Next Generation Partners

Capital markets in Austria

Cerha Hempel

The group at Cerha Hempel is led by the trio Volker Glas, Peter Knobl and Thomas Zivny, each with complimenting areas of expertise in the capital markets space. Praised as ‘one of Austria’s leading capital markets regulatory lawyers‘, a recent mandate for regulatory expert Knobl involved advising a large German financial services company on e-signatures for remote services agreements and the related compliance issues. Zivny, described as ‘accurate, efficient, available, and competent‘, often advises banks in relation to project financings. Glas is the key contact for corporate transactions, and Christian Aichinger is the primary name as senior counsel level.


Practice head(s):

Volker Glas; Peter Knobl; Thomas Zivny


Other key lawyers:

Andrea Harrich; Christian Aichinger


Testimonials

‘Thomas Zivny is accurate, efficient, always available, and competent.’

‘The practice is dedicated to delivering outstanding quality in its legal advice combined with general client-friendly behaviour. Peter Knobl is one of Austria’s leading capital markets regulatory lawyers.’

‘The team consisted of partner Peter Knobl and has always delivered advice to our full satisfaction. Follow-up questions have consistently been answered promptly and extensively as well.’

Key clients

AT&S


Morgan Stanley Investment Funds SICAV


Raiffeisenlandesbank Niederösterreich-Wien AG


WELSER Profile Beteiligungs GmbH


SPAR


S IMMO AG


Work highlights


  • Advised AT&S Austria Technologie & Systemtechnik Aktiengesellschaft on the issuance of a hybrid bond with a total volume of €350m.
  • Advised Morgan Stanley Liquidity Funds (MSLF) and Morgan Stanley Investment Funds (MSIF) on the conversion of their whole fund range consisting of 62 UCITS subfunds offered in Austria.
  • Advised Raiffeisenlandesbank Niederösterreich-Wien AG on the issuance of two benchmark size covered bonds (mortgage-backed pool of assets), with a volume of €750m each.

Schoenherr (Schönherr Rechtsanwälte)

The ‘internationally focused’ team at Schoenherr (Schönherr Rechtsanwälte) is strongly connected to both the Austrian and international banking community and is lauded for its strong transactional knowledge. Ursula Rath, whose financial services regulation expertise benefits the practice, leads the team alongside Christoph Moser, who works on capital markets transactions on both the debt and equity side, and also handles corporate finance and security law mandates. The pair are well supported by attorney-at-law Angelika Fischer, who joined the team from Weber & Co. Attorneys-at-Law alongside Moser.

Practice head(s):

Ursula Rath; Christoph Moser


Other key lawyers:

Sascha Schulz; Angelika Fischer


Testimonials

‘Very hands on, internationally focused and they have the strongest lawyers in transactions.’

‘Ursula Rath and Christoph Moser have a strong reputation and are highly skilled in their fields.’

‘One of the best choices for setting-up new and (from a legal and organisational perspective) really complex and challenging projects. Excellent response times with exceptional legal quality.’

‘Christoph Moser provides exceptional response times in urgent matters and produces the highest legal quality. Sascha Schulz has exceptional knowledge in his practice area, really great and impressive expertise, always pleasant to work with him.’

‘Highly reputed capital markets team. A leading team in Austria; good to work with and well connected.’

‘Christoph Moser is an excellent capital markets lawyer.’

‘Significant capital markets expertise, excellent communication, and fast response times.’

‘Deep knowledge, high availability, personal interaction.’

Key clients

ASFINAG Autobahnen- und Schnellstraßen-Finanzierungs-Aktiengesellschaft


Bank of America Merrill Lynch


Barclays Bank PLC


Bitpanda


BofA Securities Europe SA


Citigroup


Commerzbank AG


Credit Suisse AG


DekaBank Deutsche Girozentrale


Deutsche Bank


DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main


Erste Group Bank AG


Goldman Sachs International Bank


HSBC Bank plc


J.P. Morgan Securities plc


Jefferies GmbH


Landesbank Hessen-Thüringen Girozentrale (Helaba)


Kontron AG (formerly S&T AG)


Morgan Stanley


Nice & Green S.A.


Nomura International plc


OMV AG


Palfinger AG


Raiffeisen Bank International AG


SW Umwelttechnik Stoiser & Wolschner AG


UniCredit Bank AG


UniCredit Bank Austria


UNIQA Insurance Group AG


Wienerberger AG


Work highlights


  • Advised the dealers on the Republic of Austria’s inaugural green bond.
  • Advised the arranger and dealer of Bausparkasse Wüstenrot AG’s 2022 debt issuance programme as well as all issuances of senior preferred notes and covered bonds under the DIP.
  • Advised Vienna Stock Exchange listed Wienerberger AG on the €81.25m placement of treasury shares with institutional investors.

Wolf Theiss Rechtsanwälte GmbH & Co KG

The team at Wolf Theiss Rechtsanwälte GmbH & Co KG excels in structured finance work, and practice head Claus Schneider demonstrates prowess in this area, regularly advising financial institutions on structured capital markets issues. The group also assists clients with matters concerning the continuing digitalisation of the financial services industry in Austria; recently, the group has worked with multiple clients in relation to blockchain matters. Generally, the firm is also lauded for its ability to ‘provide a comprehensive service in respect of security issues’, and counsel Christine Siegl comes recommended as an ‘outstanding expert on regulatory topics‘. Alexander Haas is experienced in debt capital markets and structured finance work, and Richard Wolf, who is a member of the firm’s management board, is another key name to note.

Practice head(s):

Claus Schneider


Other key lawyers:

Nikolaus Paul; Alexander Haas; Richard Wolf; Matthias Schimka; Christine Siegl


Testimonials

‘Wolf Theiss is able to provide a comprehensive service in respect of security issues. The team is able to deliver within tight time frames.’

‘Christine Siegl is an outstanding expert on regulatory topics which are of utmost importance. She is one of the few lawyers in Austria with profound knowledge in this area.’

‘Alexander Haas ensures that deadlines are met.’

‘Claus Schneider covers the full range of securities law and regulatory topics in respect of innovative and digital developments.’

Key clients

Erste Group Bank AG, Banca Comerciala Romana S.A.


Erste Bank Croatia, Ceska Sporitelna, Slovenska sporitelna, Erste Bank Hungary


Bausparkasse Wüstenrot AG


Unicredit S.p.A.


HYPO NOE Landesbank für Niederösterreich und Wien AG


HSBC Holdings plc


Berenberg


Raiffeisen Bank International AG


Oberbank AG


BdB – Bundesverband deutscher Banken e.V.


Work highlights


  • Advising Erste Group on its blockchain-based debt issuance platform “Dealfabrix” and the first bond issue thereunder.
  • Advising Erste Group in several countries on its multi-issuer programme for the issuance of notes for MREL.
  • Advising Raiffeisen Bank International AG on several countries as issuer on the establishment of its respective Medium Term Note (MNT) programme.

Binder Grösswang

Binder Grösswang is noted for its ability to advise on capital markets transactions which combine regulatory and tax advice, as well on matters which combine banking and finance and capital markets issues. Key team member Florian Khol focuses on cross-border equity, debt and hybrid capital markets transactions, and Tibor Fabian provides advice on debt issuances and ESG mandates. Stefan Frank was made partner in February 2022, and Stephan Heckenthaler is another name to note within the team. Michael Binder retired in early 2023.

Other key lawyers:

Florian Khol; Stephan Heckenthaler; Stefan Frank; Tibor Fabian


Key clients

VERBUND


Lenzing


OMV (Supervisory Board)


Mayr Melnhof


Rosenbauer


Semperit Holding


BTV Bank für Tirol und Vorarlberg Aktiengesellschaft


BKS Bank AG


Sparkasse Oberösterreich


Hypo-Wohnbaubank


Hypo Tirol Bank


Bankhaus Carl Spängler & Co. Aktiengesellschaft


Oberbank


Work highlights


  • Advised BTV Bank für Tirol und Vorarlberg Aktiengesellschaft on the conversion of preferential shares into common shares.
  • Advised Raiffeisen Bank International AG and a consortium of banks as lead arrangers on the update of Raiffeisen-Landesbank Niederösterreich Wien AG’s €10bn debt issuance programme.
  • Advising Citigroup on a consumer loan asset backed securitisation for AUTO1 Group.

bpv Hügel

bpv Hügel‘s capital markets team ‘knows the nuances of the equity market‘, placing a strong focus on equity and equity linked products. Head of the group Christoph Nauer is a standout practitioner and ‘highly skilled‘ in complex public takeover matters. Daniel Reiter is recommended by clients as ‘an absolute specialist, especially in capital markets law compliance issues’, and associate Barbara Valente has been involved in much of the group’s recent transactional work.

Practice head(s):

Christoph Nauer


Other key lawyers:

Roland Juill; Daniel Reiter; Barbara Valente


Testimonials

‘The advice is not only of high professional quality, but also well prepared. The availability of the team is exceptional and certainly an essential factor at a time when clients need to make quick decisions.’

‘Christoph Nauer is highly skilled, has a great deal of experience, can solve highly complex cases and is extremely service-oriented.’

‘We highly appreciated working with Daniel Reiter on several projects. He reliably handles very complex and unique issues and delivers excellent work in a short space of time. He is an absolute specialist, especially in capital markets law compliance issues.’

‘Top-notch practice to recommend. Technically perfect and they know the nuances of the equity market.’

‘A very notable member of the capital markets team is Roland Juill. He has a lot of knowledge and a calm and level-headed approach.’

‘Christoph Nauer is our key-contact. He is quick, responsive, addresses the key issues, extremely solution-oriented and pleasant to deal with. Great performance by the entire team.’

‘The team is very flexible and consists of a manageable number of experts, which makes the collaboration very efficient. Partners at bpv Hügel have been involved in a large number of transactions, so they have experience. Any communication is clear, direct and straight forward.’

‘Daniel Reiter has broad knowledge about the market as well as about the legal framework. His experience over many years makes him one of the most accomplished experts in his field.’

Key clients

IMMOFINANZ


STRABAG


Hookipa Biotech


Valneva


BAWAG P.S.K.


BP plc


Raiffeisen Informatik


Unternehmensgruppe Theo Müller


CMC Markets


Weilburg Family Office


Work highlights


  • Advising VSE listed STRABAG SE as target company on the €580m public takeover bid by its Austrian core shareholders including a potential €400m treasury share acquisition (up to the 10% share capital threshold) in the course of the takeover bid.
  • Advising ATX and Warsaw listed IMMOFINANZ as target company on competing takeover bids by CPI Property Group (€3.1bn) and S IMMO (€300m).
  • Advising ATX and Warsaw listed IMMOFINANZ as bidder on its high-profile €1.14bn takeover bid for S IMMO (ATX).

Weber & Co. Attorneys-at-Law

Weber & Co. Attorneys-at-Law is a boutique firm which specialises in capital markets and banking and finance work and has a strong track record in DCM and ECM transactions, an area of strength for practice head Stefan Weber. Weber leads the team alongside Philipp Baubin who is also vastly experienced in debt finance transactions. Advising on innovative sustainable finance mandates in Austria is also a key feature to note of the firm’s capital markets practice, and team members have recently acted in several matters relating to sustainability-linked notes offerings.

Practice head(s):

Stefan Weber; Philipp Baubin


Key clients

Vienna Insurance Group (Wiener Städtische)


Suzano S.A. / Suzano Austria GmbH


Wolford AG


American Tower Corporation


FACC AG


Work highlights


  • Advising Vienna Insurance Group as issuer counsel on envisaged debt issuance programs; issuances under the Tier 2 Notes programme as well as the listing at the official market of the Vienna Stock Exchange.
  • Advising Suzano as Austrian issuer counsel on various notes offerings with a total volume of $1.5bn.
  • Advised Wolford AG on legal issues relating to capital market law and issuer compliance.

CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH

The full service team at CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH advises on a range of capital markets issues, and has continued to build on its capital markets focus since the addition of Philipp Mark in 2021, particularly in terms of advisory and regulatory work. In the transactional space, practice head Martin Zuffer recently acted alongside Mark on a takeover offer for a large real estate owner and developer.

Practice head(s):

Martin Zuffer


Other key lawyers:

Walter Gapp; Philipp Mark


Key clients

Atrium European Real Estate


UniCredit Bank


Commerzbank


Erste Group Bank Ag


European Bank for Reconstruction and Development (EBRD)


Lekta Therapy


Wise


Hep Global


Best in Parking


Work highlights


  • Advising an Austrian group on the proposed initial public offering (IPO) and listing of its shares on the Vienna Stock Exchange (VSE).
  • Advising the international banking syndicate as Joint Lead Managers on the successful issuance of €500m Tier 2 Subordinated Callable Fixed Rate Reset Notes issued by Vienna based Erste Group Bank AG under its Multi Issuer EMTN Programme.
  • Advising Atrium European Real Estate on the takeover offer by Gazit Globe Limited and subsequent delisting from the VSE.

DORDA Rechtsanwälte GmbH

The interdisciplinary approach adopted by DORDA Rechtsanwälte GmbH extends to handling the full range of matters related to equity and debt issuances by private and public issuers, with a focus on regulatory work as well as high-yield transactions. The group is able to leverage its close connection to the firm’s public M&A team and regularly advises on public takeovers. Key names to note in the team are Christoph Brogyányi, Andreas Mayr, Tibor Varga and Andreas Zahradnik.

Other key lawyers:

Christoph Brogyányi; Andreas Mayr; Tibor Varga; Andreas Zahradnik


Key clients

Morgan Stanley


HSBC


Petrus Advisers


Alcmene Holding GmbH


Work highlights


  • Advised Petrus Advisers on a share deal, which included the prior acquisition of the sold shares via financial instruments such as call-options relating to IMMOFINANZ-shares.
  • Advised HSBC, Morgan Stanley, and Erste Group as joint bookrunners on the issuance of €350m undated resettable fixed rate subordinated notes (hybrid notes) by AT & S Austria Technologie & Systemtechnik Aktiengesellschaft and a liquidity exercise for outstanding hybrid notes.
  • Advised Greiner on the acquisition of 27% of the shares in Recticel.

Baker McKenzie Rechtsanwälte LLP & Co KG

Baker McKenzie Rechtsanwälte LLP & Co KG handles large, international capital markets transactions and is often instructed by clients from a range of industries including the construction, insurance and financial services sectors. Eva-Maria Ségur-Cabanac heads up the team and places a special focus on transactions, as well as ESG-related capital markets issues and other matters in the energy sector.

Practice head(s):

Eva-Maria Ségur-Cabanac


Other key lawyers:

Gerhard Hermann


Key clients

Berenberg


ABN Amro


DLA Piper Weiss-Tessbach Rechtsanwälte GmbH

DLA Piper Weiss-Tessbach Rechtsanwälte GmbH’s capital markets practice forms part of the firm’s corporate team, which is led by Christian Temmel. The team has a strong foundation for both equity and debt matters, as well as capital markets related corporate transactions; Temmel also has a particular strength in transactions which revolve around listed securities and financial regulatory issues.

Practice head(s):

Christian Temmel


Other key lawyers:

Maria Doralt


Key clients

Caroo Mobility GmbH


Nabriva Therapeutics


Ardagh Packaging Holdings


Raiffeisen Bank International


PORR AG


UBM Development AG


Warimpex Finanz- und Beteiligungs Aktiengesellschaft


UniCredit Bank Austria AG


Erste Group Bank AG


Baader Bank AG


Work highlights


  • Advising PORR AG as issuer on a €125m capital increase by way of a rights offering and a rump placement.
  • Advising PORR AG on the issuance of a €50m hybrid bond.
  • Advising S IMMO AG as issuer and Erste Group Bank AG as underwriter on the issuance of a €50m green bond under the €300m issuance programme of Austrian listed S IMMO AG.

E+H Rechtsanwälte GmbH

E+H Rechtsanwälte GmbH utilises the group's ‘strong commercial acumen‘ to advise on complex transactions, and has recently expanded its work within DCM and ECM transactions. ‘Distinguished expert‘ and practice head Peter Winkler is also head of the firm’s banking and finance team and counts international and national banks among his diverse client base. Winkler is well supported by Josef Schmidt, who is able to provide expertise in financial services and corporate law.

Practice head(s):

Peter Winkler


Other key lawyers:

Josef Schmidt; Philipp Schrader


Testimonials

‘Very good understanding of what clients want and need; very commercially aware.’

‘Very efficient work, and strong commercial acumen.’

‘Josef Schmidt and Peter Winkler are distinguished experts. Quick, likeable and very practical. We are also happy with their availability.’

Key clients

IFM Investors / IFM Global Infrastructure Fund


KA Finanz


Deutsche Bank, Jeffries, BNP Paribas


Work highlights


  • Advising Airports Group Europe S.à r.l. on the increase of its stake in Flughafen Wien Aktiengesellschaft to over 40% and on its voluntary public tender offer pursuant to the Austrian Takeover Act.
  • Advising Deutsche Bank, Jeffries, BNP Paribas on the issuance of €300m senior notes by SIGNA Development Finance S.C.S.

Herbst Kinsky Rechtsanwalte GmbH

The array of instructions handled by the team at Herbst Kinsky Rechtsanwalte GmbH include IPOs, cryptocurrency issues, and blockchain and bitcoin mandates, as well as advising listed companies on various capital market mandates, undertaking regulatory work and advising clients on compliance matters. Jointly leading the practice are firm founder Philipp Kinsky and Phillip Dubsky, who handle banking and finance work as well as corporate and M&A mandates that intertwine with capital markets issues.

Practice head(s):

Philipp Kinsky; Phillip Dubsky


Testimonials

‘Long standing relationship, personal contact with broader team.’

‘Combination of capital markets expertise and a good understanding of our company.’

Key clients

Biogena Group Invest AG


IST – CUBE (IST-Austria)


Wolftank-Adisa Holding AG


SpeedInvest GmbH


Marinomed Biotech AG


Neoh Invest AG


Rendity GmbH


Blue Sky Energy GmbH


Austrian Growth Capital Fund


illwerke vkw AG


Work highlights


  • Advised Biogena GmbH & Co KG on the issuance of a bond in the amount of up to €10m in two tranches via the platform Invesdor including an international capital market prospectus for Germany and Austria.
  • Advised IST Cube funds on its final closing (IST cube (EuVECA) GmbH und Co KG) with main investors.
  • Advised Marinomed Biotech AG on the course of the issuance of a convertible loan note to Nice & Green.

Müller Partner Rechtsanwälte

Praised as ‘a flexible boutique‘, Müller Partner Rechtsanwälte increasingly deals with mandates from regulated entities such as banks, insurance companies, and investment businesses, and increasingly represents clients in administrative criminal proceedings; clients benefit from the experience of Sebastian Sieder, who was formerly employed by the Enforcement and Law Department of the FMA. Practice head Gernot Wilfling is a particular expert in capital markets compliance work.

Practice head(s):

Gernot Wilfling


Other key lawyers:

Sebastian Sieder


Testimonials

‘Massive capital markets expertise specifically provided by Gernot Wilfling and Sebastian Sieder who are also good in banking law matters and related topics (e.g. law on trusts and foundations).’

‘A flexible boutique.’

Key clients

EVN AG


CMTA AG


Rockets Holding GmbH


Frauenthal Holding AG


Vienna Insurance Group AG


oekostrom AG für Energieerzeugung und -handel


Erste Group Bank AG and Erste Bank der österreichischen Sparkassen AG


Don Bosco Finanzierungs GmbH


B21 GmbH


Beaconsmind AG


KELAG Kärntner Elektrizitäts-Aktiengesellschaft


Work highlights


  • Advised oekostrom AG on its €12.5m public share offering.
  • Advising Don Bosco Finanzierungs GmbH on a €10m social impact bond offering.
  • Advised Beaconsmind AG on its delisting from the Vienna Stock Exchange.