The Legal 500

Cleary Gottlieb Steen & Hamilton LLP excels at equity capital markets (ECM) work and has strong ties to banks and international clients, particularly in the US. The team advised the underwriters on Evonik Industries’ planned IPO, and also acted for Goldman Sachs, Morgan Stanley and UBS as underwriters of Lufthansa Malta Blues’ €234m exchangeable bond offering. Ward Greenberg heads the Frankfurt-based practice, and Gabriele Apfelbacher and Thomas Kopp are also recommended. However, Christof von Dryander joined Deutsche Bank in January 2013.

Freshfields Bruckhaus Deringer has ‘an enviable market position’ in Germany, partly thanks to its excellent industry contacts and its numerous recommended individuals, among them group head Christoph Gleske, Andreas König and Rick van Aerssen. Recent highlights include advising Techem Group on its successful €1.3bn debt refinancing; Linde on its €1.4bn capital increase; and a consortium of banks on the IPO of German insurer Talanx.

Hengeler Mueller’s lawyers are ‘so efficient that they’re worth the high hourly rates’, and give ‘quick and very qualified responses’. The firm has a leading practice in both the debt and equity spaces, and has excellent contacts with issuers and banks. Highlights included advising Adidas on the issuance of a €500m convertible bond; Siemens on a $3bn bond issuance with warrants; and Commerzbank on capital transactions totalling €11bn. Torsten Busch and debt expert Hendrik Haag are recommended.

Sullivan & Cromwell LLP does ‘a first-class job’, provides ‘outstanding service levels’ and is particularly strong on the ECM side. The team advised Deutsche Wohnen on two recent rights offerings, and assisted Evonik Industries with preparations for a possible IPO. The firm has 
also attracted debt-side instructions recently, including advising Credit Suisse, Morgan 
Stanley and Société Générale on Deutsche Telekom’s $2bn notes issuance. Carsten Berrar 
is ‘particularly brilliant’ and ‘always on top of things’.

Allen & Overy LLP’s strategic growth through lateral hiring during recent years has helped to attract high-profile instructions such as advising Osram, Evonik Industries and 
Hapag-Lloyd on their respective planned IPOs. The team also advised News Corporation on 
Sky Deutschland’s €155m capital increase, and, on the debt side, acted for Schaeffler on its 
high-yield bond placement in Europe and the US. German ECM head Oliver Seiler ‘thinks outside the box’ and is ‘definitely someone you want in your corner’, and Gernot Wagner is ‘technically brilliant’ and ‘one of the very few top US partners in Germany’.

Clifford Chance’s ‘strong team’ has seen further growth on the debt side regarding Chinese renminbi bonds, such as advising HSBC on KfW’s RMB1bn bond issuance. It is acting for Volkswagen on its $3.35bn US bond issuance; IVG Immobilien on launching a listed REIT; and Hamborner REIT on its capital increase. Markus Pfüller heads the practice, and Sebastian Maerker leads the debt capital markets (DCM) team.

Linklaters LLP has excellent relationships with the banks and is strong across the debt and equity spaces. Recent highlights were advising UBS and Deutsche Bank on the IPO and SIX Swiss Exchange listing of DKSH, and, on the debt side, acting for Barclays Capital, Citigroup, J.P. Morgan, HSBC and UniCredit Bank on Talanx’s €500m notes issuance. The team has recently experienced some departures but retains the highly recommended Herbert Harrer and ‘excellent expert’ Peter Waltz, who is valued for his ‘responsiveness and pragmatism’.

White & Case LLP has a good reputation 
for both ECM and DCM work, and recently acted for Deutsche Bank as listing agent on the planned merger of Deutsche Börse and NYSE Euronext. It also advised DZ Bank, Landesbank Baden-Württemberg and UniCredit Bank on EnBW’s rights issue. On the debt side, the team acted for BNP Paribas on BMW Australia’s RMB400m notes issuance. Lutz Krämer heads 
the practice.

Ashurst LLP’s highly rated and ‘very swift’ team has ‘an excellent understanding of commercial aspects’ of transactions, and focuses on DCM work. It recently advised Daimler on an update of its €35bn EMTN programme; and WestLB on Erste Abwicklungsanstalt (EAA)’s €50bn debt issuance programme. On the equity side, the team advised on Haikui Seafood’s IPO. Matthias von Oppen ‘finds creative solutions under enormous time pressure’, and Christoph Enderstein ‘always goes the extra mile’ for clients.

CMS notably advised Telefónica Deutschland on its IPO and also has niche expertise advising on Chinese IPOs, recently including that of Ming Le Sports. The firm frequently acts for banks such as Crédit Mutuel and ABN AMRO. Clients recommend the ‘very experienced’ pair of Andreas Zanner and Philipp Melzer, and value the team’s ‘high service levels’ and ‘good price-to-performance ratio’.

Gleiss Lutz’s ‘strong practice’ is particularly recommended for ECM work, but has seen a rise in debt work such as advising Bank of America and Deutsche Bank on Fresenius Medical Care’s high-yield bond issue. Other highlights were advising PWO on its capital increase and acting for Berenberg, Gossler & Co on Schuler’s capital increase. Stephan Aubel ‘quickly understands the client’s problems’, and finds ‘legally sound and feasible solutions’.

Hogan Lovells International LLP advised BofA Merrill Lynch and UBS on Deutsche Wohnen’s capital increase, and acted for 
SoFFin on Commerzbank’s liability management transaction, which involved exchanging 
bonds for new shares. The team also advised 
the underwriters on Landwirtschaftliche Rentenbank’s €60bn EMTN programme. Michael Schlitt is ‘certainly one of the best’, being ‘extremely knowledgeable and commercial’. However, former ECM head Karsten Müller-Eising joined Jones Day in summer 2012.

Latham & Watkins LLP’s ‘very reliable’ team is ‘available 24/7’. It has exceptional high-yield bonds expertise and, on the equity side, has been advising on various cross-border matters, often with a US aspect. Highlights were advising Xella on its €300m senior secured notes offering; and J.P. Morgan and UBS on Telefónica Deutschland’s IPO. Rüdiger Malaun is ‘highly efficient’ and ‘thinks ahead’, and Roland Maass is also recommended.

Skadden, Arps, Slate, Meagher & Flom LLP has significantly grown its practice since the arrival of Stephan Hutter and Katja Kaulamo in February 2012. Recent mandates include advising Bank of America Merrill Lynch and UniCredit Bank on Sky Deutschland’s capital increase and international share placement, and acting for SGL Carbon Euro on its €240m convertible notes issue.

Noerr’s ‘broad and good-quality practice’ recently advised SAF-Holland on its capital increase; Fresenius Medical Care on its $1.5bn high-yield bond issuance; and TAG Immobilien on its €85.3m convertible bonds issuance. Holger Alfes and Laurenz Wieneke are recommended.

Norton Rose LLP’s ‘very quick and responsive’ team has had a steady year of growth on the debt and equity side, and its ‘advice is always appropriate’. It advised Berenberg on Lotto24’s IPO, and acted for Royal Bank of Canada on the update and passporting issues regarding its $40bn MTN programme. DCM head Rüdiger Litten is ‘outstanding’, and ECM head Frank Regelin is also recommended.

Shearman & Sterling LLP lost a team to Skadden, Arps, Slate, Meagher & Flom LLP in February 2012, but has been able to call on the firm’s strong network, for example when working in conjunction with the Italian team to advise the underwriters on UniCredit Bank’s €7.5bn capital increase. Other recent highlights include advising BNP Paribas, Deutsche Bank, HSBC and J.P. Morgan on Schaeffler’s €2bn high-yield bond offering. Hans Diekmann is ‘highly committed, proactive and commercially-minded’.

Taylor Wessing’s ECM-focused team ‘provides economically sound solutions’. It recently advised Close Brothers Seydler on m-u-t’s 
capital increase; and Incity Immobilien on a series of capital raises. Christoph Vaupel is recommended.