A&O Shearman remains a dominant force in the Singapore capital markets arena, building on its high standing across the equity and debt product range. Along with its depth of talent at senior, middle and junior levels, the firm has a breadth of Singapore, English and US law expertise. Moreover, it has an established corporate trust and agency offering. The firm’s commitment to Southeast Asia and the broader Asia Pacific region has given the Singapore office further access to multiple markets, including Thailand, Vietnam and Indonesia. It has close connections to financial institutions and corporates and is seeing a further uptick in engagements from Indian issuers and sovereign issuers, including the Republic of Indonesia, along with additional sustainability-linked bond offerings and Sukuk issuances. Notably, the firm has achieved further equity capital markets engagements in a slow market and is at the forefront of initial public offerings (IPOs) in India. Aloysius Tan has made a further impression in green and sustainability-linked bonds, while Felipe Duque has a breadth of capital markets expertise, which includes major sovereign offerings. Tim Beech is head of the Asia Pacific corporate trust and agency team. Pallavi Gopinath Aney (‘exceptional legal acumen’) is co-head of the India group and is highly acclaimed for India debt and equity offerings. Alexander Stathopoulos is an integral member of the US capital markets team in Singapore. Jaclyn Yeap is also noted for green, social and sustainability-linked bonds and for capital markets offerings across Greater China and Asia Pacific. Andrew Schleider retired from the firm in 2024.

Latham & Watkins LLP brings its world-leading credentials in capital markets to Singapore where the team has extensive geographic coverage across Southeast Asia and South Asia. The Singapore department has balanced mix of issuer and underwriter clients with the practice encompassing the full range of equity and debt products. It has maintained an outstanding reputation in regional IPOs, particularly those originating in Singapore, Malaysia and Indonesia, along with India. It is also noted for US IPOs on the New York Stock Exchange (NYSE) and Nasdaq. Sharon Lau is a leading name in regional equity and debt offerings, including SPAC deals, IPOs, medium term note (MTN) programmes and exchangeable bond issuances. Rajiv Gupta is head of the India practice and a leading figure in IPOs and high-yield bond offerings by Indian companies. Stacey Wong is an emerging talent, along with counsel Jeremy Wang. Timothy Hia covers both bank financings and debt offerings. Michael Sturrock has retired.

Linklaters is another titan of the capital markets arena in Asia Pacific with its Singapore office housing a large number of highly rated senior practitioners, along with a deep bench of middle and junior level lawyers. The team has a primary focus on deals originating in Southeast Asia ands South Asia, including high-yield debt, investment grade debt, convertible/exchangeable bonds, MTN programmes, equity capital markets, Islamic finance and regulatory capital. It has an especially strong position in high-yield debt and ECM deals out of India, with the immensely experienced Amit Singh having an outstanding reputation in the market; he also operates in the Southeast Asia region. Michele Discepola is another leading figure in India high-yield debt and handles deals across Southeast Asia too. National managing partner Jonathan Horan is further recognised for equity-linked transactions along with fintech and digital financial markets infrastructure. Phill Hall is another long-serving capital markets specialist in Singapore. US counsel Joseph Wolpin has transferred to Singapore from Bangkok.

Clifford Chance has a combination of Singapore, Hong Kong, English and US law expertise within its global financial markets group in Singapore. The team covers domestic and cross-border transactions across Southeast Asia and South Asia, most notably Singapore, Malaysia, Indonesia, the Philippines, Thailand and India. It has especially close connections to banks and financial institutions in the capital markets field. Gareth Deiner specialises in multiple debt capital markets products, including high-yield, hybrid bond issuances, regulatory capital and Islamic finance securities; he is also noted for green and sustainable financing and continued to advise the banks on a number of major MTN programmes in 2023 and 2024, along with covered bonds, debt issuance programmes, asset backed securities and IPOs. Jean Thio and counsel Ying Chiang Chong are Singapore qualified, leading the firm’s efforts in domestic IPOs and bond issuances; Thio also leads the office’s efforts in supporting Chinese clients looking to access the international capital markets.

Milbank has an outstanding reputation for headline capital markets offerings, especially high-yield debt and investment grade issuances, along with project bonds. The Singapore office also has an impressive record in high-value IPOs. It remains closely associated with the Indonesian market, along with Vietnam, Malaysia, India and Singapore itself; it advised PT Amman Mineral Internasional on its $713m IPO on the Indonesia Stock Exchange, the largest IPO in Southeast Asia in 2023. The Singapore team has extensive experience in energy and natural resources, TMT and real estate. Licensed to practice in the US, UK and New Zealand, Giles Kennedy (‘experienced, highly commercial and always delivers exceptional results’) is one of the leading names in the market, while Terrence O’Donnell has made a further impression since ascending to the partnership ranks in 2023.

Sidley Austin LLP is a major player in Asia capital markets with two senior figures in Singapore; Asia capital markets head Matthew Sheridan and Manoj Bhargava. Sheridan has been at the forefront of high-yield debt in Asia Pacific over the last two decades and remains a force in the Greater China high-yield market. Bhargava is a leader in India equity and debt offerings, advising on 10 offerings for Indian companies in 2023. Elected to the partnership in 2022, Alexius Chong has built a fine reputation in Southeast Asia debt and equity transactions. With the depth of talent in the Singapore office, the firm has established itself across multiple debt and equity product areas, including IPOs, convertible bonds, investment grade debt, high-yield bonds, liability management, distressed debt restructurings and going private transactions. Key markets include Singapore, India, Indonesia, Japan, Malaysia, the Philippines and Vietnam. In headline deals, the office advised on the largest IPO in Indonesia in 2023 (PT Amman Mineral Internasional) and the largest India IPO in 2023 (Mankind Pharma).

White & Case Pte. Ltd. is a major force in Southeast Asia and South Asia capital markets offerings. It has the senior talent and depth of team to handle a broad range of significant transactions, from complex high-yield debt to landmark IPOs. The Singapore department has close connections to underwriters and issuers, and has continued to demonstrate its expertise in headline IPOs, equity-linked offerings and sovereign issuances. It remains closely associated with the Indonesia and India markets, while building its presence in green and sustainability-linked bond offerings. US and UK-qualified Kaya Proudian is one of the most experienced and highly-rated practitioners in the market and consistently advises on headline equity and debt deals in Indonesia and across Southeast Asia. Rahul Guptan is also a recognised leader in Indian capital markets offerings and Xuan Jin provides further senior expertise in debt offerings, structured products and Islamic finance.

Baker McKenzie Wong & Leow has strong local and international teams in Singapore, covering a breadth of domestic and cross-border offerings. The Singapore team is equally strong in debt and equity, bringing further credibility in regulatory matters. It represents some of the biggest issuers in Southeast Asia, along with many of the leading banks and financial institutions in the region. The Singapore team has worked on a series of significant equity offerings in Indonesia, Thailand and Malaysia, along with a pipeline of regional REIT-related issuances. Its cross-border capabilities are showcased in deals involving multiple Southeast Asia and South Asia jurisdictions, along with IPOs on Nasdaq. Ashok Lalwani is head of the international capital markets group and leads the India practice.

DLA Piper has a sizeable presence in the market thanks to the seniority of its partners and their longstanding commitment to Singapore and Southeast Asia. Joe Bauerschmidt is one of the most experienced practitioners in the market and a genuine authority in high-yield debt and SPAC transactions. The team is also noted for its work in the oil and gas, technology and manufacturing sectors; amongst a number of headline deals it advised Apeiron Agrocommodities on a high-yield green bond, which is backed by a CGIF Guarantee. The team’s US law expertise and strong connections to colleagues in California have provided a platform for growth in cryptocurrency, venture capital and fintech-related deals. Philip Lee (‘stands out for his expertise, dedication, and unique approach’) is English and New York-qualified and heads the Asia Pacific capital markets practice. David Kuo has left the firm.

Duane Morris & Selvam LLP has a longstanding presence in the India capital markets arena, especially in qualified institutional placements (QIPs) and mid-market IPOs. It has also developed its standing in Indonesia offerings and more recently in debt transactions by Vietnamese issuers. It has outstanding connections to Indian banks along with a number of international banks. Jamie Benson heads the US capital markets and India practices in Singapore, having worked on multiple headline deals in India over the past two decades. He and his team have remained prolific in India QIPs and IPOs, advising underwriters and issuers in multiple deals over the past two years. Gerard Hekker is another long-term Asia-based practitioner with an excellent record in Indonesia and TMT deals.

Herbert Smith Freehills LLP is big player in Singapore and has an established capital markets team that has been able to leverage the firm’s standing in Southeast Asia, South Asia and Australia. The Singapore department is noted for high-yield debt, IPOs and a range of capital markets offerings.  The team has continued to expand its client base of banks, financial institutions and large corporate issuers. It consistently advises on sizeable deals originating in Indonesia, Thailand, India and Australia. Xavier Amadei leads the Southeast Asia capital markets group and is a highly rated US securities lawyer with deep regional experience; along with his plentiful deals in Southeast Asia and South Asia, he frequently teams up with colleagues in Australia on offerings that originate from the jurisdiction.

Hogan Lovells Lee & Lee is a force in India equity and debt offerings, along with Asia Pacific-wide debt offerings and issuance programmes. The Singapore team is also making headway in sustainable and social impact finance. It has a background in large-scale MTN programmes,  convertible and exchangeable bonds, liability management, and corporate trustee matters. It has continued to advise on significant equity issuances in India, including advising the lead managers on Cholamandalam Investment and Finance Company’s $480m QIP of equity shares and compulsorily convertible debentures. Biswajit Chatterjee is the Singapore office managing partner and co-head of the India practice, consistently demonstrating prominence in the India and Southeast Asia markets. Andy Ferris is head of the Asia Pacific international debt capital markets practice, with a wealth of experience in debt and equity-linked instruments and close links to issuers, underwriters and trustee and agency service providers. Counsel Kaustubh George is ‘extremely hardworking and is always happy to help’.

Skadden, Arps, Slate, Meagher & Flom LLP’s illustrious global standing in capital markets offerings stretches to Southeast Asia, where the Singapore and Hong Kong offices frequently combine to advise big-name issuers and underwriters on headline deals. Singapore partner Rajeev Duggal has advised on a series of high-value offerings in Indonesia, Vietnam and across the region, often working alongside Jonathan Stone in Hong Kong. The team is also noted for SPAC and take private transactions. Counsel Garrick Merlo also impresses.