Gareth Deiner's practice covers debt and equity capital markets transactions across the South and Southeast Asian region, and he specialises in advising sovereign and corporate issuers, private equity sponsors, financial investors, real estate investment trusts and investment banks on their most complex and strategic capital markets transactions and capital reorganisations. He is also a noted expert on ESG-related solutions and sustainable finance transactions, having advised on numerous award-winning and market-first transactions, particularly in the energy and infrastructure sector.
Gareth's product-specific experience includes high yield, sovereign, corporate investment grade and cross-over credit debt securities offerings; IPOs, placements, PIPEs and equity-linked offerings (including convertible, exchangeable and perpetual bond issues); US and European private placements; Islamic finance securities offerings; regulatory capital securities offerings and various liability management and debt capital markets restructuring exercises.
Highlights of Gareth's recent experience includes advising:
- ESG and sustainable finance:
- Star Energy Geothermal on its US$1.1 billion dual-tranche amortising green project bond offering under Regulation S and Rule 144A, listed on the Singapore Stock Exchange. The proceeds were used to finance and refinance certain eligible green assets relating to the development, construction and operation of geothermal energy generation facilities in the Salak-Darajat contract area in West Java, Indonesia.
- The joint global coordinators and joint sustainability-linked bond structuring advisers on Japfa Comfeed's offering of US$350,000,000 senior unsecured notes, listed on the Singapore Stock Exchange. The instrument set a Key Performance Indicator linked to water recycling and wastewater management at poultry operations to improve water circularity and reduce water withdrawal (the first sustainability-linked bond offering from an Indonesia issuer, and the first high yield sustainability-linked bond from Asia-Pacific).
- Vena Energy, a portfolio company of Global Infrastructure Partners, on its US$325,000 (and subsequent US$175,000,000 tap) fixed rate green bond offering of senior unsecured notes, listed on the Singapore Stock Exchange. The proceeds were used to refinance corporate loans for the development, construction and operation of Eligible Green Projects, including hydropower, solar and wind energy projects developed by Vena Energy (the first US dollar-denominated green bond by a Singapore corporate issuer).
- The dealers on Surbana Jurong's offering of S$250,000,000 sustainability-linked notes, listed on the Singapore Stock Exchange. The instrument set a Key Performance Indicator linked to base scope 1 and 2 emission amounts (net of carbon offsets) from certain of the issuer's businesses (the first sustainability-linked bond from a Singapore issuer and the first in the Singapore dollar bond market).
- The Republic of Indonesia on its US$25,000,000,000 trust certificates (sukuk) programme and issuance of a US$3,000,000,000 dual tranche "green" sukuk, the world's first sovereign green sukuk, and the first under the Republic's green bond and green sukuk framework.
- High Yield: recent experience on U.S.-dollar high yield offerings includes advising:
- Press Metals on its US$400,000,000 senior notes offering, listed on the Hong Kong Stock Exchange and Labuan International Financial Exchange. Debt Market Deal of the Year 2018, Asia Legal Business Malaysia Awards.
- the initial purchasers on Avation Capital's US$100,000,000 senior notes offering under Regulation S and Rule 144A, listed on the Singapore Stock Exchange.
- Equity-linked and perpetual securities: recent experience on equity-linked, convertible and perpetual securities includes advising:
- Singapore Exchange Limited on its EUR240,000,000 zero coupon guaranteed convertible bond offering, listed on the Singapore Stock Exchange.
- the sole bookrunner on Singapore Airlines' S$850,000,000 1.625% convertible bond offering, listed on the Singapore Stock Exchange.
- the joint lead managers on Keppel REIT's S$200,000,000 convertible bond offering, listed on the Singapore Stock Exchange.
- Islamic Finance: recent experience on Shari'a compliant sukuk offerings includes advising:
- The arrangers and dealers on Axiata's US$1,500,000,000 multicurrency sukuk issuance programme, listed on the Singapore Stock Exchange and Labuan International Financial Exchange.
- The arrangers and dealers on Cagamas Global Sukuk's US$2,500,000,000 multicurrency sukuk issuance programme, listed on the Singapore Stock Exchange and Labuan International Financial Exchange.The joint lead managers on the dual
- tranche US$1,500,000,000 Regulation S/Rule 144A trust certificate offering by the Government of Malaysia, listed on the Hong Kong Stock Exchange, the Labuan International Financial Exchange and the Bursa Malaysia (the sukuk offering employed a structure utilising Shariah-compliant commodities, leasable assets and non-physical income-generating assets in the form of rights to participate in the provision of services, a world first for a sovereign sukuk). Wakalah Deal of the Year, Islamic Finance 2016; Best Sovereign Sukuk and Deal of the Year, The Asset Triple A Islamic Finance Awards 2016.
- Liability management: recent experience on consent solicitations, tender offers and/or exchange offers and related debt capital markets restructuring exercises includes advising:
- The dealer-managers on the debt capital markets aspects of Olam International's business reorganisation, comprising an exchange offer and consent solicitation across Singapore dollar and U.S. dollar-denominated senior notes and perpetual securities, and involving multiple clearing systems;
- The dealer-manager on PTT Exploration and Production Public Company's successful accelerated tender offer relating to its US$500,000,000 fixed rate notes listed on the Singapore Stock Exchange.
- The dealer-managers on successful tender offers and exit consents by Gallant Venture and Medco Energi Global.
- KrisEnergy on its consent solicitation for the mandatory exchange of its S$130,000,000 and S$200,000,000 senior unsecured notes for new senior unsecured oil price-linked PIK notes, listed on the Singapore Stock Exchange.
- Debt securities issuance programmes: recent experience on global and euro medium term note and debt securities issuance programmes includes advising issuers and arrangers on establishments, updates, offerings and liability management transactions related to programmes in the following jurisdictions:
- India: Export-Import Bank of India (US$10 billion global medium term note programme), Shriram Transport Finance (US$3 billion global medium term note programme) and Indiabulls Housing Finance (US$1.5 billion euro medium term note programme);
- Malaysia: Axiata Group (US$1.5 billion medium term note programme), Cagamas Global (US$2.5 billion multicurrency medium term note programme) and IOI Properties Group (S$2 billion euro medium term note programme);
- Singapore: Olam International (US$5,000,000,000 euro medium term note programme), DBS Group Holdings (US$30,000,000,000 global medium term note programme), Oxley Holdings (US$1,000,000,000 guaranteed euro medium term note programme), STT GDC (S$1,500,000,000 multicurrency debt issuance programme), Surbana Jurong (US$1,000,000,000 debt securities issuance programme), Singapore Airlines (S$10,000,000,000 multi-currency medium term note programme), Singapore Stock Exchange (S$1,500,000,000 debt securities issuance programme for the issuance of wholesale and retail senior debt securities and perpetual securities), Interplex Holdings, a Baring Private Equity portfolio company (US$550 million medium term note programme) and Parkway Pantai (US$2,000,000,000 multicurrency medium term note programme).
News and client work
Career and qualifications
- Rhodes University, South Africa (BComm) 2003
- Rhodes University, South Africa (LLB) 2005
- University of South Africa (Post-Graduate Certificate in Advanced Corporate and Securities Law) 2005
- Admitted as an attorney and conveyancer in South Africa 2005
- Associate, Edward Nathan Sonnenberg Incorporated 2006
- Joined Clifford Chance as Associate 2007
- Admitted as a solicitor in England and Wales 2008
- Senior Associate, Herbert Smith Freehills 2013 - 2015
- University of London, United Kingdom (MSc) 2015
- Rejoined Clifford Chance 2015
- Partner since 2019
- Financial Services Lawyers Association
Awards and citations
- "Gareth has strong technical expertise and is a dedicated, driven and hard-working partner."
Chambers Asia Pacific 2022: Capital Markets – International - Singapore
- Gareth Deiner is highly praised by clients, with one source describing him as "very technical and extremely good with clients." He is particularly recognised for his skills in handling debt offerings, above all in Indonesia and Malaysia.
Chambers Asia Pacific 2021: Capital Markets – International - Singapore
- ‘Gareth Deiner is professional, knowledgeable, commercially minded, has a hands-on approach to work, is innovative with a high capability in problem-solving, and is prompt in response times.’
Legal 500 Asia Pacific 2021: Capital Markets: Equity and Debt: Foreign Firms
- Next Generation Partner
Legal 500 Asia Pacific 2021: Capital Markets: Equity and Debt: Foreign Firms
- Gareth Deiner is well regarded by market sources and is particularly active on debt offerings. One client notes that he is "very responsive and able to explain complicated matters in a practical way and search for commercial solutions," adding that his "proactive manner" makes it easy to work with him.
Chambers Asia Pacific 2020: Capital Markets – International - Singapore
- Recognised as 'Commended External Counsel of the Year 2019' in the client and peer-voted Asia Mena Counsel Awards by InHouse Community magazine.
- Gareth Deiner has been included in the latest Asian Legal Business 40 under 40 rankings which recognises outstanding legal professionals.
- A capital markets specialist, Deiner has advised on high-profile transactions across South Asia and the ASEAN region, including a multinational banking and financial services corporation as arranger on the establishment of a $1 billion guaranteed medium-term note programme for a firm which provides financial and treasury services. He worked on the deal that won the Debt Market Deal of the Year (Midsize) at the ALB Malaysia Awards 2018. One of his clients calls him the “real DCM guy,” adding that “Gareth is the first person I will call".
- ”Named as one of "Singapore's 70 most influential lawyers aged 40 and under in 2016" by Singapore Business Review, 2016.
- Named as a "Next Generation Lawyer" in Singapore: Capital Markets by the Legal 500, 2016
- Named as the "Rising Star for Debt and Equity-Linked Capital Markets" at the 2015 Asia-Pacific IFLR Awards