London-headquartered law firm, Herbert Smith Freehills, yesterday announced the addition of Xavier Amadei to its Singapore-based capital markets team.
Amadei, who moved to Hong Kong in 2008 and subsequently to Singapore with Linklaters in 2014, will commence his new role as US securities partner from 28 February. He was most recently a partner in the city-state at Baker McKenzie.
He brings to the firm significant experience in equity, equity-linked and debt offerings, across rights issues, block trades, green bonds, high yield note offerings and other financial instruments.
The company announcement details Amadei’s appointment as adding US capability to the firm’s Southeast Asia, India and Australia coverage, as well as enhancing the firm’s existing capability in China. He also brings close relationships with underwriters in Australia, Hong Kong and elsewhere in the region.
Speaking to FinanceAsia, Amadei said that his base in Singapore positions him well to service clients across Asia Pacific, in particular those based in markets that form a focus for the firm’s expansion, such as India, Indonesia, Malaysia and Thailand.
His recent involvement in these markets includes advising Siam Cement on the $1.4 billion IPO of its subsidiary SCG Packaging on the Thai stock exchange; the arrangers of Indonesia-based Indofood’s $ 1.75 billion bond issuances; and Muang Thai Life on its debut issuance of $400 million regulatory-compliant tier 2 capital notes.
Discussing the trends he is seeing across Asian capital markets, Amadei told FA, “We’ve seen increased appetite for equity deals – IPOs, primary offerings, re-IPOs – in Southeast Asia recently, and this trend will most likely continue well into 2022. Certain issuers will also engage in liability management exercises.”
Noting the region’s uptick in SPAC activity on the back of supportive regulation, but somewhat lackluster start to 2022, he said, “It is still early in 2022 to draw conclusions, and we would be comparing 2022 against two years of exceptionally high SPAC activity. There are, however, positive regulatory developments in this space. Key listing venues such as Singapore and Hong Kong are developing rules for SPAC listings that could stimulate further growth – a first wave of SPAC listings took place in Singapore in January 2022, for instance – so watch this space.”
While market participants are finding it difficult to predict activity across an increasingly uncertain environment, Amadei highlighted the healthcare, infrastructure, fast-moving consumer goods (FMCG), logistics and tech sectors as offering opportunities in Asia in the year ahead.
“The tech sector in India and Southeast Asia is buoyant and likely to offer strong potential,” he added.
He also pointed to regulatory developments in China’s tech sector and real estate as being likely to impact activity over the course of the year.
In the company announcement, China managing partner Matt Emsley shared, "Our firm advised on US$4.3 billion worth of IPOs in 2021 alone, with each requiring US securities expertise, and we only expect this activity to grow."
"Xavier's broad regional experience will be essential for clients and also help us develop our strong pipeline of local US securities talent," he added.
Originally from France, Amadei is a is a member of the New York Bar, the Paris Bar and is qualified in Hong Kong.
Herbert Smith Freehills continues to expand its capital markets and corporate capabilities and Amadei’s appointment marks the firm’s third senior capital markets hire in the space of three months. In November, the firm added Ariel Lin to the team as counsel in Hong Kong, and Agatha Shen in Shanghai, where she works from the firm's joint operation partner, Kewei.
Amadei’s recruitment also marks the second partner hire in Singapore announced by the firm this month, following the arrival of Rupert Baker from SoftBank to the project finance team.
Herbert Smith Freehills has over 450 lawyers and legal professionals in Asia Pacific, with offices or joint operations in Bangkok, Beijing, Hong Kong, Jakarta, Kuala Lumpur, Seoul, Shanghai, Singapore and Tokyo.
