November 29, 2021

Milbank Sweeps Equity and Debt Market Deals of the Year at ALB Philippine Law Awards 2021


In a testament to its position as the preeminent global capital markets practice in the Philippines, Milbank-led deals were recognized by the Asian Legal Business Philippine Law Awards 2021 in across all four debt and equity market deal of the year categories.

Now in their sixth year, the ALB Philippine Law Awards honor law firms, in-house teams and individuals for outstanding legal work in the Philippines and across the region.

The following transactions were honored:

Debt Market Deal of the Year (Midsize) Milbank advised Rizal Commercial Banking Corporation (“RCBC”) on its issuance of US$300 million 6.50% non-cumulative subordinated AT1 capital securities. The transaction was both RCBC’s first AT1 securities issuance and the first-ever AT1 offering out of the Philippines.

Debt Market Deal of the Year (Premium) Milbank advised the joint lead managers in connection with SMC Global Power’s US$600 million issuance of senior perpetual capital securities. Executed amid significant market volatility, the deal was one of the first equity-linked securities transactions out of the Philippines during 2021 and had significant benchmark size.

Equity Market Deal of the Year (Midsize) Milbank advised Okada Manila International, a wholly-owned subsidiary of Universal Entertainment Corporation, on its merger with Nasdaq-listed special purpose acquisition company 26 Capital Acquisition Corporation. The deal was the first merger between a Philippine company and a US-listed SPAC, and, upon closing of the merger, the first Nasdaq listing for a Philippine company.

Equity Market Deal of the Year (Premium) Milbank advised the underwriters in connection with Converge Information and Communication Technology Solutions’ US$600 million IPO. The IPO was the second largest in the Philippines’s history.

All of the winning transactions were led by Hong Kong-based capital markets partners James Grandolfo and Paul Pery with associates Ari Singzon, York Wu, Cheyne Cudby and Abir Varma.

“We’re honored to see these groundbreaking transactions recognized by Asian Legal Business,” said Mr. Pery.

“These deals have allowed our market-leading clients to realize their capital-raising goals and are of great import for the Philippines and the Asia region. We thank our clients for giving us the opportunity to assist them on their capital markets transactions,” added Mr. Grandolfo.