Debt capital markets in London
Allen & Overy LLP is 'the best of the best', according to one client, who also praises the quality of its associate team. The firm is consistently a leader in international debt issuance by volume and has one of the most active practices for the establishment of MTN programmes and subsequent issuance. It advises issuers and managers on some of the largest and most complex deals in the market, and is also seen as one of the most skilled practices for regulatory capital matters. Jonathan Melton is the practice head; he handles EMTN programmes, straight debt and equity-linked issues, statutory covered bonds, loan participation notes, emerging markets issuance and liability management. The stellar partner group also includes Matthew Hartley, who frequently acts for sovereigns, supranationals, corporates, banks and mutuals; Theo Trayhurn, who handles regulatory capital issuance by financial institutions and high-profile blue chip corporate bond issues; the 'very good, very technical' Tom Grant; the 'hardworking and collaborative' Jamie Durham; US-qualified Sachin Davé, who deals with issuance for foreign governments, issuers and investment banks; and newly promoted partner Peter Crossan.
Other key lawyers:
Bank of America Merrill Lynch
Lloyds Banking Group
The debt capital markets practice at Clifford Chance LLP is among a select group of firms with a long history at the forefront of capital markets developments across Europe. It has 'a strong team with technical expertise and capable lawyers, and good coverage of both industry sectors and geographies'. Its diverse client base encompasses major banks, corporates, governments and supranational organisations, as well as multilateral lenders and international financial institutions. Simon Sinclair leads the practice, which counts seasoned partners and up-and-coming talent in all areas of the market. John Connolly leads on US securities law advice including Rule 144A offerings, private placements and Regulation S issuance. Clare Burgess is experienced in capital markets financings, private placements and loans, with a particular focus on the infrastructure sector. 'Truly exceptional lawyer and trusted adviser' David Bickerton handles infrastructure financings across the EMEA region for funders, issuers, guarantors, sponsors and governments. David Dunnigan advises sovereigns, supranationals, major corporations and financial institutions on all aspects of debt. Newly promoted partner Kate Vyvyan handles debt issuance, debt capital markets, regulatory capital and liability management transactions for both issuers and underwriters.
Other key lawyers:
‘The team is truly outstanding; we rely on it 100% and it always comes through for us‘.
‘This team really understands what we are trying to achieve and is truly adept at steering a course past counterparties who are adversarial, avoiding unnecessary spats‘.
‘David Bickerton is highly experienced, combining strong technical skills with commercial understanding and a pragmatic approach. He really understands what we do and is proactive in identifying issues for us‘.
‘The firm excels in debt capital markets, with excellent engagement and responses from partners and good knowledge at the associate level‘.
‘David Dunnigan is always very responsive – a market leader‘.
‘Kate Vyvyan is well deserving of her recent partnership; she is a trusted and very safe pair of hands‘.
‘Eric Green is superb; it cannot be long before he earns the partnership he so deserves‘.
Bank of America Merrill Lynch
Global Infrastructure Partners
Morgan Stanley & Co. International Plc
Heimstaden Bostad AB (publ)
AB Sagax (publ)
Citigroup Global Markets Limited
Provident Financial Plc
- Advised Bank of America Merrill Lynch and the other managers on the issuance of a $500m non-dilutive cash settled convertible bond by Glencore.
- Advised Global Infrastructure Partners, the New York-headquartered independent infrastructure fund manager, on its acquisition from Orsted of a 50% interest in the Hornsea offshore wind project for approximately £4.4bn.
- Handled the debut issuance by Maxima Grupe of €300m 3.250% notes due 2023 under its €1bn EMTN programme.
- Acted for the arranger in establishing the EMTN programme for Santander Poland.
- Acted as counsel to the dealers in connection with the issuance by Logicor, the largest direct owner of logistics property in Europe, of three tranches of senior unsecured guaranteed notes in aggregate value of €1.8bn.
Linklaters LLP's debt capital markets practice has a 40-year history in London, during which time it has become one of the leading firms for all kinds of debt product, including complex and innovative bond structures. It has one of the largest practices in the City, led by Elaine Keats, who handles standalone debt offerings, retail bonds and EMTN programmes. The firm is a recognised leader in liability management, equity-linked bonds and regulatory capital transactions. It is also a key player in emerging market debt, green bonds and the nascent area of sustainability and social bonds. Its team comprises seven UK DCM partners, two US-qualified partners and two counsels in London. Richard Levy is 'the best in town - very technical and commercial, he delivers on client needs'. Ben Dulieu is a standout practitioner for equity-linked transactions. Cecil Quillen and Carson Welsh excel in US securities and regulatory capital trades, respectively. The 'highly skilled and responsive' Richard O’Callaghan has significant MENA and emerging markets expertise. 'The team is the most knowledgeable and skilled in this area, bar none', remarks one client.
Other key lawyers:
‘Linklaters provides a complete solution; it is very professional and instructive, extremely thorough in its knowledge and precise on any recommendations‘.
‘It is a first choice for debt offerings in the UK‘.
‘Richard Levy can be turned to for unusual transactions, and the availability of higher quality associates is better than the firm’s peers‘.
‘Richard O’Callaghan is extremely knowledgeable and professional, and his advice exemplary‘.
‘Associate Sirae Chen sets a very high standard with her knowledge‘.
‘With Linklaters, you receive very fast responses from a very knowledgeable team‘.
‘Ben Dulieu is a lawyer everyone seeks out for equity-linked transactions‘.
‘Linklaters has strength across different areas including DCM, ECM, liability management and structured finance. It has a market-leading liability management practice in EMEA, which is a key strength‘.
‘Arjun Muddu is commercially pragmatic, diligent and innovative. He is willing to go the extra mile and, due to those attributes, is the first lawyer called when appointing counsel‘.
Bank of America Merrill Lynch
- Advised the joint lead managers on the issue by the University of Cambridge of a £600m dual issue consisting of £300m 2.350% bonds due 2078 and £300m index-linked bonds due 2068 referencing the consumer price measure of inflation, the CPI-linked issue being among the first of its kind in the UK bond market.
- Advised Steinhoff on its issue of €2.6bn convertible bonds as part of its wider corporate restructuring.
- Advised the London branch of ICBC on its recent $1.5bn issuance of green bonds, the largest green bond listing ever on the London Stock Exchange.
- Advised Omantel, the leading telecommunications company in Oman, on the issue of an aggregate of $1.5bn secured dual-tranche 144A/Regulation S notes due 2023 and 2028.
- Acted for Novo Banco (the Bank) with respect to its offer to holders of outstanding senior securities to tender such securities or to exchange such securities for new tier 2 notes to be issued by the Bank.
'Now widely recognised as top tier across the board', according to one client, White & Case LLP continued to expand the scope of its debt capital markets practice in 2018, having continued to be a key player in emerging markets debt while increasing its market share of investment grade issuance in Europe. The firm covers the full spectrum of work including sovereign deals, liability management, bank regulatory capital and corporate hybrid capital solutions, equity-linked bond transactions and infrastructure, project and green bonds. It is regarded as one of the most prominent firms for sovereign debt issuance and sovereign-related advisory work, and is also highly regarded for liability management transactions and convertible bonds. Global head of DCM Stuart Matty and the 'terrific' Melissa Butler are 'standout partners' in the practice, particularly for sovereign debt issuance. Sovereign debt issuance and distressed situations specialist Ian Clark and Richard Pogrel, whose expertise includes cross-border debt restructurings and liability management, are highly recommended, as are counsels Catherine Andrews, who has ‘a very "can-do" attitude but is also very conservative’, and US securities expert Doron Loewinger.
Other key lawyers:
‘The firm remains a leader in emerging market work, but the impressive advances have been in European investment grade work‘.
‘Being one of the leading firms in UK and European sustainable finance/green bond market initiatives, the firm is showing that it is a mature practice with depth of expertise‘.
‘The team is well educated and hardworking‘.
‘The firm has a deep knowledge of the various financial solutions and their implementation in emerging economies‘.
‘Melissa Butler is terrific‘.
‘Richard Pogrel is a ‘go-to’ advisor for complex securities or situations; he has made his name doing the really challenging deals in the market over the last two decades and he is technically one of the standout DCM lawyers in the business‘.
‘Ian Clark is an excellent expert in public market transactions and is always very focused on having the best results within limited time‘.
‘Associate Nikita Thakrar has been very helpful and has impressive knowledge‘.
‘Catherine Andrews has a very “can-do” attitude but is also very conservative, which is needed in high-risk transactions in the emerging markets space’.
JP Morgan Chase
Trafigura Beheer B.V.
- Represented the Ministry of Finance of the Republic of Uzbekistan on the establishment of Uzbekistan’s GMTN programme and debut issuance of sovereign bonds thereunder in two tranches pursuant to Rule 144A and Regulation S.
- Represented Svenska Handelsbanken on the issue of $500m additional tier 1 contingent convertible notes under its $50bn EMTN programme.
- Represented Yapı Kredi Bank on its inaugural offering of $650m perpetual fixed rate resettable additional tier 1 notes due 2029.
- Represented the Republic of Ghana in connection with the issuance of $1bn 7.625% amortising notes due 2029 and $1bn 8.627% amortising notes due 2049, issued pursuant to Regulation S and Rule 144A of the Securities Act, and the related tender offer for their outstanding $750m 9.250% amortising notes due 2022.
- Represented the Republic of Kenya in connection with the Reg S/144A offering of $1bn 7.25% notes due 2028 and $1bn 8.250% notes due 2048.
Ashurst has a diverse practice that acts for issuers, underwriters, sponsors, lenders, trustees, agents and credit enhancement providers across all areas of debt capital markets. It is best known for advising underwriting banks on corporate investment grade, financial institution and emerging market debt transactions, as well as corporate issuers on Eurobonds. It also handles the treasury and funding activities of global financial institutions, and assists sponsors and underwriting banks with innovative infrastructure transactions. The team also has a strong track record in emerging market debt transactions for corporate and sovereign issuers, and handles new issuance and defaults for corporate trustee and agency institutions. The firm's leading lights include practice head Anna Delgado; emerging market financings specialist Francis Kucera, who handles deals in Eastern Europe and the CIS region; Derwin Jenkinson, who handles complex UK transactions and cross-border European and international financing transactions; corporate trust specialist Malcolm Charles; and up-and-coming partner Alexander Biles, whose broad practice encompasses project bonds, regulatory capital issuances for banks and insurers and liability management transactions.
ANZ Bank New Zealand Limited
Bank of America Merrill Lynch
BP Capital Markets p.l.c.
HSBC Bank plc
WM Morrison Supermarkets plc
Royal Bank of Scotland
Shawbrook Bank Limited
Tritax Big Box REIT plc
- Advising Deutsche Bank, Erste Bank and Societe Generale on the issue by the State of Montenegro of €500m 3.375% notes due 2025.
- Advising Banca IMI, BNP Paribas, JP Morgan and Raifeissen Bank International on the issue by Nitrogenmuvek Zrt of €200m 8.00% notes due 2020.
- Advised Connect Plus (M25) Limited and the consortium of sponsors on the refinancing of the M25 DBFO contract through the issue of £892.6m 2.607% guaranteed secured bonds due 2039.
- Advised the arranger of the update of the EMTN programme of Yorkshire Building Society which included, amongst other things, inclusion of a new type of security, senior non-preferred notes.
- Acted for Australia and New Zealand Banking Group on the issuance of €750m 0.625% notes.
Baker McKenzie has an extensive global network and its presence in many of the world's emerging markets draws complex cross-border debt transactions to the practice in London. US securities specialist Adam Farlow leads a practice that not only continues to handle groundbreaking emerging markets deals for issuers, but also acts for a growing roster of underwriters in challenging deals. The firm's deep bench of talent includes Roy Pearce, who represents issuers and investment banks in capital markets transactions, primarily Eurobonds and debt restructurings; corporate trustee expert Simon Porter; New York-qualified partner Megan Schellinger, who advises corporate and investment banking clients on Rule 144A and SEC-registered offerings and private placements of international debt; and Michael Doran, formerly of White & Case LLP, who handles both investment grade deals and more complex, disclosure-heavy emerging markets transactions.
‘Exemplary support, understanding of the Client’s needs and availability and high endurance in the pressing deals’.
‘Roy Pearce and Maxim Xrapov apart from providing exceptional added value to the deals, amaze with their availability and willingness to commit through difficult timescales’.
BGEO Group PLC (Georgia)
Türk Telekomünikasyon A.Ş.
Akbank T.A.Ş. (Turkey)
CPI Property Group (Czech Republic)
JSC Georgia Capital (Georgia)
Cosmo Pharmaceuticals (Switzerland)
- Advising Akbank T.A.Ş. in relation to the issuance of Basel III-compliant fixed rate resettable tier 2 notes due 2027 under its $6bn GMTN programme.
- Advised Türk Telekomünikasyon A.Ş. on its Rule 144A offering of $500m 6.875% notes due 2025.
- Advising Bankia on the update of the EMTN programme and the issue of €500m 6.385% AT1 notes.
- Advising CPI Property Group, a leading long-term investor in income-generating real estate predominantly in the Czech Republic and Berlin, on an update of its €3bn EMTN programme.
- Advised Georgia Capital on its inaugural offering (pursuant to Rule 144A and Regulation S) of $300m 6.125% notes due 2024 lead managed by Citibank and JP Morgan.
Davis Polk & Wardwell LLP
Davis Polk & Wardwell LLP has a highly regarded global debt capital markets practice, in which the London office plays a pivotal role. The firm is the preferred counsel for many of the world's leading corporate issuers, among which is AstraZeneca, and it also advises a large roster of banks, including Goldman Sachs and JP Morgan, as underwriters. The firm has one of the most active US-dollar investment grade bond practices in Europe and, in 2018, it advised on issuance with a value of $73bn. This included handling a $1.4bn notes offering for Roche Holdings. Reuven Young, who advises on public and private cross-border investment grade debt offerings, and Jeffrey O’Brien, who assists corporates, financial intermediaries and private equity sponsors on complex DCM, M&A and leveraged finance transactions, are the key partners. Up-and-coming partner Leo Borchardt is also recommended for a range of capital markets work, having handled SEC-registered notes offerings for AstraZeneca and other blue chip corporate issuers.
Reuven Young; Jeffrey O’Brien
Other key lawyers:
Leo Borchardt; Radoslaw Michalak; John Taylor
Royal Bank of Scotland
Bank of America
- Advised Syngenta Finance NV, as issuer, and Syngenta AG, as guarantor, on its $4.75bn aggregate Rule 144A/Regulation S notes offering.
- Advised AstraZeneca in connection with its SEC-registered shelf takeover of $850m aggregate amount of notes.
- Advised RBS in connection with its SEC-registered shelf takedown of senior notes.
- Advised Ferguson plc in connection with its debut Rule 144A/Regulation S offering of $750m aggregate principal amount of 4.500% notes due 2028 by Ferguson Finance plc.
- Advised the dealer managers in connection with a liability management exercise by Novo Banco with respect to 20 series of its outstanding senior debt securities.
The debt capital markets group at Herbert Smith Freehills LLP in London is 'very commercial, with excellent attention to detail'. It has a proven track record of work for both issuers and managers on a range of products, including standalone bonds, regulatory capital instruments, MTN programmes, commercial paper programmes, private placements, equity-linked transactions and liability management trades. The practice comprises experienced lawyers qualified in both English and US law and, in 2018, it handled innovative transactions in developed and emerging markets. The practice has worked on some of the most high-profile projects bonds in the market, including the £10bn Thames Tideway debt issuance programme. The firm is also strong in sovereign debt issuance and acted for managers in the Republic of Ghana's $1bn notes offering. Practice head Amy Geddes and key partner Andrew Roberts are recognised experts in the DCM market, and clients recommend US securities partners Gabrielle Wong, Tom O’Neill and Dinesh Banani.
Other key lawyers:
‘Andrew Roberts and Amy Geddes are always available and technically excellent, and they also look to find commercial solutions‘.
Barclays Bank PLC
Severn Trent plc
Standard Chartered Bank
Bank of America Merrill Lynch
Marble Point Loan Financing Limited
The Brunner Investment Trust plc
African Export Import Bank
African Development Bank
- Advised Tideway in relation to the update and maintenance of its £10bn debt issuance programme and various issuances of notes.
- Acted for lead manager CaixaBank and bondholders, Sociedad Limitada and The Bank of New York Mellon in the issuance of €104.5m 3.228% guaranteed senior secured notes due 2037 and €35.5m 3.228% guaranteed senior secured notes due 2037.
- Acted for G4S on its issue by G4S International Finance plc of €550m 1.875% guaranteed notes due 2025 under its £2.5bn guaranteed EMTN programme.
- Advised the managers, including Citigroup and Standard Chartered Bank, on a dual-tranche Reg S/Rule 144A offering by the Republic of Ghana of $1bn 7.625% amortising notes due 2029 and $1bn 8.627% amortising notes due 2049.
- Advised Barclays and Goldman Sachs in their capacities as dealers in respect of the update of the DNB Bank ASA $10bn US MTN programme.
Latham & Watkins has one of the largest and most experienced US capital markets teams in Europe, which gives it a prominent role in 144A offerings into the United States, which involve challenging disclosure and diligence issues. In EMEA, the firm advised on more than 120 debt issuances in 2018, with an aggregate deal value of $120bn, and London played a central role in many of those transactions. The 'lean and professional team, which has more of a personal touch than is offered by many of its competitors', is regarded as a leading player in many areas of the DCM market. In emerging markets debt, the firm acts for issuers and investment banks on landmark and groundbreaking multi-jurisdictional debt offerings in the CEE and CEMEA regions. It frequently advises on sovereign and quasi-sovereign debt issuance, which included a recent $1.2bn notes offering by the Government of Ukraine. It also excels in liability management and English law private placement transactions. Lene Malthasen and David Stewart are the standout partners.
Lene Malthasen; David Stewart
Other key lawyers:
‘The team has an excellent work ethic and shows commerciality in its legal advice‘.
‘The lawyers are personable, hardworking and reliable‘.
‘The firm has a hardworking and commercial team with best-in-class execution‘.
‘The lawyers are willing to go the extra mile to provide solutions and answers to problems. They are generally available at short notice and are always seeking to provide assistance to banks‘.
‘Associate Harrison Armstrong is always available to discuss both small and larger matters and will guide you safely through any major transaction‘.
Mobile TeleSystems PJSC / Dega Retail Holding Limited
- Represented the joint bookrunners on a new issue of $750m 8.994% notes due 2024 and $1.2bn 9.75% notes due 2028 by the Government of Ukraine.
- Represented the initial purchasers in connection with the 16.5% loan participation notes due 2021 issued by Biz Finance plc to fund a loan to Ukreximbank.
- Acted for ING Bank and J.P. Morgan as dealer managers in connection with the solicitation of consents to amend any and all of the outstanding $500m 3.875% notes due 2022; $1bn 4.40% notes due 2023; $1bn 4.75% notes due 2027; and $1.2bn 5.75% notes due 2047 issued by JSC National Company KazMunayGas.
- Representation of the initial purchasers in connection with the issuance of 7.25% notes due 2023 by Rönesans Gayrimenkul Yatırım A.Ş.
- Representation of TA Associates in connection with the private placement of senior secured floating rate notes due 2025 by List Company S.p.A.
The US and English law capability in Mayer Brown International LLP's London office sees it acting in some of the most demanding transatlantic debt capital markets transactions for issuers and underwriters, complementing the work of its pan-European and emerging market debt practices. James Taylor specialises in European debt and equity-linked capital markets, including commercial paper, MTN, Eurobonds, convertible and exchangeable bonds and other structured equity issuances. Robert Flanigan, who is dual-qualified in New York and France, focuses on European debt capital markets, including project bonds, regulatory capital, convertible and exchangeable bonds, US private placements and sovereign debt. Bernd Bohr, whose main focus is high yield issuance in Germany, also handles investment grade transactions, including SEC-registered offerings, Rule 144A offering and Reg S offerings, exceeding €1bn in value.
James Taylor; Bernd Bohr; Robert Flanigan
Other key lawyers:
‘The team has true experts in the capital markets space. It covers a broad range of products – including covered bonds, which involves a special set of complexities – and is efficient, thorough and dedicated‘.
‘James Taylor is a true expert in his field and a top-notch professional. He is responsive, enthusiastic and highly experienced. He and his team always deliver the highest quality of service‘.
Canada Pension Plan Investment Board
Fédération des caisses Desjardins du Québec
The Royal Bank of Scotland
- Represented Canada Pension Plan Investment Board on the update of its CAD$25bn global MTN debt issuance programme and its CAD$1.5bn 3.00% fixed rate notes, the net proceeds of which are to be applied to green and sustainable investments.
- Advised BNP Paribas, J.P. Morgan Securities plc, Mizuho International plc, Deutsche Bank AG (London Branch), Goldman Sachs & Co. LLC and Wells Fargo Securities International Limited as joint lead managers on the issue and offer by Whirlpool Finance Luxembourg S.à r.l. of registered notes held under the new safekeeping structure.
- Represented the arranger, RBS, on the update of a programme providing for the issue and offer by HSH Nordbank of multiple types of notes and Pfandbriefe governed by both English and German law.
- Advised Barclays Bank PLC on the operations and update of its $20bn global collateralised MTN programme.
- Represented Novartis AG on the offering of €750m 0.050% notes due 2023, €750m 1.375% notes due 2030 and €750m 1.700% notes due 2038 by Novartis Finance S.A.
At Norton Rose Fulbright, 'the team has excellent knowhow, is quick to respond and has proven able to adapt to local requirements', according to one client, while another remarks that 'the team is responsive, independent and offers first-class legal advice'. The London capital markets practice is highly regarded for its work in emerging markets debt, sovereign and supranational issuance, debt restructuring, corporate trust and Islamic finance, as well as having the leading Canadian debt practice in London. It is also expanding its portfolio of work into new areas and, in 2018, it handled a project bond to fund hospital construction in Brescia, Italy, and also took the lead role in the world’s first Humanitarian Impact Bond. Farmida Bi is a leading light for corporate trustee advice, sovereign debt, project bonds and restructurings; Peter Young handles cross-border transactions under English and New York law; and Peter Noble leads on Canadian debt capital markets work.
Other key lawyers:
‘The firm has a very robust team‘.
‘The support was continuous. No question was too stupid‘.
‘Each individual delivers to high standards‘.
‘Farmida Bi is an expert in the field of Islamic finance and she has exceptional all-round knowledge on legal matters‘.
‘Senior associate Vishal Mawkin and partner Peter Young are easily accessible, proficient and quick to respond‘.
Cell C (Pty) Ltd
Goldman Sachs International
Government of Pakistan, Ministry of Finance
J.P. Morgan Securities plc.
Republic of Angola, Ministry of Finance
Royal Bank of Canada
- Advised the Government of Angola on combined $3.5bn Eurobonds listed on the London Stock Exchange.
- Advised Telenor, the leading Nordic telecoms company, on its €10bn debt issuance programme.
- Advised DEKA Bank Deutsche Girozentrale on its position in respect of the insolvency of Portugal Telecom International Finance BV, the issuer, under an English law €7.5bn EMTN programme.
- Advised the initial purchasers on Venator Finance and Venator Materials Corporation’s issue of $375m notes, which were offered in connection with the initial public offering of Venator Materials PLC.
- Advised Bank of New York Mellon on an €85m project bond to fund hospital construction in Brescia, Italy.
The London capital markets group at Shearman & Sterling LLP 'has a wide-ranging skillset that allows clients to benefit from different views and experiences'. The firm handles every aspect of the DCM market but stands out for complex financing transactions that utilise more than one type of debt instrument. Practice head David Dixter has extensive experience in the Nordic region; Trevor Ingram, who is qualified in New York and Ontario law, had an active year in investment grade and project bonds; newly promoted partner and 'one of the hardest working lawyers in the City' Pawel Szaja leads the firm's Emerging Europe desk. In 2018, Szaja handled major transactions in EMEA including Abu Dhabi Crude Oil Pipeline’s $3bn senior secured bonds, in which he advised a syndicate of banks. Marwa Elborai is recommended for advising issuers, sponsors and underwriters on both investment grade and high yield debt.
‘The balance of deep product knowledge with a wider viewpoint and market visibility of precedents is valuable‘.
‘Trevor Ingram has a collaborative approach, which has diffused many difficult conversations to reach acceptable compromises, while retaining goodwill all round‘.
First Abu Dhabi Bank PJSC
- Represented Sasol Limited in connection with the offering of $1.5bn 5.875% notes due 2024 and $750m 6.500% notes due 2028 issued by its indirect wholly owned subsidiary Sasol Financing USA LLC and guaranteed by Sasol Limited.
- As designated underwriters counsel for RBS, the firm advised on several notes offerings, including representation of the underwriters, led by NatWest Markets Securities Inc., in connection with the RBS offering of $1.75bn 5.079% fixed-rate/floating-rate senior notes due 2030.
- Represented the syndicate of banks led by Citigroup and HSBC, as joint global coordinators and joint bookrunners, and DBS Bank, First Abu Dhabi Bank and SMBC Nikko Capital Markets, as joint bookrunners, in connection with Emirates Sembcorp Water & Power Company’s offering of $400m 4.450% senior secured bonds due 2035.
- Advised Anglo American on its offering of $650m 4.500% senior notes due 2028.
- Represented Nokia in connection with the update of its €5bn EMTN programme and its drawdown of €750m in senior unsecured notes.
Simmons & Simmons is recommended for the 'enthusiasm and accessibility of its partners', and one client remarks that it has 'a strong team of individuals with deep experience and expertise'. The debt capital markets practice is best known for advising on high-end issuer-side work for large corporates such as British Land and Rentokil, and handling underwriter work for major investment banks. One client notes that the firm is 'really very good at what it does, with a small and quietly efficient team focused on high-end and complex standalone deals'. From London, the firm advises on both US and English law debt transactions, including complex matters such as the $500m non-dilutive exchangeable bond issue by Swiss Re. Practice head Simon Ovenden and key partner Jonathan Mellor each have more than 30 years’ experience in the market. Piers Summerfield is 'a real star' in equity-linked transactions.
‘The team is always available and makes the client feel like the number one priority‘.
‘The team is extremely knowledgeable and practical. It has a wealth of expertise which is applied in a commercial and sensible way, and it is extremely responsive‘.
‘Jonathan Mellor and Leon Yap are both strong lawyers who are highly skilled at navigating legal risk in advising clients and do so in an approachable and comforting manner‘.
‘Piers Summerfield is calm and considered and nothing feels like too much trouble for him‘.
‘Piers Summerfield’s legal skills are excellent and he pre-empts legal issues with practical solutions. He stands out for his responsiveness, commercial approach and ‘can do’ attitude‘.
Rentokil Initial plc
Schlumberger Finance Finance SAS
- Advised the joint bookrunners on the exchangeable bond issuance by a Swiss insurance company repackaged through a Dutch SPV, with bespoke equity-linked and regulatory capital features and a hedge to offset share delivery obligations.
- Advised Cosmo Pharmaceuticals NV on €175m convertible bonds due 2023.
- Advised Schlumberger Finance France on the issuance of €600m guaranteed notes due February 2026.
- Advised CYBG plc on the issuance of £500m fixed rate reset callable senior notes due 2026.
- Advised LendInvest Limited on the issuance of £40m retail bonds.
Skadden, Arps, Slate, Meagher & Flom (UK) LLP
Skadden, Arps, Slate, Meagher & Flom (UK) LLP climbs the ranking given the breadth of its London capital markets practice and its involvement in significant transactions including Eurobonds, project bonds, sovereign bonds, convertible bonds and many other complex debt offerings. The practice, in which partners follow the US model of handling both debt and equity capital markets work, also handles significant debt restructuring mandates, which in 2018 included the restructuring of $600m of debt for Brunswick Rail. Often noted for its blue chip corporate issuer client base, the firm also has strong bank relationships and advised on more than $20bn in notes offerings for HSBC, and for underwriters in two separate $12bn sovereign bond offerings by the state of Qatar, which were the largest bond offerings by an emerging market sovereign in 2018 and 2019. The firm is particularly active in the CIS, Qatar, Egypt, Portugal and the Nordic states. Practice head Danny Tricot handles English law aspects of debt deals, while James McDonald and Pranav Trivedi focus on US securities law.
National Atomic Company Kazatomprom
HSBC Securities (USA) Inc
Brunswick Rail Limited
Ashtead Group plc
Phoenix Group Holdings
Fabbrica Italiana Lapis ed Affini (F.I.L.A.)
Credit Suisse Group AG
Public Joint Stock Company Cherkizovo Group
- Advised the underwriters including Al Khaliji, Barclays PLC, and Credit Agricole CIB on two separate $12bn sovereign bond offerings by the state of Qatar.
- Advised HSBC Securities (USA) Inc. as lead underwriter in offerings by HSBC Holdings plc totalling more than $20bn.
- Advised HSBC Bank plc as lead underwriter in offerings totalling £3bn.
- Advised Ashtead Group plc in its $600m Rule 144A/Regulation S offering of 5.250% second priority senior secured notes due 2026.
- Advised Brunswick Rail Limited in connection with the final redemption of the $600m 6.50% guaranteed notes due 2019 issued by one of its Irish subsidiaries, Brunswick Rail Finance DAC.
Slaughter and May has a team of multi-specialist finance lawyers, who handle debt issuance alongside other types of financing. The firm is regarded as a leading adviser to issuers and acts for a high number of FTSE100 companies. It has particular expertise in equity-linked debt, hybrid capital and subordinated debt matters. The practice counts Diageo, Santander, Standard Chartered and Westpac among its clients for repeat debt issuance, while in 2018, it acted on first-time issuance for Euroclear and Compagnie Financiere Richemont. It has notable expertise in the aviation, pharmaceutical and food and beverage sectors, and has a growing number of client relationships with banks and insurance companies. Matthew Tobin, who handles a wide range of banking and refinancing work including capital markets and securitisation, and Guy O’Keefe, who is skilled in liability management transactions, are among the key partners.
Nilufer von Bismarck; Matthew Tobin
Other key lawyers:
Guy O’Keefe; Caroline Phillips; Oliver Storey; Oliver Wicker
Compagnie Financiere Richemont S.A
Unite Group Plc
- Advising Richemont International Holding S.A. on the issuance of €1.5bn 1% notes due 2026, €1.25bn 1.5% notes due 2030 and €1.25bn 2% notes due 2038.
- Advised Euroclear, a leading settlement services provider, on various debt capital markets transactions, including the standalone issuance of €300m 1.500% senior notes due 2030 and €400m subordinated resettable fixed rate notes due 2048.
- Advised The Unite Group plc on the issuance of £275m 3.5% guaranteed senior unsecured bonds due 2028.
- Advised Close Brothers Group plc on the establishment of its new £1bn EMTN programme and on the issue of £250m 2.750% senior unsecured notes due 2023, which was the inaugural issuance under the programme.
- Advised Bunzl Finance plc on its debut issuance of £300m 2.250% notes due 2025.
The debt finance practice at Akin Gump LLP in London advises issuers, institutional investors and hedge funds based in, or with primary assets in, the US, the UK, Europe, Russia and the CIS, the Middle East and Asia. The firm is one of the most prominent in the City for cross-border private placement financing transactions, in which it has more than 20 years' experience. 'A combination of deep market knowledge and pragmatism sets the firm apart', remarks one client, who describes key partner Barry Russell as 'the kingpin, set apart by his experience'. Also recommended is Robert Aulsebrook, who advises on Eurobonds, loan notes, convertible debt securities and commercial paper. The firm hired partner Thomas O’Connor and senior counsel Tori Weir from Morgan, Lewis & Bockius UK LLP to add expertise in the acquisition of privately placed debt and equity securities and other secured and unsecured financing transactions.
Barry Russell; Robert Aulsebrook
Other key lawyers:
Tom O’Connor; Tori Weir; Mark Mansell; Stephen Peppiatt; Sam Brodie
‘The firm has a strong team; it is approachable and available, with a commercial approach‘.
‘It has the ability to respond quickly and creatively to changing environments, and there is excellent cooperation between units within the firm under the focused leadership of a deal team leader‘.
‘The firm has deep understanding of our company and the way it operates and, as a result, is always able to provide a highly customised service and advice‘.
‘The team brings 24/7 focus and attention to our processes and requests, with the ability to cooperate efficiently with our various team members‘.
‘Barry Russell is thorough in establishing the facts of the matter before establishing a framework for the key parties to operate within, and then for driving the process. It is reassuring to have him on your side‘.
‘Stephen Peppiatt and Thomas O’Connor are strong lawyers with a commercial and pragmatic approach‘.
CEVA Group Plc
Global Telecom Holding SAE
Banglalink Digital Communications Limited
Volga Gas plc
- Advised the holders of certain private placement notes issued by Capita Holdings on the amendments of note purchase and guaranty agreements entered into by Capita Holdings, as issuer, and Capita plc, as guarantor, in connection with a rights issue by Capita plc and the disposals of certain of its non-core businesses.
- Represented CEVA on its offering of $50m 9.0% first lien senior secured notes due 2020. The notes were listed on Euronext Dublin (formerly known as the Irish Stock Exchange).
Arnold & Porter's debt capital markets practice is best known for its representation of sovereign issuers in international financial transactions, often in challenging jurisdictions. The practice, led by Jeremy Willcocks with support from former US Executive Director of the World Bank Whitney Debevoise, who works in both the London and New York offices, has a stellar client roster that includes the Republic of Azerbaijan, Bosnia and Herzegovina, the Federative Republic of Brazil, Hungary, the Hashemite Kingdom of Jordan, the Republic of Kenya, the Republic of Turkey and the Bank of Zambia. Willcocks, whose innovative work included the debut diaspora bond for the Republic of Nigeria, leads the European side of the practice, while Debevoise focuses on US law.
Other key lawyers:
Whitney Debevoise; Benjamin Kieft
- Advised the Republic of Turkey on a $2bn Sukuk offering, its sixth such financing transaction in recent years, which was structured to comply with Sharia law and involved the issuance of lease certificates representing interests in real estate assets owned by the Republic that were transferred to the issuer and leased back to the Republic.
Cleary Gottlieb Steen & Hamilton
Cleary Gottlieb Steen & Hamilton's capital markets practice is multi-disciplinary, with its lawyers advising on both debt and equity deals. The firm has four partners and two counsel who dedicate the majority of their time to this practice, with a further three partners regularly assisting with complex capital markets transactions. 'The firm has deep understanding of the US capital markets and regulatory environment', remarks one client, who notes that counsel Sarah Lewis 'is a powerhouse of ideas when she faces complex matters'. Key partner David Gottlieb is a recognised expert in the firm's key areas of debt transactions in Russia, the CIS and other emerging markets. Sebastian Sperber, Pierre-Marie Boury and Raj Panasar are the other key partners handling both ECM and DCM transactions. Alongside its emerging markets work, the firm has a strong presence in the Yankee bonds market and in debt transactions in established markets including the Nordic states.
'A relentless focus on the clients' needs set it apart', remarks a client of CMS, who notes that 'the senior partners are accessible and available, and they are backed by a high-quality team'. The London group plays a pivotal role in the firm's global capital markets practice, which has specialists in 42 jurisdictions and focuses on large, multi-jurisdictional transactions with complex cross-border elements. 'Highly responsive and engaged' practice head Michael Cavers and Jason Harding, who is 'an exceptional lawyer with wide expertise and a problem-solving mentality', have experience in advising banks, issuers and trustees on a broad range of treasury matters as part of practices that also encompass derivatives and securitisation. Kirsty Templar and Chris Clark are associates to watch.
Michael Cavers; Will Dibble
‘The CMS team has a broad range of talent, with both partners and associates being very knowledgeable in their field‘.
‘I have worked with the DCM team for several years now and continue to be impressed with its knowledge of our sector and understanding of our business‘.
‘Jason Harding leaves ego at the door and seeks compromise and win/win situations‘.
‘Michael Cavers provides excellent advice and guidance‘.
‘Jason Harding provides pragmatic advice, which steers the client comfortably through the complexities of debt capital markets‘.
‘Associate Kirsty Templar is committed; she ensures all legal requirements are met on a timely basis and always offers solutions to challenges‘.
Ei Group (formerly Enterprise Inns)
National Australia Bank
UK Power Networks
- Advised Ei Group on its £150m 7.50% senior notes due 2024.
- Advising the Wellcome Trust on its high-profile £750m 2.517% bonds due 2118, or “century bonds”.
- Assisting UK Power Networks with the update of its multi-issuer MTN programme, and advising on a number of debt issuances including a tap issue of £50m 5.625% notes due 2030.
- Advising Northumbrian Water Finance on its £300m 2.375% guaranteed bonds due 2027.
- Advising NIE Networks on its £350m 2.5% guaranteed notes due 2025.
Cravath, Swaine & Moore LLP acts for corporate issuers, investment banks and financial sponsors in a range of offerings, including investment grade and high yield corporate bonds, and sovereign and supranational debt issuance. Often targeted at US investors, these deals include SEC-registered, Rule 144A and Regulation S offerings, as well as private placements. The practice in London frequently advises first-time issuers of Yankee bonds, as well as handling complex transactions for corporates such as British American Tobacco and Bacardi. The practice, led by Philip Boeckman and George Stephanakis, also acts as underwriter counsel for major investment banks, among which are Barclays, Credit Suisse and Deutsche Bank. Its sovereign and supranational clients include the European Investment Bank and the Republic of Poland.
Philip Boeckman; George Stephanakis
Other key lawyers:
Alyssa Caples; Roberto Bruno
B.A.T Capital Corporation (British American Tobacco)
European Investment Bank
Goldman Sachs International
JP Morgan Chase
- Represented the European Investment Bank in nine registered notes offerings totalling $28bn.
- Cravath represented B.A.T Capital Corporation in its Rule 144A exchange offer totalling up to $17.25bn.
- Represented Bacardi Limited in its $2.6bn 144A/Reg. S notes offering.
- Represented RELX Capital Inc. in its $950m registered notes offering.
The London office of Dechert LLP plays a central role in the firm’s global capital markets practice and its lawyers advise on the full range of international debt and equity transactions, as well as liability management exercises. The 'highly competent and very dedicated team' acts for global investment banks, financial institutions and a wide range of issuers, including sovereigns, quasi-sovereigns, corporates and investment funds, often in debt issuance in emerging markets. It has notable experience in the Middle East and North Africa, the Mediterranean basin, the CIS and Caucasus regions and Central Asia. It also has a role in developing sectors such as green bonds. Of counsel Camille Abousleiman, the firm's former head of international capital markets, is now a minister in the government of Lebanon, though he retains an advisory role in the practice. Key partner Patrick Lyons is 'very knowledgeable and able to handle clients with great flexibility'.
‘The practice works efficiently and smartly‘.
‘The London team was able to deal extremely effectively with a multi-tranche transaction in foreign currencies with separate issuer and guarantors based in Asia. Time differences, different and complex regulatory environments and the demand of a multi-party transaction were not problems at all, and the team delivered on schedule and within budget‘.
‘The place the firm occupies in the Egyptian market has become really considerable over the years. Dechert has shown great flexibility to serve the Egyptian market, while maintaining its high international standard, as expected from a firm of its size and position‘.
‘Patrick Lyons is a ‘go-to’ partner. He is always easy to reach and enjoys a great sense of humour, which comes in very handy in complex transactions, as it puts everyone at ease and gets commercial and legal agreements done easily‘.
‘Jennifer Rees is a dedicated associate who is always available to handle any work required at short notice‘.
‘Camille Abousleiman was highly committed to our project; without his creative solutions it would have been difficult for the project to be completed‘.
Arab Republic of Egypt
Banque Central de Tunisie
BLOM Bank s.a.l.
JSC Development Bank of Kazakhstan
JSC National Company Kazakhstan Temir Zholy
JSC National Company KazMunayGas
Kingdom of Bahrain
Republic of Albania
Sindicatum Renewable Energy Company Pte Ltd
- Advised the Arab Republic of Egypt, as lead counsel on US and English law, under Egypt’s $20bn GMTN programme.
- Advised JSC National Company KazMunayGas, the Kazakhstan state-owned oil and gas company, on its issuance of an aggregate of $3.25bn Eurobonds under its $10.5bn GMTN programme established by KMG and its finance subsidiary KazMunaiGaz Finance Sub.
- Advised the Arab Republic of Egypt in connection with the issuance of its $860m 7.125% notes due 2026 and $1.7bn 7.625% notes due 2030.
- Advised the Kingdom of Bahrain in connection with the issuance of its $1bn Sukuk in Trust Certificates due October 2025, through CBB International Sukuk Company 7.
- Advised the Lebanese Republic (Government of the Lebanese Republic) in connection with a $5.5bn multi-tranche notes issuance under its $34bn GMTN programme.
Dentons is well known for the strength of its emerging markets debt practice, which relies on the firm's extensive global network to provide local law, English law and US securities law advice across more than 70 jurisdictions. The firm has a long track record of advising on transactions in Africa, the Middle East, Turkey, Central and Eastern Europe and the CIS on behalf of sovereign, financial institution and energy-sector clients. One client remarks that the practice, led by David Cohen is a 'very dedicated team and pleasant to work with'; Cohen and key partner Nick Hayday are 'very experienced'. Among the firm's other 'pragmatic, user-friendly and hands-on partners' are US securities specialist Cameron Half and key advisor to trustees, security agents and other agency service providers Catriona Lloyd. Matthew Sapte is also recommended for Sharia-compliant and structured debt transactions.
Other key lawyers:
‘The team has hands-on partners with very good market experience; they are pragmatic and user-friendly‘.
‘David Cohen and Nick Hayday are both very experienced and provide very good client coverage‘.
CPI Property Group
Coventry Building Society
Housing Development Finance Corporation Limited
Lietuvos Energija, UAB
Chris Iacovides and Andri Antoniou (of CRI Group) – liquidators of Mriya Agro Holding Public Limited
RBC Capital Markets
Goldman Sachs International
The Toronto-Dominion Bank
The Standard Bank of South Africa
- Advised one of the leading convergent telecommunications operators in Georgia, JSC Silknet, on its debut $200m Reg S bond issue.
- Advising the CPI Property Group, one of the largest real estate companies in the CEE region, on its €3bn EMTN programme.
- Advising Coventry Building Society in relation to its €5bn EMTN programme.
- Acted as international counsel in HDFC’s $2.8bn Regulation S EMTN programme and the issue of INR10bn Masala bonds under the programme.
- Advising E.P. Energy on an offer to purchase up to €41m aggregate principal amount of its €498m 5.875% senior secured notes due 2019.
DLA Piper has a strong reputation for advising clients in new markets in terms of jurisdictions, products and sectors, and it has actively expanded the scope of its work to encompass liability management, redemptions, amendments and tender offers. In 2018, it handled mandates involving fintech-related assets, social and green investment bonds and Masala bonds. It acts for the full range of market participants in both developed and emerging markets, notably India and Turkey, and its recent work includes debt transactions in sectors as diverse as financial services, real estate, technology, infrastructure and renewable energy. Key partner Martin Bartlam specialises in structured credit and asset management, and acts for many private equity credit funds, banks and corporations; international co-chair of financial services Vincent Keaveny acts for issuers and underwriters in international debt capital markets transactions; and Mark Dwyer handles both debt and structured finance matters.
Martin Bartlam; Vincent Keaveny; Mark Dwyer
Other key lawyers:
Steven Krivisnkas; Joywin Matthew
‘The team has driven the efforts to build the practice, and the high degree of commitment at the partner level is unique‘.
‘It has a capable cross-border outfit that is able to communicate across offices and get things done‘.
Places for People
Mount Street Mortgage Servicing Limited
- Advised the arrangers and dealers on the establishment of the INR50bn guaranteed MTN programme by the Kerala Infrastructure Investment Fund Board as unconditionally and irrevocably guaranteed by The Government of Kerala, acting through the Finance Department of Kerala.
- Advising Banca IMI on 2018 updates to its EMTN programme.
- Acted as legal advisers, as to English and Spanish law, to the arranger and dealers, including Banco Santander and Banco Bilbao, in connection with the update of the €6bn EMTN programme of ADIF-ALTA VELOCIDAD.
- Advised the dealers (Banco Bilbao Vizcaya Argentaria, Banco Santander, HSBC Bank and Société Générale), as to English and Spanish law, on the issue of €600m 1.25% eligible green projects notes due May 2026 by ADIF- ALTA VELOCIDAD.
- Advising Merlin Entertainment on the English, Danish, German and Italian law aspects of its $400m 5.75% senior notes issuance.
Hogan Lovells International LLP handles high-profile and complex securities law transactions for both issuers and underwriters. Among these are bank and bond restructurings, as well as new debt issuance. The debt practice has notable expertise in the automotive, real estate and financial institutions sectors, in which it handled the servicing of large EMTN programmes in 2018. Key partner Andrew Carey is experienced in international debt offerings, including securities programmes and corporate and sovereign bonds. 'The firm has a very good trustee-focused team with good resourcing at all levels', remarks a client. Partner Kit Johnson focuses on advising corporate finance trustees on new debt issuances and on post-issuance matters such as defaults and restructurings. The firm also has significant US securities law expertise in partner Sylvain Dhennin and associate Philip Schuster.
‘Andrew Carey is a senior partner with excellent experience in difficult trustee matters‘.
‘Senior associate Megan James is exceptional in her role; her attention to detail and work ethic are excellent‘.
- Advised Afreximbank on the annual update of its Irish-listed $5bn EMTN programme and a $500m fixed rate drawdown off the programme.
- Advised M&G as purchaser of a £50m private placement of bonds to fund a UK NHS Foundation Trustee funding for Northumberland.
- Advising Affinity Water on the substitution of the issuer under its £1.1bn whole business debt structure that Affinity uses to finance its regulated activities.
- Assisted with the update of Mediobanca’s Euro commercial papers programme and with respect to the granting of the Short-Term European Paper (STEP) label from STEP Market as to English, Luxembourg and Italian law.
- Advised the committee of holders of senior notes issued by Mriya Agro Holding Public Limited (and its subsidiaries), a large farming conglomerate based in Western Ukraine that is in liquidation.
The London office of Morgan, Lewis & Bockius UK LLP handles the full range of debt capital markets transactions in the EMEA region, including deals listed in the US. It advises on UK, US and EU securities laws and regulations across all industry sectors, and is known for its strength in innovative and technically challenging deals, including the first ever blue bond, as opposed to commoditised capital markets work. The firm also has a major presence in emerging markets debt issuance, and Carter Brod is a key adviser to sovereign entities. Brod is qualified in both US and English law capital and he specialises in advising issuers on DCM transactions including Eurobonds, MTN programmes, sovereign bonds, liability management and convertible bonds. Head of the capital markets and public companies practice Bruce Johnston also plays a key role in large debt transactions.
Other key lawyers:
Calvert Impact Capital
Republic of Suriname
Bank of America Merrill Lynch
Cox & Kings
Paladin Energy Ltd
- Advised Bank of America Merrill Lynch, as the sole lead manager, on a $250m bond offering by Energoatom, a state-owned nuclear energy company in Ukraine.
- Represented the investors in a $15m sovereign bond offering by the Republic of Seychelles, which was the world’s first-ever blue bond transaction.
- Acted as English, US and Kazakhstan counsel to Tengri Bank, a privately-owned commercial bank in Kazakhstan, in a planned $175m Rule 144A/Regulation S Eurobond offering.
- Represented Global Ports in a multi-jurisdictional self-tender offer in relation to its $700m of outstanding Eurobonds.
- Advised Paladin Energy, the world’s eighth-largest uranium producer with two mines in Africa and projects in Australia and Canada, as US counsel on a consent solicitation in respect of $274m of existing convertible bonds as well as a new $115m offering.
Globally, Morrison & Foerster LLP is a leading securities and capital markets firm that advises issuers, underwriters and agents in domestic and international, private and public financings. The small London team focuses predominantly on private placements, in which it has 'strong market credentials, knowledge and experience, and is very responsive to agents, issuers and all parties they engage with'. Key partner Brian Bates focuses on advising non-US issuers on cross-border private placements of securities to US financial institutions and one client remarks that he is 'not your conventional lawyer - he brings his own style and personality to his work along with vast experience in the private placement market'. Key partner Scott Ashton and structured finance partner and banking regulation expert Jeremy Jennings-Mares also play key roles in the practice.
Reed Smith LLP
Reed Smith LLP's capital markets practice operates on a global basis, with strong collaboration between its offices in London, Hong Kong, Singapore, the US and China. From London, it provides both US and English law capability, and it acts for both issuers and underwriters in debt offerings in Europe and in emerging markets. It also has a role in innovative transactions such as social and development impact bonds, as well as having specific industry expertise in the life sciences, healthcare, energy and natural resources, shipping, transport and financial services sectors. Ranajoy Basu is recommended for a range of debt offerings, including high yield bonds, while James Fisher has an acclaimed corporate trust practice.
Delphine Currie; Tamara Box
Sullivan & Cromwell LLP
Sullivan & Cromwell LLP has an integrated US and English law DCM practice in London that frequently handles high-value, multi-jurisdictional offerings. It acts for leading investment banks. Vanessa Blackmore is a leading light in the market; she handles a broad range of M&A, private equity, international equity and debt capital markets financings, including debt liability management. John O’connor, who acts for issuers and underwriters in equity and debt offerings, also plays a key role in the practice.
Addleshaw Goddard advises on a wide scope of debt capital markets work, including publicly offered listed issues and privately placed deals. On the public side, it acts for banks such as Barclays and Lloyds in their roles as dealers and managers, and for issuers and trustees. A key specialism is social housing finance, in which department head Beth Collett is a leading light, and the practice, formed two years ago, handles large mandates in that area. Among these deals in 2018 was the issuance by London & Quadrant Housing Trust of £250m of secured bonds, in which the firm acted for RBS, Lloyds and Santander as joint bookrunners and Prudential Trustee Company Limited as bond trustee and security trustee.
Other key lawyers:
‘The team is very knowledgeable and able to structure on time and within budget‘.
‘Approachable and adaptive, the team responds to changing situations superbly and is on hand to deal with issues as they arise with practical, workable solutions‘.
‘Beth Collett and Daniel Foong have specialist DCM social housing knowledge‘.
‘Beth Collett is always professional and her adaptability makes her stand out. She is collaborative and practical‘.
Banco Santander, S.A
Barclays Bank Plc
HSBC Bank Plc
Lloyds Bank Plc
Natwest Markets Plc
RBC Europe Limited
Prudential Trustee Company Limited
- Advised RBS, Lloyds and Santander as joint bookrunners and Prudential Trustee Company Limited as bond trustee and security trustee in relation to the issue by London & Quadrant Housing Trust of £250m 2.65% secured bonds due 2028 and £250m 3.125% secured bonds due 2053.
- Advised Barclays Bank, HSBC Bank and Banco Santander as joint bookrunners and Prudential Trustee Company Limited as bond trustee and security trustee in connection with the issue by Peabody Capital No 2 of £450m 3.25% secured bonds due 2048.
- Advised HSBC Bank, Lloyds Bank Corporate Markets and NatWest Markets as joint bookrunners and Prudential Trustee Company Limited as bond and security trustee in respect of the issue by Southern Housing Group Limited of £300m 3.50% secured bonds due 2047.
- Acted for bpha Finance on its tap issue of £150m 4.816% secured bonds due 2044.
- Acted for Lloyds Bank Corporate Markets plc and NatWest Markets Plc as joint bookrunners and Prudential Trustee Company Limited as bond trustee and security trustee in respect of the issue by Karbon Homes Limited of £250m 3.375% secured bonds due 2047.
Bryan Cave Leighton Paisner LLP
Bryan Cave Leighton Paisner LLP joins the ranking this year. It focuses on project bonds, housing association secured bonds and secured high yield issuance, and its ability to provide US capital markets advice from London is seeing its market share steadily grow. The practice is led by Prashanth Satyadeva and provides both transactional and regulatory advice to a broad range of clients; recently, this has included Amber Infrastructure Limited and TradeRisks Limited. Satyadeva acts for arrangers and corporates on financings financed in the bond markets, and has 'very detailed knowledge' of the banking, real estate, infrastructure, renewables and insurance sectors.
‘Very detailed knowledge across all the sectors we work in. Prashanth Satyadeva is the source of this knowledge.’
Amber Infrastructure Limited
TAURON Polska Energia S.A.
- Advising the issuer on its on-going disclosure and reporting obligations arising in respect of the issuance of €500m 2.375% notes by TAURON Polska Energia.
- Acted for Amber Infrastructure Limited, a global infrastructure investment business, in connection with the establishment of a £600m project bond vehicle.
- Acted for TradeRisks Limited as arranger and dealer in respect of £250m 3.375% secured bonds due 2045 issued by Stonewater Funding.
Freshfields Bruckhaus Deringer LLP
Freshfields Bruckhaus Deringer LLP handles a broad range of debt capital markets deals, including sovereign bonds, equity-linked issuances, liability management deals, MTN programmes and regulatory capital matters. The firm not only has a prominent role in the issuer side of the market thanks to its strong corporate client base, but also acts for financial institutions as bookrunners and managers. Co-head of international capital markets Peter Allen, who advises both issuers and underwriters, and key partner Duncan Kellaway are highly recommended.
Other key lawyers:
Macfarlanes LLP has a small dedicated debt capital markets practice; it focuses on complex transactions for financial institutions, corporates, investors and other market participants. In 2018, the firm advised on high-profile matters including issuances by Venn Partners LLP, which was appointed by the Secretary of State for the Department for Communities and Local Government to operate the £3.5bn Private Rented Sector Housing Guarantee Scheme bond programme. The firm is 'very experienced in the debt fund market' and practice head Richard Fletcher is 'a very capable lawyer, who is very responsive and good to work with'. He frequently advises financial institutions, corporates, fund managers, investors, servicers and trustees on a broad range of financing matters, primarily focusing on debt capital markets, as well as structured finance, securitisation and speciality finance.
‘Richard Fletcher has strong technical knowledge and a thorough understanding of key issues‘.
Alchemy Partners LLP
ITE Group plc
Venn Partners LLP
- Advised Venn Partners in respect of its £3.5bn bond programme established by PRS Finance in July 2015.
- Advised main market-listed commercial property fund Regional REIT on its issuance of £50m of unsecured bonds with a fixed interest rate of 4.5% per annum and maturity date of 2024.
- Advised Alchemy Partners LLP in respect of the issue by Chianti Bidco of senior secured floating rate notes due 2025 to part fund the acquisition of YLDA and its subsidiaries.
The debt capital markets practice at O'Melveny focuses purely on private placements for issuers. In 2018, it handled more than 15 such deals with a total value in excess of $4bn, both for debut and repeat issuers. The practice also advised on numerous amendments and reorganisations of US private placements (USPP). Practice head Andrew Weiler has more than 20 years' experience in the cross-border USPP market and he frequently acts for non-US issuers on deals valued at more than $30bn. He is dual qualified in US and English law, and in 2018, he acted for new issuer clients including Atresmedia Corporacion, Hibernia REIT, Grosvenor Limited, Akelius Residential Property AB and SSP Group. Clients praise the firm's 'knowledge, availability and approach to problem solving'.
Other key lawyers:
‘The firm is pragmatic, responsive and willing to put the work in to ensure all parties are happy‘.
‘It has specific and valuable product and sector knowledge, and expertise in the USPP market‘.
Hibernia REIT plc
SSP Group plc
Tritax Big Box REIT plc
Tarsus Group plc
Royal Greenland A/S
Spirax-Sarco Engineering plc
Johnson Matthey plc
Bureau Veritas S.A.
Severn Trent plc
Howard de Walden Estates
Capco Covent Garden plc
Great Portland Estates plc
BBA Aviation plc
- Advised Johnson Matthey on its private placement of approximately $250m (equivalent) of senior notes.
- Advised SSP Group on its debut private placement of approximately $175m (equivalent) of senior notes.
- Advised Tritax Big Box REIT on its debut private placement of £400m of senior notes.
- Advised Segro on its new private placement of €300m of senior notes.
- Advised Grosvenor Britain & Ireland on its new private placement of £250m senior notes.
Pinsent Masons LLP operates a full-service banking practice that handles syndicated lending, real estate finance, acquisition and leveraged finance, asset-based lending, social housing finance, securitisation and debt capital markets work. It advises arrangers and issuers on public and private deals, and is a recognised leader in privately placed bond deals in the social housing space. Practice head Edward Sunderland covers EMTN programmes, private placements, listed bonds and commercial paper financing. Legal director Alexis Hayworth, who joined from Allen & Overy LLP, has a particular focus on social housing bond finance, on which he frequently advises lead managers, issuers and corporate trustees. Stephen Tobin leads on energy and infrastructure finance. The London office now has US law capability following the arrival of partner Roberta Markovina from Herbert Smith Freehills LLP.
Other key lawyers:
Pension Insurance Company
Prudential Trustee Company
- Represented Lloyds Bank as lead manager on the £135m bond refinancing of the Belmarsh West Prison project.
- Advised Heylo Housing Secured Bond on the set-up of a £800m medium-term retail bond note programme.
- Represented the Lowell Group in connection with the private securitisation of a portfolio of unsecured consumer debt obligations, involving senior loans and junior notes.
- Represented institutional investors in relation to the issue of €75m of privately placed bonds issued by Hibernia REIT.