Next Generation Partners

Debt capital markets in Germany

Hengeler Mueller

The activity of Hengeler Mueller's broad DCM group extends from MTN programs and restructurings to hybrid bonds and matters relating to the implementation of the Electronic Securities Act. Clients such as dealers, issuers and issuing banks also regularly rely on the group's expertise when issuing ESG bonds, which has become one of the practice's mainstays. Key contact Dirk Bliesener advises on debt issuance programs, covered bonds and registered bonds, among other matters. Equity-linked instruments and block trades form part of Alexander Rang's advisory portfolio, while Julia Weidner, who made counsel in January 2023, has comprehensive expertise in capital market matters as well as in banking supervision and investment law.

Other key lawyers:

Dirk Bliesener; Alexander Rang; Julia Weidner


Hybrid, convertible and exchangeable bonds as well as straight debt and EMTN programs form the core business of Linklaters' practice, while it is also frequently instructed to assist with ESG-related bonds issues. Thanks to its broad set-up, the group is further experienced in advising on matters at the interface of ECM and DCM, including hybrid instruments. International transactions are frequently handled by Alexander Schlee, who is experienced in block trades as well as convertible and exchangeable bonds, among other matters; Peter Waltz also specialises in the latter, with his wealth of experience further spanning regulatory matters and structured financing. Counsel Martin Rojahn is another key contact for hybrid bonds and ESG-related transactions.

Other key lawyers:

Alexander Schlee, Peter Waltz; Martin Rojahn


‘Outstanding up-to-date market expertise and many years of experience in the bonds sector.’

‘Quick comprehension and practical solutions, excellent drafting skills.’

‘Very strong ECM and DCM practice. Now a leader in all landmark transactions.’

‘Deep technical expertise paired with expertise from other relevant areas (e.g. finance, corporate, regulatory). From a regional perspective, the international presence in Europe and Asia is particularly interesting, and partners there also have excellent expertise.’

‘Alexander Schlee has extensive capital markets expertise and always has an eye for the economic background of issues. Permanently available. Very good negotiator.’

White & Case LLP

Not least because of its international positioning, White & Case LLP is an experienced partner in cross-border transactions and covers the entire range of debt capital products, while sustainable and digital finance as well as the group's advice to financial institutions on regulatory requirements represent particular practice mainstays. The core team includes Karsten Wöckener, who is extensively experienced in the DCM area, frequently advising on investment grade bonds and hybrid instruments and also handling ECM transactions, as well as Rebecca Emory, who is particularly active in the high-yield transaction sphere. Cristina Freudenberger (bonds, debt issuance programs, structured financing among other matters) moved to Clifford Chance in June 2024.

Other key lawyers:

Karsten Wöckener; Rebecca Emory; Gernot Wagner


‘With the team led by Karsten Wöckener, White & Case is one of the leading capital market practices in German and German-speaking countries. The team is particularly distinguished by its staff strength and strong industry and sector knowledge, as well as its integration into the FinTech and FIG/supervisory law areas.’

‘The practice is a market leader in the area of ​​digital asset backed products (ETP) as well as in the area of ​​tokenization of assets. The team is often involved in matters in Austria and Switzerland.’

‘Karsten Wöckener: Strong product and industry knowledge, deep market penetration and excellent product knowledge, especially in the area of ​​digital asset backed products and ETPs as well as tokenization, also very active in the Austrian market; On a personal level it was very pleasant to work with him.’

‘Wide range of advice in the DCM area.’

‘Karsten Wöckener: Expertise across all relevant DCM products (especially bonds and promissory note loans). Professional competence and negotiating strength.’

‘The White & Case team is characterized by reliability. Collaboration is based on mutual trust. The team’s way of working is solution-oriented and therefore efficient.’

‘We are particularly satisfied with the collaboration with Karsten Wöckener, especially due to his outstanding expertise and quick response time.’

‘Coordinated team with a high level of industry knowledge and excellent networking. Good and quick accessibility and high level of professional expertise.’

Key clients

Adler Group

Barclays Bank

Bayerische Motorenwerke AG

Bitpanda GmbH

Blackstone Group

BNP Paribas

Brenntag SE

Citigroup Global Markets Europe AG

Commerzbank AG

Crédit Agricole Corporate and Investment Bank

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

Deutsche Bahn AG

Deutsche Bank AG

Deutsche Lufthansa AG

DIC Asset AG

DZ Bank AG Deutsche Zentral-Genossenschaftsbank


Eintracht Frankfurt Fussball AG

EnBW Energie Baden-Württemberg AG

ETC Issuance GmbH

Eurogrid GmbH

Evonik Industries AG

Fidelity International

Franz Haniel & Cie. GmbH

Fritz Dräxlmaier GmbH & Co. KG

Goldman Sachs

Grenke AG

HanETF Holdings Ltd.

Heights Capital Management, Inc.


J.P. Morgan

Keolis SAS

Klarna Bank AG

Landesbank Baden-Württemberg

Medicover Holding S.A.

Melitta Group Management

Morgan Stanley



Open Grid Europe GmbH

Orpea S.A.

Piaggio & C. S.p.A.

Raiffeisen Bank International

Siemens Energy

SMBC Bank International PLC

Société Générale

Symrise AG

TIWAG-Tiroler Wasserkraft AG

Tradias GmbH


UniCredit Bank AG

Valeo SE

Verbund AG

Vier Gas Transport GmbH

Work highlights

  • Advising Brenntag SE, EnBW AG and Keolis SAS on debut promissory note transactions.

  • Advising the joint bookrunners on the issue of a sustainability-linked bond by JAB Holdings BV.

  • Advising a banking consortium on a total of four bond issues by the Federal Republic of Germany (including two green bonds) with a total nominal amount of €17 billion.

Clifford Chance

Clifford Chance's team of German and US lawyers advises issuers, shareholders, banks, regulators and guarantors on a variety of transactions and products, including convertible and hybrid bonds as well as EMTN and ECP programs. Its advice on the restructuring of investments in alternative investment funds through listed securities solutions for institutional investors represents a particular strength, while ESG matters also increasingly contribute to the practice's workload. Most recently, Sebastian Maerker frequently assisted with the issuing of green and sustainability-linked bonds, while Gregor Evenkamp focused on the interface of structured debt securities and fund products and subsequently advises on fund bond issues and listings; he recently handled projects for the retailization of private funds and assisted with structured product programs as well as associated regulatory requirements, among other matters.

Other key lawyers:

Sebastian Maerker; Gregor Evenkamp; George Hacket


‘Always professional and solution-oriented.’

‘Expertise, accessibility, solution orientation.’

Latham & Watkins LLP

Latham & Watkins LLP regularly applies its expertise in German and US law in high-yield bonds matters - particularly in the real estate sector; this is considered a particular strength of the team and frequently leads to instructions relating to the set-up of high-yield products. Here, the group primarily acts on the issuer side, but is also instructed by banks. Recent market conditions further contributed to an increasing number of restructuring-related instructions, while sustainable financing, including green bonds and sustainability-linked bonds, also frequently increase the workload. Dedicated to this range of topics, both Alexander Lentz and practice head Rüdiger Malaun focus on high-yield bonds, but are also adept at assisting with investment-grade bonds. Jan Penselin (high-yield, cross-over bonds, liability management transactions) made partner in January 2023.

Practice head(s):

Rüdiger Malaun

Other key lawyers:

Alexander Lentz; Jan Penselin


‘Strong team right down to the details and eventualities.’

‘Very good understanding of the economic context and effects, always keeping an eye on the big picture.’

‘Alexander Lentz is a great holistic consultant with very deep detailed knowledge and an eye for connections that go beyond the legal.’

‘Rüdiger Malaun has an extremely strong network within the financial and banking sectors. He makes the difference.’

Key clients


BayWa AG



Deutsche Bank

DIC Asset AG


Löwenplay / Safari Holding Verwaltungs GmbH

Morgan Stanley


Safari Holding Verwaltungs GmbH

TUI Cruises

Work highlights

  • Advising ACCENTRO Real Estate AG, an investor in residential real estate and Germany’s leading housing privatisation company, on a comprehensive refinancing (Amend & Extend).

  • Advising the banking consortium on the placement of a secured sustainability-linked PIK Toggle high-yield bond from IHO Holding with a volume of €500 million and a term of five years.

  • Advising CHEPLAPHARM Arzneimittel GmbH on the issue of senior secured bonds under New York law (144A/Reg S) with a total nominal amount of €750 million due in May 2030.

A&O Shearman

A&O Shearman advises banks, financial services providers and issuers on bond issues, debt issuance programs and hybrid instruments as well as increasingly on digital bonds. This offering is complemented by regulatory expertise, which the group applies, for instance, in matters relating to certificate trading, as well as by experience in structured financing and securitisations; practice head Martin Scharnke, who also leads on classic DCM matters, is dedicated to the latter area. Marc Plepelits (lead counsel in US corporate finance matters) and Stefan Henkelmann (securitisations, covered bonds and hybrid bonds) are other key contacts. Henkelmann also advises on real estate bonds and further assists with restructuring-related capital market issues, with bond restructuring subsequently representing another part of his advisory profile.

Practice head(s):

Martin Scharnke

Other key lawyers:

Stefan Henkelmann; Marc Plepelits; Christian Klöpfer; Jens Nollmann

Key clients

European Investment Bank

Banco Santander

Goldman Sachs

MUFG Securities EMEA plc/MUFG Group


The Bank of New York Mellon

M&G Investments

Work highlights

  • Advising a banking consortium consisting of Goldman Sachs Bank Europe SE, Santander Corporate and Investment Banking and Société Générale on the issuance of a dematerialized bond by European Investment Bank (EIB).

  • Advising Raiffeisenbank a.s. on the €500 million issuance of senior non-preferred MREL-eligible sustainable bonds issued under an international debt issuance program.

  • Advising UniCredit Bank (Czech Republic and Slovakia, as) on the update of its international mortgage Pfandbrief program and the benchmark issuance of €500 million mortgage Pfandbriefe on international capital markets.

Hogan Lovells International LLP

Hogan Lovells International LLP's capital markets practice advises a client base, consisting of banks and government-related credit institutions among others, on issuance programs and commercial paper programs as well as on bonds and Pfandbriefe. The group further assists corporates with various DCM transactions, under consideration of both German and US law. Sven Brandt leads the team and focuses on structured issues and ABS transactions as well as issuance and ABCP programs. With Sina Hekmat (splits her time between Frankfurt and New York) and Michael Schlitt, the practice houses two experts for international transactions, particularly with a US connection. Jochen Seitz is a key contact for investment grade bonds and debt issuance programs.

Practice head(s):

Sven Brandt

Other key lawyers:

Michael Schlitt; Jochen Seitz; Sina Hekmat


‘In addition to its longstanding experience, deep understanding of transactions and processes and the legal matter itself, Jochen Seitz’s team is particularly distinguished by the fact that active impulses are continually provided based on current regulatory developments and coordination on such topics is uncomplicated, targeted solutions are directly and quickly found.’

‘Sina Hekmat is extremely competent, proactive and efficient and always ready to go the extra mile.’

‘Jochen Seitz is distinguished by his great experience and deep understanding of capital market law and its practical implementation.’

Key clients

Bayerische Landesbank

BBBank eG


DEMIRE Deutsche Mittelstand Real Estate AG

Deutsche Bank AG

Deutsche Kreditbank AG

DZ Bank AG, Commerzbank AG, Helaba, Landesbank Baden-Württemberg, UniCredit AG

Erste Group AG

Fürstenberg Capital II GmbH und der Fürstenberg Capital Dritte GmbH

Führende US-Investmentbank

Joint Lead Manager / Landwirtschaftliche Rentenbank

Natixis Pfandbriefbank AG

Nord/LB Norddeutsche Girozentrale

Raiffeisen Bank International

Unicredit Bank AG

US-amerikanisches Bankinstitut

US Bank Global Corporate Trust

Volkswagen Financial Service

Wilmington Trust SP Services (Frankfurt) GmbH

Work highlights

  • Advising Bayerische Landesbank on the annual update of debt issuance programs.

  • Advising DEMIRE Deutsche Mittelstand Real Estate AG on the repurchase of €50 million of the nominal value of its 1.875% senior notes expiring in October 2024 and trading on the Euro MTF market in Luxembourg.

  • Advising a US investment bank on the execution of an existing issuance program for index-linked bonds with a volume of €372.5 million.


DAX and MDAX companies as well as banks recently instructed Noerr's DCM practice to advise on the set-up EMTN programs and debt issuance programs, on bond issuance, including Nordic bonds, and bond restructuring. In capital market transactions with a US connection - this applies in particular to the high-yield sphere and US placements - the group cooperates with US firms. The practice is jointly led by Holger Alfes and Julian Schulze De la Cruz, both of whom are experienced in DCM and ECM as well as in ongoing corporate and M&A matters. Dominik Kloka (DCM, regulated products, financial regulatory law) made partner in January 2024.

Practice head(s):

Holger Alfes; Julian Schulze De la Cruz

Other key lawyers:

Dominik Kloka; Laurenz Wieneke


‘Technically excellent, very structured, pragmatic.’

‘Professional product knowledge. Can explain complex issues in an understandable way. Negotiating strength with law firms on the other side. International.’

Dr. Schulze De la Cruz and Dr. Wieneke are excellent experts in their field.

Key clients

Alvotech Holdings S.A.

Paul Weiss

Baader Bank AG

Bank of Communications Co. Ltd.


Demetra Holding S.p.A.

Fresenius Medical Care AG & Co. KGaA

Hertha BSC GmbH & Co. KGaA

Mutares SE & Co. KGaA


Quirin Privatbank AG

Semper idem Underberg AG

TAG Immobilien AG

Work highlights

  • Advising Fresenius Medical Care AG & Co. KGaA on the issuance of a €750 million senior unsecured bond.

  • Advising investment company Mutares SE & Co. KGaA on the planned public placement of bonds with a total volume of over €100 million, including a public exchange offer for its existing €80 million and the subsequent increase to €150 million.

  • Advising CECONOMY AG on the issue and admission of new shares as well as the issue of convertible bonds.

Norton Rose Fulbright

With a focus on advising issuers and medium-sized banks, Norton Rose Fulbright's holistic approach to capital markets advice leads to regular instructions on issuance programs (EMTN programs, debt issuance programs, commercial paper programs) and issuance platforms as well as on the issuance of various secured and structured bonds; here, the practice recently experienced an increased demand for assistance with ESG-related bonds, such as green bonds and social bonds. Christoph Enderstein complements this with expertise in capital market-related supervisory law and, most recently, often advised on alternative provisions for reference interest rates related to floating rate notes. He jointly leads the practice with Frank Regelin, who, in addition to capital market transactions, also handles public takeovers and M&A deals.

Practice head(s):

Christoph Enderstein; Frank Regelin

Other key lawyers:

Michael Born


‘Very pleasant and trusting cooperation based on many years of cooperation. Comprehensive advice and support in both legal and practical terms when processing individual transactions. Variable team structure ensures very good availability of contacts.’

‘Working with Christoph Enderstein is always very pleasant and trusting. Due to the long-standing collaboration, Mr. Enderstein has a very good view of the overall situation and possible connections with other capital market issues when providing advice.’

‘Deep expertise in their field – the feeling that the client always comes first.’

‘Frank Regelin is an excellent capital markets lawyer.’

‘Christoph Enderstein and his team have a deep understanding of the market as well as our business and our needs. They are responsive, efficient and very knowledgeable.’

‘Christoph Enderstein has extensive experience and knowledge that is extremely valuable. His team is organized, efficient, responsive and has excellent market knowledge.’

Key clients

Bank of Montreal

Citigroup Global Markets



Deutsche Bank


Landesbank Baden-Württemberg

Landeskreditbank Baden-Württemberg – Förderbank

Mercedes-Benz Group (vormals Daimler)

National Bank of Canada




Stadtsparkasse Düsseldorf

The Toronto-Dominion Bank

UniCredit Bank

Work highlights

  • Advising Deutsche Bank AG on its €80 billion debt issuance program.

  • Advising Mercedes-Benz Group AG and five other Mercedes-Benz group companies on their €70 billion EMTN program and their €15 billion commercial paper program.

  • Advising Deutsche Bank AG as issuer to an international banking consortium on the successful issuance of its first panda bond with a volume of ¥1 billion.


Dentons primarily assists banks and financial services providers and is experienced in bond issues, often linked to ESG criteria, as well as in program matters. Due to the close cooperation between the DCM and restructuring practice, the group possesses further expertise in advising on financial restructurings, including promissory note financing. Oliver Dreher leads the team and focuses on structured issuance programs, registered bonds and structured products.

Practice head(s):

Oliver Dreher


‘You were always very well informed about topics discussed. Their cohesion as a team seemed to be very high, they were always available when additional problems arose, gave us options and were also flexible to the specifics of our institution (in terms of internal processes). They came with some out-of-the-box solutions when some unforeseeable and fundamental problems arose.’

‘Very good professional preparation. They were open to additional meetings, knowledgeable and relaxed, looking for solutions rather than pointing fingers. They always remained committed to completing the project according to our requirements, even if it became more complex as the project progressed.’

‘The Dentons team impresses with its deep market knowledge and the ability to respond to the wishes and needs of its clients in a targeted, customer-oriented and quick manner.’

Key clients

Landesbank Baden-Württemberg (LBBW)

Erste Group Bank AG

J.P. Morgan SE

BNP Paribas

Deutsche Bank


SEB, Bayern LB

Bundesrepublik Deutschland – Finanzagentur GmbH

CEC Bank SA, Bukarest

European Bank for Reconstruction and Development (EBRD)

Otto Group


Schuldscheingläubiger der LEONI Grupp

Work highlights

  • Advising Landesbank Baden-Württemberg (LBBW), Erste Group Bank AG and JP Morgan SE as joint lead manager on the placement of Sparkasse Pforzheim Calw’s debut benchmark Pfandbrief with a total volume of €500 million.

  • Advising the Federal Republic of Germany – Finanzagentur GmbH on the placement of several federal bonds in a syndicate process. The issue volume of the individual transactions was between €4 billion and €5.25 billion.

  • Advising Romanian state bank CEC Bank as issuer on the launch of its €600 million medium-term note program and on the debut issues under this program.

Gleiss Lutz

Gleiss Lutz' advice is particularly tailored to corporates, including assistance with issuing bonds - especially those with conversion and ESG components - as well as with bond restructuring and EMTN programs; however, the practice acts for banks as well. Thanks to its collaboration with the London office, which opened at the beginning of 2022, the practice is also well equipped for high-yield advice. Kai Arne Birke leads the team and has expertise in syndicated financing transactions and bond restructuring.

Practice head(s):

Kai Arne Birke

Other key lawyers:

Stephan Aubel; Helge Kortz; Alexander Gebhardt; Andreas Kohlheim

Key clients

Aareal Bank AG

Adler Group S.A.

Greenoaks Capital Partners

HDI V.a.G / Talanx AG

SLM Solutions Group AG

Schaltbau Holding AG

Bankhaus Metzler

Bausch & Lomb

Bunker Holding

e. Anleihe GmbH


Infraserv Höchst



Robert Bosch GmbH


Work highlights

  • Advising an ad hoc group of bondholders of listed Luxembourg real estate company Adler Group SA. The bondholders collectively hold more than 34% of the €800 million of 2.250% bonds issued by Adler Group SA due 2029.

  • Advising on the second closing of the Series E round financing of software company Personio through convertible bonds, which increased the initial financing raised in October 2021 by another $200 million and increased the capital raised through the Series E to $470 million.

  • Advising the Supervisory Board of HDI VaG as the majority shareholder of Talanx AG on securing a financing package worth €1.25 billion for Talanx.

Mayer Brown LLP

Liability management, bond restructuring and Pfandbriefe, alongside issuance programs and promissory notes, are central pillars of Mayer Brown LLP's capital markets practice, which primarily acts for banks, financial services companies and professional associations. Advice on retail issues - with a focus on sustainable products (ESG) - is considered a particular strength, as is advice on the conversion of prospectus law to prospectus regulation. Patrick Scholl, whose expertise is often sought in the regulatory context as well as in connection with derivatives and synthetic securitisations, leads the practice.

Practice head(s):

Patrick Scholl

Other key lawyers:

Alexei Döhl; Marcel Hörauf


‘We particularly value Patrick Scholl’s work: he impresses with his comprehensive legal knowledge, his practical approach combined with an excellent understanding of our member base.’

‘Patrick Scholl leads a team that offers practical, efficient and always timely solutions. High workloads are distributed well internally and queries are always dealt with very promptly.’

‘Top partner is Patrick Scholl. Counsel Alexei Döhl has grown over the years. Outstanding competence, always friendly and only satisfied when the client is. No attitude at all, which is unfortunately very often experienced with competitors.’

Key clients

Bank Julius Bär & Co. AG

Barclays Bank PLC

DekaBank Deutsche Girozentrale

Deutsche Bank AG

Leonteq Securities AG

National Bank Of Canada


UniCredit Bank AG

Simmons & Simmons

Banks and issuers particularly turn to Simmons & Simmons' DCM team to seek advice on promissory note loans and registered bonds, including hybrid, exchangeable, convertible and ESG bonds, on the restructuring of such bonds as well as on the creation of debt issuance and commercial paper programs. The team is jointly led by Thomas Scharfenberg, whose expertise also includes structured products, and Felix Biedermann (capital market and banking supervisory law).

Practice head(s):

Felix Biedermann; Thomas Scharfenberg


‘Responsive team. Excellent work product and knowledge of the local market.’

‘Thomas Scharfenberg is extremely responsive and understands the client’s needs.’

‘Felix Biedermann: Very responsive, very good technical skills, very service-oriented.’

Key clients

Palfinger AG

Deutsche Bank Aktiengesellschaft

LIGA Bank eG

Münchener Hypothekenbank eG

Aareal Bank AG



Deutsche Bank Aktiengesellschaft / NatWest Markets

J.P. Morgan

Republik Nordmazedonien

Work highlights

  • Advising a banking consortium led by Deutsche Bank AG on the issue of four bonds with a total nominal amount of €4.5 billion by Robert Bosch GmbH.

  • Advising Alecta/PGGM as investors on the first synthetic securitisation of Helaba.

  • Advising the Republic of North Macedonia on its first issue of a registered bond under German law.


Heuking's DCM advice is particularly popular with medium-sized companies, primarily in connection with the issuance and restructuring of various bonds, including the issuance of electronic and crypto securities. The group is also experienced in capital market compliance. Anne de Boer and Mirko Sickinger, who are adept at capital markets, corporate and M&A as well as banking and finance, jointly head the practice.

Practice head(s):

Anne de Boer; Mirko Sickinger

Luther Rechtsanwaltsgesellschaft mbH

Luther Rechtsanwaltsgesellschaft mbH's expertise is aimed at assisting medium-sized companies with bond issues; however, the team is also increasingly active on the banking side and advises on securities descriptions and base prospectuses updates. Practice head Ingo Wegerich possesses deep expertise in issuance programs and derivatives, while Rolf Kobabe particularly often assists with regulatory matters.

Practice head(s):

Ingo Wegerich

Other key lawyers:

Rolf Kobabe


‘Very good expertise in capital market law and in supporting companies that use capital markets for issuing shares or bonds.’

‘Ingo Wegich has first-class expertise in capital markets law. What is particularly noteworthy is the professionalism and transparency in the care of clients.’

‘Solutions are developed according to the client’s needs.’

Key clients

Deutsche Bank AG

SV Werder Bremen GmbH & Co KGaA

Euroboden AG

Contracts for Difference Verband

SUNfarming GmbH

Lang & Schwarz AG

Nordex SE

stock3 AG (vormals BörseGo AG)


STADT UND LAND Wohnbauten-Gesellschaft mbH

e.quikk Technologies N.V.

Work highlights

  • Advising Deutsche Bank AG on updating its base prospectuses and securities descriptions, in particular on incorporating the optional possibility of issuing securities in the form of so-called electronic securities (central register securities in accordance with eWpG).

  • Advising STADT UND LAND Wohnimmobilien-Gesellschaft mbH on the initial issue of a promissory note loan/registered bond.