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White & Case LLP

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Work 020 7532 1000
Fax 020 7532 1001

Francis Fitzherbert-Brockholes

Work +44 20 7532 1400
White & Case

Work Department

Capital Markets, Sovereigns, India, Banking, Financial Institutions Advisory


Partner Of Counsel


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London: Finance

Debt capital markets

Within: Debt capital markets

The London capital markets practice at White & Case LLP has more than 60 lawyers covering debt, equity, high yield, structured finance and derivatives, around half of whom focus mainly on debt-related products. The firm not only has a leading role in emerging markets debt, but it is a prominent player in regulatory capital and liability management transactions, exchangeable and convertible bonds, and restructuring. The practice has partners highly skilled in both US and English law, and has a leading position in sovereign debt deals, having closed ten deals during 2017 including the Kingdom of Saudi Arabia's $12.5bn notes issue on behalf of arrangers and dealers including Goldman Sachs, HSBC, JPMorgan and Bank of China. US capital markets partner Ian Clark led that deal, and he also acted for Ukraine's Ministry of Finance on a $3bn issue. Global practice head Stuart Matty and key US securities law partner Melissa Butler are 'very user-friendly and have excellent technical knowledge of the products, and are good at giving no-nonsense advice'. Richard Pogrel , who 'gives a service that is personal and tailor-made', stands out for equity-linked and liability management transactions. Last year, he assisted global co-ordinator JPMorgan Securities with a combined £3.5bn in mandatorily exchangeable bond issuance by Volcan Holdings. Francis Fitzherbert-Brockholes, who is 'very accommodating to clients and very well aware of their interests', is dual-qualified in US and English law and he recently acted for Svenska Handelsbanken in the annual update of its $20bn US MTN programme and the subsequent issuance of $1.5bn in notes. US law counsel Doron Loewinger is also highly regarded. Michael Doran joined Baker McKenzie.

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Emerging markets

Within: Emerging markets

White & Case LLP has a strong focus on emerging markets, notably the CEE, CIS, Middle East and Africa, and has amassed decades of experience in finance and capital markets transactions. It is involved in some of the most complex projects, energy and natural resources transactions, handling groundbreaking project finance deals in a wide variety of emerging markets. In the oil and gas sector, for example, it handled the multibillion-dollar financing of the Tahrir petrochemical project in Egypt on behalf of sponsor Carbon Holdings, and acted for Ghana National Petroleum Corporation on a landmark LNG regasification project in Tema. Co-head of the firm’s global oil and gas practice Philip Stopford and bank finance specialist Christopher Czarnocki played central roles in those deals. Debt capital markets transactions are a key strand of the firm's work and US securities partner Ian Clark led a highlight deal from 2017 when he advised the Ukraine Ministry of Finance on a $3bn Eurobond offering and a tender offer for its existing notes. Francis Fitzherbert-Brockholes and Richard Pogrel, who are 'very accommodating to clients and well aware of their interests and requirements; they give advice that is personal and tailor-made', acted alongside Clark for the Ministry of Finance of Azerbaijan in a $3.2bn debt restructuring transaction. Also in the sovereign debt arena, global head of capital markets Stuart Matty and US-qualified Melissa Butler, who are leading lights in their field, advised Republic of Nigeria on establishing a GMTN programme and $4.5bn in subsequent issuance. Mark Castillo-Bernaus, who is the firm's new head of EMEA projects, is also a key partner in the emerging markets practice.

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