Partner

Tze Gay is the Head of the Equity Capital Markets Practice at Allen & Gledhill. Her areas of expertise span equity and debt capital markets and corporate regulatory and compliance.

She has extensive experience acting for issuers and underwriters on a wide range of innovative, high value and complex transactions, from initial public offerings and listings on the Singapore Exchange as well as regional and international exchanges to global debt offerings. She continues to advise listed corporates and business trusts after listing on their follow-on equity offerings, debt offerings, acquisitions and disposals and corporate regulatory and compliance advisory matters.

Tze Gay is widely recognised as a leading capital markets practitioner in Singapore by notable legal publications including Chambers Asia-Pacific, Chambers Global, IFLR1000, The Legal 500 Asia Pacific, and Who’s Who Legal: Capital Markets. In Chambers Asia-Pacific, a client comments “I work with her very often, she’s very well known in Singapore”, Tze Gay is also noted as “an extremely intelligent problem solver in capital markets work”, and in Chambers Global, she is “highly regarded for her deep and varied knowledge of capital markets, with one peer noting: ‘If there are big problems, she's the first one I call’”. Tze Gay is noted to be “vastly experienced” by The Legal 500 Asia Pacific, while IFLR1000 also commends that she is “very experienced and responsive to customer’s requirements”. Who’s Who Legal also notes that Tze Gay is “widely recognised asa leader in the regional market’”, and that she “boasts ‘a very strong reputation’ for her work in the space”.

Tze Gay has been a Partner since 1992.

Work Highlights

  • Acted as transaction counsel in the IPO and listing on the Singapore Exchange of NetLink NBN Trust in 2017, the largest IPO in Singapore since 2011 and the first completed IPO in Singapore involving an internalised trustee-manager structure.  
  • Advised DBS Bank Ltd. and Morgan Stanley Asia (Singapore) Pte. as joint lead managers for Singapore Airlines Limited’s S$8.8 billion rights issue of new ordinary shares and mandatory convertible bonds in 2020, which is Singapore’s largest ever rights issue. This is also the first rights issue of mandatory convertible bonds and the first concurrent rights issue of shares and convertible bonds by a SGX Mainboard-listed company.
  • Advised Singapore Technologies Engineering Limited on the establishment of a S$5 billion Multicurrency Medium Term Note Programme by its wholly-owned subsidiaries, ST Engineering RHQ Ltd. and ST Engineering Treasury Pte. Ltd., which is unconditionally and irrevocably guaranteed by Singapore Technologies Engineering Limited, and the first issue of US$750 million 1.50% Notes due 2025 under the programme by ST Engineering RHQ Ltd.
  • Advised NTUC Income Insurance Co-operative Limited on its establishment of a S$2 billion Euro Medium Term Note Programme and its first issue of S$800 million 3.10 per cent. Subordinated Notes due 2050 First Callable in 2040 under the programme.

Publications