Banking & Finance

Derivatives, Structured Finance & Securitisation

Market leader in derivatives, structured finance and securitisation 

Hong Kong is one of the most active derivative markets in the world and the hub for PRC cross-border securitisation. We continue to be involved in the diversification of offshore Renminbi product types, to support cross-border transactions. QDII fund managers and securities companies are increasingly investing in structured notes.

Our award-winning Hong Kong securitisation team, which integrates our finance and capital markets practice, dominates the market. We act for most issuers in the listed and unlisted retail structured products market.

We work closely with regulators to help industry bodies and clients to shape, navigate and prepare for regulatory developments. We were the only law firm participating in a working group formed by the Financial Services Development Council. The group undertook a comprehensive review of the listed structured products market in Hong Kong.

First choice for China and international cross-border investments

It is envisioned that Hong Kong will play a significant role in the enhancement of the Greater Bay Area’s (GBA) financial services industry, including the “opening up” of financial markets within the GBA and promoting cross border investments and driving innovation in the industry.

We have one of the largest group of PRC qualified senior lawyers of any international law firm in Hong Kong. We combine the strength of our PRC practice with our international execution capabilities.

Our team:

  • Comprehensive structured financing capability, undertakes cross border initiatives through Bond Connect, Stock Connect, QFII or QDII. We have a strong, well established team with outstanding experience advising on the development of the full range of RMB structured products and related regulatory issues. We also have Qualified Domestic Institutional Investor expertise.
  • Track record in providing PRC legal opinions to foreign banks, works closely with our PRC legal team in close-out netting and ISDA documentation projects. We advised on the enforceability of netting clauses against sovereign entities (such as the PBOC and SAFE) and multi-national bodies (such as AIIB and New Development Bank) from the PRC legal perspective.
  • Thought leadership, regularly works alongside The International Swaps and Derivatives Association and leading financial institutions and international financial institutions on ISDA China netting and collateral opinions.
  • Long-standing relationship with regulatory authorities, has long-standing relationships with regulatory bodies in Hong Kong including the Securities & Futures Commission, HKMA, the FSDC, ASIFMA, ISDA and Hong Kong Exchanges and Clearing Limited.

We act for issuers and investors in both listed and unlisted structured products markets, PRC securities and fund houses and various multinational and supranational organisations with respect to:

  • Daily issuance of listed structured products
  • Annual update of base listing programmes and offering documents for un-listed structured products
  • Orphan special purpose vehicle structures
  • Preparing the documentation for new product
  • Liaising with the regulators, such as The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission

We continue to lead innovative approaches in cross-border securitisations, including:

  • Loan repackagings
  • Cross currency funding
  • Rated and unrated tranches
  • Irish and Singapore stock exchange listings
  • Future tap issuance capability

Our practice has been widely recognised by leading independent industry publications. We were the only law firm recognised in the Hong Kong retail structured products by IFLR1000. We are consistently awarded "Structured Finance and Securitisation Team of the Year" by IFLR.

Testimonials

Knowledge of the product is the primary reason we go to the firm; the Asia market is quite unique and the team has insight into that and is well positioned to support, as well as willing to work through issues that first time issuers may have.

Chambers Asia-Pacific

Benefiting 'from strong language abilities and profound technical knowledge’, KWM has excellent market credibility among global and Asian financial institutions across a range of transactional and regulatory matters.

Legal 500 Asia Pacific

They cover all of our products work, are very responsive and have a great relationship with the regulators. They have a lot of exposure to providing practical advice on cross-border issues between Hong Kong and Mainland China.

Chambers Asia-Pacific

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