The Legal 500

ENS (Edward Nathan Sonnenbergs) has over 40 dedicated banking and finance practitioners, including 16 directors across its Johannesburg and Cape Town offices. The firm represents many of the key lenders, arrangers and underwriters in South Africa, including Standard Bank, Rand Merchant Bank and HSBC. While it has an immensely broad practice, it has a particularly impressive record in the capital markets and derivatives arenas. Sean Lederman, Roger Rudolph, and Stephen von Schimding all have formidable reputations, while the firm was boosted by the arrival of Deborah Carmichael from Deneys Reitz Inc in 2010.

Werksmans Attorneys is ‘10 out of 10’ according to clients, with Wildu du Plessis, Richard Roothman, Muhammad Sader and structured finance expert Amelia Heeger singled out for particular praise. The firm has a particularly strong record in structured finance and debt and equity capital markets transactions. This includes pioneering work in synthetic CLO securitisations, asset-backed conduits and convertible bonds. More recently, the firm represented Edcon (Proprietary) Limited and OntheCards Investments II (Proprietary) Limited on the establishment of a store card receivables securitisation programme, one of the largest securitisations in recent years. The firm represents five of the largest banks in South Africa.

Bowman Gilfillan made a giant leap forward in 2010 with the hire of the distinguished Lionel Shawe, the ‘excellent’ Casper van Heerden (‘probably the best in so far as issuing of bonds and commercial paper’) and banking regulatory partner Anthony Colegrave from Deneys Reitz Inc. The practice centres on revolving credit facilities, general banking facilities, a strong capital markets and derivatives practice, and an active banking regulatory practice. Clients range from the major South African banks First Rand and Standard Bank to giant international banking institutions. Anton Barnes-Webb is recommended for project finance work, and recently advised Eskom on a €470m floating facility for the Medupi Power Station.

DLA Cliffe Dekker Hofmeyr is ‘excellent’ and ‘compares exceptionally well’ against other firms. For many clients, it has the leading debt capital markets practice in South Africa and an increasingly prominent project finance (including public private partnerships) department. Much credit goes to department head Joz Coetzer, who has ‘excellent knowledge of the law’ and ‘strong drafting skills’. ECA-backed financings and BEE transactions are another strength of the firm, which has a strong record of acting for public sector bodies and government entities.

Rocked by the departure of eminent department head Lionel Shawe and senior capital markets specialist Casper van Heerden to join Bowman Gilfillan and Debbie Carmichael to ENS (Edward Nathan Sonnenbergs), Deneys Reitz Inc can still trade on its illustrious heritage in the banking and finance sector. Prior to Shawe’s departure, the firm represented four Chinese banks on a $1bn loan to Standard Bank. Furthermore, its merger with Norton Rose LLP in June 2011 will bring undoubted additional international finance credibility. Big name Kevin Cron has an impressive finance background, although he currently heads the commercial division of the firm. Jackie King is another highly reputed debt capital markets expert.

Glyn Marais’ association with SNR Denton is bearing fruit, thanks in part to the Anglo-American firm’s fine global finance brand and intense focus on the African continent. Project finance, a slow area for the firm in the past, is now a growing sector, while leveraged and acquisition finance continues to be the heart of the practice. Clients include Sanlam Limited, Investec plc and ABSA Bank. The firm recently advised ABSA bank on the unwinding of various single stock futures contracts and related issues valued at R2bn. Richard Glyn, Francois Marais and Willem de Villiers are all recommended.

Webber Wentzel is responsive, ‘extremely competent’, ‘very thorough’ and provides an ‘experienced and excellent level of service’. The firm’s fine standing is thanks in part to its tremendous record in project finance, debt capital markets and securitisation. Johan de Lange heads the department that represented Standard Bank on the R1.1bn financing of the expansion of Zimbabwe Platinum Mines’ underground mine and ground processing facilities at Ngezi, Zimbabwe. Leading project finance specialist Brigette Baillie and debt capital markets and securitisation expert Karen Couzyn are also recommended.

Bell Dewar has a fine record in the infrastructure and project finance arena (including PPP transactions), and has a leading reputation in the mining industry. Clients include Nedbank and Investec and numerous borrowers and sponsors. The firm recently advised the consortium of lenders on the R3.7bn re-financing of the N4 west Toll Road in South Africa. The high-profile Lara Bezuidenhoudt heads the department.

Brink Cohen Le Roux is commended for its ‘excellent knowledge of the industry’ and its ‘negotiating and drafting skills’. The firm recently advised the City of Johannesburg Metropolitan Municipality on the Rea Vaya Bus Rapid Transit System, which included a R430m loan for the bus operating company. According to clients, Johan Brink has a ‘very good understanding of financial concepts’, while Kim Wyness is also singled out for praise.

Canadian firm Fasken Martineau DuMoulin LLP remains a high-profile name in the mining industry and has represented big financial institutions such as Standard Bank on project financings in South Africa. In May 2010, the firm represented RBS Capital Markets and Investec Bank Limited in connection with Platmin Limited’s $385m equity and debenture offering. Key partner Al Gourley splits his time between Johannesburg and London.

In 2010, White & Case LLP International Lawyers enhanced its presence in this sector by relocating banking and capital markets partner Joshua Parbhu to Johannesburg from London. Since moving across, he has worked on a series of debt issuance programmes on behalf of South African banks. Clients include Investec Bank and Nedbank.