Allen & Overy and Freshfields Bruckhaus Deringer have been kept busy of late acting on a series of 'firsts' in Bangkok.

Capital markets partner Pises Sethsathira led the A&O team advising Bangchak Petroleum and the Ministry of Finance on all regulatory issues and relevant agreements on the first ever issuance of a depositary receipt programme in Thailand issued by Siam DR Company Limited, a 99.99% subsidiary of Thailand's stock exchange.

The depositary receipt programme, which closed on 3 February, was approved by the Thai Cabinet and will enable Bangchak Petroleum to progress on its recapitalisation plan.

Meanwhile, partner Jeremy Jennings-Mares led the Freshfields team advising Standard Chartered Bank on the arrangement of Thailand's first consumer finance receivables securitisation for AEON Thana Sinsap (Thailand).

The Bt1.5bn (US$38m) deal, which was approved by SEC on 17 February, is the first private sector securitisation under the Thai Securitisation Act. It is backed by receivables from hire-purchase loans for consumer goods and has a final legal maturity of six years with a revolving period of three-and-a-half years. It is rated AAA(tha) by Fitch.

A separate Freshfields team, consisting of Patrick Lines and Winefred Kwan from the firm's Hong Kong office, represented HSBC as transaction administrator and back-up servicer.

Freshfields' Hong Kong and Bangkok offices have also recently advised the underwriters on the partial privatisation of Thai Airways International. Freshfields partner Joe Sevack led the team advising JP Morgan, Merrill Lynch Phatra, SCB Securities, National Securities, Asset Plus Securities and Bualuang Securities.

The US$555m deal reduces the Thai government's stake in the national carrier from 93% to 67.8%. The funds raised in the share issue will be used for Thai Airways' investment projects.