Firms in the Spotlight Capital markets: debt capital markets

Vivien & Associés

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Vivien & Associés offers competitive legal services and representation across a broad range of key practice areas:

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CHASSANY WATRELOT & ASSOCIES

CHASSANY WATRELOT & ASSOCIES logo

A FULL-EXPERTISE HUMAN RESOURCES LAW FIRM   Founded in 1987, Chassany Watrelot & Associés (CWA) is one of the main French law firms whose activity is exclusively dedicated to employment law and all other legal areas related to human resources management (insurance law, tax law…).

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Capital markets: debt capital markets in France

Allen & Overy LLP

The powerhouse debt capital markets group at the Paris office of Allen & Overy LLP remains a market leader, leveraging the deep bench of its global network and the experience of its team to advise major multinational financial institutions, insurers and real estate groups involved in a wide range of complex, high-value transactions. Headed by Diana Billik, who has experience assisting issuers, arrangers and underwriters on cross-jurisdictional matters, and backed by office managing partner and financial regulatory expert Hervé Ekué, the team's comprehensive service covers matters ranging from compliant hybrid transactions and Brexit-related advice to global financial institutions to secured debt financing for SMEs (Euro Private Placements) and public entities and US private placements. Other key figures include debt instrument specialist Julien Sébastien, of counsel Dan Lauder, who handles stand-alone bond issues, counsel Soline Louvigny and senior associate Quentin Herry.


Practice head(s):

Diana Billik


Other key lawyers:

Hervé Ekué; Julien Sébastien; Soline Louvigny; Dan Lauder; Quentin Herry


Testimonials

‘Good understanding of the issues, rigour, knowledge of market practices, geographical coverage.’

‘Hervé Hekué, Julien Sébastien, Soline Louvigny: available, good understanding of the issues.’

‘Diana Billik is an excellent and experienced advisor who seems to be able to solve any problem in an efficient and calm manner.’

Key clients

ACMN Vie


AXA


BPCE


Covivio / Covivio Hotels


CNP Assurances


Crédit Agricole


DNB Bank


Euroxx Securities


Groupama


Gecina


La Banque Postale


La Mondiale


Skandinaviska Enskilda Banken


Natixis


Promontoria


Altarea


Euronext


Work highlights


  • Advising a banking syndicate on the structuring of a triple tranche regulatory capital transaction: EUR 400m restricted tier 1 bond, EUR 850m tier 2 capital bond and EUR 500m tier 3 capital bond of MACIF in the context of the acquisition of Aviva France by MACIF.
  • Advised on an SEC-registered exchange offer by a financial institution of 3.369% fixed rate reset subordinated debt securities due 2046 for several series of preferred shares and subordinated debt instruments.

Cleary Gottlieb Steen & Hamilton

The Paris Cleary Gottlieb Steen & Hamilton debt capital markets team remains a leader in the marketplace, advising major financial institutions, insurers, sovereigns, and corporates across such sectors as manufacturing, dairy and construction, on a diverse spectrum of high-value transactions. Led by Andrew Bernstein, who is an authority on DCM matters and has particular expertise in oil and gas, securities offerings expert Valérie Lemaitre, John Brinitzer, who is a high yield issuance specialist, Barthélemy Faye, who handles complex, Africa-related transactions, the group's comprehensive service includes support on investment grade offerings, USMTN and EMTN programmes and liability management transactions. Key support is provided by associate Laura Birene.


Practice head(s):

Andrew Bernstein; Valérie Lemaitre; John Brinitzer; Barthélemy Faye


Other key lawyers:

Laura Birene


Testimonials

‘Great availability and expertise.’

‘The team is very reactive, innovative (thinks outside the box) and takes a multidisciplinary approach.’

‘Valérie Lemaitre is very involved, very responsive and available. Seeks to always get the best for her clients.’

Key clients

BNP Paribas


Crédit Agricole


Crédit Agricole Assurances (CAA)


Compagnie de Saint Gobain


BCPE


Republic of Benin


Republic of Côte d’Ivoire


Republic of Senegal


Sodiaal


ArcelorMittal


Work highlights


  • Advised BNP Paribas in connection with the annual and quarterly updates of its $70bn US MTN programme and numerous issuances in 2021 and 2022.
  • Advised Crédit Agricole on its MREL/TLAC-eligible and prudential capital issuances, in connection with the updates of its EUR 85bn EMTN and $25bn USMTN programmes and subsequent offerings from April 2021-April 2022.
  • Advised on the 2021 update of Compagnie de Saint-Gobain’s EMTN Programme, on its inaugural EUR 500m sustainability linked bonds offering, and a tender offer for £300m (5.625 notes) due November 2024.

Clifford Chance

The Paris debt capital markets team at global firm Clifford Chance remains a force in the area, providing support on high-value, cross-border DCM transactions to major domestic and international financial institutions, investment managers, government authorities and corporates across such industries as hospitality, manufacturing, automotive, beverages, personal care products and construction. Led by expert in securities Alex Bafi, DCM market authority Cédric Burford and structured finance specialist Jonathan Lewis, the group assists with debt issuance programmes, sustainable bond issuances, structured debt issues, liability management transactions and consent solicitations. Other key figures include counsels Auriane Bijon, who has experience of sustainability matters, Olivier Plessis, who has a notable focus on investment grade and high-yield bond issuances, and Andrew McCann, who is a dual qualified in France and England and Wales.

Practice head(s):

Alex Bafi; Cédric Burford; Jonathan Lewis


Other key lawyers:

Auriane Bijon; Olivier Plessis; Andrew McCann


Testimonials

‘Dynamic, available and pleasant team that brilliantly covers a large number of financial products. The relationship on the files is fluid, constructive, leaving the client with an impression of serenity and great professional mastery. Quotes and schedules are always respected making the service optimum.’

‘Cédric Burford is a renowned partner in the international capital market. Benefiting from a very great expertise, Cédric is a pragmatic, pro-active partner, a force, with sure and decisive judgement in the negotiations.’

‘I consider the Clifford Chance team led by Cédric Burford to be one of the best on the market.’

Key clients

RCI Banque


Société Générale


Natixis


Crédit Agricole CIB


BNP Paribas


Goldman Sachs


Bank of America Merrill Lynch


Bank of China International Holdings Ltd


Citigroup


European Investment Bank


HSBC


J.P. Morgan


Morgan Stanley


National Bank of Abu Dhabi


Standard Chartered Bank


Accor


Alstom


Carmila


Carrefour


Dassault Systèmes


Pernod Ricard


Vinci


Volvo


Tikehau Capital


The Government of Sultanate of Oman


Caisse des Dépôts et Consignations


Work highlights


  • Advising L’Oréal on its inaugural sustainability-linked public bond offering for an aggregate nominal amount of EUR 3 bn.
  • Advising the global coordinators and joint lead managers, on the issue of EUR 650m 1.25% sustainability-linked bonds due 6 April 2029 and an issue of EUR 850m 0.875% bonds due 6 April 2025 by Sanofi.
  • Advising Tikehau Capital, the global alternative asset management group, on its inaugural public sustainable bond issuance.

Gide Loyrette Nouel A.A.R.P.I.

The experienced debt capital markets team at Gide Loyrette Nouel A.A.R.P.I. remains a force in the market, providing comprehensive support on complex, high-value debt transactions, and advising a portfolio of clients ranging from major financial institutions and insurers to corporates across such sectors as telecoms, construction, environmental services, aviation, retail and infrastructure. Headed by market-leading DCM authority Hubert Merveilleux du Vignaux, major issuance specialist Laurent Vincent, and US securities practice leader Melinda Stege-Arsouze, the group's services extend to MTN programmes, sustainable finance, hybrid transactions, mortgage and covered bonds, liability management and consent solicitation transactions. The team is supported by respected structured finance expert Arnaud Duhamel.

Practice head(s):

Hubert Merveilleux du Vignaux; Laurent Vincent; Melinda Stege-Arsouze


Other key lawyers:

Arnaud Duhamel


Testimonials

‘Gide is characterized by the remarkable availability of the partners and their real involvement in the files entrusted. The team is very efficient, very technically gifted.’

‘Laurent Vincent is very available, courteous and very up to par in terms of knowledge and his ability to deal with the complex legal challenges that we encounter.’

‘High responsiveness and in-depth knowledge of the market make it easy to work with this team.’

‘Extremely satisfied with the relationship with Gide Loyrette Nouel, and in particular Laurent Vincent, who always knows how to be reactive, precise and rigorous. His advice is always wise, proactive.’

Key clients

Ile de France Mobilités (IDFM)


Evolucare


Suez SA


CDC Habitat


Veolia Environnement


CNP Assurances


Crédit Agricole CIB


Autoroutes Paris Rhin Rhone


Crédit Mutuel Arkéa


Ville de Paris


Air France


Société Générale


Orange


BNP Paribas


Crédit Logement


Natixis


Europcar


Spie Batignolles


AXA


Société du Grand Paris


Autoroutes du Sud de la France


Cofiroute


Vinci


Work highlights


  • Advised Veolia Environnement, a corporate in environmental services, with the issuance of hybrid bonds in the context of the takeover of Suez SA.
  • Advised Air France KLM with the establishment of its first EMTN (Euro Medium-Term Note) programme and two standalone bond issuances for a total amount of EUR 800m.
  • Advising Société Générale – Forge on the first issuances of French law security tokens registered on the public blockchains Ethereum and Tezos.

Linklaters

Headed by DCM expert Véronique Delaittre, the capital markets team at global firm Linklaters has strong experience advising major financial institutions, corporates across such sectors as energy and telecoms, the European Investment Bank and public institutions, on a wide range of matters across the practice space. Supported by Luis Roth, who specialises in securities offerings by foreign private and sovereign issuers involving US investors, the group's comprehensive service extends to hybrid bonds, covered bonds, sustainability-linked bonds, regulatory capital instruments, high-yield bonds and liability management transactions.

Practice head(s):

Véronique Delaittre


Other key lawyers:

Luis Roth


Key clients

Genfit


NHOA


Société du Grand Paris


Crédit Agricole Corporate and Investment Bank


European Investment Bank


Citigroup Global Markets Inc.


HSBC


Natixis S.A.


J.P. Morgan


Legrand


CGG


Iliad


BNP Paribas


Work highlights


  • Advised Société du Grand Paris on its new EUR 1.5bn green bond issue under its green euro medium term note programme.

White & Case LLP

The Paris debit capital markets group at global firm White & Case LLP harnesses the bench strength of its experienced practitioners to advise major domestic and multinational financial institutions, corporates, insurers and sovereigns on high-value EMTN programmes, high-yield bonds, hybrid bonds and regulatory capital deals. Philippe Herbelin heads the capital markets team and is backed by Séverin Robillard, who is a leading name in the DCM space. Of counsel and market authority Cenzi Gargaro brings expertise to debt securities and sovereign bond issues. Other key figures include US-qualified lawyer Max Turner (who assists with Yankee and high yield bonds), Grégoire Karila (who focuses on hybrid debt/regulatory capital and ESG financings) and Thomas Le Vert. January 2022 saw the promotion of Olga Fedosova to partner and Tatiana Uskova to counsel.

Practice head(s):

Séverin Robillard; Philippe Herbelin


Other key lawyers:

Cenzi Gargaro; Max Turner; Grégoire Karila; Thomas Le Vert; Olga Fedosova; Tatiana Uskova


Testimonials

‘The team is available and responsive with very good expertise.’

‘Grégoire Karila and Max Turner are noted for their pragmatism and advice.’

Key clients

Barclays


BofA Securities (Bank of America Merrill Lynch)


BNP Paribas


Citigroup


Crédit Agricole SA


Credit Suisse


Deutsche Bank


Goldman Sachs


HSBC


J.P. Morgan


Société Générale


Air France-KLM


Engie


Faurecia


LVMH


Michelin


Peugeot


Atos


Suez


Republic of Cameroon


Republic of Gabon


AXA


CNP Assurances


Work highlights


  • Advised global healthcare company Sanofi on a dual-tranche bond issue that is listed on Euronext Paris and includes an inaugural sustainability-linked tranche indexed on access to medicines.
  • Advised Faurecia, the automotive equipment supplier, on its inaugural sustainability-linked high yield bond issuance of EUR 1.2bn 2.750% sustainability-linked senior notes due 2027.
  • Advised Atos on its EUR 800m inaugural sustainability‐linked bond with an eight‐year maturity.

CMS Francis Lefebvre

The Paris debt and capital markets team at international law firm CMS Francis Lefebvre brings strength to high-value cross-border transactions involving major financial institutions, real estate investment trust companies, insurers, asset managers and corporates in such sectors as logistics and healthcare. Euro private placement market expert Marc-Etienne Sébire heads the practice, which assists with matters ranging from EMTN programmes and covered bonds to hybrid securities and liability management. Other key figures include Rosetta Ferrère, who has expertise in structured bond issues and debt restructuring, and senior associates Yaël Fitoussi and Myriam Issad.

Practice head(s):

Marc-Etienne Sébire


Other key lawyers:

Rosetta Ferrère ; Yaël Fitoussi; Myriam Issad


Testimonials

‘Very dynamic team, available and always pleasant, combining a very good practice of financial products and an excellent knowledge of the different markets. Number 1 international firm on the Euro PP market, far ahead of its competitors!’

‘Marc-Etienne Sébire is a great and excellent professional in the bond markets, both present on the files, accompanying his clients at all stages of the process and recognised as a teacher who knows how to deliver and explain his knowledge in a clear and reassuring way.’

‘Dynamic and friendly team. Very aware of market practices.’

Key clients

BNP Paribas


Crédit Agricole Corporate and Investment Bank


HSBC


Natixis


Société Générale


Morgan Stanley


J.P. Morgan


Crédit Mutuel Arkéa


Klépierre


NGE


FM Holding Corporate


Crédit Mutuel Home Loan SFH


SFIL


CAFFIL


LCL


Octo Finances


Imerys


Banque Palatine


My Money Bank


Crédit Industriel et Commercial


Work highlights


  • Advised NGE on its EUR 150m secured sustainability-linked Euro PP.
  • Advised the lead managers (BNP Paribas, Crédit Industriel et Commercial, HSBC Continental Europe and Morgan Stanley Europe SE) on the inaugural EUR 750m Tier 2 bond issue of Groupe des Assurances du Crédit Mutuel.
  • Advised Crédit Mutuel Arkéa on the establishment of its EUR 5bn structured debt programme.

Herbert Smith Freehills LLP

The experienced team at Herbert Smith Freehills LLP coordinates with the global firm's London branch to bring strength to high-value transactions on behalf of financial institutions, asset management groups and major corporates active in areas including renewables, telecoms, aviation, outsourcing and consumer products. Led by Louis De Longeaux, the group assists with green bonds issuance, standalone bonds issuance, EMTN programmes, Euro PP, project bonds, liability management transactions and complex debt security matters. Senior associate Dylan Shields provides key support.


Practice head(s):

Louis de Longeaux


Other key lawyers:

Dylan Shields


Testimonials

‘ Responsiveness, fluidity in exchanges and a perfect knowledge of related regulatory and commercial subjects.’

‘The HSF team knows how to intervene within tight deadlines with great professionalism.’

‘Louis de Longeaux and his team have a very good command of the issues related to bond issues. Their experience and competence are of great help in the implementation of these processes.’

Key clients

Teleperformance


Air Liquide


Auchan


Boluda


JCDecaux


Groupe ADEO


Airbus


BNP Paribas


Bureau Veritas


Compagnie des Alpes


Danone


Conseil Général de l’Essonne


EssilorLuxottica


Groupe Atlantic


Groupe Lagardère


Renault


Safran


Société Foncière Lyonnaise


Société Générale


Indigo Group


Nexity


La Banque Postale


Work highlights


  • Advised Teleperformance on the inaugural issuance of a sustainability-linked EUR 500m 3.750% bonds due June 2029 that will be linked to its carbon emissions.
  • Assisted Tikehau Capital in relation to the issuance of an inaugural issuance of $180m of US private placement notes (US PP) structured in 2 tranches of sustainable senior notes with maturities of 10 and 12 years.
  • Advised Danone on the issuance of EUR 700m notes due 2030 listed on Euronext Paris.

Hogan Lovells (Paris) LLP

Backed by the bench strength of offices across the Americas, the Asia Pacific and EMEA regions, the debt capital markets Paris team at Hogan Lovells (Paris) LLP advises financial institutions and corporates in such sectors as energy, transport and automotive involved in high-value, multi-jurisdictional transactions. Headed by debt securities expert Sharon Lewis and EMTN programme specialist Vincent Fidelle, the group's full offering extends to matters ranging from subordinated bond issues, covered bonds and EuroPP transactions to inaugural green bond issuances and commercial paper and liability management transactions. Other key figures include Katia Merlini and counsel Reza Mulligan, who handles complex credit facilities.

Practice head(s):

Sharon Lewis; Vincent Fidelle


Other key lawyers:

Katia Merlini; Reza Mulligan


Testimonials

‘Hogan Lovells has a strong focus on developing areas such as sustainability and fintech. In addition, their team has quite a bit of diversity including a large number of senior women.’

‘Sharon Lewis has a passion and enthusiasm for both transactional work and also building relationships between clients and developing broader thematic areas. She’s a pleasure to work with!’

‘Sharon Lewis and her team bring a pretty unique mix of deep experience and novel thinking to bear on a range of transactions.’

‘Good responsiveness. Katia Merlini is patient and a teacher.’

Key clients

BMW Finance SNC


Citigroup Global Markets Europe AG


British International Investment plc


Edmond de Rothschild


Credit Agricole Corporate and Investment Bank


BOURBON Group


Société nationale SNCF


Electricité de France (EDF)


ALD


RTE Réseau de transport d’électricité


KBC Bank NV


Arch Capital


Valneva


Medicrea


Claranova


Navya


Work highlights


  • Advised Electricité de France S.A. (EDF), the French state electric utility company, on a new EUR 1.5bn revolving credit facility.
  • Advised SNCF in relation to the update of its EUR 5bn Euro Commercial Paper (ECP) programme, followed by an inaugural EUR 50m green ECP notes issuance subscribed by Mirova.
  • Advised Crédit Agricole and Investment Bank in relation to their structured debt issuance programme governed by French law and the French law part of its structured debt issuance programme.

Latham & Watkins

Backed by a network spanning North America, Europe, the Middle East and the Asia Pacific region, the Paris debt capital markets group at Latham & Watkins has strength in high-value, cross-border transactions, advising a broad client base of financial institutions and multinationals in oil and gas, engineering, fast-food restaurants, travel and digital marketing services. Headed by capital markets expert Thomas Margenet-Baudry, the group assists with such matters as high-yield bond offerings, hybrid notes offerings and green bonds. Other key figures include Roberto Reyes Gaskin, who manages investment grade debt offerings and liability management, and counsel Michael Ettannani.

Practice head(s):

Thomas Margenet-Baudry


Other key lawyers:

Roberto Reyes Gaskin; Michael Ettannani


Testimonials

‘Thomas Margenet-Baudry has assembled a reliable and experienced team. His mastery of legal matters and his commercial acumen are always of great help.’

‘Michael Ettannani was able to accompany us in many transactions. He is a lawyer on whom we can count during transactions or with broader legal questions.’

‘Very strong expertise in the high yield market. Great practice in emissions, and project monitoring, which makes the preparation process very reassuring for the client.’

Key clients

TotalEnergies SA


TechnipFMC plc


Burger King France


Lagardère SA


Elior Group


Loxam SAS


Derichebourg


TechnipFMC plc


Société Générale


Natixis Financement Paris


BNP Paribas


Digital Intrepid


Stephenson Harwood

Stephenson Harwood pairs the experience of its Paris team with the bench strength of its global network to advise financial institutions and corporates across such sectors as manufacturing, logistics and real estate, on high-value, cross-border transactions. Debt securities expert Jeremy Grant heads the group, which assists with sustainability-linked bonds, Eurobonds, MTNs, high-yield bonds, Euro PPs, hybrid offerings, secured notes and liability management. The team is supported by associate Cloé Nguyen, a specialist in ESG.

Practice head(s):

Jeremy Grant


Other key lawyers:

Cloé Nguyen


Testimonials

‘Stephenson Harwood has demonstrated expertise, and systematically raises the most relevant points with a precision and conciseness that is appreciated by the client.’

‘Jeremy Grant showed much appreciated responsiveness, precision and efficiency. Very good communication, availability and transparency in working methods.’

Key clients

Louis Dreyfus Commodities


The Export-Import Bank of China (CEXIM)


Halyk Bank


Grit Real Estate Income Group


Touax


Societe du Grand Paris


Work highlights


  • Advised Touax on its debut green bond issuance.
  • Advised Louis Dreyfus Commodities, on its debut sustainability-linked bond issue.
  • Advised Grit Real Estate Income Group, a pan-African real estate company focused on the issue of guaranteed perpetual subordinated exchangeable notes.

Addleshaw Goddard

Following the October 2021 arrival of finance head Julien Bacus, who brings to the team more than 20 years' experience in the DCM space, and counsel and debt product expert Charles Tissier, the team at the Paris office of Addleshaw Goddard continues to grow. The group advises a broad client base including financial institutions, public entities, insurers and corporates in such sectors as mining, automotive and media on high-value transactions, The team's comprehensive service extends to Euro PPs, green bonds, subordinated notes, senior non-preferred notes and liability management.


Practice head(s):

Julien Bacus


Other key lawyers:

Charles Tissier


Testimonials

‘Good network in the UK.’

‘Team consistent in the quality of the high level of service offered, attentive to requests and able to adapt to the context of the file’.

‘Charles Tissier stands out for his availability and his ability to respond satisfactorily to customer requests within the requested deadlines.’

Key clients

Bred Banque Populaire


UniCredit Bank AG


European Bank for Reconstruction and Development (EBRD)


Département de la Savoie


Kepler Cheuvreux


Faurecia


HSBC Bank plc


Work highlights


  • Advising Bred Banque Populaire as arranger of a new sustainability-linked Bond of Orpea.
  • Advising EPC Groupe on the reimbursement of its existing bonds and the negotiation and arrangement of a new private placement including ESG (environmental, social and governance) criteria and a credit facility.

Bentam Societe D'Avocats

Headed by finance expert Gautier Chavanet, the DCM team at Bentam Societe D'Avocats advises financial institutions and insurers and specialises in high-value transactions for urban planners and French administrative authorities, including public health institutions and public and para-public companies. The practice's full service extends to the implementation of EMTN programmes, as well as standalone bond issues.

Practice head(s):

Gautier Chavanet


Testimonials

‘The Bentam team has developed a recognized practice in bond matters for public and semi-public issuers and as such has in-depth knowledge of the particularities of these issuers in bond transactions.’

‘Gautier Chavanet is technically very gifted, available and relevant in his remarks.’

‘Competent professionals who master the subjects and issues submitted to them. The exchanges are constructive and make it possible to move the files forward quickly and in a secure manner.’

‘Gautier Chavanet seasoned professional, whose opinion and advice are always reasoned and valuable.’

Key clients

Assistance publique – Hôpitaux de Paris


Aurel BGC (GFI EU)


Centre Hospitalier Universitaire de Lille


Communauté urbaine de Caen la mer


Département de l’Essonne


Département de la Seine-Maritime


Département de Seine-et-Marne


Département des Bouches-du-Rhône


Département du Val-d’Oise


Grenoble-Alpes Métropole


KBC Bank NV


Métropole de Lyon


Octo Finances


Région Auvergne-Rhône-Alpes


Région Bretagne


Région Centre-Val de Loire


Région des Pays de la Loire


Région Île-de-France


Région Occitanie


Région Provence-Alpes-Côte d’Azur


Semapa


STX Fixed Income B.V.


Syctom


TP ICAP (Europe)


Bredin Prat

The DCM team at Bredin Prat has a strong reputation for advising on high-value transactions involving financial institutions and corporates in such sectors as video games, luxury goods, travel and manufacturing. Headed by Raphaële Courtier, a debt structuring specialist, the group assists with high yield offerings, commercial paper and MTN programmes, eurobonds and ESG criteria.

Practice head(s):

Raphaële Courtier


Key clients

Casino


CGG


Financière Agache


Firmenich


Fnac Darty


Groupe Monnoyeur


INEOS


Lagardère


Ramsay Santé


Saint-Gobain


SEB


Société Anonyme des Bains de Mer et du Cercle des Étrangers (SBM)


Thom Group and Altamir


Ubisoft


Work highlights


  • Advised Ramsay Santé in connection with its inaugural Euro Private Placement through a EUR 100m bond issue, indexed to ESG criteria.
  • Advised Financière Agache, a holding company of LVMH, in connection with the issue of notes totalling EUR 60m in the form of private placement.
  • Advised Casino, Guichard Perrachon in connection with the early buyback and cancellation of EUR 60.5m in aggregate principal amount of notes maturing in February 2025 and August 2026.

Jones Day

Backed by a global network spanning five continents, the Paris DCM team at Jones Day brings strength to high-value DCM transactions, advising a client base of financial institutions, in addition to corporates active in sectors including healthcare and pharmaceuticals and telecoms. Headed by firm ESG coordinator and debt securities expert Linda A Hesse and of counsel and DCM EMEA coordinator Natalia Sauszyn, the group assists with matters involving standalone issuances, EMTN programmes, liability management and bond terms renegotiations, high-yield issuances and structured debt.


Practice head(s):

Linda Hesse; Natalia Sauszyn


Testimonials

‘Natalia Sauszyn is  rising star on the structured/ESG side.’

‘A very attentive team that exceeds expectations.’

‘Natalia Sauszyn stands out particularly for her dynamism, rigour, availability.’

‘Great listening skills and a certain patience to understand the problems of their customers. We appreciated their interventions on different types of very technical files, always very relevant, precise and efficient.’

Key clients

BNP Paribas


Crédit Agricole S.A.


Crédit Industriel et Commercial


Natixis


BPCE


AXA Banque


European Bank for Reconstruction and Development


Amber Group


BPCE S.A.


Orange


Sanofi


Work highlights


  • Advised BNP Paribas in connection with the structuring and issuance of a tokenised ESG bond.
  • Advised Crédit Agricole Home Loan SFH as issuer in relation to its inaugural issuance of EUR 1bn social covered bonds listed on Euronext Paris, of which the proceeds of the bonds were applied to refinance loans promoting ownership to low-income households.
  • Advising Crédit Industriel et Commercial as consent solicitation agent and tender offer coordinator in the renegotiation of EUR 100m bonds issued by a French partner of aerospace manufacturers.

Kramer Levin Naftalis & Frankel LLP

The team at the Paris office of New York-headquartered international law firm Kramer Levin Naftalis & Frankel LLP brings strength to advising asset management firms and corporates in fintech, real estate, tech and telecoms involved in DCM transactions. Led by alternative investment management practice co-heads Gilles Saint Marc and Hubert de Vauplane, the group assists with matters ranging from eurobonds, green bonds and EMTN programmes to liability management and consent solicitations. Counsel Manaf Triqui departed in September 2022.

Practice head(s):

Gilles Saint Marc; Hubert de Vauplane; Manaf Triqui


Key clients

Eiffel Investment Group


Sienna AM France


Groupama AM


Smart Lenders


Avanséo


Tikehau IM


Midcap Partners


TP ICAP


Fundamental Partners


HLD Europe


Biosyl Auvergne


Cap Vert Energie


La Banque Postale Asset Management


Schelscher Prince Gestion


CEREA Partners


ARTEMID


SHAM


SAAR LB


ITM Entreprises (Groupe les Mousquetaires)


Constructel Constructions et Télécommunications


Aurel BGC


Zark Capital


GFI Securities


Karmen


ARIA


Work highlights


  • Advising Sienna AM France on the legal structuring and formation of a specialised financing vehicle investing in bond and other debt instruments, direct lending, purchase of receivables or leasing of industrial assets.
  • Advising Fundamental Partners, Midcap and the investors in connection with the EUR 70m Euro PP bonds issued by Bertrand Corp – listed on Euronext Access – and a consent solicitation.

Shearman & Sterling LLP

Headed by capital markets authority Hervé Letréguilly, the Paris debt capital markets team at Shearman & Sterling LLP is a popular choice for major financial institutions and corporates in the agriculture, TMT, transport and manufacturing sectors to advise on high-value, cross-border DCM transactions. The firm's comprehensive service extends to private placements, debt programmes, warrant programmes and high-yield, convertible, exchangeable, hybrid and subordinated bonds.

Practice head(s):

Hervé Letréguilly


Testimonials

‘Excellent knowledge of the applicable regulations and good practical experience in their application.’

‘Good complementarity across the team to adapt to the requirements of financial operations.’

Key clients

Tereos SCA


STMicroelectronics


BNP Paribas


Crédit Agricole Corporate and Investment Bank


Bank of America


Santander


Lloyds Bank


Credit Suisse


Deutsche Bank


Work highlights


  • Represented Crédit Agricole Corporate and Investment Bank, BNP Paribas, Deutsche Bank Aktiengesellschaft, Barclays Bank Ireland PLC, BofA Securities Europe SA, Crédit Industriel et Commercial S.A., J.P. Morgan SE, Natixis, and Société Générale, as initial purchasers, on Loxam’s offering of EUR 350m 4.500% senior secured notes due 2027.
  • Represented BNP Paribas, Crédit Agricole Corporate and Investment Bank, Coöperatieve Rabobank, Crédit Industriel et Commercial, Natixis, Société Générale, Banco Bilbao Vizcaya Argentaria, and Mediobanca – Banca di Credito Finanziario as initial purchasers in connection with Elior Group’s EUR 550m offering of 3.75 percent senior notes due 2026.