Firms To Watch: Debt capital markets

Heuking has particular experience in advising medium-sized companies on small and medium-sized bond issues, including the issuance of electronic securities.
Luther Rechtsanwaltsgesellschaft mbH predominantly assists medium-sized companies with bond structuring and issuances, but was also able to expand its advice to banks on updating base prospectuses and securities notes.

Debt capital markets in Germany

Hengeler Mueller

When Hendrik Haag retired in December 2021, Dirk Hermann Bliesener took over the management of Hengeler Mueller‘s DCM practice. In addition to capital market law, he is also well versed in banking and financial supervisory matters resulting in expertise at this interface; the close cooperation with the financing and corporate practices however covers this particular intersection additionally. In the DCM sphere, the team is highly experienced in assisting with bond issues, including an increasing number of green bonds, sustainability-linked bonds and social bonds, as well as AT1 capital instruments, where Alexander Rang is often in charge, and also regularly advises on EMTN programs, issuance programs and bond buyback programs. The client base includes issuers, issuing banks and brokers.

Practice head(s):

Dirk Hermann Bliesener


Other key lawyers:

Alexander Rang


Linklaters

With a team consisting of Peter Waltz (bond transactions, structured financing and derivatives) and the DCM and ECM specialists Alexander Schlee and Martin Rojahn (counsel), Linklaters comprehensively advises underwriters and issuers on DCM products. The practice is particularly experienced in straight debt, fixed rate, hybrid, convertible and exchangeable bonds as well as in setting up EMTN programs. This expertise was recently increasingly demanded by financial institutions seeking advice on high-volume green bond issuances.

Testimonials

‘Absolute hands-on mentality with pragmatic solutions and a 100% client focus.’

Work highlights


  • Advising Daimler AG/Daimler Truck on the issuance of €1.8 billion guaranteed fixed rate notes, CA$ 2 billion guaranteed fixed rate notes and approximately US$ 8 billion guaranteed notes by Daimler Truck.

  • Advising Vonovia on the issuance of bonds with a total value of €7.5 billion.

  • Advising the arranger and dealers on the launch of a €4 billion debt issuance program by HOWOGE Wohnungsbaugesellschaft and on the issue of €1.7 billion bonds by HOWOGE Wohnungsbaugesellschaft.

White & Case LLP

Its full integration within the firm's US and European capital markets practices enables White & Case LLP's DCM team to provide issuers and underwriters with comprehensive advice on the creation and updating of various debt programs (EMTN, DIP, commercial paper, AT1 programs, structured notes , German Structured Note Programme) as well as on bond and other debt financings, both independently and as a part of existing bond programs; recently, the practice also increasingly assisted with green bond issuances and fintech-related matters such as bond issues secured by cryptocurrencies. These skills are complemented by the group's particular expertise in the high-yield area, which is led by Rebecca Emory and Gernot Wagner. Key lawyers also include DCM and ECM expert Karsten Wöckener and Cristina Freudenberger (bonds, promissory notes, mortgage bonds and various structured financial products), who made partner in January 2022.

Testimonials

‘Very friendly, quickly available, don’t cause any stress, accommodating, also help with unusual questions.’

‘Uncomplicated and pragmatic cooperation. Brilliant industry knowledge.’

‘The staff are very responsive and they are always willing to help find solutions to both big questions and ad hoc issues.’

‘Very solid and healthy team. Little turnover. No “hot air”, but open reliability, both internally and externally.’

‘Rebecca Emory: Very commercial, manages to translate legal issues into commercial issues.’

‘Cristina Freudenberger: A very good junior partner. Super responsive. Very reliable. Great pleasure and very pleasant to work with.’

‘Dr. Karsten Wöckener: Committed, polite, personally interested and always approachable, calls back immediately if not immediately available, good advice, tasks are completed quickly and on time.’

‘Karsten Wöckener: This is how you imagine a good partner to be – super market knowledge; masters any legal doubts; humorous and proactive behavior; no arrogance, but reason and down-to-earthness at the highest level.’

Key clients

Adler Pelzer Holding GmbH


Bitpanda GmbH


BNP Paribas


Citigroup Global Markets Europe AG


Consolidated Energy Finance S.A.


Crédit Agricole Corporate and Investment Bank


Deutsche Bank AG


Deutsche Lufthansa AG


D.V.I. Deutsche Vermögens- und Immobilienverwaltungs GmbH


E.ON SE


ETC Issuance GmbH


Evonik Industries AG


Fidelity International


ING Bank N.V.


ING-DiBa AG


J.P. Morgan


Landesbank Baden-Württemberg


Medicover Holding S.A.


Piaggio & C. S.p.A.


Société Générale


Work highlights


  • Advised Evonik Industries AG on the first issue of a green hybrid bond and on a buyback offer for their outstanding €500 million hybrid bond.

  • Advising a consortium of banks consisting of Barclays Bank Ireland PLC, BofA Securities Europe SA, Deutsche Bank Aktiengesellschaft, JP Morgan AG, Morgan Stanley Europe SE and UniCredit Bank AG on the issue of a bond of the Federal Republic of Germany, represented by the Federal Ministry of Finance, which in turn was represented by the Federal Republic of Germany – Finanzagentur GmbH. The federal bond has a nominal value of €5.5 billion.

  • Advising a banking consortium consisting of Crédit Agricole Corporate and Investment Bank, Banco Santander SA, Deutsche Bank Aktiengesellschaft, ING Bank NV, Landesbank Hessen-Thüringen Girozentrale (Helaba) and UniCredit Bank AG on the issue of Helaba’s first green bond with a volume of €500 million.

Clifford Chance

Clifford Chance‘s team, consisting of both German and US lawyers, recently advised on numerous bond issuance programs – with practice head Sebastian Maerker leading particularly often – but is equally active in assisting with various transactions in relation to convertible bonds, hybrid bonds, high-yield, structured bonds and promissory note loans: corresponding to the current market climate, these were recently increasingly linked to ESG criteria. Due to its close cooperation with the firm’s funds practice, the group is also well equipped to advise on fonds-related certificates. Here, Gregor Evenkamp, who acts at the interface of structured debt instruments and fund products, is a key contact. Clients include issuers, selling shareholders, guarantors, banks, fund managers and institutional investors.

Practice head(s):

Sebastian Maerker


Other key lawyers:

Gregor Evenkamp


Testimonials

‘Available at any time; competent advice; good representation.’

‘Technically competent; personally very pleasant; won’t miss a deadline.’

Latham & Watkins LLP

Latham & Watkins LLP's advice on high-yield bond issues under US and German law continues to stand out as its particular strength; this expertise is also in high demand across the European market where the group recently assisted with the structuring of a high-yield bond issue related to Triton's public takeover bid for Renk GmbH, among other matters. Practice head Rüdiger Malaun and Alexander Lentz demonstrate extensive expertise here, but also advise on investment grade bonds, predominantly on company side. ESG and sustainability-related matters have become increasingly present topics as have components of bank finance.

Practice head(s):

Rüdiger Malaun


Other key lawyers:

Alexander Lentz


Testimonials

‘A firm with an extremely high level of expertise and a very extensive network, also outside the legal field.’

‘Support-focused consulting approach up to the assumption of project management tasks for the optimal control of complex transaction processes with limited resources on the part of the company.’

‘Transparent and solution-oriented consulting approach that focuses on economically relevant risk factors. Very good level of support, both professionally and personally.’

‘First-class full service for capital market transactions and M&A, exceptional market knowledge and network; worth the money.’

‘Very knowledgeable practice with excellent knowledge of what is going on in the market and also understanding of the requirements and views on the underwriter’s side as well as on the issuer’s side.’

‘Excellent sense of what needs to be done on often very tight schedules. In practice, all the essential factors are taken into account and it gets straight to the point. In practice, moreover, the ability to identify core problems and know the individual needs of their customers has always been proven.’

‘Dr. Rüdiger Malaun: Solution-oriented team leader with a very broad network and excellent negotiating skills. Sparring partner for all essential decisions in highly complex transaction processes.’

‘Dr. Alexander Lentz: Operational contact for all capital market issues with a high level of expertise and a solution-oriented consulting approach. Strong communication skills (can convey complex issues precisely and understandably across stakeholders).’

Key clients

Grünenthal


DIC Asset AG


TUI Cruises


RENK GmbH


Löwenplay / Safari Holding Verwaltungs GmbH


CECONOMY AG


Work highlights


  • Advising TUI Cruises GmbH on the tap offering of their €300 million bond issued in May 2021 by a further €223.5 million.

  • Advising RENK GmbH, a portfolio company of financial investor Triton, on the increase (tap offering) of their €320 million high-yield bond issued in July 2020 by a further €200 million.

  • Advising Löwenplay on the comprehensive refinancing and restructuring of bonds.

Allen & Overy LLP

Allen & Overy LLP continues to focus on advising banks, although companies also feature in its client portfolio: both are assisted with classic bond transactions as well as the updating and set-up of issuance programs for bonds as well as high-yield bonds, with the latter being handled in close cooperation with the US corporate finance team around Marc Plepelits and colleagues at the firm’s London office. The team is headed by Martin Scharnke whose expertise encompasses bonds, securitisations and other structured products.

Practice head(s):

Martin Scharnke


Other key lawyers:

Stefan Henkelmann; Marc Plepelits; Christian Klöpfer; Jens Nollmann


Key clients

alstria office REIT-AG


Bundesrepublik Deutschland


ECE Real Estate Partners


GERRY WEBER


Helaba


Oesterreichische Kontrollbank


ProSiebenSat.1


RAG-Stiftung


Work highlights


  • Advised Invesco UK Services Limited in connection with the launch of a physically backed Bitcoin Exchange Traded Note (Bitcoin-ETN) listed for trading on the Frankfurt Stock Exchange.

  • Advising a banking consortium on the initial establishment of a €3 billion debt issuance program for TAG Immobilien AG.

  • Advised a consortium of banks on the issuance of bonds totaling €2.2 billion under Vantage Towers AG’s debt issuance program.

Hogan Lovells International LLP

Hogan Lovells International LLP is best known for assisting banks, state-related lenders and, although to a lesser extent, corporate clients with debt issuances, the updating of debt issuances and commercial paper programs as well as related capital markets transactions; here, Jochen Seitz (capital markets and financial regulatory law) is regularly in charge. The team’s advice recently particularly focused on green and sustainable bonds as well as related requirements of the EU Sustainable Finance Regulation and taxonomies. With Sina Hekmat (who divides her time between New York and Frankfurt) the group is also well equipped for US-related matters. Sven Brandt (DCM and structured finance) leads the team.

Practice head(s):

Sven Brandt


Other key lawyers:

Sina Hekmat; Jochen Seitz


Testimonials

‘Integer, competent, professional!’

‘Dr. Seitz has been working for Pfandbrief banks for years and is very competent in all matters relating to the Pfandbrief business. Coupled with a very nice way of dealing with the result is a very positive picture for me.’

Key clients

ABN AMRO Bank N.V, Banco Santander S.A., Natixis S.A., NatWest Markets N.V., Norddeutsche Landesbank – Girozentrale – (NORD/LB) und UniCredit Bank AG


Bayerische Landesbank


BOC Aviation Limited


Commerzbank AG


Erste Group AG


BofA Securities


Marex Financial


Natixis Pfandbriefbank AG


Nord/LB Norddeutsche Girozentrale


Olbos HS I Grundbesitzverwaltung GmbH & Co. KG


Raiffeisen Bank International


Unicredit Bank AG


Volkswagen Financial Services AG


Work highlights


  • Advice to ABN AMRO Bank NV, Banco Santander SA, Natixis SA, NatWest Markets NV, Norddeutsche Landesbank – Girozentrale – (NORD/LB) and UniCredit Bank AG on the initial placement of a green bond by NORD/LB.

  • Advice to Bayerische Landesbank on the annual update of the debt issuance program and on the initial issue of a green subordinated bond.

  • Ongoing advice to Olbos HS I Grundbesitzverwaltung GmbH & Co. KG on the acquisition and purchase financing of land to build up a real estate portfolio with the simultaneous establishment of heritable building rights and subsequent transfer to long-term financing on the capital market (covered bond issuance).

Noerr

Noerr covers a wide range of investment advice and is therefore an attractive consulting partner for banks as well as DAX and MDAX companies. The group advises on EMTN and commercial paper programs, standalone bonds – with a recent increased consulting demand for convertible bonds – and private placements, including related US-law, compliance and corporate governance issues; practice heads Holger Alfes and Julian Schulze De la Cruz are regularly in charge. Also noteworthy is the team's expertise in crypto currencies, digital assets as well as fintech, which enhances its advice portfolio by matters related to crypto-based investment.

Other key lawyers:

Dominik KlokaLaurenz Wieneke


Key clients

Bank of Communications Co., Ltd., Frankfurt Branch


CECONOMY AG


Deutsche Industrie Grundbesitz AG (vormals Deutsche Industrie REIT-AG)


Deutsche Leibrenten Grundbesitz AG


ENTEGA AG


Fresenius Medical Care


futurum bank AG


Hertha BSC GmbH & Co. KGaA


Mutares SE & Co. KGaA


Obotritia Capital


ODDO BHF AG


Quirin Privatbank AG


SAF-HOLLAND SE


Semper idem Underberg AG


TAG Immobilien AG


The Social Chain AG


Work highlights


  • Advised Fresenius Medical Care on the resumption of its €10 billion EMTN program, the placement of two $1.5 billion bonds and the update and increase of its €1.5 billion CP program.

  • Advising MDAX-listed TAG Immobilien AG on setting up a €3 billion EMTN program for the first time.

  • Advised futurum bank on the approval of up to nine billion bitcoin-backed perpetual bonds from Iconic Funds BTC ETN GmbH.

Norton Rose Fulbright

In addition to assisting banks and issuers with bond issuances, the set-up and updating of the entire range of issuance programs, such as EMTN programs, debt issuance programs and commercial paper programs, Norton Rose Fulbright has also recently been increasingly involved in ESG bond issuances. Capital markets-related regulatory matters, including reference value regulation pertaining to the Benchmark Regulation, also led to increased advice demand, prompting counsel Michael Born to move from the firm's regulatory team to its DCM group in September 2021; he regularly supports practice head Christoph Enderstein (DCM, structured finance and supervisory law).

Practice head(s):

Christoph Enderstein


Other key lawyers:

Frank Regelin; Michael Born


Testimonials

‘The team has a deep understanding and knowledge of our business. Responsive and always fully engaged, we think they’re a really safe pair of hands. NRF is our preferred advisor in Germany.’

‘Excellent and responsive partners with excellent product and market knowledge.’

‘We have a longstanding relationship with the team who provide excellent and practical advice and get things done efficiently and in a timely manner. Good unbiased advice – the client always comes first.’

‘It is a pleasure to work with Christoph Enderstein. We appreciate his willingness to discuss complex issues over the phone and his responsiveness to questions both on and off the job. The team as a whole is very efficient and proactive.’

‘Christoph Enderstein: Excellent advice and very responsive to questions raised, as well as good relationships with issuers.’

‘Frank Regelin: Hands-on, highly knowledgeable and his strong relationships with the markets/regulators help to get things done quickly and efficiently. Frank always exudes confidence.’

‘Dr. Enderstein has excellent knowledge of the market and enjoys an excellent reputation in the market.’

Key clients

ADLER Real Estate / ADLER Group


Bank of Montreal


Citigroup Global Markets


Commerzbank


DekaBank


Deutsche Bank


Fraport


HSBC


ING Bank


Landesbank Baden-Württemberg


Landeskreditbank Baden-Württemberg – Förderbank


Mercedes-Benz Group (ehemals Daimler)


National Bank of Canada


NatWest


Nomura


Quirin Privatbank


Sixt


Stadtsparkasse Düsseldorf


The Toronto-Dominion Bank


UniCredit Bank


Work highlights


  • Advising Deutsche Bank AG in connection with its €80 billion debt issuance program.

  • Advising Mercedes-Benz Group AG and five other Mercedes-Benz group companies in connection with their €70 billion EMTN program.

  • Advising a consortium of banks in connection with the successful issue of a bond with a total volume of $600 million by the state of North Rhine-Westphalia.

Dentons

Dentons predominantly advises banks on debt issuance, MTN and commercial paper programs as well as on the issuance of bonds, which are often linked to ESG criteria. Due to its cross-practice cooperation, the team is also well versed at various interfaces and recently advised on various instructions by promissory note creditors in the context of financial restructuring. Oliver Dreher, who assists extensively with DCM matters, leads the team.

Practice head(s):

Oliver Dreher


Testimonials

‘Reliable, very good accessibility.’

‘Knowledge and proposed solutions of/ for new legal issues.’

‘Mr. Dreher is very familiar with market conditions and creates practical solutions.’

‘Oliver Dreher: Competent, reliable, fast, good knowledge of the industry.’

Key clients

Bundesrepublik Deutschland, vertreten durch die Finanzagentur des Bundes


Société Générale, BNP Paribas and Crédit Agricole Corporate and Investment Bank


Commerzbank


European Bank for Reconstruction and Development (EBRD)


Schuldscheingläubiger der Grillo Werke


Schuldscheingläubiger der MHM hubergroup


Commerzbank AG


Société Générale, UniCredit Bank AG


ATAI Life Sciences


NATIXIS


Work highlights


  • Advised the Federal Republic of Germany – Finanzagentur GmbH on the successful issue of a federal bond placed in a syndicate with a volume of €4 billion.

  • Advised the European Bank for Reconstruction and Development (EBRD) on their investment in a tranche of Faurecia’s latest ESG-related promissory note financing with a total volume of over €700 million.

  • Advice to Société Générale, BNP Paribas and Crédit Agricole Corporate and Investment Bank as joint arrangers on the debut ESG-linked promissory note placement for the Agrial Group with a total volume of €140 million.

Gleiss Lutz

The combined capital market and corporate law advisory services offered by Gleiss Lutz are primarily tailored to the needs of corporates, but are also used by banks. A network of best friends law firms is used for cross-border transactions; while its international outreach and networking was further advanced with the opening of the firm's London office in January 2022, which also enhanced its capacities in the high-yield sphere. In addition, the group recently advised on matters related to refinancings, the financial reorganization of companies as well as to financing instruments with convertible components. Kai Arne Birke (banking, finance and capital markets) heads the team.

Practice head(s):

Kai Arne Birke


Other key lawyers:

Stephan Aubel; Helge Kortz; Alexander Gebhardt; Andreas Kohlheim


Key clients

Aareal Bank


Alpha Trains Luxembourg


Bausch & Lomb


Deutsche Post


eterna Mode GmbH


HELABA Landesbank Hessen-Thüringen Girozentrale


Morabanc


MAHLE


Robus Capital Management Limited


Schaltbau Holding AG


SLM Solutions Group AG


Titan Holdings II B.V. / KOUTI B.V.


Van Oord


Work highlights


  • Advised MAHLE on the issue of a bond with a total nominal value of €750 million.

  • Advising an international banking consortium led by Barclays Bank Ireland PLC, National Westminster Bank Plc and Deutsche Bank Aktiengesellschaft on the successful placement of a bond by German parent company APCOA Parking Holdings totaling €685 million.

  • Advising Schaltbau Holding AG on the issue of a mandatory convertible bond with a total nominal value of €60 million and a term until September 30, 2022.

Mayer Brown LLP

Mayer Brown LLP is frequently instructed by banks, financial services companies and professional associations to advise on the conversion of prospectus law to Prospectus Regulation as well as on bond programs and retail issues with a focus on sustainable products (ESG); these topics represent a focus for practice head Patrick Scholl, whose expertise also includes derivative investment products and synthetic securitisations, Alexei Döhl as well as Marcel Hörauf, who both made counsel in January 2022 and often act at the interface of banking supervisory and capital market law.

Practice head(s):

Patrick Scholl


Other key lawyers:

Alexei Döhl; Marcel Hörauf


Testimonials

‘High professional competence, focus on possible solutions, results are delivered quickly with high quality, strong advisory skills even for special issues.’

‘The colleagues in the team (both partners and associates) are technically extremely competent and at the same time super friendly.’

‘The team is characterized by the fact that the approach is always very solution-oriented and pragmatic – without ignoring or downplaying legal risks.’

‘The exchange of content is fun, as an in-house lawyer you are not treated top down, but discuss professionally at eye level.’

‘Broad knowledge and pragmatic in implementation.’

‘Intensive cooperation with Alexei Döhl: Friendly, fast, pragmatic and broad-based.’

‘Dr. Patrick Scholl and his team are characterized by their professional competence, especially when it comes to further development issues in the capital market environment.’

‘Patrick Scholl is technically incredibly competent, but at the same time always open for an exchange. Patrick Scholl is extremely solution-oriented and pragmatic when handling matters, without losing sight of or ignoring the legal risks.’

Key clients

Bank Julius Bär & Co. AG


Barclays Bank PLC


DekaBank Deutsche Girozentrale


Deutsche Bank AG


Deutscher Derivate Verband e.V. (DDV)


GATX Corporation


UniCredit Bank AG


Simmons & Simmons

Simmons & Simmons' team recently applied its DCM expertise to advise on promissory note loans, registered , convertible and green bonds, structured and secured bonds in the real estate sector and token issuance on one hand, as well as on the set-up of and issuance under EMTN, commercial paper and debt issuance programs on the other. Its advice offering is further complemented by expertise in assisting with strategic projects such as the conversion from IBOR to RFR. The client portfolio includes banks and corporates. Felix Biedermann (capital markets and banking supervisory law) and Thomas Scharfenberg (capital markets law and structured products) jointly head the practice.

Testimonials

‘Very responsive and knowledgeable team.’

‘Readiness for short-term help.’

‘Clear legal advice that is presented in an understandable way.’

Key clients

Deutsche Bank AG


Dwp Bank


ING Bank N.V.


J.P. Morgan


Lansdowne Partners


Münchener Hypothekenbank eG


NatWest Markets Plc


LIGA Bank


Barclays


Work highlights


  • Advising a project group consisting of DekaBank, dwpbank and DZ BANK in connection with the finledger project, Germany’s first blockchain-based platform for the processing of promissory note loans.

  • Advising Deutsche Bank Aktiengesellschaft on the issue of Talanx AG’s €500 million subordinated Green Bond. This is the first green bond issued by Talanx and the first EU taxonomy-compliant green bond issued by an insurance company to be certified by the ESG risk rating agency Sustainalytics.

  • Advising the banking consortium around ING Bank on the securitization of a German credit card portfolio originating from Advanzia Bank SA. This is the first transaction in this asset class in Germany.