The Legal 500

Germany: Banking and finance

Financial services: regulatory

Within: Leading individuals

Dirk Bliesener - Hengeler Mueller

Within: Financial services: regulatory

Assisting with transactional matters constitutes a key element of Hengeler Mueller’s practice along with advising banks and other financial services providers on various regulatory matters including the Capital Requirements Regulation (CRR), the Capital Requirements Directive (CRD IV) and MiFID II as well as on pan-European payment systems and automated clearing houses. The team has also been increasingly active in providing Brexit-related advice including restructuring measures and the establishment of fully licensed Germany-based subsidiaries and branches. As highlights, Dirk Bliesener advised Commerzbank and Hypothekenbank Frankfurt on the transfer of various bank portfolios by way of a spin-off, and Christian Schmies assisted Deutsche Asset Management Investment with the global co-ordination of an asset and asset share transfer into a new fund structure set up by the client. He also advised a German bank on the implementation of the EU Benchmark Regulation (EU BMR), and acted for a large German retail chain on the implementation of PSD 2 with regards to gift cards and vouchers. Advent International and Bawag Group are also clients. Thomas Paul is recommended for investment regulatory law matters. Senior associate Michael Born joined Norton Rose Fulbright as of counsel in August 2018.

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Lending and borrowing

Within: Lending and borrowing

Hengeler Mueller’s strength lies in providing advice on syndicated acquisition finance and promissory loans. Acting as lead counsel, Johannes Tieves acted for a bank consortium on matters pertaining to a €2.5bn revolving syndicated loan for SAP to refinance its existing credit line, and advised HeidelbergCement on a €3bn syndicated revolving multi-currency credit facility for cash drawings and loan guarantees in euros and other currencies. Daniel Weiß assisted Erwin Hymer Group with the reorganisation of its group financing by concluding a syndicated credit facility and a promissory note in the aggregate amount of €400m, while Nikolaus Vieten assisted Finland-based energy company Fortum Oyj with the €12bn acquisition finance for the launch of a voluntary public takeover offer to all Uniper shareholders. In other significant work, Ralph Defren advised Metro on various financial instruments including private and public bonds, bilateral credit facilities, promissory loans and revolving credit facilities, and Daniela Böning acted as lead counsel for Davis-Standard and its majority owner Oncap on the acquisition of Maillefer International Oy including related financing matters. Other key individuals include Heinrich Knepper and co-managing partner Dirk Bliesener. In November 2018, Andreas Lischka joined White & Case LLP as local partner.

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Germany: Capital markets

Debt capital markets

Within: Debt capital markets

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.

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Structured finance and securitisation

Within: Structured finance and securitisation

Hengeler Mueller ‘is 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.

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