Norton Rose Fulbright’s team continues to be prominent within the region’s aviation, shipping, and offshore industries. Able to draw on its expansive Asian and global networks, the team consistently advises lessors, lessees, financiers, and manufacturers on a range of high-value transactions including acquisitions of aircraft and aviation equipment and portfolio management, often acting for high-profile financial institutions and major regional airliners. Its shipping team acts act as a regional hub offering a wide range of capabilities. Aviation industry veteran, Keith Sandilands, and Ben Rose, renowned for his shipping and offshore expertise, jointly lead the practice. Sue Ann Gan is recommended for ship financing and litigation. Edward Bentley, a regular advisor to lessors, banks, and export credit agencies, Chloe Goodwin, who focuses on aviation transactions, and Sophie Polisena are also noted.
Asset finance: foreign firms in Singapore
Norton Rose Fulbright
Responsables de la pratique:
Keith Sandilands; Ben Rose
Autres avocats clés:
Sue Ann Gan; Edward Bentley; Chloe Goodwin; Sophie Polisena
Les références
‘Norton Rose Fulbright has a great practice based out of Singapore and other offices in Asia. They are supported by other teams from around the world in their firm, including Islamic finance, hedging/derivatives, tax and corporate so they can advise on everything on a transaction, good one-stop shop. I think that makes them stand out against other Asia practices which may not be able to manage some of the more complex stuff in so much depth. You would therefore go to NRF for bigger more complicated deals where you need specialist advice, and you’ll get a good service.’
‘Keith Sandilands is hugely experienced – there are probably very few scenarios in which he does not have some direct or related experience, so he is an absolute wealth of knowledge (and where he needs there is the wider practice to call on). He keeps a keen eye on the commercial drivers and focuses on what’s important, so we meet deadlines and get things done. Keith is now supported by two very good associates – Ed Bentley and Royce Lee. Ed in particular is really professional, very smart, hardworking and careful, you can trust him to get all the details through accurately and diligently which takes the burden off in-house counsel.
‘Ben Rose would be your go-to guy in Asia Pac for offshore oil and gas deals, supported by Rob Driver (in London) and Sophie Polisena. His drafting and legal advice and knowledge are very impressive and of course, he knows the industry and the commercial issues facing it inside out. Sophie Polisena is excellent, smart, and detailed, plus very diligent and hard-working. You can entirely trust her to handle your matter from start to finish. The firm also has Singapore shipping capability with Sue Ann Gan which is a good support for maritime advice.’
Principaux clients
Singapore Airlines
Landesbank Baden-Württemberg (LBBW)
Carlyle Aviation Partners
PT Pelita Air Service
Philippine Airlines
Pembroke Capital Limited
Standard Chartered Bank
Malaysian Airlines Berhad
TATA – SIA Airlines Limited
Natixis
Principaux dossiers
- Advising Pembroke Capital Limited on the sale and leaseback of four Boeing 737 Max 8 and one Boeing 737 Max 8-200 aircraft with Akasa Air.
- Assisting PAL with the negotiation of its purchase order with Airbus for the purchase of nine A350-1000s.
- Assisting PAL with the negotiation of its Product Agreement and Total Care Agreement with their Rolls Royce Trent XWB-97 engines that will power PAL’s new Airbus A350-1000 aircraft.
Stephenson Harwood LLP
Stephenson Harwood LLP’s structured and aviation finance, shipping and offshore finance team advises a range of major financial institutions, banks, lessors and lessees, on contentious and non-contentious matters. It has seen numerous restructurings and refinancings alongside lease work, sales and purchases, and portfolio management in the aviation space. Saugata Mukherjee is praised for his ‘unparalleled depth of aviation industry knowledge‘, and Clement Leung is recommended for advising on the hedging aspects of aviation finance transactions. Piloted by practice co-head Gregg Johnston, the team handles a broad mix of multi-jurisdictional complex transactions including sustainability-linked loans, restructurings, and disputes. Gregory Xu, with over 15 years of experience in the maritime sector, excels in complex financing and restructuring issues. Huay Yee Kwan is noted for her expertise in PRC leasing, together with Pedram Norton and Jeffrey Tanner, who bring further depth and breadth to all aspects of ship and offshore finance.
Responsables de la pratique:
Gregg Johnston; Saugata Mukherjee
Autres avocats clés:
Gregory Xu; Huay Yee Kwan; Jeffrey Tanner; Perdram Norton; Clement Leung; Matthew Seah
Les références
‘Very knowledgeable in their fields of expertise – considered market leaders – provide first-class advice – most importantly as a team, they work together well and as a client that is very important.’
‘Prepared to spend the extra time when needed to address particular issues that might be unique to our internal requirements without complaining that it was not part of the original fee structure – prepared to do that extra work as requested.’
‘The team is highly knowledgeable on shipping matters and is considered one of the best in the industry. The work scope for projects is well thought out and transactions are closed smoothly.’
Principaux clients
Air Asia
ABN AMRO Bank
ANZ Bank
Bank of Communications Financial Leasing
BNP Paribas
Cathay United Bank
Cebu Pacific
Deucalion
ICBC Aviation Leasing
ING Bank
Lion Air Group
MUFG Bank, Ltd
National Australia Bank Limited
Pacific International Lines
Standard Chartered Bank
StraitNZ Limited, Ferry Lines Limited
Transportation Partners
Principaux dossiers
- Advised a syndicate of lenders – comprising ABN AMRO Bank, ING Bank, TIAA FSB, and Clifford Capital – on a sustainability-linked loan.
- Advised a syndicate of banks led by National Australia Bank Limited (NAB) and Standard Chartered Bank (SCB) on a US$405 million debt financing of 10 crude oil tankers (the vessels) to subsidiaries of ICBC Financial Leasing Co., Ltd. (ICBCL).
- Advised Singapore-based Transportation Partners on the restructuring of the Indonesian airline group, Lion Air.
Clifford Chance
Clifford Chance is a regional ‘go-to’ for aviation matters across the Asia Pacific. Recent mandates include financings, restructurings, sales and leasebacks, JOLCO structured leasing transactions and sustainability-linked financings. It has garnered an impressive client list featuring major financial institutions, banks, and other investment groups. Practice head Fergus Evans ‘takes a commercial and problem-solving approach to transactions‘, specialising in finance and leasing matters including tax-driven structures and export credit-backed transactions. Nattawat Vilasdechanon counts a number of Korean institutional investors as his clients and handles a steady flow of structured finance and aircraft leasing transactions.
Responsables de la pratique:
Fergus Evans
Autres avocats clés:
Nattawat Vilasdechanon
Les références
‘Year after year, Clifford Chance asset finance teams consistently deliver expert, practical and fast services.’
‘Fergus Evans is the go-to partner for aviation finance transactions. Fergus is extremely knowledgeable, seemingly always available and prompt to find practical alternatives when negotiations hit a difficult point.’
‘Nattawat Vilasdechanon is a solid member. He is quick, analytical, and provides clear advice.’
Principaux clients
BNP Paribas
ANZ
Deutsche Bank
HSBC
Bank of America
Crédit Agricole Corporate and Investment Bank (CACIB)
DBS
Sumitomo Mitsui Banking Corporation (SMBC)
Commonwealth Bank of Australia
Principaux dossiers
- Advised Citi, HSBC and Bank of America on the issuance of Singapore Airlines’ benchmark US$500 million 3.00 per cent. notes due 2026 under Singapore Airlines’ S$10 billion multi-currency medium term note programme.
- Advised Crédit Agricole Corporate and Investment Bank on a JOLCO for Cathay Pacific Airways Limited with equity being provided Financial Products Group Co., Ltd. (FPG).
- Advised international bank Natixis SA in connection with a bridge financing and an EXIM Bank financing for Korean Air Lines Co., Ltd. for the purposes of refinancing Korean Air Lines’ acquisition cost of two Boeing 737-MAX8.
HFW Singapore LLP
HFW Singapore LLP’s team handles a mix of shipping and aviation finance mandates. The practice, led by ship finance specialist John Forrester, is particularly prominent for advising lessors on portfolio management, warehouse financings, aircraft portfolio acquisitions, and lease structuring, and has a wealth of experience in aviation finance transactions in China, Japan, and other Southeast Asian countries. The team also has notable knowledge in the aviation space, an area in which Ling Lui excels. Siri Wennevik is recommended for ship finance both in the APAC region and in Scandinavia.
Responsables de la pratique:
John Forrester
Autres avocats clés:
Ling Lui; Siri Wennevik
Principaux clients
ICBCIL Aviation Company Limited
Avolon Aerospace Leasing Limited (Avolon)
Falko
Bank of Communications Financial Leasing Co., Ltd. (BoComm FL)
KDB Asia Limited
Principaux dossiers
Watson Farley & Williams LLP
Watson Farley & Williams LLP’s asset and structured finance team is renowned for its wide-ranging capabilities in aviation and shipping finance matters. It is prominent in a range of ESG and sustainability-linked financings. Led by Madeline Leong, the team has substantial experience in acting for leading banks, leasing companies, and other financial institutions. On the aviation side, it is experienced in financing transactions, restructuring, and the processing of JOLCO financings which Charles Viggers is particularly eminent. Lizzie Roe is recommended for financing and leasing, and Margaux Ith is noted for sustainability-linked and JOLCO financings.
Responsables de la pratique:
Madeline Leong; Charles Viggers
Autres avocats clés:
Richard Williams; Andrew Nimmo; Lizzie Roe; Margaux Ith
Les références
‘Great breadth and strength across the geographies.’
‘Richard Williams is excellent.’
‘Great availability of Charles Viggers with strong negotiation skills. Great availability of Margaux with strong negotiation skills and profound knowledge of the industry.’
Principaux clients
Commerzbank AG
Maldivian Airlines
BNP Paribas
Crédit Agricole Corporate and Investment Bank
Development Bank of Japan
La Banque Postale
Avolon
Deutsche Bank
Korea Transportation Asset Management
MUFG Bank, Ltd.
UBS Bank AG
Euler Hermes
Société Générale
China Aircraft Leasing Corporation
Hamburg Commercial Bank
ING Bank
Principaux dossiers
- Acted for CACIB, DBJ and LBP in the first ever sustainability linked ANPI supported JOLCO financing of one A350 aircraft leased to Air France.
- Advised BNP Paribas on US$1,170m JOLCOs backed by Chinese ECA SINOSURE arranged for Seaspan Corporation.
- Advised the China Aircraft Leasing Company and the lessor entities in the operating leasing of x 4 737-Max-8 aircraft to Virgin Australia Airlines.
Bird & Bird ATMD LLP
Bird & Bird ATMD LLP excels in aircraft and engine financing, refinancing, and leasing, regularly acting for a range of lenders and lessees. The team is also well known for airline restructurings and portfolio management. The widely respected aviation expert Leo Fattorini leads ‘a fantastic team of hard-working, solution-orientated and well-respected professionals‘. Fattorini counts blue-chip companies, leasing institutions, and aircraft financiers as his key clients, and his recent caseloads include sales and leasebacks, debt financing, and purchase agreements. The recent addition of Niel Liebenberg who joined from an in-house role further strengthens its aviation transaction capability.
Responsables de la pratique:
Leo Fattorini
Autres avocats clés:
Niel Liebenberg; Christopher Healy
Les références
‘Bird and Bird provides exceptional advice on our aircraft leasing matters. We rely on the firm heavily for advice on English law matters. Their advice is timely, practical, and extremely cost-effective. ’
‘Leo Fattorini and Christopher Healy understand our business and are extremely proactive in their approach. They are receptive to our needs and experts in matters relating to aviation law.’
‘Terrific team – industry experts, hard-working, solution orientated and great people to deal with.’
Principaux clients
AerCap
ST Engineering Aerospace Resources Pte. Ltd
IndiGo
CCB Leasing
ICBC Leasing
AirAsia Berhad
Turkish Airlines
Akasa Air
Standard Chartered Bank
AerDragon
Principaux dossiers
- Acted for CCB Leasing, a PRC-based leasing company, on its refinancing with CACIB of two A321neo aircraft on lease to Volaris.
- Acted for ST Engineering Aerospace Resources Pte. Ltd, a government linked aircraft leasing company based in Singapore, on the purchase of four used A321 aircraft from AerCap.
- Acted for IndiGo, an Indian low-cost airline, on the leasing of 15 new A320/A321neo aircraft with Avolon.
Milbank
Described by one client as a ‘skilled team that can handle with ease the most daunting of transactions’, Milbank remains a highly active player in the region’s aviation finance and restructuring scene. Following the departure of Paul Ng in summer 2023, David Paterson, noted for his transaction and leasing experience, is the key point of contact for the Singapore office. Paterson also works with the London Office’s asset and trade finance partners, Nick Swinburne, and James Cameron (the latter is a member of the firm’s transportation and space group.)
Responsables de la pratique:
David Paterson
Autres avocats clés:
James Cameron; Nick Swinburne
Les références
‘Skilled team that can handle with ease the most daunting of transactions.’
‘Knowledge and skill set – concise advice and ability to turn big projects.’
Principaux clients
Avolon
SMBC Aviation Capital Limited
Nomura Babcock & Brown Co., Ltd
ICBC Leasing
Castlelake LP
China Aircraft Leasing Group Holding Limited
Bank of Communications Financial Leasing
BOC Aviation
Carlyle Aviation
Korean Air Lines
MUFG
Minsheng Financial Leasing
China Construction Bank Financial Leasing
Muzinich & Co
AFIC Insurers
KKR
Aviator Capital
Aircastle
Principaux dossiers
- Handled a series of transactions involving the delivery of 30 737-8 aircraft over the next 5 years.
- Advising ICBCFL in the restructuring of a French tax lease financing involving a Boeing 777-F bearing MSN 65743 being novated from Türk Hava Yollari A.O. to THY’s new cargo company, in a two-phase process.
- Representing Chinese lessors in the Garuda restructuring involving over 250 aircraft and over US$2 billion of assets.
Morgan Lewis Stamford LLC
Morgan, Lewis & Bockius LLP has significantly enhanced its asset finance offering following the hire of K&L Gates Straits Law LLC‘s aviation team. The practice is led by James Bradley, who oversees aircraft and engine transactions and lease work, as well as high-value reorganisations and debt restructuring. As the aviation sector looks to improve its sustainability, the firm also increasingly provides advice on ESG and SAF matters. Of counsel Terry Chang, recommended for cross-border financings and transactions, and associate director Ivan Qiu, noted for his expertise covering the JOL/JOLCO mandates, are other key contacts.
Responsables de la pratique:
James Bradley
Autres avocats clés:
Wai Ming Yap; Terry Chang; Ivan Qiu; Irina Sia
Les références
‘Strong knowledge of the sector, good client focus and care.’
‘James Bradley and team are good to work with. Terry Chang is worthy of mention – puts in the hard yards.’
Principaux clients
Malaysia Airlines Berhad
Nok Airways
Avation PLC
MUFG
Avenue Capital
KDAC Aircraft Holding
Fly Firefly
Rolls-Royce & Partners Finance
Beautech
Skymark Airlines Inc.
Principaux dossiers
- Successfully acted for Malaysia Airlines in a four-prong transaction.
- Advised Avation plc (AVAP) on the leasing of aircraft to Air Tahiti.
- Advised Skymark Airlines on its purchase of six 737MAX aircraft with various additional option aircraft.
Reed Smith LLP
Reed Smith LLP fields a well-established asset finance team advising on complex and multi-jurisdictional financings, sales and leasebacks, restructurings, portfolio transfers, and secured lendings, with further specialisms covering engine leasing and financing. Practice head Simon Spells has ‘an extensive knowledge of the aviation financing and leasing market which is often demonstrated in the focused and pragmatic advice he provides‘.
Responsables de la pratique:
Simon Spells
Les références
‘Personal, professional and efficient service.’
‘The Reed Smith Singapore team has built an impressive practice. They are incredibly good at transaction management and work efficiently to meet the short time frames of aviation deals. As local counsel, we find Reed Smith a pleasure to work with as they are clear in instructions, the documentation is always to a high standard and they have a commercial and pragmatic approach.’
‘Simon Spells maintains extremely strong relationships with his clients and goes the extra mile to ensure that the clients aims and needs remain at the centre of a transaction as it progresses. Simon is highly commercial and has an extensive knowledge of the aviation financing and leasing market, and this is often demonstrated in the focused and pragmatic advice he provides clients. Simon has excellent communication skills which help to foster a collaborative approach to deals and enable him to resolve any deal issues effectively when they do arise.’
Principaux dossiers
Vedder Price
Vedder Price has a wealth of experience advising leasing companies and airlines on operating lease transactions across Southeast Asia Pacific as well as Japan, South Korea, and India, counting a large number of well-known lessors as its key clients. Praised for its 'pragmatic and market-driven approach' and leveraging its strong ties with its US offices, the team is well-equipped to advise on English and New York law and on cross-border financing transactions as well as operating lease restructurings for airliners. The team is jointly led by Singapore-based Ji Woon Kim who is 'armed with global and in-depth knowledge and experience in the aviation industry', notably in transactions, financings, JOLCOs, and sales and leasebacks, and Geoffrey Kass who is based in its Chicago office.
Responsables de la pratique:
Geoffrey R. Kass (Chicago); Ji Woon Kim
Les références
‘Ji Kim is not only a lawyer, but he is also a brilliant businessman. He is qualified for English and New York law, which is a big advantage in the aviation sector.’
‘The Vedder Singapore team is tight-knit and led with paternal authority by Ji Woon Kim, who ensures he’s on top of all his associates’ matters to provide guidance and leadership as needed. The associates are all very capable and incredibly hard-working!’
‘Vedder Price is commercially oriented, very client-focused, and is able to offer a pragmatic, market-driven approach to the legal advice they offer.’
Principaux clients
AerDragon Aviation Leasing
BBAM
BNP Paribas
Castlelake
CDB Aviation
Citi Private Bank
Export-Import Bank of the United States
ING Bank
Jackson Square Aviation
KEB Hana Bank
Korea Development Bank
MUFG
Nordic Aviation Capital
NordLB
SMBC Aviation Capital
ST Engineering Aerospace Resources Pte. Ltd.
UBS AG
VMIC Co., Ltd.
Woori Bank
Principaux dossiers
- Advised the Export-Import Bank of the United States (EXIM Bank) in connection with two separate ECA-supported financings of a total of four 737MAX aircraft for Korean Air Lines involving ING Bank (for two aircraft) and Natixis/TD Bank (for two aircraft).
- Acted for MUFG on the back-leveraged financing for two (2) A220 aircraft on lease to Air Baltic.
- Advised KDB Bank on the finance lease transaction for Korean Air Lines and Bank of Communications Financial Leasing for two (2) B737 aircraft.