The Legal 500 > Asia Pacific > Australia > Capital markets

Allen & Overy LLP excels across the capital markets space, fielding distinct equity, debt and international capital markets teams. Tony Sparks leads the national equity team while Meredith Campion leads the equity practice in Perth, and US specialist Mark Leemen and Karolina Popic head up the international and debt capital markets teams. Popic also leads the securitisation team; her advice is considered ‘flawless’ in respect of a broad range of asset classes and the group also has an outstanding reputation for its expertise in covered bonds. On the debt and equity sides, the practice handles the full spectrum of matters and leverages the combined Australian, English and US law capabilities of the Australian team to assist with cross-border mandates. Clients also note senior associate Jamie Taylor for his securitisation knowledge.

The ‘insightful’ practice at Allens is notably active in ECM, DCM and securitisation work and utilises the firm’s alliance with Linklaters LLP to be a key name in the market for cross-border transactions. James Darcy heads up the debt practice, which is particularly active in the infrastructure and transport sectors and has notable strength advising first-time issuers alongside a growing regulatory capital practice. The securitisation team is led by Benjamin Downie and handles a broad range of asset classes; it has also recently been active advising new originator and fintech entrants into the market. Robert Pick and Julian Donnan jointly lead the equity team, which is a key name for underwriter clients at a domestic and international level. Stuart McCulloch is a securities expert and counsel Paul Cerché is recognised for his DCM work.

Jonathan Wenig heads up the Melbourne-based ECM practice at Arnold Bloch Leibler, which assists Australian and international clients with the full range of equity work including IPOs and listings on the ASX. With a varied client base, the group also has notable expertise in the technology and online sector and acting for entrepreneurial clients; examples include Nufarm, Polustech and Square Peg Capital. Other noteworthy practitioners include Jeremy Leibler, who regularly works with listed companies; and Jeremy Lanzer.

Ashurst’s ‘innovative and fast-moving’ department has substantial expertise across ECM, DCM and securitisation work at a domestic and international level and leverages the firm’s global network to act for a range of international clients including HSBC, Sumitomo Mitsui Banking Corporation, Goldman Sachs and Coca-Cola. The firm’s structured finance and securitisation practice is a key name in the market for originators and financiers; it also regularly establishes new programmes and funding platforms, has substantial derivatives expertise and is increasingly active in regulatory mandates. On the debt side, the group acts on mandates for both issuer and arranger clients including programme establishments, standalone and repeat issuances and liability management issues. The group’s equity expertise spans the full range of equity raisings including IPOs, secondary raisings and entitlement offers. Jamie Ng is a highly regarded name for debt work, while Bruce Macdonald and Sarah Dulhunty jointly lead the ECM practice, and Jennifer Schlosser is the key contact for securitisation work. Caroline Smart is also recommended for debt work and counsel Andrew Kim is an equity specialist.

Clayton Utz assists clients with the full spectrum of capital markets work, assembling specialists in corporate finance, DCM, ECM, capital management and structured products. Andrew Jinks and Sonia Goumenis are the key names for DCM work; they are also singled out for their securitisation expertise. Recent debt highlights include advising Brisbane Airport on the update of its EMTN programme and assisting Optus Finance with its debt issuance programmes. On the securitisation side, the group acts for both sponsors and arrangers and has a notable bank client base; it has also been notably active in residential mortgage-backed security transactions and warehouse arrangements. ECM group head Stuart Byrne, national practice group leader Rory Moriarty and Melbourne-based Brendan Groves also stand out for their equity expertise, which is particularly noted for its technology sector floats and issues in the resources sector.

At Gilbert + Tobin, Peter Cook heads up the ECM team while Louise McCoach leads the DCM practice. The group is particularly noted for its equity expertise, regularly assisting issuers, underwriters and investors on IPOs, complex capital management issues, entitlement offers and reinvestment plans. Other key equity practitioners include Rachael Bassil, Adam D’Andreti and Costas Condoleon, who is co-head of the firm’s corporate advisory group.  Alastair Corrigall and John Williamson-Noble are also seasoned ECM practitioners. On the debt side, the group acts for originators, issuers, arrangers and trustees on a range of debt and securitisation work including AMTN, Kangaroo and EMTN programme establishments, retail bonds, US private placements and social impact bonds.

Herbert Smith Freehills is regularly involved in the market’s largest transactions across the debt, equity and securitisation spaces; it recently handled Coronado’s IPO and A$3.9bn listing on ASX, and assisted the joint sponsors and underwriters with Yancoal Australia’s dual primary listing, making it the first Australian company on both the Hong Kong and Australian Stock Exchanges. Philippa Stone and Michael Ziegelaar jointly lead the ECM practice, Andrew Booth is regional head of finance and Patrick Lowden heads up the DCM group. Other key practitioners include equity specialists Rebecca Maslen-Stannage and Tim McEwen, Philip Hart, who handles IPOs, secondary capital raisings and hybrid security offerings; and Laura Sheridan Mouton, who leads the firm’s US securities capabilities.

With ‘a very strong, knowledgeable and supportive team’, which has ‘superior knowledge’ and is ‘able to deliver outstanding outcomes’, King & Wood Mallesons fields ‘true industry leaders’ including David Friedlander, Ian Paterson and Paul Smith, who lead the ECM, DCM and securitisation teams respectively. Other key equity specialists include Joseph Muraca, who has notable expertise acting for non-bank issuers; Diana Nicholson, who counts NAB as a key client; Jason Watts, who regularly acts for ASX 100 and shopping centre clients; Evie Bruce, who acts for investment banks and financial institutions; Henrik Moritz, who counts Macquarie Group as a key client; and special counsel Amanda Isouard. On the debt side, the group is at the forefront of the market; it handled the world’s first blockchain bond and is highly active in matters involving Kangaroo bonds, green and climate bonds, social and sustainability bonds and social impact bonds. Key debt names include Philip Harvey, Ken Astridge, Anne-Marie Neagle and John Eagleton. Clients also praise Ian Edmonds-Wilson as a highly regarded securitisation practitioner. Shannon Finch departed to Jones Day and Greg Golding moved to Ashurst.

Mills Oakley’s expansion of its ECM capabilities over recent years has led to a notable increase in instructions from mid-market and small-cap issuers, with particular emphasis on listings for mid-market companies, particularly those in the technology industry. Iain Laughland is the key contact for capital markets work and also handles cross-border mandates; Gavin Douglas’ recent experience includes handling change of control transactions, IPOs and assisting investors in public companies and Tony Lalor has advised companies and lead managers on IPOs and secondary capital raisings.

At Minter Ellison, Daniel Scotti and James Hutton jointly lead the ECM practice from Sydney and Melbourne respectively, while John Elias heads up the DCM and securitisation expertise. The practice leverages the firm’s extensive national network and offices in New Zealand, Hong Kong and London to handle the full spectrum of domestic and international mandates. The group also has a notable focus on the financial services sector with Westpac, Macquarie Capital and Magellan Financial Group being key example clients. It has also grown its presence in the REIT arena and its work for mezzanine financiers. Melbourne-based Bart Oude-Vrielink is a key name to note for equity work.