asset financing. Counsel Nattawat Vilasdechanon is a key port of call for global financial institutions and international aircraft lessors seeking advice on commercial and private aircraft financings, leasing and trading.

Responsables de la pratique:

Fergus Evans


Autres avocats clés:

Nattawat Vilasdechanon


Principaux clients

BNP Paribas


HSBC


Sumitomo Mitsui Banking Corporation (SMBC)


Macquarie Aircraft Leasing Services


ICBC Leasing


SMBC Aviation Capital Limited


Avolon Aerospace Leasing Limited


Itochu


Aviation Capital Group LLC


Castlelake, L.P.


CMB Leasing


Fuyo General Lease Co. Ltd


Aviation Capital Group LLC


AerCap Ireland Limited


Dubai Aerospace Enterprise


Nordic Aviation Capital DAC


Principaux dossiers


  • Assisted Air India GIFT City A350 on finance lease transactions.
  • Advised an international bank and individual lessors in connection with the restructuring of Hong Kong Airlines.
  • Advised Crédit Agricole Corporate and Investment Bank on a Japanese operating lease financing with call option for Cathay Pacific Airways Limited with equity being provided Financial Products Group Co., Ltd.

HFW Singapore LLP

Under the leadership of ship finance expert John Forrester, HFW Singapore LLP’s team skilfully navigates a diverse range of shipping and aviation finance matters. The practice is highly regarded for its expertise in advising lessors on portfolio management, warehouse financing, aircraft portfolio acquisitions, and lease structuring, leveraging its extensive experience in aviation finance throughout China, Japan, and Southeast Asia. Ling Lui stands out for her deep knowledge in aviation, while Siri Wennevik is recommended for her expertise in ship finance across both the APAC region and Scandinavia.

Responsables de la pratique:

John Forrester


Autres avocats clés:

Ling Lui; Siri Wennevik


Les références

‘Quick response from the team to provide the support to clients.’

Principaux clients

Yinson Production


PPL Shipyard Pte Ltd (a Singaporean shipyard belonging to the Sembcorp group of companies)


Yinson Bergenia Consortium and Yinson Production group


Skandinaviska Enskilda Banken AB (publ)


BW Offshore Group


Avolon Aerospace Leasing Limited (Avolon)


KDB Asia Limited


Principaux dossiers


  • Advised Yinson Production on its groundbreaking US$1.3 billion project financing related to the pre-and post-delivery financing of the Agogo FPSO.

Watson Farley & Williams LLP

Lauded for its ability to provide ‘pragmatic and sound advice’, the team at Watson Farley & Williams LLP stands out for its extensive expertise in aviation and shipping finance, as well as its significant involvement in ESG and sustainability-linked financings. The team is led by the ‘very commercial and collaborative’ Charles Viggers, who is noted for his focus on the transport sector, with a special emphasis on aviation finance and leasing. A litany of banks, leasing companies and financial institutions turn to Madeline Leong for her assistance on a range of matters across the transportation, natural resources and energy sectors. Andrew Nimmo advises on project and asset financings.

Responsables de la pratique:

Charles Viggers


Autres avocats clés:

Madeline Leong; Andrew Nimmo; Lizzie Roe


Les références

‘Pragmatic and sound advice.’

‘Lizzie Roe is pragmatic yet provides sound advice.’

‘Reasonable, measured, capable and efficient.’

Principaux clients

Crédit Agricole Corporate & Investment Bank


The Korea Development Bank


Standard CharteredBank


Avation PLC


Island Aviation Services Ltd.


BNP Paribas


China Aircraft Leasing Group Holdings Limited


BOC Aviation Limited


Avolon


Airborne Capital


ING Bank N.V., Singapore Branch


Oversea- Chinese Banking Corporation Ltd


Sumitomo Mitsui Banking Corporation


Berge Bulk


BW Group


BNP Paribas


Armada 98/2 Pte. Ltd.


Principaux dossiers


  • Advised Standard Chartered Bank on the financing of two A320neo aircraft for TATA SIA Airlines Limited, operating as Vistara, utilising a unique structuring through Gujarat International Finance Tec-City using an entity which is not a wholly owned subsidiary of Vistara.
  • Advised a syndicate of seven banks on a US$315m financing for six gas carriers (VLGCs) for Petredec Global Pte Ltd., the world’s leading fully integrated LPG platform.
  • Advised Hafnia on a sustainability-linked revolving credit facility of approximately US$303m, extended by a syndicate of eight banks comprising BNP Paribas, Citibank, Danske Bank, DBS Bank, IYO Bank, Nordea Bank, Oversea-Chinese Banking Corporation and Standard Chartered Bank.

Bird & Bird ATMD LLP

Bird & Bird ATMD LLP is noted for its expertise in cross-border aircraft finance and leasing mandates, in addition to restructuring transactions, and counts regional airlines, aircraft lessors and financial institutions among its key roster of clients. Leo Fattorini, whose ‘insights into aviation finance are unparalleled’, leads the team.

Responsables de la pratique:

Leo Fattorini


Autres avocats clés:

Christopher Healy


Les références

‘The Bird & Bird Singapore team is extremely professional and provides deliverables within the timelines communicated to them. It is always a pleasure to work with them.’

‘Leo Fattorini is a fantastic aviation lawyer and an extremely supportive external counsel. He has always provided a practical perspective on any complex aviation legal issue. Highly recommend him for aviation matters.’

‘Bird & Bird’s ability to provide solutions sets them apart. They remain at the forefront of innovation, supporting clients in rapidly changing environments. Their commitment to excellence is commendable.’

K&L Gates Straits Law LLC

Fielding a ‘very knowledgeable team’, K&L Gates Straits Law LLC’s aviation finance practice counts financial institutions, leasing companies,, and airlines among its key roster of clients, assisting them on structuring, documents and negotiating aircraft finance transactions. Co-head Samuel Kolehmainen, who is praised for going ‘above and beyond for clients’, has extensive experience in commercial and Export Credit Agency financings. Fellow co-head Duc Nguyen focuses on corporate and international finance.

Responsables de la pratique:

Samuel Kolehmainen; Duc Nguyen


Les références

‘Samuel Kolehmainen goes above and beyond for clients and can always be relied on for up-to-date advice, delivered in a clear and easily digestible manner.’

‘Samuel Kolehmainen has good commercial senses.’

‘Duc Nguyen is very practical and efficient.’

Principaux clients

AirAsia Berhad


Credit Agricole Corporate and Investment Bank


Credit Industriel et Commercial


AerDragon Aviation Partners Limited


MUFG Bank Ltd


AerCap


BOC Aviation Limited


Falko Regional Aircraft Limited


VietJet Joint Stock Company


Vietnam Airlines Limited


Principaux dossiers


  • Advising AerDragon Aviation Partners on the refinancing of eleven mid-life aircraft on lease to six different airlines.

Mishcon de Reya LLP

Mishcon de Reya LLP has steadily expanded its presence in the Singapore’s asset finance market, particularly excelling in financings and matters related to luxury assets. Praised for its ability to provide ‘high-quality, meticulous advice that consistently achieves the best outcomes’, the team also excels in cross-border matters. The practice is jointly steered by Ethan Tan, an aviation expert, and Hong Chong Yi, a maritime services expert.

Responsables de la pratique:

Ethan Tan; Hong Chong Yi


Les références

‘Hong Chong Yi is a responsive and sharp lawyer. The best in his class.’

‘The asset finance team is exceptional in its dedication to client service and deep industry knowledge. Unparalleled in handling complex transactions and their efficiency stands out.’

‘This team truly excels in delivering high-quality, meticulous advice that consistently achieves the best outcomes for us, and all for very reasonable fees.’

Principaux clients

Singapore Airlines Limited


ST Engineering Aerospace Resources Pte. Ltd.


Jackson Square Aviation


Export and Import Bank of China


Total Engine Asset Management Pte. Ltd. (50:50 joint venture between ST Engineering and Marubeni Corporation)


Asia Aviation Capital Limited (100% subsidiary of AirAsia)


Yinson Production Offshore Pte. Ltd.


Morgan, Lewis & Bockius LLP

Fielding a team of ‘highly skilled and adept commercial lawyers’, Morgan, Lewis & Bockius LLP excels in aircraft portfolio sales and purchases, refinancing, leasing and sale and leaseback transactions, regularly acting for a range of lessors, financial institutions, investors and aircrafts. The ‘fantastic’ James Bradley leads the team, and advises on a range of transactions in the transportation and finance sectors. Elsewhere in the team, Wai Ming Yap focuses on corporate transactions, advising major corporations in M&A, takeovers, delistings and restructurings, while Terry Chang’s practice includes aircraft and engine financing, cross-border leading and structured finance transactions.

Responsables de la pratique:

James Bradley


Autres avocats clés:

Wai Ming Yap; Terry Chang


Les références

‘An absolutely exceptional team. Highly skilled and adept commercial lawyers who make complex transactions a pleasure to work on are a rarity but Morgan Lewis’ team of asset finance lawyers are exactly that team.’

‘James Bradley is a fantastic partner to whom I have turned for advice for almost ten years and who I think is one of the best partners with whom a client can work. He is focused on achieving the best result whilst extremely pleasant to work with.’

‘MLS’ aviation finance team is very responsive and knowledgeable in finding solutions to issues arising. They will go to extra length to ensure that tight timelines are met whilst mitigating all risks.’

Principaux clients

Malaysia Airlines Berhad


Nok Airways


Avation PLC


MUFG


KDAC Aircraft Holding


Fly Firefly


Rolls-Royce & Partners Finance


Beautech


Skymark Airlines Inc.


PNG Air Limited


Sky Leasing


Principaux dossiers


  • Supported SKY Leasing in the purchase from Mitsui of one Airbus A321-271NX aircraft and a simultaneous lease assignment with Turkish Airlines.
  • Represented niche aircraft leasing specialist Veling Ltd. in the refinancing of three Airbus A380 aircraft on lease to Emirates.
  • Advised PNG Air Limited involving an extensive restructuring (including restructuring of its existing aircraft leases) of its external debts with the support and cooperation of its major creditors and shareholders.

Reed Smith LLP

Housing an ‘excellent team with top-tier communication and commercial approach’, Reed Smith LLP routinely advises on complex and multi-jurisdictional financings, sales and leasebacks, restructurings, portfolio transfers, and secured lendings, with further specialisms covering engine leasing and financing. At the helm sits head Simon Spells, who is lauded for his ability to handle transactions with ‘efficiency and effectiveness’.

Responsables de la pratique:

Simon Spells


Les références

‘We work closely with the Reed Smith team across a number of aviation transactions. We find them to be extremely client responsive and are excellent from a local counsel management perspective in terms of providing clear instructions and pro-active follow-ups.’

‘They are pragmatic when required in order to close the transactions and are very organised.’

‘We have worked with Simon Spells for many years and find him to be an excellent lawyer and commercial adviser to his clients. Simon is calm and manages his team and the transactions extremely well. He is always a pleasure to deal with and manages transactions with efficiency and effectiveness.’

Vedder Price

With a strong focus on Southeast Asia, Japan, South Korea, and India, Vedder Price is recognised for its deep expertise in advising leasing companies and airlines on operating lease transactions. The firm’s commitment to clients is frequently highlighted, with many noting how the team ‘goes above and beyond with their commitment’. Leveraging robust ties with their US offices, the team adeptly manages cross-border financing transactions, English and New York law, and operating lease restructurings for airlines. Ji Woon Kim leads the team in Singapore and regularly handles matters involving commercial aircraft and business aircrafts.

Responsables de la pratique:

Ji Woon Kim


Les références

‘The team has broad knowledge and experience in aviation matters. They go above and beyond with their commitment.’

‘Ji Woon Kim is a great team leader and offers a good balance of independence and coaching to his team. As a client, he makes you feel valued and that your concerns are important.’

‘Ji Woon Kim is incredibly experienced and client-focused, commercially minded and a true deal partner.’

Principaux clients

AerDragon Aviation


AV AirFinance


BBAM


BNP Paribas


Castlelake


CDB Aviation


Credit Industrial et Commercial


Export-Import Bank of the United States


Haitong UT Leasing


ING Bank


KEB Hana Bank


Korea Development Bank


MUFG


Natixis


NordLB


Société Generale


ST Engineering Aerospace Resources Pte. Ltd.


VMIC Co., Ltd.


Woori Bank


Principaux dossiers


  • Represented BNP Paribas, MUFG Bank and Société Generale in connection with the back-leveraged operating lessor financing for Keystone Holdings (Global) Pte. Ltd. of eleven (11) aircraft on lease to airlines based in the Republic of Korea, Oman and the United States.
  • Represented Export-Import Bank of the United States in connection with the ECA-supported financing of two (2) Boeing model 777-F aircraft and one (1) General Electric model GE90-110B spare engine to Silk Way West Airlines.
  • Represented Korea Development Bank in connection with the finance lease transaction for Korean Air Lines and Bank of Communications Financial Leasing for two (2) Airbus model A321NEO aircraft and one (1) Boeing model 787-9 aircraft.