In a challenging year for the middle market, one of the most active law firms was Milbank,Tweed, Hadley & McCloy. The global firm grew its practice in several ways, hiring more M&A attorneys and advising on some innovative deals. Milbank remains committed to expanding its presence in the sector.

One industry in which Milbank stood out was aviation—which accounted for a significant number of the firm's M&A transactions over the last few years, says Alexander Kaye, head of the corporate/M&A practice. During 2015, Milbank advised on a particularly interesting deal in the sector—the first aircraft-backed securitization deal in Asia. Historically, bank financing in China has been cheap, but as the economy there continues to fall, funding has become less available and aircraft leasing companies have had to look for new means for financing.

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