Capital markets in Austria

Cerha Hempel

Jointly steered by Volker Glas, Peter Knobl, and Thomas Zivny, Cerha Hempel excels in both regulatory and transactional work, with areas of expertise including stock exchange law, market abuse prevention, and bond issuances, with a particular emerging focus on green bonds. Glas handles the full range of corporate finance transactions, with notable experience in debt and equity transactions, while Knobl’s focus includes compliance matters and stock exchange services. Described as an ‘excellent lawyer’, Thomas Zivny’s recent workload includes advice regarding a €2bn medium-term note programme, while Christian Aichinger combines knowledge of capital markets, banking and finance, and corporate law to provide comprehensive advice to the firm’s clients.

Practice head(s):

Volker Glas; Peter Knobl; Thomas Zivny

Other key lawyers:

Andrea Harrich; Christian Aichinger


‘Thomas Zivny is an excellent lawyer with practicable advice. ’

‘Thomas Zivny – professionally excellent, very pleasant to work with, pragmatic approach.’

Key clients

Vienna Insurance Group

J.P. Morgan


S Immo AG

Raiffeisenlandesbank Niederösterreich-Wien AG

SPAR Österreichische Warenhandels-AG

Kommunalkredit Austria AG

Bank Burgenland

Polar Capital Funds PLC

MFS Meridian Funds

MFS Investment Management Fonds commun de placement

ING Groep NV

Work highlights

  • Advised the joint lead managers – J.P. Morgan SE, Morgan Stanley Europe SE, BNP PARIBAS and UniCredit Bank AG – on the capital increase of Lenzing AG in an offer made at a 26% discount to the closing price of the shares on the day before launch, leading to a take-up of 99.5% by the existing shareholders.
  • Advised voestalpine AG in connection with its €250m convertible bond issue.
  • Advised Vienna Insurance Group on the updates of its programmes for the issuance of up to €500m each of restricted Tier 1 capital and Tier 2 capital.

Schoenherr (Schönherr Rechtsanwälte)

Providing ‘extraordinary support with a deep knowledge of markets and clients’ needs’, Schoenherr (Schönherr Rechtsanwälte) demonstrates strength in debt and equity-linked transactions, regulatory capital-related matters, and issuances of covered bonds, green bonds and sovereign debt. Handling domestic as well as cross-border transactions, offerings, stock exchange listings, and bond issuances, Ursula Rath maintains close relationships with a roster of clients encompassing issuers, selling shareholders, financial institutions, and investors. Rath leads the department alongside the ‘highly experienced’ Christoph Moser, who specialises in debt and equity capital market transactions, corporate finance and securities law. Contributing to most of the team’s transactions, Angelika Fischer is another key name in the team.

Practice head(s):

Ursula Rath; Christoph Moser

Other key lawyers:

Angelika Fischer


‘Impressive track record, hands-on lawyers, open minded and economically thinking. Good reputation ’

‘Christoph Moser combines know-how and accessibility, and is very approachable. His exceptional qualities, such as adaptability, creativity, and a strong work ethic, are invaluable for us.’

‘Very experienced team, great expertise, very pleasant to work with.’

‘Christoph Moser – great lawyer – highly experienced, great teamworker.’

‘Pragmatic, fast and reliable advice. Particular expertise in Austrian capital markets law.’

‘Christoph Moser stands out. Always available, always solid advice.’

‘Schoenherr’s capital market practice stands for extraordinary support with a deep knowledge of markets and clients’ needs. ’

‘The lawyers are always highly committed and support with the best knowledge of the markets, and provide best services and solutions for all challenges. ’

Key clients


Barclays Bank Ireland



Bayerische Landesbank

BNY Mellon

BofA Securities Europe


Crédit Agricole


Deutsche Bank


Erste Group Bank

Goldman Sachs Bank Europe

ING Bank

J.P. Morgan

Kontron AG

Marinomed AG



Raiffeisen Bank International


UNIQA Insurance Group AG

UniCredit Bank


Work highlights

  • Advised Porsche AG as sole Austrian counsel in connection with a major, high-value IPO.
  • Advised the joint lead managers Barclays Bank Ireland PLC, BofA Securities Europe SA, Deutsche Bank Aktiengesellschaft, Goldman Sachs Bank Europe SE, J.P. Morgan SE and UniCredit Bank AG on the Republic of Austria’s first 1.85% €4bn green bond with an approximately 27-year tenor.
  • Advised Autobahnen- und Schnellstraßen-Finanzierungs-Aktiengesellschaft as issuer’s counsel on its annual update of its guaranteed €12bn EMTN programme as well as on the issuance of its 2.125 % €600m senior notes due 2028.

Wolf Theiss Rechtsanwälte GmbH & Co KG

Predominantly instructed by banks and other financial institutions, Wolf Theiss Rechtsanwälte GmbH & Co KG offers well-rounded experience handling debt capital markets-related matters, with clients appreciating the team’s ‘perfect market overview’. Regularly acting in a range of cross-border matters, the group comfortably handles advice on the digitalisation of bond and debt issuances programmes, especially in relation to green bonds. Practice head Claus Schneider‘s expertise includes debt, hybrid and structured capital market matters, while Christine Siegl is described as an ‘outstanding lawyer for regulatory matters’. Richard Wolf is another key contact. Alexander Haas left the firm in 2023.

Practice head(s):

Claus Schneider

Other key lawyers:

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


‘Unique standing in Austria in debt capital market business, perfect market overview. Great responsiveness and very reliable legal analysis which hold true towards regulators.’

‘Claus Schneider: excellent lawyer, very supportive. Christine Siegl: outstanding lawyer for regulatory matters.’

Key clients

UniCredit Bank Austria AG

Copenhagen Infrastructure Partners P/S

Raiffeisen Bank International AG

TotalEnergies SE

Raiffeisenlandesbank Oberösterreich AG

HYPO Vorarlberg Bank AG

Raiffeisenbank Austria d.d.

HYPO NOE Landesbank für Niederösterreichund Wien AG

Crédit Agricole Corporate & Institutional Banking

Erste Group Bank AG

Volksbank Wien AG

Volksbank Vorarlberg reg.Gen

Raiffeisen Bank Bosna i Hercegovina

s Wohnbaubank

Bank Austria Wohnbaubank

Work highlights

  • Advised Raiffeisen Bank in several jurisdictions on the establishment and update of its €25bn bond issuance programme.
  • Advised Erste Bank Group on numerous issuance programmes.
  • Advised Wohnbaubank and Bank Austria Wohnbaubank on the preparation of a prospectus for the issuance of bonds.

Binder Grösswang

Operating across the full range of capital market transactions, Binder Grösswang has a particularly strong track record of advising on capital increases and bond issuances. Praised for his ‘high level of technical knowledge’, Florian Khol is sought out by national and international issuers, banks, listed companies and investment funds, with his areas of expertise including cross-border equity as well as debt and hybrid capital markets transactions. The latter also represents a specialism of Austria and New York-qualified expert Stephan Heckenthaler, while Tibor Fabian focuses primarily on debt capital markets, as does Stefan Frank, who also offers proficiency in fund-related issues.

Other key lawyers:

Florian Khol; Stephan Heckenthaler; Stefan Frank; Tibor Fabian


‘High experience in the Austrian capital market, highly structured and transparent advisory approach. Very reliable partners,  super-efficient collaboration culture within the law firm and the partnership.’

‘Florian Khol: Available and approachable, high level of technical knowledge, always tries to really understand the fact pattern and the incentives behind a particular setting. Good people management, extremely friendly, top lawyer who is really down to earth.’

Key clients

Lenzing Aktiengesellschaft


Bank für Tirol und Vorarlberg AG

Hypo-Wohnbaubank AG

Sparkasse Oberösterreich

ChargePoint Holdings

Cryoshelter LH2 GmbH

Bankhaus Carl Spängler & Co. Aktiengesellschaft

Raiffeisen Bank International AG

Steiermärkische Bank und Sparkassen AG

Work highlights

  • Advised Lenzing Aktiengesellschaft on its approximately €400.2m capital increase.
  • Advised BKS Bank AG on its capital increase.
  • Advised BTV Bank für Tirol und Vorarlberg Aktiengesellschaft on an issuance program for bonds and on the issuance of a €250m sub-benchmark bond.

bpv Hügel

Equity and equity linked products are at the core of bpv Hügel‘s offering, with the team’s expertise extending to structuring topics, share acquisition, public takeovers, which are a specialism of lead Christoph Nauer, and cross-border mergers. Roland Juill‘s recent work highlights include advising STRABAG on capital measures to reduce MKAO Rasperia Trading Limited’s shareholding as an effect of EU sanctions, while Barbara Valente specialises in capital markets transactions and compliance. Daniel Reiter left the firm in March 2023.

Practice head(s):

Christoph Nauer

Other key lawyers:

Roland Juill; Barbara Valente


‘The team focuses on the client’s needs, advises with a clear focus, and delivers solutions.’

‘Christoph Nauer helped me a lot to manage difficulties and solve issues in an open and business orientated approach and dialogue.’

‘Christoph Nauer is an excellent lawyer with practicable advice.’

‘Team with experience in all legal fields.’

‘Christoph Nauer is the brain behind the team, guiding us strategically and driving projects forward energetically. Roland Juill has great availability and overview of the projects, and is quick on all details. Barbara Valente handles compliance work like no othe. She quickly grasps the essence of a problem.’

Key clients





BP plc

Raiffeisen Holding Noe-Wien

Raiffeisen Landesbank Noe-Wien

Unternehmensgruppe Theo Müller

CMC Markets

Weilburg Family Office

Work highlights

  • Advised Weilburg Family Office on the launch of a new private equity module with private equity funds of funds.
  • Advised 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 in the course of the takeover bid.
  • Advised ATX and Warsaw listed IMMOFINANZ as target company on competing takeover bids by CPI Property Group (€3.1bn) and S IMMO (€300m).

DORDA Rechtsanwälte GmbH

Described by international clients as ‘go-to firm for capital markets law in Austria’, DORDA Rechtsanwälte GmbH focuses on equity capital market transactions with notable expertise in acting for issuers in the banking, real estate and automotive industries, and the team is also increasingly instructed by clients to advise on capital markets compliance matters as well as public takeovers. Andreas Mayr is well-versed in both equity and debt capital markets-related matters, while corporate law expert Christoph Brogyányi, Andreas Zahradnik, and Tibor Varga are also important members of the team.

Other key lawyers:

Christoph Brogyányi; Andreas Mayr; Tibor Varga; Andreas Zahradnik


‘Excellent legal expertise. Leading equity capital market team.’

‘Andreas Mayr is the best equity capital markets lawyer in Austria. Legal expertise on the highest level and pragmatic. ’

‘My go-to firm for capital markets law in Austria. ’

‘Andreas Mayr: Very commercial lawyer with exceptional expertise in capital markets and corporate law. Very experienced partner – my go to person in Austria. ’


Key clients


Petrus Advisers

Morgan Stanley


Erste Group

Work highlights

  • Advised Croma-Pharma on its IPO on Euronext Amsterdam.
  • Advised HSBC, Morgan Stanley and Erste Group as joint bookrunners on the issuance of €350m notes and on a liquidity exercise for outstanding hybrid notes.
  • Advised Petrus Advisers on the sale of shares in IMMOFINANZ AG to CPI PropertyGroup.

CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH

Leveraging the firm’s international network, CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH is a one-stop shop for matters related to initial public offerings, corporate bond and debt issuance programs, and promissory notes. Regulatory advice is one of the team’s noted strengths and a focus area of practice head Martin Zuffer as well as of Walter Gapp, who also offers clients a specialism in securitization transactions. Philipp Mark is highlighted by clients for delivering ‘best-in-class results’.

Practice head(s):

Martin Zuffer

Other key lawyers:

Walter Gapp; Philipp Mark


‘With its offices in 34 countries, the CMS capital markets team is able to handle highly complex global capital market transactions.’

‘Standout partners: Martin Zuffer and Philipp Mark – both are extremely client orientated, highly qualified on advice with an eye for pragmatic solutions. ’

‘CMS Reich-Rohrwig Hainz is one the outstanding legal firms in Vienna. The team is overall very responsive, can provide a broad range of legal services and has gained lots of experience in capital markets transactions over the last few years. ’

‘Philipp Mark is an aspiring lawyer who is client centric and delivers best-in-class results quickly. He is always available and provides efficient solutions. ’


Key clients

Telekom Austria AG

A1 Towers Holding GmbH

Breitender Immobilien Parking AG

Erste Group Bank AG

Enry’s Island

Dankse Bank

DZ Bank

Landesbank Baden-Württemberg LBBW


J.P. Morgan

Morgan Stanley

Société Générale

Atrium European Real Estate

BNP Paribas Reim

HSBC Continental Europe

ING Bank

UBS Europe Group

Work highlights

  • Advising Tower Holding GmbH on the issuance of €500m, 5.25% notes due 2028.
  • Advised an international banking syndicate comprising Danske Bank, DZ Bank, INGGroup, Landesbank Baden-Württemberg LBBW, and Natixis on the issuance of €750m MREL-eligible green preferred senior notes by Vienna-based Erste Group Bank AG.
  • Advised an international banking syndicate comprised of BVA, Citigroup GlobalMarkets Europe, Commerzbank, Société Générale, and UniCredit on the issuance of €500m MREL-eligible preferred senior notes by Vienna based Erste Group Bank AG.

Weber & Co. Attorneys-at-Law

Weber & Co. Attorneys-at-Law specialises in sustainable finance, DCM and ECM transactions as well as handling regulatory structures and has recently acted on capital increases, debt issuance programmes and compliance matters. The team is headed by Stefan Weber, whose practice encompasses restructurings of stock exchange listed companies, cross-border transactions and regulatory matters, and Philipp Baubin, who deals alongside Weber with the firm’s most significant transactions and is recommended by clients for his ‘capacity to bring different and creative solutions’.

Practice head(s):

Stefan Weber; Philipp Baubin


They are a highly recommended law firm due to the knowledge of the team’s lawyers in aspectes related to Austrian Law and their responsiveness to clients needs.’

‘Phillip Baubin stands out due to his kindness with the clients and his capacity to bring different and creative solutions for the transactions he is involved in.’


Key clients

Wiener Städtische

Suzano S.A.

Wolford AG

American Tower Corporation




Work highlights

  • Advised VIG as issuer counsel on debt issuance programs in 2022, issuances under the Tier 2 Notes program, as well as on the listing at the official market of the Vienna Stock Exchange.
  • Advised Wolford AG in connection with its capital increase in early 2023.

Baker McKenzie Rechtsanwälte LLP & Co KG

Baker McKenzie Rechtsanwälte LLP & Co KG‘s team is embedded in the firm’s EMEA-wide capital markets practice and is noted for its ability to advise on cross-border transactions. The team also has particular experience handling regulatory and due diligence questions in relation to ESG matters. Exemplifying this focus in particular is practice head Eva-Maria Ségur-Cabanac, who has a special focus on the energy sector.

Practice head(s):

Eva-Maria Ségur-Cabanac

DLA Piper Weiss-Tessbach Rechtsanwälte GmbH

DLA Piper Weiss-Tessbach Rechtsanwälte GmbH operates across equity and debt capital markets as well as related corporate and M&A matters, with recent activities including an emerging focus on green bond issuances. Christian Temmel leads the team and offers expertise in transactions with listed securities and regulatory aspects, while Maria Doralt combines a broad knowledge of corporate finance and capital markets instruments.

Practice head(s):

Christian Temmel

Other key lawyers:

Maria Doralt; Christian Knauder-Sima


‘Very competent and friendly people, fast and qualified response.’


Key clients

Vienna Airport Corporation


Warimpex Finanz- und Beteiligungs Aktiengesellschaft

UBM Development AG

Schoeller-Bleckman Oilfield Equipment AG

Petrus Advisers

S IMMO AG and Erste Group Bank AG

Work highlights

  • Advised Vienna Airport Corporation on IFM subsidiary Airports Group Europe’s increased stake in the corporation.
  • Advised UBM Development on the issuance of its first ever green bond.
  • Advised PORR AG on the preliminary termination and refinancing of various tranches of its €160m promissory note loan portfolio.

E+H Rechtsanwälte GmbH

Led by Peter Winkler, E+H Rechtsanwälte GmbH advises clients with an interdisciplinary approach, working seamlessly with the firm’s corporate, M&A, banking and finance, and regulatory practice groups to handle both debt and equity capital markets transactions. ‘Stand-out lawyer’ Dominik Juster joined the team in November 2022 from Simpson Thacher & Bartlett LLP and is dual-qualified in Austria and New York, as is Josef Schmidt, whose multi-faceted practice includes an emerging focus on private equity-related matters.

Practice head(s):

Peter Winker

Other key lawyers:

Dominik Juster; Josef Schmidt; Philipp Schrader


‘The E&H team are responsive and provided clear advice that makes sense. It was great working with Dominik Juster and the team. ’

‘Dominik Juster really impressed us. He was always available when needed. He navigated complicated matters and provided solutions that worked for the business. ’

‘Responsive, precise and able to work constructively alongside others.’

‘Dominik Juster is a stand-out lawyer – smart, detailed and always reliable.’

Key clients


KA Finanz AG

Aventa AG

Work highlights

  • Advised Airports Group Europe S.à r.l., an indirect subsidiary of IFM Global Infrastructure Fund, on the increase of its stake in Flughafen Wien Aktiengesellschaft.
  • Advised AVENTA AG on a capital increase for an investment by a strategic investor.
  • Advised Citibank NA as agent in connection with the Republic of Austria’s €30bn MTN programme.

Herbst Kinsky Rechtsanwalte GmbH

Herbst Kinsky Rechtsanwalte GmbH is capable of handling public takeovers, public offerings through crowd investing platforms, and alternative financial offerings, and the team also regularly advises on bond issuances, public offerings and shareholding matters. Practice head Philipp Kinsky is described as ‘one of the most experienced and best lawyers in Austria when it comes to start-ups’. Johannes Frank has been promoted to partner in January 2023 and is a key contact for alternative investment fund-related work.

Practice head(s):

Philipp Kinsky

Other key lawyers:

Phillip Dubsky; Johannes Frank


‘For me, Herbst Kinsky is one of the leading law firms in the field of start-up and venture capital both in Austria, but also beyond its borders.’

‘Philipp Kinsky is definitely one of the most experienced and best lawyers in Austria when it comes to start-ups – both in the field of fund investments and direct investments. Due to his extensive experience he is able to assess difficult situations very well, and to get the best out of them for his clients without loss of face for any of the parties involved.’

‘The entrepreneurial approach is unique.’

‘Dr. Philipp Kinsky: The best lawyer in Austria – personally and professionally – with perfect entrepreneurial thinking skills.’

Key clients

Uniqa Insurance Group

Biogena GmbH & Co KG

Illwerke vkw AG

dagobertinvest AG

handcheque GmbH

Marinomed Biotech AG

Neoh AG Group

NÖ Landes-Beteiligungs GmbH

United Benefits Holding

Wolftank – Adisa Holding AG

Work highlights

  • Advised UNIQA Insurance Group as shareholder of STRABAG SE on the new syndicate with Haselsteiner Group and the mandatory tender offer.
  • Advised Biogena on the issuance of a €10m bond, including cross-border transactions with Switzerland and Germany, and a capital market prospectus.
  • Advised dagobertinvest AG in connection with capital increase under the ESCP Regulation on European Crowdfunding Service Providers, with a total volume of €2m.

Müller Partner Rechtsanwälte

Müller Partner Rechtsanwälte exhibits proficiency and ‘exceptionally high expertise’ across bond issuances, regulatory matters, and stock exchange law for listed companies. Team lead Gernot Wilfling covers the full spectrum of capital market transactions in addition to handling compliance and litigation work. Sebastian Sieder has a track record of representing clients in administrative criminal proceedings of the FMA.

Practice head(s):

Gernot Wilfling

Other key lawyers:

Sebastian Sieber


‘High-quality output.’

‘Gernot Wilfling: always up to date with changes in case law, great availability and flexibility.’

‘Very professional. They understand their client needs.’

Key clients

oekostrom AG für Energieerzeugung und -handel

Frauenthal Holding AG


Raiffeisen Bank International AG

Erste Group Bank AG

KELAG-Kärntner Elektrizitäts-Aktiengesellschaft



Österreichische Lotterien Gesellschaft m.b.H.


Don Bosco

Rockets Group

ado new Media GmbH

EPH Group AG

Marblelution GmbH

Work highlights

  • Advised Marblelution GmbH on the structuring and issuance of a series of bonds with a planned total volume of €20m.
  • Advised CMTA AG on a €5m equity financing.
  • Advised oekostrom AG on unilaterally eliminating hundreds of outstanding global bonds by means of §67AktG.