Twitter Logo Youtube Circle Icon LinkedIn Icon

The Legal 500 Hall of Fame Icon The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. In Europe, Middle East and Africa, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for seven consecutive years. These partners are highlighted below and throughout the editorial.
Click here for more details

Germany > Capital markets > Law firm and leading lawyer rankings

Editorial

Debt capital markets

Index of tables

  1. Debt capital markets
  2. High-Yield
  3. Leading individuals
  4. Next generation lawyers

Leading individuals

  1. 1

Next generation lawyers

  1. 1

Who Represents Who

Find out which law firms are representing which Debt capital markets clients in Germany using The Legal 500's new comprehensive database of law firm/client relationships. Instantly search over 925,000 relationships, including over 83,000 Fortune 500, 46,000 FTSE350 and 13,000 DAX 30 relationships globally. Access is free for in-house lawyers, and by subscription for law firms. For more information, contact david.burgess@legal500.com.

CLICK HERE TO VISIT THE WHO REPRESENTS WHO SITE

Freshfields Bruckhaus Deringer’s DCM practice works in close conjunction with its teams in Vienna and London and regularly handles instructions on complex products including hybrid and high-yield bonds alongside structured bonds and equity-linked bonds. Team head Christoph Gleske and Mark Strauch, who is known for his US legal expertise, advised ADO Properties on the structuring and issuance of a €400m debut bond, while Rick Van Aerssen assisted BASF with the structuring and issuance of a $600m bond with cash-settled warrants on the BASF share. The issuer CTC AcquiCO received assistance with German and US capital markets law matters pertaining to the financing of the acquisition of CeramTec by a consortium led by BC Partners; this included, among others, the issuance of 5.25% secured bonds with a total nominal value of €600m. In another highlight, the team advised the lenders and underwriters on the refinancing of Schmolz + Bickenbach Group amounting to €575m in the form of an adapted and revised syndicated credit line of the group totalling €375m and the issuance of secured bonds valued at €200m due in 2022.

The strength of Hengeler Mueller’s ‘very good’ DCM practice lies in advising on the issuance of bonds and issuance programmes, leading to regular instructions on the issuance, restructuring and transaction of classic tier 1 and tier 2 notes and hybrid instruments. The ‘clever’ Dirk Bliesener acted as lead counsel when advising Bayerische Landesbank on the structuring and documentation of new debt products for the issuance of the Krügerrand Gold bond comprising 250,000 securities, while Johannes Tieves assisted the parent company of Brenntag Group with the issuance of a €600m bond. Also acting as lead counsel, Hendrik Haag advised a banking consortium led by Credit Suisse, Deutsche Bank and BNP Paribas on the issuance of eurobonds from Deutsche Telekom International Finance, the Dutch financing arm of Deutsche Telekom, in three tranches and with a total value of €3.5bn. He also advised innogy on the issuance of the first green bond totalling €850m, and assisted Schmolz + Bickenbach with the refinancing and restructuring of a €650m financing by issuing a €200m high-yield bond. In November 2018, Andreas Lischka joined White & Case LLP as local partner.

Linklaters covers a wide range of matters pertaining to bonds and structured products and frequently acts in co-operation with its capital markets and corporate teams. Peter Waltz, who is noted for his ‘extensive regulatory experience’, advised Raiffeisen Bank International on the issuance of additional tier 1 notes totalling €500m, and, together with Alexander Schlee, who was promoted to the partnership in May 2018, he assisted a banking consortium with the issuance of a convertible bond valued at €1bn including conversion rights into Deutsche Post shares. In another significant matter, the duo advised a consortium on the issuance of two hybrid bonds by Volkswagen Group: these subordinated bonds totalled €1.5bn and €2bn respectively, each without a fixed term but including an interest rate reset. In conjunction with colleagues from the corporate, M&A and tax departments, the team also acted for Bayer on the issuance of exchangeable bonds valued at €1bn and on the placement of Covestro shares for €17.25m. Kurt Dittrich heads the team. Other clients include Dream Global Funding and J.P. Morgan Securities.

Providing ‘excellent and speedy advice’ based on ‘in-depth industry knowledge’, Allen & Overy LLP regularly advises issuers and issuing banks on the launch and updating of issuance programmes, the issuance of corporate bonds, pfandbriefe and other collateralised bonds as well as structured bonds, equity and hybrid instruments, high-yield bonds and registered bonds, while also handling bond repurchases. Together with the firm’s corporate practice, Christoph Enderstein advised alstria office REIT on the issuance of an unsecured, fixed-income corporate bond valued at €350m alongside the concurrent tender offer for two existing bonds from alstria, while, together with Knut Sauer and Marc Plepelits, he assisted Corestate Capital Holding with the placement of promissory notes worth €300m. IKB Deutsche Industriebank received advice on the issuance of a tier 2 subordinated bond amounting to €300m, and UBS instructed the team to assist with matters pertaining to various structured securities. Martin Scharnke is also noted and Christian Klöpfer was appointed counsel in October 2017.

The team at Clifford Chance provides ‘a very high service level’, frequently assisting clients, including banks and well-known companies, with standalone bonds and issuance programmes alongside liability management transactions and high-yield bonds. In recent work, the team advised Volkswagen and Volkswagen Finance on the issuance of a hybrid bond worth €3.5bn consisting of two tranches, assisted BNP Paribas and UBS Investment Bank with alstria office REIT’s capital measures, and acted for HSBC Bank, the bookrunner, on the issuance of a bond by AT & S Austria Technologie & Systemtechnik. In other significant work, ‘very experienced’ team head Sebastian Maerker, who is also noted for his ‘client-oriented approach’, assisted a banking consortium including, among others, J.P. Morgan, Barclays, HSBC and ING, with the issuance of a bond by SAP, and advised Surteco on the issuance of promissory loans totalling over €200m. Merrill Lynch International, Landesbank Hessen-Thüringen and Citigroup Global Markets are also clients.

Latham & Watkins LLP’s integrated capital markets and banking practice assists issuers and banks with the issuance of investment grade and high-yield bonds; the latter constitutes a particular area of strength for the practice, while it also handles bank bonds in Germany, other European countries and the US. Alexander Lentz and team head Rüdiger Malaun jointly advised Demire Deutsche Mittelstand Real Estate on the first issuance and subsequent tap offering of senior notes under New York law totalling €400m and maturing in 2022, and assisted a banking consortium led by Morgan Stanley with the issuance of two tranches of senior notes by Consolidated Energy Finance, the financial vehicle of a Swiss-based methanol and fertiliser company, amounting to $800m. Another banking consortium including Barclays, Deutsche Bank and Citigroup received assistance with a bridge-to-bond financing in connection with the public takeover of Stada by the financial investors Bain Capital and Cinven, while BayWa instructed the team to advise on the issuance of a €300m subordinated high-yield bond. Frankfurt-based Gregory Walker was appointed counsel in January 2018.

The ‘very committed, pragmatic and solution-oriented’ DCM team at White & Case LLP is ‘very responsive’ and ‘even handles short-term enquiries quickly’, while clients also benefit from its ‘good market knowledge’. This is frequently drawn upon when handling issuance programmes and standalone bonds as well as high-yield bonds, equity-linked transactions, hybrid products and regulatory matters. The ‘very reliable’ Rebecca Emory, who is ‘always available, handling every matter with outstanding quality and high speed and is highly skilled at guiding clients through transactions’, and Gernot Wagner are the main contacts for high-yield bond work. Recently, Emory and Wagner advised a banking syndicate led by BNP Paribas, HSBC, J.P. Morgan and UniCredit on the €275m high-yield bond issuance by Nordex. The ‘very experienced and reliableJochen Artzinger-Bolten, who is also ‘pleasant to work with’, assisted Citigroup with the promissory note by Sherwin-Williams amounting to €245m, while Karsten Wöckener advised real estate developer Consus Real Estate on the issuance of its first promissory note worth €200m. Clients praise Wöckener for his ‘commercial understanding’ and ‘pragmatic and practical solutions’, while his ‘extensive experience enables him to understand both sides of a transaction very well, giving him a mediating effect without losing credibility’. Cristina Freudenberger made local partner in January 2018 and Andreas Lischka joined as local partner from Hengeler Mueller in November 2018.

Gleiss Lutz stands out for its ‘very high level of service and high-quality work’. The ‘very good’ team is ‘always available and reliable’ and also has ‘a good business sense’, which is routinely drawn upon when advising on high-yield bonds and investment grade bonds. The ‘very experienced and always approachable’ Kai Arne Birke, who is ‘well versed in bond restructuring work’ and noted as working in ‘a cost-efficient way’, advised J.P. Morgan, Citigroup and Deutsche Bank on the issuance of a high-yield bond by Neptune Energy, and assisted J.P. Morgan with the issuance of a high-yield bond by Safari Holding. He also acted for Steinhoff Europe on the issuance of a corporate bond amounting to €800m, and advised the shareholders of Annex Capital Invest on the restructuring of a bond issued by Smart Solutions. Stephan Aubel is noted for his ‘focus on the essentials coupled with excellent legal expertise’, while also receiving praise for his ‘sharp analysis and strong communication skills’.

Hogan Lovells International LLP’s broad client base predominately consists of international investment banks as well as German and European financial institutions, which routinely retain the team to advise on various national and international capital markets transactions with particular focus on bonds, pfandbriefe and promissory notes alongside emission programmes, liability management and bond restructuring matters. Jochen Seitz advised Commerzbank on the update of Deutsche Pfandbriefbank’s debt issuance programme, and, in a similar matter, assisted UniCredit Bank with the update of the issuance programmes of Volkswagen Financial Services and Volkswagen Bank, while he acted for a banking consortium on the placement of mortgage bonds by Deutsche Pfandbriefbank totalling €500m. In other work, Michael Schlitt advised Deutsche Bank on SLM Solutions Group’s convertible bond offering worth €58.5m, and, together with the banking team, he assisted Norddeutsche Landesbank Girozentrale with the inaugural issue of promissory notes to the International Investment Bank. Sina Hekmat is the main contact for US law matters; he divides his time between New York and Frankfurt and assists issuers and intermediaries with government bonds, investment grade and high-yield bonds under US law. Sven Brandt heads the team.

Mayer Brown LLP demonstrates ‘a deep understanding of the market and the client’s situation’, leading to ‘well-balanced advice, which highlights the risks but also aims for pragmatic solutions’. Benefiting from ‘a good co-operation with the firm’s global network’, the team advises on bonds, pfandbriefe and promissory notes alongside liability management and bond restructuring, while handling work on structured financing products and OTC derivatives constitutes another key element. Together with its Hong Kong office, Patrick Scholl advised a banking consortium of joint lead managers on the first issuance of euro bonds, by Chinese company Chengdu Xingcheng Investment Group, listed and traded on the regulated market of the Frankfurt Stock Exchange and available for trading in the China Europe International Exchange; the dual-tranche offering amounting to €365m and €135m respectively was placed with institutional investors. In another matter, he assisted DekaBank Deutsche Girozentrale with the update of the base prospectus regarding the Retail Structures Notes Platform I and II. Deutsche Derivate Verband (DDV) and HSH Nordbank are also clients.

Sullivan & Cromwell LLP advises issuers and underwriters on various German and US law matters and is considered a good contact for clients that require assistance with US SEC-registered issuances under Rule 144C of the Securities Act. Advising on equity-linked bonds and high-yield bonds constitutes another key element of the practice. In co-operation with other offices, the team advised Bank of America Merrill Lynch and Deutsche Bank as initial purchasers on an offering of high-yield bonds by Tele Columbus, issued in connection with Tele Columbus’ partial refinancing of a syndicated credit line. Carsten Berrar and Konstantin Technau assisted Deutsche Wohnen with capital measures amounting to €1.8bn; these measures comprised of private placements in accelerated bookbuild offerings with institutional investors of approximately 17.1 million newly issued shares in the aggregate amount of €545m as well as convertible bonds with a nominal amount of €800m and a conversion premium of 53% above the placement price of the concurrent share placement. FMS Wertmanagement receives regular assistance from Krystian Czerniecki with SEC-registered bond issuances. Max Birke and managing partner Wolfgang Feuring are other key members of the team.

Ashurst LLP puts significant emphasis on OTC derivatives and securitised derivatives, with a focus on structured retail products, alongside promissory notes, warranty bonds and convertible bonds. Team head Tobias Krug advised Patrimonium on the issuance of approximately ten secured bonds subscribed by Patrimonium Middle Market Debt Fund, and assisted DIC Asset with the placement of two corporate bonds listed on the Official List of the Luxembourg Stock Exchange. He also acted for Jefferies International on the issuance of promissory notes and registered bonds. With the arrival of a three-strong team around Martin Kaiser from Baker McKenzie in August 2017, the team boosted its securitisation capabilities.

Benefiting from its combined German and US law expertise, Cleary Gottlieb Steen & Hamilton’s client portfolio includes issuers and underwriting banks, which routinely instruct the team to advise on the issuance of bonds, pfandbriefe and MTN programmes alongside convertible, exchangeable and regular bonds but the team also handles derivatives. Recently, Ward Greenberg advised Deutsche Bank on an exchange offer for outstanding Rule 144A bonds valued at up to $4.5bn to be exchanged for SEC-registered bonds with a corresponding principal amount and a concurrent cash settlement offer for the purchase of Rule 144A bonds amounting to $1bn, and, in a different matter, he acted for the same client on the issuance of tier 2 debt securities worth $1bn. Gabriele Apfelbacher assisted several clients, including Aareal Bank, Bayerische Landesbank and BW Capital Markets, with matters pertaining to the repayment of trust preferred securities. Thomas Kopp and counsel Manuel Metzner are other key individuals in the team.

At CMS, the DCM practice regularly handles corporate bonds, registered bonds, promissory notes as well as commercial paper programmes and EMTN programmes. Team head Oliver Dreher advised a banking consortium as joint lead manager on the placement of a benchmark bond by hsh finanzfonds AöR amounting to over €750m, and, together with ECM expert Philipp Melzer, he assisted Telefónica Germany with the placement of promissory notes and registered bonds. In other work, Dreher advised the underwriting banks Bayerische Landesbank, Commerzbank and Deutsche Bank as joint lead managers on Sixt’s placement of bonds worth €250m with domestic and foreign investors, and acted for a consortium led by Commerzbank on the renewal and increase of Continental’s commercial paper programme with a new maximum value of €1.5bn. Dr. Ing. h.c. F. Porsche received advice on the issuance of promissory notes worth €280m.

The team at Skadden, Arps, Slate, Meagher & Flom LLP consists of lawyers qualified in Germany and the US, leading to particular expertise in handling cross-border transactions and most notably those with US law elements but the team is also well versed in equity-linked bonds and high-yield bonds as well as refinancing matters. Katja Kaulamo advised a US investor on a proposed investment in convertible bonds, and acted for a manufacturer of electrical components and equipment on the issuance of convertible bonds, while team head Stephan Hutter assisted an Austrian state with the restructuring of a distressed investment. Together, they also advised the joint bookrunners J.P. Morgan Securities and Deutsche Bank on matters pertaining to the placement of a fixed-income corporate bond by TLG Immobilien totalling €400m. Serengeti Asset Management is another client.


Equity capital markets

Index of tables

  1. Equity capital markets
  2. Leading individuals: Hall of Fame
  3. Leading individuals
  4. Next generation lawyers

Leading individuals: Hall of Fame

  1. 1

Leading individuals

  1. 1

Next generation lawyers

  1. 1

Who Represents Who

Find out which law firms are representing which Equity capital markets clients in Germany using The Legal 500's new comprehensive database of law firm/client relationships. Instantly search over 925,000 relationships, including over 83,000 Fortune 500, 46,000 FTSE350 and 13,000 DAX 30 relationships globally. Access is free for in-house lawyers, and by subscription for law firms. For more information, contact david.burgess@legal500.com.

CLICK HERE TO VISIT THE WHO REPRESENTS WHO SITE

Freshfields Bruckhaus Deringer’s ‘well-established team’ stands out for its ‘deep understanding of the client’s needs’ and ‘high level of expertise’, which is applied when handling IPOs and capital increases, and is based on the team’s strong co-operation with colleagues from other departments and country offices. Recently, Mark Strauch advised private equity investor Cinven alongside Jost on Jost Werke’s IPO, which was structured as a private placement, and Rick Van Aerssen assisted Deutsche Bank Aktiengesellschaft and DWS with the IPO of its asset management division DWS including various capital markets, corporate and banking supervisory law matters. ‘Quick thinker’ Christoph Gleske acted for the underwriting banking syndicate led by Goldman Sachs, Morgan Stanley and Citigroup on Delivery Hero’s IPO in June 2017 on the regulated market of the Frankfurt Stock Exchange (Prime Standard), while, together with its offices in Vienna, London and Washington D.C., the team advised Morgan Stanley & Co. International, Goldman Sachs International and another eight international underwriting banks on the IPO and listing of Bawag Group on the Vienna Stock Exchange. Hochtief and Bank of America Merrill Lynch International are also clients. Principal associate Christina Zapf is ‘extremely clever, enormously diligent and assertive’.

Hengeler Mueller’s strength lies in handling ECM work at the intersection with corporate law and including cross-border elements, leading to regular instructions on IPOs, capital increases and capital-linked products. Acting as issuer’s counsel, Alexander Rang advised Bawag Group on the placement of existing ordinary shares in Bawag with institutional and retail investors in Austria by way of a public offering as well as a private placement to selected institutional investors outside of Austria, while, together with Dirk Busch, he assisted a bank consortium with the private placement and IPO of Jost Werke; with a total offer volume of approximately €231m, newly issued ordinary bearer shares from a capital increase and bearer shares from the holdings of Jost’s existing shareholder were placed with institutional investors. Together with Reinhold Ernst, Busch also acted for Metro on Metro Wholesale & Food Specialist’s IPO following the division of the group into two independent companies, and assisted Linde with its listing and the preparation of the prospectus for the merger of equals between Linde and Praxair by way of a share swap. Wolfgang Groß advised Carl Zeiss Meditec on a capital increase by placing circa eight million new shares by way of an accelerated bookbuilding process with the exclusion of subscription rights with selected domestic and international institutional investors.

Praised for its ‘short response times’, Sullivan & Cromwell LLP provides ‘excellent quality’, leading to regular instructions from issuers and underwriting banks on German IPOs and ECM transactions, while clients also benefit from the team’s combined German and US law expertise. Krystian Czerniecki, who ‘does a very good job’, and Carsten Berrar, who, according to clients, is ‘one of the most experienced capital markets lawyers in the German-speaking region’ and thus ‘regularly contributes to the successful outcome of complex transactions’, acted as German and US counsel for the underwriting banking syndicate led by Deutsche Bank, Goldman Sachs and J.P. Morgan on the IPO of Siemens’ medical technology division Siemens Healthineers. Delivery Hero also received assistance with its IPO, while, in equally significant work, the team advised the underwriting banks alongside the German asset manager DWS Group, an indirect subsidiary of Deutsche Bank, on its IPO with a total placement volume of €1.4bn, and assisted HelloFresh with its initial public offering; the latter transaction consisted of public offerings in Germany and Luxembourg and private placements to institutional investors in other jurisdictions including the US under Rule 144A. Czerniecki also acted for the underwriting banks on United Grinding Group’s IPO, which resulted in the sale of the company. European counsel Clemens Rechberger is also noted.

Frequently working in conjunction with the firm’s DCM, private equity and finance teams, Latham & Watkins LLP’s ECM team provides full-service advice on IPOs and capital increases and has particular expertise in cross-border IPOs and ECM transactions as well as in assisting European issuers with their IPOs in the US. Recent highlights include advising Siemens on the IPO of its medical technology division Siemens Healthineers, and assisting battery manufacturer Varta with its IPO; both are listed on the Prime Standard of the Frankfurt Stock Exchange. Team head Oliver Seiler acted for the underwriting banks Deutsche Bank, J.P. Morgan, Morgan Stanley, Berenberg and BNP Paribas on HelloFresh’s initial public offering, and assisted the joint global coordinators and joint bookrunners Berenberg, Citigroup and Goldman Sachs with the IPO of home24. Together with Roland Maaß, who moved to DLA Piper in September 2018, he also advised the underwriting banks on Dermapharm’s IPO, and the joint bookrunners Deutsche Bank and HSBC Trinkaus & Burkhardt on the capital increase of Grenke. Frankfurt-based Gregory Walker was appointed counsel in January 2018.

With particular expertise at the interface with corporate law and M&A, the team at Linklaters routinely acts for issuers and banks on cross-border IPOs, capital increases, rights offerings and block trades. Recently, the team advised Siemens Healthineers on its €4.2bn IPO on the regulated market of the Frankfurt Stock Exchange, and assisted a banking consortium with Bayer’s planned rights issue to finance the takeover of the agrochemical and agricultural biotechnology corporation Monsanto. In other significant work, team head Marco Carbonare advised sensor manufacturer Sensirion on its IPO on the Swiss Stock Exchange, and, together with Alexander Schlee, who was made partner in May 2018, he assisted Qingdao Haier, a company listed on the Shanghai Stock Exchange, with the planned issuance and listing of D-shares on the Frankfurt Stock Exchange. Elkem also received advice on its IPO, while the group also assisted Goldman Sachs and Berenberg Bank with Hapag-Lloyd’s €352m rights issue and listing of new shares on the Frankfurt Stock Exchange by way of a capital increase following the takeover of UASC, and a banking consortium received assistance with alstria office REIT’s €197m capital increase.

The ‘very good’ team at Allen & Overy LLP routinely works in conjunction with colleagues from its corporate practice as well as other offices from its international network to advise on various ECM transactions and IPOs including rights offerings, capital increases, stock market listings, block trades and equity-linked transactions. Acting for issuers and underwriting banks, the team recently acted for Corestate Capital and Citigroup Global Markets; the real estate investment company received assistance with the uplisting of its shares from the open market to the prime standard segment of the Frankfurt Stock Exchange with simultaneous admission to the sub-segment of the regulated market with additional post-admission obligations, while a financial services provider, in its role as listing agent, received assistance with the capital increase of Shop Apotheke Europe to finance the acquisition of EHS Europe Health Services. Knut Sauer advised Commerzbank on the IPO of German fintech company creditshelf on the regulated market of the Frankfurt Stock Exchange, and together with Marc Plepelits, he assisted alstria office REIT with a capital increase: the new shares from the client’s authorised capital were placed under exclusion of statutory preemptive rights with German and institutional investors in an accelerated bookbuilding procedure at a price of €12.60 per share.

The ‘flexible team’ at Hogan Lovells International LLP provides ‘excellent work’ and ‘a very high service level’: while ‘all issues are dealt with quickly’, the advice remains ‘pragmatic and detailed’. The team covers a wide range of ECM work including IPOs, rights issues and capital increases and frequently acts for the issuer but also assists investment banks. Team head Michael Schlitt is ‘an excellent thinker’; he ‘knows the market’ and ‘understands the client’s situation and where to go from there’. Recently, he advised, among others, Vapiano and the German manufacturer of high-performance lithium-ion battery systems Akasol on their respective IPOs, in both cases shares were offered in a public offering in Germany and Luxembourg and private placements in other countries. He also advised Commerzbank on the payment of a share dividend and a related rights issue by Vonovia, and assisted Shop Apotheke Europe with the takeover of the mail-order pharmacy Europa Apotheek, which included the takeover of all shares in Europa Apotheek’s parent, EHS Europe Health Services, by way of contribution in kind of such shares against issuance of new ordinary shares in Shop Apotheke. Counsel Susanne Lenz is also noted.

With a focus on cross-border transactions and particularly those in a US-setting, Skadden, Arps, Slate, Meagher & Flom LLP regularly handles IPOs, secondary placements of shares, capital increases, rights offerings and equity-linked transactions. ‘Competent’ team head Stephan Hutter, whose clients ‘feel very well looked after when turning to him for advice’ as he is ‘able to adapt to their needs immediately’, advised, among others, German biotechnology company MorphoSys on its listing on Nasdaq and its offer of US stock certificates. He also assisted gaming technology company Novomatic with its planned listing on the Frankfurt Stock Exchange, and together with Katja Kaulamo, he advised the joint bookrunners J.P. Morgan and Deutsche Bank on the capital increase of the German commercial real estate company TLG Immobilien amounting to circa €146m. Kaulamo also assisted Deutsche Bank, J.P. Morgan and Commerzbank with the €142m secondary placement of shares by Jost Werke.

White & Case LLP is particularly experienced in advising issuers and underwriting banks on capital increases, equity-linked transactions, private placements and block trades. Gernot Wagner and Rebecca Emory advised Hapag-Lloyd on the preparation of a BaFin approved prospectus for the admission of circa 42.75 million new shares totalling approximately €1.4bn. The new shares were made available for trading on the regulated market of the Frankfurt Stock Exchange and on the sub-segment of the regulated market with additional post-admission obligations as well as for trading on the Hamburg Stock Exchange. The same client also received assistance with a €352m rights issue, agreed upon the merger of Hapag-Lloyd with the United Arab Shipping Company (UASC), while Credit Suisse received advice on shares issued by GAM, a global asset manager based in Switzerland; this transaction included 4.73 million new shares, which were placed with institutional investors by way of an accelerated bookbuilding procedure. Karsten Wöckener and Lutz Krämer are other key members of the team, which added local partner Thilo Diehl from Freshfields Bruckhaus Deringer in November 2017.

The ‘reliable and personable’ team at Gleiss Lutz is ‘very client oriented, calm and gets to the point’; ‘its extensive knowledge also enables the team to provide quick and well founded advice’ on IPOs and capital increases including cross-border equity placements. Team head Stephan Aubel, who ‘always keeps an eye on the essentials’ and ‘understands the company’s perspective’, recently advised a banking consortium led by joint global coordinators Citigroup and Commerzbank on Akasol’s IPO. He also assisted Nippon Life Insurance Company with a cornerstone investment as part of DWS Group’s initial public offering as well as on the conclusion of a strategic alliance between the client and DWS, and acted for AlzChem Group AG on AlzChem AG’s reverse IPO: following a capital increase against contribution in kind by way of which all shares in AlzChem AG were transferred to AlzChem Group AG, AlzChem Group AG became the parent company of AlzChem Group. All shares of AlzChem Group AG will be traded on the regulated market of the Frankfurt Stock Exchange in the segment with additional post-admission obligations. The team also advised curasan on a rights issue of approximately €5m, assisted MPC Münchmeyer Petersen Capital with a capital increase under exclusion of shareholders’ subscription rights by way of an accelerated placement procedure, and handled Pittler Maschinenfabrik’s rights issue of circa €3.5m.

The ‘good’ ECM practice at Norton Rose Fulbright is noted for its ‘quick response times’ and is increasingly active for banks but the team also advises issuers on IPOs, capital increases and other capital markets transactions, utilising its strong M&A experience. Benedikt Gillessen and practice head Frank Regelin are the names to note.

Noted for its ‘speedy response times’, the ‘good’ team at Ashurst LLP acts for issuers, underwriting banks and shareholders on capital increases and IPOs. Team head Matthias von Oppen acted as transaction counsel for IBU-tec advanced materials and Noratis on their respective initial public offerings in the scale segment of the Frankfurt Stock Exchange, and assisted Berenberg Bank with SNP Schneider-Neureither & Partner’s capital increase to finance the acquisition of three South American SAP consultancy companies. He also advised the joint global coordinators and joint bookrunners Commerzbank and Oddo BHF on the capital increase of the wood fibre insulation manufacturer Steico, which was effected against cast contributions and with partial utilisation of the existing authorised capital, while, acting as transaction counsel, he advised the syndicate banks Commerzbank and Hauck & Aufhäuser on the IPO of Serviceware on the regulated market of the Frankfurt Stock Exchange. The initial public offering comprised of over 3.7 million shares at an offer price of €24 per share. Robert Bosch instructed the team to assist with the sale of shares in listed Japanese company Akebono Brake Industry.

Cleary Gottlieb Steen & Hamilton’s client portfolio includes issuers and underwriting banks, which routinely receive advice on initial public offerings, capital increases and other capital markets transactions, most notably those featuring international elements with a focus on the US. Gabriele Apfelbacher and Ward Greenberg advised Deutsche Bank on disclosure requirements under the US Securities Act and on the requirements for a listing on the New York Stock Exchange, while Greenberg assisted Deutsche Telekom with the acquisition of T-Mobile US shares on the open market. Nordic Investment Bank is another client.

Working in close conjunction with various other departments and with colleagues from the corporate team in particular, Clifford Chance’s ECM practice handles capital increases, IPOs and private placements including international transactions. In the transactional space, the team has particular expertise in US-related work, while its sector focus lies on the segments manufacturing, real estate, finance and energy. In the real estate sector, team head George Hacket advised Godewind Immobilien on its listing on the regulated market of the Frankfurt Stock Exchange, while, in different work, he assisted a banking consortium with the IPO of the German-Spanish recycling company Befesa on the Frankfurt Stock Exchange; the issue comprised of over 14.3 million shares from the holdings of the selling shareholders.

The ECM team at CMS frequently acts for issuers and shareholders on capital increases and IPOs and routinely works in conjunction with its colleagues from the corporate department. At this interface, Philipp Melzer advised the investment vehicle Mayfair on Vapiano’s initial public offering, and, together with Andreas Zanner, he assisted Munich-based provider of cloud-based telephone systems NFON with its IPO, which generated proceeds of €80.5m following the placement of more than 4.1 million shares with investors at €12 per share. Capital Stage received advice on the payment of scrip dividend. With the corporate practice in the lead, the team also assisted the shareholders of 7-industries with the IPO of Sensirion on the SIX Swiss Exchange.

The ‘pragmatic and reliable’ team at Noerris always available’ and provides a ‘good service level with quick response times’. Jointly led by Gerald Reger and Holger Alfes, the practice provides full-service advice based on a close co-operation with its other German offices and their particular areas of expertise: the team in Frankfurt focuses on assisting issuers, investors and underwriting banks with various equity transactions including IPOs and capital increases, while the teams in Munich and Hamburg specialise in advising companies on stock corporation and capital markets law matters arising from public takeovers and the restructuring of listed companies. Recently, the practice assisted Rocket Internet with the IPO of Delivery Hero, and acted as corporate counsel for HelloFresh, advising the client on its initial public offering including stock corporation law matters. The team also assisted Kering with the reduction of its stake in Puma, and Schaltbau Holding received advice on a capital increase with subscription rights; the company’s share capital was increased by issuing a total of 2.24 million new shares. In January 2018, Ralph Schilha made partner and Dominik Kloka made associated partner, while in January 2019, Stephan Schulz was promoted to the partnership. The ‘very thorough and experiencedLaurenz Wieneke is also noted.

Clients recommend Taylor Wessing’s ‘competent, quick and well-connected’ team for ‘medium-sized German and cross-border capital markets transactions’ in particular. It advises companies and banks on IPOs, rights offerings and public takeovers. Joint practice heads Christoph Vaupel and Lars-Gerrit Lüßmann advised the Hessian Ministry of Economic Affairs, Energy, Transport and Regional Development on matters pertaining to the planned merger of the German Stock Exchange and the London Stock Exchange, and, together with Ulrich Reers, they assisted Brockhaus Capital Management, a holding company based in Germany, with the development of a placement structure including dilution protection for its private placement of new shares and a prospective initial public offering. In other work, Reers acted for InflaRX on its listing on Nasdaq, while Oliver Rothley assisted InCity Immobilien with a rights issue. Marc-Oliver Kurth provides ‘speedy, down-to-earth and reliable advice’.

Heuking Kühn Lüer Wojtek is experienced in advising issuers on small and mid-sized transactions, providing assistance with IPOs, capital increases and delistings. Team head Mirko Sickinger advised De Raj Group on its Vienna Stock Exchange listing, while Thorsten Kuthe assisted Serviceware with its IPO in the prime standard segment of the Franfurt Stock Exchange. Together with Christoph Gringel, Kuthe also acted as transaction counsel for Naga Group and Hauck & Aufhäuser, advising fintech company Naga on its IPO on the open market scale segment of the Frankfurt Stock Exchange. The team also assisted Varta with the preparation of the capital increase documentation in the run-up to its IPO. Other clients include Accentro Real Estate and Sygnis.

The team at Pinsent Masons Germany LLP is ‘pleasant to work with’ and assists clients with IPOs and capital increases in the small cap and mid cap sectors. The ‘very client-focused’ Alexander Thomas advised Mynaric, Cyan and Stemmer Imaging on their respective IPOs on the scale trading segment of the Frankfurt Stock Exchange, while Varengold Bank and Elanix Biotechnologies received assistance with their respective capital increases with subscription rights amounting to circa €5.8m and approximately €6.4m respectively, which included the prospectus preparation required for the public takeover offer. Thomas Mayrhofer heads the team.


Structured finance and securitisation

Index of tables

  1. Structured finance and securitisation
  2. Leading individuals
  3. Next generation lawyers

Leading individuals

  1. 1

Next generation lawyers

  1. 1
    • Burkhard Rinne - Linklaters
    • Patrick Scholl - Mayer Brown LLP

Who Represents Who

Find out which law firms are representing which Structured finance and securitisation clients in Germany using The Legal 500's new comprehensive database of law firm/client relationships. Instantly search over 925,000 relationships, including over 83,000 Fortune 500, 46,000 FTSE350 and 13,000 DAX 30 relationships globally. Access is free for in-house lawyers, and by subscription for law firms. For more information, contact david.burgess@legal500.com.

CLICK HERE TO VISIT THE WHO REPRESENTS WHO SITE

Clifford Chance provides comprehensive advice on structured finance and synthetic securitisation and has particular expertise in real estate-related non-performing financing matters. In co-operation with its tax department, practice head Oliver Kronat advised several clients, including pension funds, on the establishment of an alternative investment platform, which provides institutional investors with the regulatory environment to invest in US real estate loans and infrastructure projects, among others. He also advised BMW Bank as originator on two securitisation transactions of automotive loan portfolios totalling approximately €1bn each, and assisted Vorarlberger Landes- und Hypothekenbank with the synthetic securitisation of a portfolio consisting of Austrian and German SME loans in order to free up core capital; this transaction included guarantees from the European Investment Bank (EIB) and the European Investment Fund (EIF). Other work includes assisting Christofferson, Robb & Company with a synthetic securitisation transaction of a multi-asset portfolio by Norddeutsche Landesbank, advising an asset manager on the securitisation of finfech loan receivables, and acting for a German credit institute on the issuance of various promissory note loans as part of the financing of real estate project developments.

Hengeler Muelleris extremely responsive to clients’ needs’ and ‘sticks to the agreed schedule irrespective of work involved’. The team advises clients on the issuance, restructuring and transfer of classic equity tier 1 and tier 2 capital market instruments and hybrid instruments and assists several German and international banks and other financial institutions with OTC and exchange-traded derivatives including various related issues. Martin Geiger, who is now predominately based in the London office, advised abcbank on the securitisation of leasing receivables, while Dirk Bliesener acted as lead counsel for Bayerische Landesbank, assisting the client with the structure and documentation of a new debt product enabling the issuance of the Krügerrand gold bond comprising up to 250,000 securities. Stefan Krauss advised Deutsche Bank on its conditional pass-through structured covered bond programme guaranteed by SCB Alpspitze UG, the first debt issuance programme of Deutsche Bank for covered bonds; it amounted to €35bn. The client also received assistance with the true sale securitisation of housing loans. Senior associate Heike Kainer is also recommended.

Linklaters’ ‘responsive’ team ‘understands the needs of its clients’ and assists commercial and investment banks alongside companies with a wide range of synthetic securitisation and structured investment products as well as derivatives and OTC transactions including banking regulatory issues, which are frequently dealt with in co-operation with its banking regulatory practice. Recently, the practice assisted an asset manager with the creation of a structured debt sub-participation programme, and advised another financial sector client on the synthetic securitisation of a portfolio of senior loans. Christian Storck acted for Syngenta on the negotiation of derivative contracts, and Barbara Lauer advised four banks on the €680m securitisation of auto loan and lease receivables. Kurt Dittrich heads the practice, which includes counsel Jörg Fried and ‘extremely knowledgable securitisation expert’ Burkhard Rinne, who, according to clients, is ‘a safe pair of hands’.

Allen & Overy LLPputs teams together quickly, and in doing so, reduces turnaround times’. German and international investment banks, financial institutions and private equity funds regularly instruct the team to advise on structured finance and loan portfolio transactions in the SME, ship and real estate loan sectors as well as in the energy and infrastructure space, while also benefiting from the team’s expertise in derivatives. Being able to call on colleagues from other departments to advise on various other matters such as banking supervisory and insolvency-related issues complements this offering. The ‘very service-oriented and knowledgeable’ Stefan Henkelmann acted for an international investment bank as the arranger on matters pertaining to a secured funding transaction with a German bank backed by a portfolio of SMR corporate loans, while Martin Scharnke and banking supervisory law expert Alexander Behrens assisted four international investment banks with operations in London with the relocation of their derivative businesses to Frankfurt am Main. Other work includes advising US financial investor Cerberus Capital Management on the acquisition of an NPL portfolio from HSH Nordbank. In November 2017, Kai Schaffelhuber left the firm to work independently, while Christian Klöpfer was appointed counsel.

Freshfields Bruckhaus Deringer’s client roster includes several financial institutions and investors, which benefit from the team’s close links with other related practice areas, and which instruct the practice to advise on structured finance and structured financial products alongside loan and portfolio securitisation. Konrad Schott advised an English credit institution on the adjustment and reinsurance of a long-term equity collar programme, and acted for a local authority on the restructuring of a long-term swap including a finance structure between the client and two German banks. HSH Nordbank is also among the team’s clients. Christoph Gleske heads the team. Bernhard Kaiser retired in May 2018 but continues to work as of counsel.

As an integral part of the firm’s DCM practice, Hogan Lovells International LLP’s ‘very client-focused and efficient’ securitisation team is ‘very experienced in securitisation transactions’, most notably in the automotive sector, and has expertise in securitised derivatives. The latter area received a boost when Jochen Seitz, Peter Maier and counsel Markus Brusch joined the firm at the end of 2017 from Mayer Brown LLP. Clients, including several German and international banks, also benefit from the team’s ‘excellent service level’ and its ‘balanced price-performance ratio’ as well as its ‘very good international network and internal co-operation, leading to seamless support in cross-border matters’. Sven Brandt advised Crédit Agricole Corporate and Investment Bank on the drafting and drawing of an €8bn structured bond and certificates programme, while Seitz and Maier assisted an international investment bank with the creation of an issuing platform to facilitate the issuance of various structured products such as debt securities, certificates and leverage products. The ‘solution-orientedDietmar Helms, who also stands out for his ‘good understanding of clients’ needs and openness to innovative structures’, and, according to clients, is ‘among the leading lawyers in the German-speaking region for ABS transactions’, advised Société Générale on the securitisation of German auto loans. Julian Fischer is also recommended.

White & Case LLP focuses on providing banks and insurance companies with advice on structured financing and funding solutions, including NPL and capital relief transactions, as well as securitisation and banking supervisory matters. ‘Very experienced’ team head Dennis Heuer and local partner Daniel Baierlein advised Norddeutsche Landesbank Girozentrale on a loan portfolio transaction in respect of a €10.1bn reference portfolio; the reference portfolio consisted of approximately 4,300 loans comprising, among others, renewable energy finance, aviation finance, infrastructure and German mid-cap loans. Acting as transaction counsel, the team assisted Santander Consumer Bank with an ABS securitisation of consumer loans, and, in other work, advised Cerberus Capital Management on the acquisition of several large-scale distressed loan portfolios from HSH Nordbank as part of the bank’s privatisation. Together with its London office, the team also advised Trafigura, a commodities trading and logistics company, on the establishment of a true-sale commodity securitisation programme.

Ashurst LLP’s offering includes structured finance, OTC derivatives and securitised derivatives with a focus on retail products, while the team also assists banks and companies with securitisation matters in various asset classes and most notably those pertaining to true sale transactions. Martin Kaiser is the key contact for true sale transactions, while team head Tobias Krug focuses on securitised derivatives and OTC derivatives alongside hybrid and convertible bonds; Krug advised Patrimonium on the issuance of circa ten secured bonds subscribed by Patrimonium Middle Market Debt Fund, and, in co-operation with the London office, he acted as European counsel for Barclays in matters pertaining to various retail structured product platforms and underwriting projects.

Baker McKenzie’s strength lies in handling asset-backed securities in the automotive sector, while the team also deals with matters concerning other asset classes, as well as multi-jurisdictional ABCP transactions involving trade receivables, leasing receivables and residual value receivables. Its client roster includes German and international banks, corporates and insurance companies. Oliver Socher and Sandra Wittinghofer are the main contacts. Counsel Michael Huertas joined Dentons as partner in April 2018.

Dentons provides ‘very good, timely and extensive advice, which also includes indirectly addressed risks and alternative solutions’. The ‘internationally well-positioned and pragmatic’ team has ‘solid expertise in securitisation transactions and structured finance’ and continued its growth path throughout 2017 and 2018: in summer 2017, counsel Markus Schrader joined from an in-house role, and, in April 2018, Michael Huertas arrived from Baker McKenzie. The ‘competent, reliable and solution-oriented’ Arne Klüwer advised a financial services institution on a warehouse financing transaction based on a collateral structure, and also has experience in the restructuring of distressed transactions. Other key members of the team include the ‘very reliable, quick and competent’ Mortimer Berlet and the ‘very client and solution-oriented’ Matthias Eggert, who is ‘very committed and clever’ and has ‘profound product and industry knowledge’. Recently, he assisted Volkswagen Financial Services with a €2bn programme for the issuance of asset-backed notes by Driver UK Master.

The ‘fine’ practice at Jones Day is particularly strong in the securitisation of car loans, leasing receivables and trade receivables alongside banking supervisory matters but the team also handles derivatives, leading to regular instructions from national and international credit institutions, companies and alternative lenders. ‘Very professional and client-oriented’ team head Ulf Kreppel advised FCA Bank on the introduction of a securitisation programme for car loans and leasing receivables. Martin Schulte joined in May 2018 as European counsel and was previously at the European Central Bank (ECB).

Mayer Brown LLP has ‘a deep understanding of the market and the client’s situation’ and is also rated for its ‘timely responses’ and ‘strong links with its global network’. Its advice is based on ‘a good balance between risk assessment and pragmatism’, enabling the practice to cover a wide range of structured finance work, while having particular expertise in cross-border transactions and asset-based lending. In the derivatives space, the team had to face a loss with the move of Jochen Seitz, Peter Maier and counsel Markus Brusch to Hogan Lovells International LLP at the end of 2017. This area of work is now covered by Patrick Scholl, who regularly advises on regulatory derivatives matters. He assisted the Association of German Banks with the creation of a market-wide documentation standard for the implementation of the initial margin requirements under EMIR. Other clients include Landesbank Baden-Württemberg (LBBW), Deutsche Derivate Verband (DDV), DekaBank Deutsche Girozentrale and Commerzbank. Andreas Lange and Ralf Hesdahl are other key members of the team.


Interview with...

Law firm partners and practice heads explain how their firms are adapting to clients' changing needs

International Law Firm Networks

International Law Firm Networks

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

Legal Developments in Germany

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to

Press Releases in Germany

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to