Global Syndicated Loans Review

FIRST QUARTER 2020 | LEGAL ADVISORS

Global Syndicated Loans Review

www.refinitiv.com/dealsintelligence 1

1/31/2020 CenturyLink Inc United States 8,366.5 General Corp. Purp.

3/6/2020 Walt Disney Co United States 8,250.0

Port & Free Zone World Fze

General Corp. Purp.

Utd Arab Em 8,100.0 Acquisition Fin.

3/30/2020 Deere & Co United States 8,000.0 General Corp. Purp.

3/16/2020

Global Syndicated Loans Legal Review First Quarter 2020 | Legal Advisors

Global Deals Intelligence

Top Global Syndicated Loans

Duke Energy Corp United States 8,000.0 General Corp. Purp.

3/12/2020 British American Tobacco PLC United Kingdom 7,542.6 General Corp. Purp.

GLOBAL SYNDICATED LENDING DECLINES 5%

Global syndicated lending totaled US$1.0 trillion during the first quarter of 2020, a 5% decline in total

proceeds compared to the first quarter of 2019 and the slowest opening period for lending since the first

quarter of 2016. By number of deals, 2,293 loans reached financial close during the first quarter of 2020, a

decrease of 13% compared to a year ago. Compared to the fourth quarter of last year, first quarter 2020

loan proceeds decreased 15%.

UNITED STATES LENDING ACTIVITY ACCOUNTS FOR 60% OF TOTAL MARKET

Syndicated lending in the United States reached US$603 billion from 888 transactions during the first

quarter of 2020, a 10% increase in proceeds compared to the first quarter of 2019. Lending activity in the

Europe, Middle-East, and Africa region totaled US$197 billion, posting a 19% declined compared to the first

quarter of 2019. Borrowing in the Asia-Pacific region, including Japan, fell 23% to US$162 billion in the first

quarter of 2020.

RETAIL & CONSUMER LOANS POST DOUBLE-DIGIT INCREASES; TECH LENDING FALLS 30%

The Industrials sector led all other sectors during the first quarter of 2020, with US$195 billion, a 33%

increase in proceeds compared to a year ago. Financials and Energy & Power rounded out the top three

sectors during the quarter. Retail and Consumer Products sectors saw double-digit percentage increases at

68% and 30%, respectively. Leading the decliners, the Technology sector registered a 30% decrease

compared to a year ago with US$55 billion in proceeds.

Global Syndicated Loans Volume (US$bil)

3/20/2020

Glencore International AG Switzerland 9,975.0 General Corp. Purp.

Thermo Fisher Scientific Inc United States 9,892.0 Acquisition Fin.

Closing Date Borrower Target Nation Package Amt (US$mil) Primary UOP

3/31/2020 Airbus SE Netherlands 16,543.5 General Corp. Purp.

2/6/2020 Boeing Co United States 13,825.0 General Corp. Purp.

3/30/2020

2/17/2020

Global Syndicated Loans - Macro Industry Composition

1/17/2020 Nutrition & Biosciences Inc United States 7,500.0 Acquisition Fin.

2/28/2020 American Honda Finance United States 7,000.0 General Corp. Purp.

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Q1 Q2 Q3 Q4 Q1 No. of Deals

426

365

239

206175

882

$194.5

$167.5

$134.7$82.2

$70.3

$364.3

Industrials

Financials

Energy & Power

Materials

Consumer Products &ServicesOther

Outer Ring: Proceeds (US$bil)Inner Ring: # Deals


Global Borrower Legal Advisor {Proceeds} YoY Change ($) -5% QoQ Change ($) -15%

First Quarter 2020 | Syndicated Loans | Legal Advisors

Global Borrower Legal Advisor {# of Deals}

5850,364.5

34,973.1 28 2

1-8

2 -1 27*

1,836.0

48*

2,725.0 1

29,673.6 23 2 3

2 2 27*

22 1 10

Rank

(# '20)

21

# of

Deals

6 0 23*

-4

17 -4

Global Rankings

2

Chg in #

of Deals

# of

DealsProceeds (US$mil)

Rank

(# '20)

*Indicates a Tie

YoY Change ($) -13% QoQ Change ($) -6%

Global Lender Legal Advisor {Proceeds} YoY Change ($) -5% QoQ Change ($) -15% Global Lender Legal Advisor {# of Deals} YoY Change ($) -13% QoQ Change ($) -6%

Lender Advisor

Rank

2020

Rank

2019 Proceeds (US$mil)

Millbank Advisory 15 - 6,271.3 5 5 25*

Vorys, Sater, Seymour & Pease 16

24 11 5

Haynes & Boone 21 15 3,937.5 7

Sidley Austin LLP 8 13

White & Case LLP 13 17 6,795.2 14

Moore & Van Allen PLLC 9 9 12,724.0 26 -16 4

Milbank LLP 10 12 9,783.7 12 -6 11*

Clifford Chance 11 7

Linklaters 14 22

16Allens 22 25

18* 11 3Cravath, Swaine & Moore

Shearman & Sterling LLP 6*

Allens 16

-1

15,140.1 8 1

7,305.0

2 1 27*

3,335.4 4 -1

1,013,432.9 2,293

3,562.8 10 3

25*

13,388.4

9,251.2 8 -12 17*

9*

9 0

6,544.0

14

15

2

3,703.0

3,016.5 2 -1 27*

2,650.0

13*

9 -4

3,589.9

4

5

8

6*

-8 48*

5,170.0 6

10,081.9 6 1 9*

8,252.2 5 3 11*

18,643.0

18,332.4 12

Sidley Austin LLP 10 5

Skadden 6 12

Herbert Smith Freehills 7 34

Debevoise & Plimpton 8 28

2 -5 27*

White & Case LLP 9

Cravath, Swaine & Moore 11

Sullivan & Cromwell 12

Weil Gotshal & Manges 13 16

6*

3 9*

4,940.4 4 -3 13*

7,530.7

Slaughter and May 14 44*

Clifford Chance

Hengeler Mueller 16

15 8

27

Haynes & Boone 17 -

Baker Mckenzie 18

5 4 11*

9

3,298.9 2 0 27*

3,240.0

3 1 17*

1,700.0 2 1 27*

King & Spalding 22 72

Nishimura & Asahi 23 35

Milbank LLP 24 79

1,859.9

38

2,964.0 3 -6 17*Willkie Farr & Gallagher 19 7

Davis Polk & Wardwell 20

Simpson Thacher & Bartlett 3 3* 29,673.623 2 3

4

ClearWater Law & Governance Group LLC 25 -

Rank

2020

Rank

2019Borrower Advisor

Kirkland & Ellis

Latham & Watkins

1 1

2 4

Simpson Thacher & Bartlett 3 3

Ropes & Gray 4 11

Jones Day 5 10

Locke Lord Edwards LLP 21 57

Borrower Advisor

Rank

2020

Rank


# of

Deals

Chg in #

of Deals

Rank

($ '20)

Kirkland & Ellis 1 1 50,364.558 -8 1

Latham & Watkins 2 2 34,973.128 2 2

-4 4

Jones Day 5 5* 18,332.412 -1 5

Sidley Austin LLP 6* 5* 7,305.09 -4 10

White & Case LLP 6* 9* 7,530.79 0 9

17Ropes & Gray 3* 18,643.0

Skadden 8 15* 15,140.18 1 6

Cravath, Swaine & Moore 9* 27* 5,170.06 3 11

Herbert Smith Freehills 9* 18* 10,081.96 1 7

Debevoise & Plimpton 11* 38* 8,252.25 3 8

Nishimura & Asahi 11* 52* 1,836.05 4 23

Clifford Chance 13* 18* 3,335.44 -1 15

King & Wood Mallesons 13* 21* 1,100.34 0 31

Shearman & Sterling LLP 13* 21* 1,426.04 0 27

Sullivan & Cromwell 13* 15* 4,940.44 -3 12

Chg in #

of Deals

Cahill Gordon & Reindel 1 2 21

Rank

($ '20)

1

2,293

1 3 74,455.3

1,013,432.92,2931,013,432.9

1,558.8 1 1

22 5 6*

Lender Advisor

Rank

2020

Rank

2019

McGuireWoods LLP 2 4 57,300.2 65

3 3

Industry Total

1

10 2

Simpson Thacher & Bartlett 5 5 39,682.1 19 -10 8

Cravath, Swaine & Moore 3

McGuireWoods LLP

Chg in #

of Deals

Cahill Gordon & Reindel

8 53,899.7 22 11 6*

Shearman & Sterling LLP 4 10 40,539.4

Latham & Watkins

71

Latham & Watkins 6 2 29,982.2 30 -17 3

Allen & Overy 7 6 21,012.2 14 -25 9*

12 32 8,947.7 5 1 25*Fried Frank Harris Shriver & Jacobson

- 6,040.0 1 1 50*

Baker Mckenzie 17 16 4,986.2 12 -8 11*

53 4,685.2 8 0 17*

Jones Day 23 23 3,178.5

Winston & Strawn 18

12 -5 11*

25

Hogan Lovells 24 85 3,074.2 7 6 19*

Norton Rose Fulbright 19 14 4,232.3 11 -1 14*

Bracewell LLP 20 34 3,987.2 5 1

-3 19*

5 4

Simpson Thacher & Bartlett 8 6 -10 5

-17 6

Moore & Van Allen PLLC 4 4 -16 9

Sidley Austin LLP 5 15 11 8

6*

13*

-25 7

White & Case LLP 9* 11* -4 13

Baker Mckenzie 11* 9* -8 17

6,795.2

12 4,986.2

Jones Day 11* 13* -5 23

Allen & Overy 9* 5

-6 10

King & Spalding 14* 16* -1 27

12 3,178.5

12 9,783.7

11 2,988.0

Norton Rose Fulbright 14* 16* -1 19

Milbank LLP 11* 11*

3 22

Clifford Chance 17* 9* -12 11

11 4,232.3

10 3,562.8

8 9,251.2

1,252.1

7 3,074.2

6 2,391.3

Winston & Strawn 17* 24 0 18

Haynes & Boone 19* 20* -3 21

Herbert Smith Freehills 19* 34* 3 29

8 4,685.2

7 3,937.5

7 2,919.0

Linklaters 23* 26* 0 146 6,544.0

2,293 1,013,432.9

Nishimura & Asahi 19* 45* 4 37

Hogan Lovells 19* 59* 6 24

King & Wood Mallesons 23* 20* -4 30

7

Paul Hastings LLP 25 21 3,072.6 3 2 32*

Industry TotalIndustry Total

# of

Deals Proceeds (US$mil)

71 74,455.3

65 57,300.2

30 29,982.2

26 12,724.0

24 13,388.4

22 53,899.7

22 40,539.4

19 39,682.1

14 21,012.2

14

Industry Total


67,501.1 65

Cravath Swaine & Moore LLP 2 5

888 603,298.8

2% US Lender Legal Advisor {# of Deals} YoY Change ($) 3% QoQ Change ($)

603,298.8 888

Simpson Thacher & Bartlett LLP 5 3 29,454.1 15

-1

Cravath Swaine & Moore LLP

Latham & Watkins LLP 6 6

8*

11 12,040.6 14

7

Haynes & Boone LLP

-17%

45 41,193.3

12 - 3,240.0 2 2 14*

Slaughter and May 11 -

United States Rankings First Quarter 2020 | Syndicated Loans | Legal Advisors

US Borrower Legal Advisor {Proceeds} YoY Change ($) 10% QoQ Change ($) 2% US Borrower Legal Advisor {# of Deals} YoY Change ($) 3%

8* 13 7

13 7

-3 10

17,736.9

1,397.9 1 -2 24*

Sidley Austin LLP 4 9*

Mayer Brown LLP 19

2 -3 14*Weil Gotshal & Manges LLP 10 7 3,703.0

Willkie Farr & Gallagher LLP 13 12 2,964.0 3 -2 11*

11*

24

1,300.0 2 1 14*

- 1 24*1,795.0 1

23

24*

898.5 2

Cahill Gordon & Reindel LLP 1

White & Case LLP

2

14 2,786.0 4 2

-

Lender Advisor

Rank

2020

Rank


# of

Deals

888

Paul, Weiss 17 20 2,500.0 1 -2

YoY Change ($) 10%

Honigman LLP 14*

Rank

2020

Shearman & Sterling LLP 22 18 1,211.3 3 1 11*

King & Spalding LLP 20

9*

2 2 14*

14

14 1

-1

7

Fried Frank Harris Shriver & Jacobson LLP 11 22

21 26

24,095.5 25

QoQ Change ($)US Lender Legal Advisor {Proceeds}

-1 14*

Vinson & Elkins LLP

2 14*

Chg in #

of Deals

Rank

(# '20)

28 1

5*

Chg in #

of Deals

Rank

($ '20)

Cahill Gordon & Reindel LLP 1 1 28 1

-1 23

Weil Gotshal & Manges LLP 14* 8*

Thompson Hine LLP

Winston & Strawn LLP 14*

12 13 2

603,298.8

Rank

2019

McGuireWoods LLP 2 2

-17%

2,552.5 2 -4 14*

9*

3,252.7

Borrower Advisor

Rank

2020

Rank


# of

Deals

Chg in #

of Deals

Rank

(# '20) Borrower Advisor

Rank

2020

Rank

2019

Chg in #

of Deals

Rank

($ '20)

# of


QoQ Change ($)

Kirkland & Ellis LLP 1 1 41,193.3 45 4 1

Simpson Thacher & Bartlett LLP 2 3 27,567.6 22 4 2

Latham & Watkins LLP 3 8 25,744.9 20 13 3

Jones Day 4 4 18,332.4 12 2 5

Ropes & Gray LLP 5 5 17,736.9 15 1 4

Skadden Arps Slate Meagher & Flom LLP 6 13 10,690.1 8 6 6*

Sidley Austin LLP

1 -2 24*

Sullivan & Cromwell LLP 16 2

Gibson Dunn & Crutcher LLP 18 - 1,902.2 3 3

7 6 6,005.0 8 3 6*

Cravath Swaine & Moore LLP 8 11 4,950.0 6 3 8

Debevoise & Plimpton LLP 9 - 4,487.2 4 4

15 1,175.0 2 -1 14*

Davis Polk & Wardwell LLP 15 10 2,725.0

Kirkland & Ellis LLP 1 1 4 1

Simpson Thacher & Bartlett LLP 2 2 4 2

4 3 1 5

Jones Day 5 4 2 4

Latham & Watkins LLP 3 6 13 3

Ropes & Gray LLP

25,744.9

15

22 27,567.6

20

Sidley Austin LLP 6* 8* 3 7

Skadden Arps Slate Meagher & Flom LLP 6* 18* 6 6

Cravath Swaine & Moore LLP 8 12* 3 8

12 18,332.4

8 6,005.0

8 10,690.1

6 4,950.0

Debevoise & Plimpton LLP 9* - 4 9

White & Case LLP 9* 18* 2 14

Gibson Dunn & Crutcher LLP 11* - 3 18

2,786.0

3

4 4,487.2

4

1,902.2

Shearman & Sterling LLP 11* 18* 1 22

Willkie Farr & Gallagher LLP 11* 8* -2 13

Cleary Gottlieb Steen & Hamilton LLP 14* - 2 24

Haynes & Boone LLP 14* - 2 123,240.0

3 1,211.3

3 2,964.0

2 898.5

2

- 2 36

Locke Lord LLP 14* 22* 1 21

McGuireWoods LLP 14* 5 -6 35

Morgan Lewis & Bockius LLP 14* - 2 37

2 175.8

2 1,300.0

2 189.5

2 161.6

14* - 2 11

Sullivan & Cromwell LLP 14* 7 -4 16

2 3,252.7

2 2,552.5

2 1,175.0

2 3,703.0

14* 12*

Slaughter and May

Cahill Gordon & Reindel LLP 25 17 742.0 1 0 24*

Cleary Gottlieb Steen & Hamilton LLP 24

52,378.4 22 13 5*

McGuireWoods LLP 3 4 41,631.7 49 22 2

Shearman & Sterling LLP 4 7 39,270.7

Vinson & Elkins LLP

Locke Lord LLP

8*

Moore & Van Allen PLLC 9 9 11,151.0 22 -2 5*

6 3

Allen & Overy LLP 10 - 9,217.0 6 6 12*

24 13 4

Milbank LLP 8

Sidley Austin LLP 7 8 13,382.9

8,947.7 5 4 14*

Clifford Chance LLP 12 - 4,235.7 2 2 22*

Bracewell LLP 13 21 3,952.2 4 1 17*

Winston & Strawn LLP 14 27 3,889.6 5 -1 14*

Haynes & Boone LLP 15 10 3,511.5 6 1 12*

17 15 3,052.2 11 1 10*

16 20 3,307.0 5White & Case LLP

Jones Day

King & Spalding LLP 18 12 2,788.0 11 0 10*

Sullivan & Cromwell LLP 19 31 2,100.0 1 0 27*

Weil Gotshal & Manges LLP 20 25 1,640.0 2 -2 22*

Thompson Hine LLP

Davis Polk & Wardwell LLP 21 1 748.8 3 -14 21

Dentons 22 - 740.0 4 4 17*

- 566.5 4 4 17*23

22 3

Latham & Watkins LLP 3 4 6 6

Proceeds (US$mil)

# of

Deals

Moore & Van Allen PLLC 5* 3 -2 922 11,151.0

Simpson Thacher & Bartlett LLP 7 7 -1 5

24,095.5

24 13,382.9

22

65 67,501.1

49 41,631.7

25

52,378.4

Lender Advisor

8

Shearman & Sterling LLP 8* 8 1 4

Jones Day 10* 11 1 17

Milbank LLP

29,454.1

14 12,040.6

15

King & Spalding LLP 10* 9* 0 18

14 39,270.7

11 3,052.2

11 2,788.0

12* 17 1 15

Fried Frank Harris Shriver & Jacobson LLP 14* 27* 4 11

6 10

Haynes & Boone LLP

6 9,217.0

6 3,511.5

5 8,947.7

Allen & Overy LLP 12* -


14

Bracewell LLP 17* 20* 1 13

Dentons 17* - 4 22

Katten Muchin Rosenman LLP 17* 5* -13 28

4 3,952.2

4 740.0

4 328.2

5 3,307.0

5 3,889.614*

17* - 4 23

Davis Polk & Wardwell LLP 21 5* -14 213 748.8

4 566.5

Industry Total

525.0 1 1 27*

603,298.8 888Industry Total

Source:LPC ; *Indicates a Tie

Industry Total

Industry Total

Vinson & Elkins LLP 24 18 550.0 2 0 22*

Riemer & Braunstein LLP 25 -


YoY Change ($) -28% QoQ Change ($) -40%

Lender Advisor

Rank

2020

Rank

2019

EMEA Rankings First Quarter 2020 | Syndicated Loans | Legal Advisors

*Indicates a Tie

-19% QoQ Change ($) -38%

EMEA Borrowers Legal Advisor (LL02a) {Proceeds} YoY Change ($) -19% QoQ Change ($) -38%

Simpson Thacher & Bartlett 2*

1

Slaughter and May 14

Uria Menendez 15

Pinsent Masons 13

8*

Herbert Smith Freehills 5*

Proceeds (US$mil)

# of

Deals

- 344.4 1

3,298.9

Sullivan & Cromwell 7

Borrower Advisor

Rank

2020

Rank

2019

Clifford Chance 5 2 2,334.6 3 0

ClearWater Law & Governance Group LLC 8 - 1,558.8 1

Latham & Watkins 9

10* 337.2 1

22

EMEA Lender Legal Advisor (LL02b) {Proceeds} YoY Change ($)

196,959.9

1 8*

-1 2*

1

Linklaters 11

Weiler Law Firm Pllc 12

White & Case LLP 10

0

1 3

9

-

1 8*

277

EMEA Lender Legal Advisor (LL02b) {# of Deals}

8*

14 1,100.3 1 -1 8*

-1 8*

- 569.4 1 8*

- 1,887.9 1

9 588.4 1

8*

5 1,116.7 3

5

Chg in #

of Deals

-40%

Rank

(# '20) Borrower Advisor

Rank

2020

Rank

2019

Kirkland & Ellis 1 2

Clifford Chance 2* 5*-1 1

-1 2

Chg in #

of Deals

Rank

($ '20)

EMEA Borrowers Legal Advisor (LL02a) {# of Deals}

Debevoise & Plimpton 3 - 3,765.0 1

2*

Simpson Thacher & Bartlett 6 - 1,906.0 3 3 2*

Herbert Smith Freehills 1 -

4 2 0 5*Hengeler Mueller

3 4,477.1 5

4

7,750.9 2 2 5*

Kirkland & Ellis 2

- 2 1

104.3 2 1 5*

1 15

Debevoise & Plimpton

1

8* -

ClearWater Law & Governance Group LLC 8* - 1 8

Linklaters 8* 7* -1 11

2 104.3

1 3,765.0

1 1,558.8

1 588.4

5* 12*Uria Menendez

1 13

Slaughter and May 8* 12* 0 14

Weiler Law Firm Pllc 8* - 1 12


1 344.4

1 337.2

1 569.4

1 1,100.3

8* -Pinsent Masons

1 71 1,887.98* -Sullivan & Cromwell

Proceeds (US$mil)

# of

Deals

Chg in #

of Deals

Rank

(# '20)

Allen & Overy 1 1 9,658.9 5 -21 2*

Clifford Chance 2 2 4,876.5 6 -12 1

Latham & Watkins 3 3 4,820.9 5 -9 2*

Linklaters 4 7 3,149.1 3 1 6*

Freshfields Bruckhaus Deringer 5 17 2,364.2 3 2 6*

Gide Loyrette Nouel 6 - 2,156.6 1 1 14*

Millbank Advisory 7 - 1,973.1 1 1 14*

Baker Mckenzie 8 4 1,641.1 1 -4 14*

Simpson Thacher & Bartlett 9 11 1,629.7 2 1 9*

Cravath, Swaine & Moore 10 - 1,521.3 2 2 9*

Paul Hastings LLP 11 - 1,339.6 1 1 14*

Cahill Gordon & Reindel 12 6 1,246.3 3 0 6*

Herbert Smith Freehills 13 14* 1,135.4 4 3 4*

Shearman & Sterling LLP 14 - 975.9 1 1 14*

Hogan Lovells 15 - 806.2 4 4 4*

ASAR AL RUWAYEH & PARTNERS 16 - 691.0 1 1 14*

Norton Rose Fulbright 17 28 572.9 2 1 9*

127.3 1 1 14*

Addleshaw Goddard 18 - 344.4 1 1 14*

Ashurst 19 13 331.2 2 1 9*

White & Case LLP 20 - 274.9 1 1 14*

24 - 86.2 2 2 9*

Mason Hayes & Curran 25 - 61.9 1 1 14*

196,959.9 277

Cie de Saint-Gobain SA 21 - 225.3 1 1 14*

Selvi & Ertekin Attourney Partnership 22 - 147.6 1 1 14*

Pinsent Masons 23 -

6

0 4

Latham & Watkins 2* 3*

Hengeler Mueller 5* 7*

0

196,959.9

5

2,334.6

3

1,906.0

2 3,298.9

2 7,750.9

3

-1

YoY Change ($) -28% QoQ Change ($)

Allen & Overy 2* 1 -21 1

Latham & Watkins 2* 3 -9 3

Herbert Smith Freehills 4* 10* 3 13

Lender Advisor

Rank

2020

Rank

2019

Chg in #

of Deals

Rank

($ '20)

Clifford Chance 1 2 -12 2

Linklaters 6* 8* 1 4

Ashurst 9* 10* 1 19

Cravath, Swaine & Moore 9* - 2 10

Hogan Lovells 4* - 4 15

Freshfields Bruckhaus Deringer 6* 10* 2 5

Cahill Gordon & Reindel 6* 6* 0 12

Norton Rose Fulbright 9* 10* 1 17

Watson Farley & Williams LLP 9* - 2 24

Simpson Thacher & Bartlett 9* 10* 1 9

2 572.9

2 86.2

2 1,629.7

Addleshaw Goddard 14* - 1 18

Baker Mckenzie 14* 4* -4 8

Cases & Lacambra 14* - 1 27

1 344.4

1 1,641.1

1 4.5

1 61.9

DLA Piper LLP 14* 4* -4 26

Cie de Saint-Gobain SA 14* - 1 21

Gide Loyrette Nouel 14* - 1 6

1 45.5

1 225.3

1 2,156.6

277 196,959.9

277

6 4,876.5

5 9,658.9

5 4,820.9

4 1,135.4

4 806.2

3 2,364.2

3 1,246.3

3 3,149.1

2 331.2

2 1,521.3

Industry Total

# of


# of


Watson Farley & Williams LLP

4,477.1

3

1,116.7

3

Mason Hayes & Curran 14* - 1

Industry Total

Industry Total

25

Industry Total


*Indicates a Tie

YoY Change ($) -23% QoQ Change ($) -14% YoY Change ($) -17% QoQ Change ($) 44%

APAC (incl. Japan) Rankings First Quarter 2020 | Syndicated Loans | Legal Advisors

Rank


# of

Deals

44%

White & Case LLP 1 - 3,512.4

Chg in #

of Deals

Rank

(# '20)

APAC & Japan Lender Legal Advisor (LL04b) {Proceeds}

YoY Change ($) -23% QoQ Change ($) -14% YoY Change ($) -17% QoQ Change ($)APAC & Japan Borrower Legal Advisor (LL04a) {Proceeds} APAC & Japan Borrower Legal Advisor (LL04a) {# of Deals}

Borrower Advisor

Rank

2020

3 3 4*

Baker Mckenzie 2 - 3,016.5 2 2 9*

Herbert Smith Freehills 3 6 2,330.9 4 -1 2*

Nishimura & Asahi 4 8 1,836.0 5 4 1

King & Wood Mallesons 5 13 1,100.3 4 0 2*

J Sagar Associates 6 - 1,100.0 2 2 9*

Allens 7 1 1,018.5 3 -7 4*

Clifford Chance 8 7 1,000.8 1 -1 14*

Allen & Overy 9* 20 989.9 1 0 14*

Conyers Dill & Pearman 9* - 989.9 1 1 14*

JunHe LLP 9* - 989.9 1 1 14*

L&L Partners 12 - 910.7 1 1 14*

Mori Hamada & Matsumoto 13 - 857.2 1 1 14*

Ashurst 14 5 657.0 3 1 4*

Chapman Tripp 15 9 543.6 2 -1 9*

Trowers and Hamlins 16 - 409.4 1 1 14*

Linklaters 17 24* 400.0 1 0 14*

Dermot Ross & Co 18 21 365.7 1 0 14*

Russell McVeagh 19 - 347.5 1 1 14*

Bell Gully 20 16 331.0 3 0 4*

WongPartnership LLP 21 11 288.2 2 0 9*

- 201.8 3 3 4*

Simpson Thacher & Bartlett 23 - 200.0 1 1 14*

Pinsent Masons 24 - 148.9 1 1 14*

HWL Ebsworth Lawyers 25 - 136.3 2 2 9*

161,853.1 1,028

King & Wood Mallesons 2* 4 0 5

Allens 4* 1 -7 7

Ashurst 4* 7* 1 14

HWL Ebsworth Lawyers 9* - 2 25

J Sagar Associates

Vincible Law Office 22

Borrower Advisor

Rank

2020

Rank

2019

Chg in #

of Deals

Rank

($ '20)

Nishimura & Asahi 1 12* 4 4

Herbert Smith Freehills 2* 3 -1 3

Chapman Tripp 9* 5* -1 15

# of


9* - 2 6

Bell Gully 4* 5* 0 20

Vincible Law Office 4* - 3 22

White & Case LLP 4* - 3 1

Baker Mckenzie 9* - 2 2

WongPartnership LLP 9* 7* 0 21

Lender Advisor

Rank

2020

Rank


# of

Deals

Chg in #

of Deals

Rank

(# '20)

Allens 1 3 3,562.8 10 3 2

5 1,836.0

11 3,345.1

1,028 161,853.1

Linklaters 2 12 3,394.9 3 -1 7*

Baker Mckenzie 3 7 3,345.1 11 -4 1

Lee and Li 4 51 2,956.4 2 1 13*

Watson Farley & Williams LLP 5 - 2,908.4 1 1 20*

White & Case LLP 6 15 2,823.2 6 2 4*

King & Wood Mallesons 7 5 2,391.3 6 -4 4*

Hogan Lovells 8 42 2,268.0 3 2 7*

Allen & Overy 9 1 2,004.3 3 -10 7*

Herbert Smith Freehills 10 4 1,783.6 3 0 7*

Latham & Watkins 11 6 1,400.8 2 0 13*

Nishimura & Asahi 12 8 1,252.1 7 4 3

Harney Westwood & Riegels 13 34* 989.9 1 0 20*

Gilbert + Tobin 14 25 921.7 3 2 7*

Shardul Amarchand Mangaldas & Co 15 - 910.7 1 1 20*

Cyril Amarchand Mangaldas 16* 2 889.2 1 -10 20*

- 889.2 1 1 20*

Allen & Gledhill 18 21 702.4 1 -3 20*

Buddle Findlay 19 13 505.1 2 -2 13*

JunHe LLP 25 17 350.0 1 -5 20*

Nagashima Ohno & Tsunematsu 20 - 486.6 1 1 20*

Russell McVeagh 21 40 437.8 3 2 7*

Desai & Diwanji 22 - 405.4 1 1 20*

Bell Gully 23 31 365.7 1 0 20*

Milbank LLP 24 39 365.0 1 0

Lender Advisor

Rank

2020

Rank

2019

Chg in #

of Deals

Baker Mckenzie 1 1 -4

Allens 2 5 3

Nishimura & Asahi 3 14* 4

20*

Pioneer Legal 16*

King & Wood Mallesons 4* 4 -4 7

White & Case LLP 4* 7* 2 6

Norton Rose Fulbright 6 14* 1 28

161,853.1 1,028

Gilbert + Tobin 7* 21* 2 14

Hogan Lovells 7* 21* 2 8

Herbert Smith Freehills 7* 14* 0 103 1,783.6

Allen & Overy 7* 2 -10 9

Linklaters 7* 7* -1 2

Russell McVeagh 7* 21* 2 21

3 2,004.3

3 3,394.9

3 437.8

Chen & Associates Attorneys at Law 13* 21* 1 27

KPMG 13* 21* 1 31

2 505.1

2 325.1

2 224.6

Buddle Findlay 13* 7*

Lee and Li 13* 21* 1 4

Vincible Law Office 13* 14* -1 32

2 1,400.8

2 2,956.4

2 221.7

19*13*

Tsai & Associates Attorneys-At-Law 13* 21* 1 382 156.1

0 11

-2 19

Rank

($ '20)

3

1

12

# of


1,028 161,853.1

4 2,330.9

4 1,100.3

3 1,018.5

3 657.0

3 331.0

3 201.8

3 3,512.4

2 543.6

2 136.3

2 1,100.0

10 3,562.8

7 1,252.1

6 2,391.3

6 2,823.2

4 319.4

3 921.7

3

2 3,016.5

2 288.2

Industry Total

Latham & Watkins

Industry Total

Industry Total Industry Total

2,268.0

APAC & Japan Lender Legal Advisor (LL04b) {# of Deals}


Syndicated Loans Criteria First Quarter 2020 | Legal Advisors

© 2020 Refinitiv. All rights reserved.

Database coverage includes all loan transactions that have reached financial close by the submission deadline and of which Re finitiv has been made aware. All current and previous year's data is as of 12:00PM ET on April 27, 2020.

Full credit is given to the borrower’s legal counsel and top tier manager’s legal counsel. In cases of consolidation, credit will be given to the surviving/parent firm.

Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days. For the purpose of the legal loans review T+15 late submissions will be included in advisor totals.

All league tables are based on deal proceeds unless otherwise specified. Regional league tables are based on Target Market. Rankings based on number of deals are available on product.

Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of the financial closing.

League tables only include amendments that require 100% lender vote for the following amendments: decrease in pricing, chang e in tenor if maturity is extended by a period of more than 90 days, change in deal size, change to bookrunner, mandated arranger and/ or tier 1 agent, guarantor or collateral release, change in borrowing base criteria.

Refinitiv Investment Banking loans data is compiled in conjunction with Refinitiv Loan Pricing Corporation (LPC). In combinat ion, Refinitiv Investment Banking and Refinitiv LPC offer the most comprehensive and accurate view of the syndicated loans market available.

While Refinitiv has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, no r for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Refinitiv disclaims all warranties, express or imp lied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amount ing to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Refinitiv has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact:

AMERICASDavid MiaoTel: +1 646 223 [email protected]

EMEAIolanda BarbatiTel: +44 207 542 [email protected]

ASIA PACIFIC / JAPANCarina CausonTel: +632 858 [email protected]


Global Syndicated Loans Review

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