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Linklaters LLP remains a clear leader for emerging markets work. The ‘extremely proficient’ team gives ‘clear, well-reasoned and practical advice’, and is a firm of choice when ‘there is no room for error, especially with issues around potential reputation risk’. It recently completed two sizeable transactions for longstanding client BP, including its $9bn acquisition of a 30% stake in 23 oil and gas production blocks from Reliance Industries. In projects, the firm advised a 12-bank syndicate on the €1.1bn financing of the Yuzhno-Russkoye gas field in Sibera. Its top clients span a number of sectors, and include JPMorgan, Gazprom, Glencore, African Barrick Gold and Barclays. Dominic Sanders ‘provides wise, seasoned and practical advice’, and other leading figures in the practice include Sandeep Katwala; ‘good negotiator’ Daniel Tyrer; and Charlie Jacobs, who ‘brings a wealth of knowledge, experience, and professionalism to every project’.

Allen & Overy LLP has a solid reputation for mandates in Russia, North Africa and, increasingly, Turkey. It recently won a role advising Vedanta Resources on the financing for its $9.6bn purchase of a majority stake in Cairn India, led by Sanjeev Dhuna. Philip Smith regularly advises issuers and sovereigns in Russia, Ukraine, Hungary and Poland, and advised the joint lead arrangers of Türkiye Is Bankasi’s $500m bond issue at the beginning of 2011. Other key figures include projects partners Nigel Pritchard and Andrew Castle.

Baker & McKenzie LLP has been active across a raft of deals in the oil and gas, telecommunications, capital markets and real estate sectors. It has a strong Russia and CIS focus, but is seeing an increasing level of work coming from Poland and Turkey. Simon Porter (capital markets) took a lead role advising Turkey’s Akbank on its $1bn Eurobond issue in 2010, and again in March 2011 on the bank’s $750m bond issue. Roy Pearce (corporate) had a busy year, including advising Polkomtel on the establishment of a €1bn MTN programme, and acting for Fortuna Entertainment Group on its IPO on the Warsaw and Prague Stock Exchanges. Recent hire Calvin Walker took a lead role acting for Société Générale and RBS on a $2.5bn loan facility for BP Caspian. Other key figures include Neil Donoghue (projects), Chris Hogan (capital markets), and Nick Tostivin (acquisition finance).

CMS Cameron McKenna LLP bolstered its emerging markets practice with the addition of private equity partners Ted Cominos and Graham Conlon from Linklaters LLP in 2010, and Daniel Winterfeldt on the international capital markets side from Simmons & Simmons in early 2011. The firm is strong in projects, finance and private equity, and recently advised UniCredit on the Czech, Hungarian, and Polish law aspects of the restructuring of BorsodChem Group’s €1.4bn debt pile. Alex Doughty is also recommended.

Cleary Gottlieb Steen & Hamilton LLP is well known for its Russia work, and also focuses on Indian and African securities and corporate matters. Tihir Sarkar is a key figure, and continues to advise longstanding client Helios Investment Partners on a number of corporate deals in Africa. Daniel Braverman’s main focus is on Russia.

Clifford Chance is ‘very good on innovative asset finance solutions in emerging markets’. As well as landing a number of key instructions in Russia and the Middle East, it has seen a continuing spike in Turkey-related work, and Simon Williams relocated to Istanbul in 2011 to launch the firm’s Turkish office. Elsewhere, Russell Wells led a team advising the credit export agencies and commercial banks on the €2.5bn financing for Phase II of the Nord Stream Gas Pipeline Project. Geeta Khehar is also recommended.

The ‘impressive, very professional and balanced team’ at Dewey & LeBoeuf LLP is valued for its ‘depth and quality of service’, and moves up a tier this year. Scott Brodsky is ‘immensely talented’ and has ‘excellent interpersonal skills’. The firm took a choice role advising Sberbank, Russia’s largest bank, in connection with the $5.5bn sale of Russneft by EN+ to its former owner Mikhail Gutsiriev.

Herbert Smith LLP’s practice focuses largely on corporate and energy work in Africa, India and Eastern Europe. In March 2010 it hired Martin Kavanagh and Matthew Job from Linklaters LLP on the finance side to help boost its Africa practice. Key mandates for the firm included advising Perenco on a $2.8bn reserve-based lending facility, which covers assets in a number of jurisdictions in Africa and Europe.

Latham & Watkins LLP’s hire of Graeme Ward from Ashurst LLP at the start of 2010 paid dividends when the firm took a top role advising Vedanta Resources on its $10bn acquisition of Cairn India. The firm established a formal African practice in 2010, and represented JP Morgan and National Bank of Egypt as lead arrangers of a $2bn pre-export finance credit facility, led by Ross Pooley. The firm provides ‘efficient advice and excellent value for money’. Lene Malthasen, Simon Dickens and Ian Clark are also recommended.

The ‘very results-oriented’ team at Norton Rose LLP has ‘excellent response times’ and ‘provides a more personal service than the Magic Circle’. It boosted its capabilities with the hire of Nick Grandage from SNR Denton, who leads the firm’s global trade commodity finance practice. Drawing on its strength in Africa, the firm acted for the African Development Bank and senior lenders on the Main One Cable Project, and also advised Sonangol on a $2.5bn facility arranged by Industrial and Commercial Bank of China. Martin McCann, Chris Brown and Richard Metcalf are all recommended.

White & Case LLP has ‘a big presence’ in the emerging markets and has made a strong play in the Turkish market, while continuing to do well in CEE. The firm has landed a number of significant roles advising on Turkish bond deals, and advised Yüksel Insaat on the first-ever Turkish high yield bond. Peter Finlay is noted for his project finance and corporate practice, and Sven Krogius also comes recommended.

Ashurst LLP advised Citi, Deutsche Bank, Bank of America Merrill Lynch, ENAM, Kotak and Morgan Stanley as lead arrangers on Coal India Limited’s IPO, with Richard Gubbins playing a key role. Sergei Ostrovsky is co-leader of the firm’s Russia and CIS group, while Geoffrey Picton-Turbervill leads the firm’s global energy practice.

Berwin Leighton Paisner LLP gained Slovenia Broadband as a new client in 2010, and also advises Global Trade Centre, Hellenic Petrolium, Serbia Broadband, and UFG Private Equity Fund. Robert Gross led a team acting for Mid Europa Partners and Slovenia Broadband on the acquisition of two telecoms businesses in Bosnia and Herzegovina.

At Debevoise & Plimpton LLP, London managing partner James Scoville has experience acting for issuers and underwriters in global offerings, and advises a number of Russian and Chinese clients listed in London and the US.

Hogan Lovells International LLP counts Union Bank of Nigeria, Islamic Development Bank and Deutsche Bank among clients for Africa work. Andrew Gamble focuses a large proportion of his practice on Africa matters, and also advises on financings out of CEE. Andrew Carey has relocated to the firm’s Singapore office.

Mayer Brown International LLP acted for a lending group of eight institutions on the $823m project financing to Baja Mining Corp, led by Ian Coles. Drew Salvest is also recommended.

Reed Smith is acting for Canaccord Genuity, Miraband Securities, GMP Securities and Dundee Securities as placing agents on the $700m fundraising for African Minerals Limited, with Leon Stephenson leading in London. Gautam Bhattacharyya and Roy Montague-Jones co-head the firm’s India practice.

SNR Denton has carved out a notable emerging markets practice, particularly in Africa and the Middle East, although it lost Africa practice head Howard Barrie and Nick Grandage in 2010 and 2011. Geoffrey Wynne, who heads the trade and export finance practice, and Jonathan Solomon are key figures.

Salans continues to focus on the CEE and CIS regions, and advised Stemcor on the restructuring of $85m in debt owed to it by Estar Group. Stephen Finch leads the group and is the global banking and finance chair at the firm.

Simmons & Simmons is a ‘“go-to”’ firm on export credit agency supported transactions, and is ‘valued for its overall service’. Clients include Standard Chartered, Credit Suisse, Banco Santander and Citibank. The firm advised AES Corporation in connection with the financing for the €500m Kribi and Dibamba IPPs in Cameroon. Philip Abbott is recommended.

Skadden, Arps, Slate, Meagher & Flom (UK) LLP’s Hunter Baker has a strong Russia practice, and is leading a team advising steelmaker Evraz Group on its $2.2bn of acquisition of a number of Ukrainian assets. Bruce Buck is also a key figure in the practice.

Bryan Cave focuses its practice on Africa, Eastern Europe and the CIS. The firm acted for Berkeley Mineral Resources on its £7.3m acquisition of Enviro Mining.

Silvia Fazio at Collyer Bristow LLP is dual UK/Brazil qualified, and regularly advises Banco do Brasil, the Federative Republic of Brazil, and Banco Santander Totta.

Jones Day advised Eurasian Natural Resources Corporation on its $500m pre-export finance facility, led by Ed Borrini.

Orrick, Herrington & Sutcliffe (Europe) LLP focuses on lender and borrower matters, predominantly in Africa. Alexander Janes leads the group.

Simon Norris and Paul Biggs are the key players at Trinity International LLP, and regularly advise lenders and developers.

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