Allen & Overy LLP combines a strong domestic offering in Australian capital markets with almost unrivalled international capabilities, drawing on the firm's global network and the team's expertise in Australian, UK, and US law. Karolina Popic and Mark Leemen in Sydney head up the DCM and securitisation teams alongside Peter Wilkes in Perth. The DCM team is known in particular for its complex, multi-sourced financings involving traditional bank debt and multilateral debt; it is also highly active in the eurobonds, Reg S USD bonds, and kangaroo bonds space. In securitisation, a key strength of the department is in cross-border transactions, especially for new entrants to the Australian market. The ECM offering is led jointly by US law specialist Mark Leemen, Tony Sparks (both Sydney-based), and Meredith Campion in Perth. A distinguishing mark of this team is its ability to combine US and Australian law advice. Senior associate Jamie Taylor is particularly active in securitisation transactions.

The capital markets team at Allens is known for advising on complex, high-value, and market-significant transactions. The DCM practice, led by Melbourne-based James Darcy, is particularly active in advising first-time issuers to the domestic bond market and the EMTN market in Asia. Benjamin Downie heads up the securitisation offering, advising a broad range of originator and financier clients from Australia and internationally. ECM is a particular strength of the practice. The team's cross-sector offering includes roles advising issuers, joint-lead managers and underwriters on significant IPOs and, more recently, has involved a number of secondary capital raising in response to the Covid-19 pandemic. Julian Donnan and Melbourne-based Robert Pick jointly head up this part of the practice, and are regularly supported by senior associate Addison Ma. Other notable lawyers include leading securities law practitioner Stuart McCulloch and Melbourne-based managing associate and DCM specialist Paul Cerché. Named lawyers are Sydney-based unless otherwise mentioned.

Arnold Bloch Leibler provides advice on public listings, capital raisings, and ASX listing rules to clients from a wide range of industries, with particular experience in tech, retail, agriculture, and online sectors. Jonathan Wenig heads up the capital markets team, with support from Jeremy Leibler (both are based in Melbourne).

Baker McKenzie retains an especially strong client base consisting of underwriters (leading Australian and US investment banks), serving these clients primarily in equity transactions. The firm's global network also gives clients access to expertise in securities law from multiple jurisdictions, including the US and UK. Antony Rumboll heads up the ECM team, and advises on both equity and public M&A transactions. The DCM offering, led by Duncan McGrath, is distinguished by its ability to advise on both Australian and English law transactions. In notable departures, Craig Andrade retired in April 2020, and US capital markets specialist Andrew Reilly departed to head up the Sydney office at Rimon Law in January 2020. Among recent arrivals, Lance Sacks joined from Clifford Chance in May 2020, and Derek Pocock joined the Brisbane office from McCullough Robertson in July 2019. Named lawyers are Sydney-based unless otherwise mentioned.

Clayton Utz fields an experienced team in capital markets work and is routinely involved in significant transactions on the Australian market. The ECM offering, led by Stuart Byrne and Brendan Groves in Sydney, is distinguished by its reputation in the fintech/technology space; it led three out of five tech IPOs of 2019. The team is also known for its work in complex structuring, including raisings associated with acquisitions, dual-track, and multi-track IPOs/exits, and for its reputation in foreign listings. A further distinguishing feature of the ECM team is its strong relationship with the banking sector; it counts major Australian domestic banks as well as international investment banks among its client base. The firm's DCM presence is led by Sonia Goumenis, who is also co-head of the securitisation practice, alongside the market-leading Andrew Jinks. Among more junior lawyers, senior associate Mark Chahine is developing an impressive practice spanning securitisation and DCM.

Gilbert + Tobin has a standout capability handling major ECM transactions for high-profile clients, including issuers, underwriters, independent financial advisers, and investors. Widely recognised ECM expert Peter Cook maintains close connections with the largest investment banks and the key regulators ASX and ASIC. Other key names in the team include Rachael Bassil, who has won a reputation for her work on IPOs and ASX listings, and Adam D’Andreti, whose experience includes acting for underwriters and issuers on large listings, entitlement offers, institutional placements, and block trades. In addition to the practice's work on IPOs, recent activity has included a number of secondary capital raisings on the ASX in response to Covid-induced share market falls. The department also maintains a presence in the DCM market, under the leadership of special counsel Louise McCoach. A junior partner to note is Alastair Corrigall, who practice spans ECM, M&A, and PE transactions. All named partners are Sydney-based.

Herbert Smith Freehills is regularly active on significant transactions for major clients across the range of capital markets work. The experienced team is known for its sector expertise across tech, health, telecoms, media, financial services, and energy and resources. The ECM offering, led jointly by leading names Philippa Stone in Sydney and Michael Ziegelaar in Melbourne, has recently advised on a notably large proportion of post-Covid secondary raisings on the ASX. Other key names in this space are Philip Hart, Rebecca Maslen-Stannage, and Tim McEwen. On the DCM side, Melbourne-based regional head of finance Andrew Booth and Sydney-based head of DCM Patrick Lowden are key practitioners. Both are regularly involved in high-value transactions across Euro, US, Asian, and Australian markets. Lowden also leads the securitisation offering. Executive counsel Josie Essery in Melbourne is also known for an active practice in DCM. In team news, US securities expert Laura Sheridan Mouton departed to an in-house role in March 2020.

King & Wood Mallesons fields pre-eminent practitioners across all three areas of capital markets, and is highly respected for the depth of specialist experience on offer in the team. The DCM team, led by Melbourne-based Ian Paterson, maintains its position at the forefront of the market, continuing to act for all the major issuers of hybrid securities. On the ECM side, the practice continues to play a market-leading role, having been instrumental in a number of post-Covid secondary capital raisings; David Friedlander heads up this part of the department. Paul Smith heads up the securitisation department, which picks up a large proportion of work nationally. Other key partners include the experienced Joseph Muraca (in Melbourne) and junior partner Henrik Moritz in ECM, Philip Harvey in DCM, and Ian Edmonds-Wilson in securitisation. Among more junior lawyers, DCM junior partners John Eagleton and Jo Dodd, DCM special counsel Angela Chung, and ECM special counsel Amanda Isouard are recommended. Named lawyers are in Sydney unless otherwise mentioned.

Brisbane-based McCullough Robertson has the largest capital markets team in Queensland, and primarily serves small to mid-cap clients in primary and secondary raisings. Clients are drawn from industries including resources, industrials, life sciences, tourism, transport, and logistics. The team is headed up by Reece Walker.

Mills Oakley serves a client base ranging from large through to mid-market and small-cap issuers, and maintains its growth in the ECM space. Although primarily active on listings, especially those in the A$20m-A$350m range, the practice regularly acts on secondary raisings, particularly for its listed company clients. Iain Laughland and Gavin Douglas jointly head up the Sydney team, while Tony Lalor is head of the Brisbane practice.

Minter Ellison's capital markets team has recently built on its strengths in advising mezzanine financiers on complex securitisation matters. The practice also continues to act for issuers and exiting shareholders on listings and capital raisings, as well as advising lead managers and underwriters on underwritings and offer structuring. Clients come from multiple sectors, but the financial services industry is a particular focus of the practice. John Elias heads up the DCM and securitisation teams; he is recognised for his work acting for mezzanine financiers. The department's ECM offering is jointly led by US law specialist Daniel Scotti in Sydney and James Hutton in Melbourne. This part of the practice has recently led on capital raisings on the ASX in response to the financial turmoil caused by the Covid-19 pandemic. Another senior member of the ECM team is Bart Oude-Vrielink. Named lawyers are Sydney-based unless otherwise mentioned.