France > Capital markets > Debt > Law firm and leading lawyer rankings
Index of tables
Capital markets: debt
Other recommended firms
- Cédric Burford - Clifford Chance (Debt capital markets)
- Colin Chang - White & Case LLP (High-yield)
- Hubert du Vignaux - Gide Loyrette Nouel A.A.R.P.I. (Debt capital markets)
- Arnaud Duhamel - Gide Loyrette Nouel A.A.R.P.I.
Hervé Ekué -
Allen & Overy LLP(Debt capital markets)
- Gilles Endréo - White & Case LLP (Debt capital markets)
- Cenzi Gargaro - White & Case LLP
- Philippe Herbelin - White & Case LLP (Equity capital markets)
- Thomas Le Vert - White & Case LLP
- Hervé Letréguilly - Shearman & Sterling LLP(Equity capital markets)
- Séverin Robillard - White & Case LLP
Allen & Overy LLP’s debt capital markets (DCM) practice ‘stands out in terms of commercial acumen and expert advice’. The ‘excellent’ 20-lawyer team, which combines French, UK and US law expertise, is adept at advising issuers and arrangers on complex hybrid notes issuances, including international transactions. Recent highlights include assisting the deal managers with Axa’s exchange offer of four Euro and British pound sterling series subordinated notes, and acting for BNP Paribas Cardif on the issuance of its €1bn undated subordinated notes listed on the Luxembourg Stock Exchange. Hervé Ekué heads the practice, in which Diana Billik, Brice Henry and Dan Lauder are also key figures, and Julien Sébastien was promoted to partner.
Cleary Gottlieb Steen & Hamilton LLP often advises issuers on large bond issuances and especially Yankee and Euro bonds. Highlights included advising the Republic of Ivory Coast on its inaugural $750m Eurobond and a $1bn sovereign Eurobond offering, as well as acting for BPCE on a €375m subordinated notes issuance and a 750m renminbi Tier 2 subordinated debt offering. Andrew Bernstein, John Brinitzer and Valérie Lemaitre are key contacts, along with Barthélemy Faye.
Clifford Chance shows ‘impressive industry knowledge, in particular as to market developments’. The 11-lawyer practice has full-service expertise and represents leading corporate issuers and underwriters. Recent work includes various complex matters, such as hybrid and high-yield bond issuances, US and China issuances, US and Eurobond sovereign issuances and public sector issuances. Highlights included advising Volvo Treasury AB on its dual-tranche €1.5bn hybrid bond issuance listed on the Luxembourg Stock Exchange and acting for the banks on the Republic of Gabon’s Rule 144A $500m offering. The practice is headed by Cédric Burford and US-qualified lawyer Alex Bafi.
Gide Loyrette Nouel A.A.R.P.I.’s 15-lawyer team is regularly retained by underwriters to advise on large DCM issuances. It also advises issuers and has leading expertise in the EuroPP field. The practice recently assisted Orange with its €1bn, €1.25bn and £600m notes issuances admitted on Euronext Paris, and assisted the lead managers with BNP Paribas Cardif’s €1bn bond issuance. Hubert du Vignaux is the key contact.
White & Case LLP has an unmatched capital markets practice in France with a team of some 25 lawyers involved. In the DCM area, the firm is hired by arrangers and issuers alike and has been involved in the largest issuances of corporate and sovereign bonds and hybrid bonds. Highlights included advising the banks on Capgemini’s €2.75bn notes issuance on Euronext Paris, acting for Gabon on its $500m sovereign bond issuance, and advising the banks on Total’s €5bn two-tranche note issuance – the largest euro-denominated corporate hybrid bond issuance to date. Clients are also ‘impressed by the team’s quality and responsiveness’ in the high-yield bond field. Gilles Endréo is a leading figure in the market and US partner and high-yield specialist Colin Chang is ‘very technical and very hands-on the process’. Cenzi Gargaro, Séverin Robillard and counsel Max Turner are also recommended.
CMS is a leading player in the EuroPP area, where it assists top financial institutions and corporations. Recent highlights include advising Natixis and Octo Finances on the first Euro PP green bond issuances, as well as acting for Natixis on the first EuroPP listed on the Euronext Paris open market. The firm also advises on the establishment of Euro medium-term note (EMTN) programmes. Marc-Etienne Sébire heads the practice, in which Grégory Benteux is another name to note.
Leading French corporations regularly turn to Herbert Smith Freehills LLP for the issuance of listed or non-listed bonds. The practice recently advised Société Foncière Lyonnaise on a €500m bond issuance listed on NYSE Euronext, and assisted Infra Foch and Vinci Park with the former’s inaugural and innovative €950m bond issuance. The firm also assists with the establishment and updating of EMTN programmes. Practice head Louis de Longeaux is highly recommended.
Latham & Watkins is the market leader in the high-yield sector, where it recently advised the underwriters on Paprec’s €480m green bond issuance – noteworthy as being the first high-yield green bond issued in France. Thomas Margenet-Baudry heads the practice.
Linklaters LLP often advises leading banks on large note issuances by major French corporations. The practice assisted HSBC with a CNY500m note issuance by Air Liquide Finance – the first Formosa bond issued by a French corporation – and acted for the lead managers on Publicis’ €700m and €600m bond issuances listed on Euronext Paris. Véronique Delaittre is the key contact. Jeremy Grant joined De Pardieu Brocas Maffei.