Clifford Chance's debt capital market practice is an integral part of the firm's wide-ranging capital market offering. Alex Bafi, Cédric Burford and Jonathan Lewis form the lead trio, with Bafi and Burford the key debt capital market practitioners, while Lewis's core expertise lies in securitisation, structured finance and derivatives.  In addition to the three partners, the group also includes a strong roster of counsels and associates, including Auriane Bijon who specialises in capital markets and structured finance. The group assists with the full range of debt capital market instruments and has a demonstrable track record assisting financial institutions and issuers alike, making it one of the most versatile teams in the French market. Moreover, its ability to assist with English, US and French law is a key contributor to the group's exceedingly wide practice scope which includes EMTN programmes, green bonds, Rule 144A/Reg S. offerings, hybrid bond issuances and sovereign debt matters. The practice's experience advising supranational organisations, government agencies and local authorities is also particularly noteworthy.

Gide Loyrette Nouel A.A.R.P.I. remains among the most active debt capital market practices in Paris thanks to a broad range of expertise which includes the most complex deals, such as those involving private placements in the US and in Europe, Rule 144A/Reg S. matters, high-yield offerings and hybrid financings, in addition to more vanilla deals. The group's experience assisting with the issuance of 'Panda', green, social and ESG bonds is a key contributing factor to its continuous success. The French giant houses a strong raft of renowned practitioners, first-and-foremost practice heads: Hubert Merveilleux du Vignaux, Melinda Stege-Arsouze (a specialist in US securities law), Arnaud Duhamel and Laurent Vincent - all of whom have earned the trust of major corporations, governments, alternative capital providers and leading financial institutions alike.

Capital markets heavyweight White & Case LLP remains an undoubted leader in the Paris market, not only due to the depth of its bench, but also its exceptional level of activity. Practice head Philippe Herbelin's team handles a wide array of debt capital market instruments, with EMTN programmes a particular busy line of work that includes Rule 144A/Reg S. offerings, high-yield bonds, Euro PP and hybrid bonds. Green and social bonds, as well as issuances by French clients in foreign jurisdictions - such as Yankee, Samurai and Uridashi bonds - are additional areas of expertise, as are liability management transactions, which are a particular area of strength. With its versatile team including US and English law-qualified practitioners, and the resources provided by firm's own international footprint, the practice is an excellent choice for complex cross-border matters. Other key names in the group include Séverin Robillard, Thomas Le Vert, Cenzi Gargaro and Grégoire Karila. However, high-yield and acquisition finance expert Colin Chang moved to Linklaters LLP in December 2019.

CMS impresses with the international scope of its practice, a strong line in EMTN work, its longstanding experience in covered bonds and its stand-out practice in green, social and sustainability-linked bonds. Practice head Marc-Etienne Sébire and his team are also a very good address for Euro PP matters - including innovative private placements, such as the first green Euro PP and the first Euro PP listed on Euronext Paris. Liability management transactions are also an integral part of the group's caseload. Clients benefit from the firm's own 'Intelligence Department', which assists with associated tax, legal and employment questions, and includes team heads (and new technology expert), Bruno Dondero, as well as associate François Gilbert, formerly at the Autorité des marchés financiers.

Stand-out features of Hogan Lovells (Paris) LLP's practice include its track record in innovative offerings -such as the first social impact bond in France and the first sukuk issued by Côte d'Ivoire; its experience in assisting leading financial institutions (both French and European); and its ability to assist with both French and English law, often requested in pan-European matters. In combination with the team's sector expertise in the insurance, energy, automotive and transport sectors, the practice remains a key player in the French market, even after the departure of Baptiste Gelpi to Reed Smith in March 2020. Sharon Lewis is global head of both the firm's financial institutions and insurance sector group, and its finance practice,  and co-directs the international debt capital markets practice in conjunction with fellow partners Vincent Fidelle and Katia Merlini.

Latham & Watkins is the country's first address for high-yield bond issuances, but is also very active in a wide spectrum of other debt capital market instruments, including investment grade, convertible and OCEANE bonds. Private placements are also included in the group's areas of expertise. Thomas Margenet-Baudr, qualified at both the Paris and New York bars, directs the team and leads on the majority of its cross-border caseload - which frequently includes matters involving multiple jurisdictions that also require the expertise of the firm's experts abroad, most often in the US. Roberto Reyes Gaskin, a US/French dual-qualified practitioner who had transferred to Paris from the Milan office, was made partner in January 2021.

Since the October-2019 arrival of Jeremy Grant as practice head at Stephenson Harwood, the firm has become a popular choice for debt capital market matters in Paris. The dual-qualified (France / England and Wales) Grant and his team are very well versed in cross-border matters, on which they regularly collaborate with their colleagues from offices abroad (notably those in London, Singapore and Hong Kong). Clients also benefit from the group's experience in matters involving the other Paris-based departments, such as real estate, fund formation, and finance.

Darrois Villey Maillot Brochier

Shearman & Sterling LLP