David Milligan

Norton Rose Fulbright LLP

United Kingdom
T:+44 (20) 74442675
United Kingdom
T:+44 (20) 74442675
David Milligan

David Milligan



David Milligan is a banking and finance lawyer based in London. David returned to London in 2022 after a decade working in our Hong Kong office.

David advises lenders and borrowers on a wide range of complex cross-border financings, with a particular focus on ECA finance, sovereign debt, corporate lending and structured trade finance. He is one of the leaders of our sustainable finance practice.

Professional experience

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Durham University - LLB (European Legal Studies), Durham University, 1999-2003

French law, Université de Rouen, 2001-2002

Legal Practice Course, Nottingham Law School, 2003-2004

  • Solicitor, qualified in England & Wales
  • Solicitor, qualified in Hong Kong


  • Standard Chartered Bank, Credit Agricole and JP Morgan on a EUR369m loan to the Ministry of Finance and Budget of Senegal. The loan, and the related interest rate hedging, is supported by a guarantee from the Multilateral Investment Guarantee Agency (MIGA). The purpose of the loan is to refinance debts incurred to increase the Government's equity stake in DP World Dakar S.A., which is the operator of the container terminal in Dakar and which will develop the Nadayane deep-water port project in Senegal.  We advised the lenders on all financing aspects of the transaction, including the sovereign loan, MIGA guarantee and hedging contracts.  The financing is significant because it allows the Government to have a more substantial economic and strategic stake in these key infrastructure assets.
  • A syndicate of 20 banks led by ANZ, Bank of China (Hong Kong), Credit Agricole and ICBC (Asia) – on a US$500m green loan made available to CGNPC International Limited, with a guarantee from the borrower's parent company China General Nuclear Power Corporation
  • Standard Chartered and ICBC (Asia) – on a US$550m acquisition finance facility provided to China Re Hong Kong Company Limited (a subsidiary of China Reinsurance (Group) Corporation) for the purpose of acquiring 100 percent of the shares in Chaucer Holdings Ltd., a London based specialty reinsurer
  • Huatai Financial Holdings and CRIC Securities as placing agents – on an offshore notes issuance by a PRC real estate development company, and also as arrangers in a loan facility to such company
  • A syndicate of banks led by Hang Seng Bank – on a US$150m transferable secured term loan facility made available to Citychamp Watch & Jewellery Group Limited for the purpose of refinancing its existing indebtedness
  • A US bank – on the US$500m facility provided to a Hong Kong-incorporated subsidiary of a Chinese SOE to part-finance its acquisition of a minority stake in a South American power transmission company; the facility is guaranteed by the Chinese SOE
  • HSBC – on an innovative sustainable supply chain finance program with Walmart which pegs a supplier's financing rate to its sustainability performance
  • A FinTech venture created by an international bank – on the legal and regulatory aspects of its innovative new digital supply chain finance platform, which is designed to improve access to trade financing for SMEs
  • An international bank – on the financing of up to HK$600m provided to a leading company in Hong Kong's growing FinTech sector. The borrower's owner operates Hong Kong's leading online lending platform, and is China's first fully mobile lending platform
  • A Chinese bank – on two separate US$1bn multi-currency term loan facilities made available to a company incorporated in Hong Kong; each facility was guaranteed by the borrower's PRC parent
  • A Chinese bank – on a US$200m term loan facility to a Dubai company, which is controlled by a PRC state-owned enterprise with businesses covering the design, construction, investment and operation in a broad range of energy and infrastructure projects
  • A syndicate of six international banks led by Bank of China (Hong Kong) – on a HK$2.4bn term loan facility to a wholly-owned subsidiary of Hong Kong-listed company Lee & Man Paper Manufacturing Limited
  • A syndicate of 25 international banks – on a US$1.5bn syndicated term loan facility provided to Huawei Tech Investment and Huawei Technologies Cooperatief.
  • Up and Coming, Banking & Finance: China, Chambers Global, 2022
    "excellent communication skills"
  • Up and Coming, Banking & Finance: Hong Kong-based (International Firms) in China, Chambers Asia Pacific, 2021 / 2022
  • Young Lawyer of the Year, Asian Legal Business Hong Kong Law Awards 2019
  • LMA's Green and Sustainable Lending Committee: Member
  • Asia Pacific Loan Market Association: David sat on the documentation committee for six years