Debt capital markets in London

A&O Shearman

A&O Shearman is ‘the market leader in debt capital markets, consistently providing the highest level of client service and its lawyers are the best in the market‘. A top choice for new issuance by corporates, financial institutions and sovereigns, the firm is also a leading adviser on liability management deals, debt programmes, and innovative areas of the market such as digital bonds. The ‘very dependable, sound and fair‘ Tom Grant, who has a particular focus on regulatory capital transactions, leads the practice. He recently helped a global bank establish a €5bn MTN programme for Novo Banco. Daniel Fletcher recent advised a bank syndicate comprising BNP Paribas, HSBC and RBC Capital Markets on the European Investment Bank’s inaugural issuance of sterling-denominated digital bonds. US-qualified partner Sachin Davé is ‘very proactive, commercial and  reliable‘, particularly for private placement transactions. Jamie Durham and the ‘experienced and affableJonathan Melton ‘understand how to get a deal across the line‘. Theo Trayhurn (who is ‘an excellent sparring partner and is very good at drafting technical provisions‘) assisted Associated British Foods Plc with £400m in new issuance. Peter Crossan, who work acts for corporates, financial institutions, sovereigns and supra-nationals, head of international capital markets Amanda Thomas and newly promoted partner Andrew Enga all play central roles in the DCM practice. Following the merger with Shearman & Sterling, other key lawyers include Trevor Ingram ‘produces work of the highest calibre‘. He acted for Deutsche Bank as underwriter of the $2bn offering of sustainability-linked notes by Eaton Corporation. Key partner Pawel Szaja, who works in both Dubai and London, has extensive experience in both debt and equity transactions in the CEE and CIS regions. Associate Evangelia Andronikou and Marwa Elborai are also recommended.

Practice head(s):

Tom Grant

Other key lawyers:

Theo Trayhurn; Jamie Durham; Sachin Davé; Peter Crossan; Daniel Fletcher; Amanda Thomas; Andrew Enga; Jonathan Melton; Tom Wilson


‘The team provides a market leading proposition that balances deep understanding of traditional securities markets in all jurisdictions with a unique understanding of the developments in the digitisation of the market. Their hands on experience on the ground breaking deals mean they provide insights and practical implementation knowledge that few others can provide.’

‘Allen & Overy is the market leader in debt capital markets. They are my go-to law firm as they consistently provide the highest level of client service and their lawyers are the best in the market. Not only do they provide the legal advice of the best quality but they are also very commercial and understand the needs of the client and are highly responsive.’

‘Sachin Dave – US partner is my go-to for US law advice. Very proactive and commercial and very reliable. Best US lawyer in the firm. Tom Wilson – counsel. technically brilliant lawyer and very trustworthy.’

‘Strong partnership from this team, who we use across different fixed income desks and products. Decent support from their network of local offices across Europe. Very capable for investment grade DCM, EMTN programmes, regulatory capital but also strong US securities capability.’

‘Sachin Dave – excellent partner who always picks up the phone and offers valuable insight, regardless of whether he is acting for us. Very supportive of my whole team including the juniors. Tom Grant – very dependable, solid pair of hands for regulatory capital and liability management. Sound and fair. Jonathan Melton – experienced and affable, a pleasure to work with on corporate deals. Understands how to get a deal across the line.’

‘The team we work with, headed by Theo Trayhurn, has a high level understanding of the market with a helicopter view of what players in the market are doing and future trends. Theo and his team a have very good commercial sense and work pragmatically to find solutions. They work really well together as a team. The lawyers communicate well, are incredibly responsive, and absolute top professionals.’

‘Theo Trayhurn and his team have superb legal skills which they combine with being very pragmatic, solutions-oriented. Theo is an excellent sparring partner and is very good at drafting technical provisions.’

‘The team has a very strong grasp of complex product and how to manage it in an ever evolving regulatory environment. Impressive bench strength, a very helpful feel for the market and deep resource both in the UK and in key overseas jurisdictions makes them a valuable partner.’

Key clients

States of Jersey

A global financial institution and Commerzbank

BNP Paribas, HSBC and RBC Capital Markets

Associated British Foods PLC

International Capital Markets Association (ICMA)

Clifford Chance LLP

Clifford Chance LLP has 'excellent partners with depth of knowledge and experience' and clients remark that the firm has 'a strong team of associates and some very good trainees coming through'. Matthew Fairclough  is head of the firm's global financial markets practice, in which houses the debt capital markets group, and his practice typifies the partner team as it encompasses advice to issuers and underwriters on new issuance, debt programmes, convertible and exchangeable bonds, corporate hybrid capital and regulatory capital trades, and liability management. Andrew Coats specialises in advising financial institutions. Simon Sinclair assisted Hellenic Bank Public Company Limited with its €100m EMT programme. Global head of capital markets Michael Dakin has extensive experience advising private equity sponsors, and Paul Deakins assists issuers and underwriters with a broad range of deals. Deborah Zandstra, who leads the firm's sovereign debt advisory practice, is advising Sri Lanka in its bid for an Extended Fund Facility from the IMF and a restructuring of its debt. Kate Vyvyan advised the arranger and dealer on the establishment of the AXA Logistics Europe Fund €2bn EMTN programme. Clare Burgess handles  infrastructure, renewables and sustainability-related transactions including project bonds and private placements. Jill Concannon joined from White & Case LLP to add more experience in international securities offerings. US capital markets partner Johannes Juette recently moved to London from the Singapore office.

Practice head(s):

Matt Fairclough

Other key lawyers:

Andrew Coats; Kate Vyvyan; Paul Deakins; Simon Sinclair; Michael Dakin; Jill Concannon; Johannes Juette; Deborah Zandstra; Clare Burgess


‘Excellent partners with depths of knowledge and experience. You can rely on the partners to be very responsive and provide very good legal advice. They have a strong team of associates and some very good trainees coming through.’

‘High quality knowledge and experience with some notable stars such as Paul Deakins and Kate Vyvyan.

Key clients

Banco Santander

Barclays Bank PLC

The Church Commissioners for England

CIBC FirstCaribbean

Citigroup Global Markets Limited

Credit Suisse

The Democratic Socialist Republic of Sri Lanka


Export Finance Australia, Australia’s export credit agency

Hellenic Bank Public Company Limited

HM Treasury (Government and public policy)

HSBC Bank plc

IE2 Holdco

Investec plc and Investec Bank plc

Lloyds Bank Corporate Markets

The Mauritius Commercial Bank Limited

NatWest Markets Plc

Nordea Bank ABP

UBS Securities LLC

Vestas Wind Systems A/S

Viesgo Holdco

Work highlights

  • Advised Credit Suisse and CIBC FirstCaribbean  on an innovative debt conversion transaction for Barbados, which was announced by Barbados and The Nature Conservancy, who provided conservation advisory services and a secondary guarantee for the transaction.
  • Advised the Church Commissioners for England on its £550 million public bond issuance, made up of a £250 million Sustainability Bond with a 10-year maturity and a £300 million conventional bond with a 30-year maturity.
  • Advised the Arranger and Dealer in relation to the establishment of the AXA Logistics Europe Fund €2bn euro medium term note programme.

Linklaters LLP

Linklaters LLP has 'a market-leading debt capital markets practice with deep knowledge and expertise across all areas', and clients note that the firm is 'accessible, responsive and approaches everything with a commercial and solution-focused mindset'. The firm is particularly well known for equity-linked transactions, but it handles the full spectrum of DCM work. 'Highly trusted collaborator' Ben Dulieu leads the practice and is 'renowned by the market for being fair'. Richard O’Callaghan is highly recommended for equity-linked transactions and is 'a good man to have on your side in emerging markets deals'. He worked with Cecil Quillen (who is 'among the very best US capital markets partners and can always be relied on for his well-calibrated advice') to advise The OPEC Fund for International Development on a $1bn GMTN programme. Quillen and Carson Welsh to assist HSBC Securities (USA) Inc. with a $6.7bn SEC-registered exchange offer. Up-and-coming partners Arjun Muddu (who is 'professional, personable and always calm in his approach') and Yaroslav Alekseyev, who advised numerous Ukrainian issuers on debt issues following the invasion by Russia, are central to the practice. Richard Levy , who is a key adviser to Standard Chartered Bank, and Elaine Keats, who is 'very focused on understanding clients and their needs', are among the firm's standout partners, while Andrew Chaplin is among the many talented managing associates.

Practice head(s):

Ben Dulieu

Other key lawyers:

Cecil Quillen; Richard Levy; Amelia Rice; Vidhu Gupta; Richard O’Callaghan; Carson Welsh; Arjun Muddu; Andrew Chaplin; Declan McGrath; Vidhu Gupta; Jessica Andrew; Yaroslav Alekseyev; Elaine Keats


‘Linklaters has acted on our debt issuance programmes over a number of years. The advice and support received has been of consistently high quality, relevant to our requirements, and in every case has contributed to the success of our transactions. The team offer top-class capabilities in advising on each of the elements of debt issuance transactions, including on a cross jurisdictional basis.’

‘The Linklaters DCM team have an acute appreciation for our business priorities. In particular, the team understand that sustainable finance is a key focus for our business and has reliably supported us in implementing our sustainability agenda.’

‘Arjun Muddu has invested significant time and energy learning about the business, objectives and values of our organisation. He is professional, very personable and always calm in his approach. His ability to get to grips with the business requirement and provide a detailed assessment of the implications of a given scenario has made him a valued advisor and someone that we trust to provide reliable support and practical advice.’

‘Declan McGrath is professional and has a very positive and approachable manner. His responsiveness, attention to detail and pragmatic approach have been vital in identifying legal risks and his ability to collaborate effectively has made him an asset to our transactions.’

‘Elaine Keats manages a market leading team while still finding time to be very focused on understanding clients and their needs. Cecil Quillen is among the very best US capital markets partners and can always be relied on for his extensive knowledge and well calibrated advice.’

‘Linklaters are by some distance the most knowledgeable firm for equity-linked products (convertible and exchangeable bonds) – so much so that every underwriter bank on the street will always want them on their side, but also are happy to see them represent issuers as they understand the product and will focus on getting the deal done, not on arguing about points that do not matter.’

‘Ben Dulieu has solidified his leading market reputation, which is borne out of doing more deals than anyone else and being more knowledgeable about the product than anyone else, but also because he is extremely user-friendly and focused on getting the deal done in a collegiate manner.’

‘Richard O’Callaghan is tenacious and a good man to have on your side in emerging markets deals in particular.’

Key clients

NatWest Markets




BNP Paribas

The World Bank

Anglo American



Marex Group

Work highlights

  • Advised Credit Suisse International as sole conservation bond structurer and Credit Suisse International and Citigroup Global Markets Limited as joint bookrunners in relation to the World Bank’s Wildlife Conservation Bond, the first-of-its-kind, outcome-based, financial instrument that channels private sector investments to achieve conservation outcomes.
  • Acted for Anglo American Capital plc in connection with its issue of €745,000,000 4.750% Guaranteed Sustainability-Linked Notes due 21 September 2032 under its US$15bn Euro Medium Term Note Programme, guaranteed by Anglo American plc, the first euro denominated SLB by an investment grade corporate issuer and the first SLB to include a performance target relating to job creation.
  • Provided advice to BofA Securities, Goldman Sachs International and Morgan Stanley, as joint bookrunners, on FEMSA’s offering of €500 million 2.625% Senior Unsecured Exchangeable Bonds due 2026 exchangeable initially into ordinary shares of Heineken Holding N.V. by Fomento Económico Mexicano, S.A.B. de C.V., a Mexican multinational beverage and retail company. This is one of the largest equity-linked transactions so far in 2023.

White & Case LLP

‘Technically excellent as well as being very commercially aware‘, White & Case LLP continues to cement its place among the leading DCM groups in London, having successfully built on its presence in emerging markets and sovereign debt deals to create a fully rounded practice that handles standalone and MTN programmes, bank regulatory capital and corporate hybrids, private placements, project and green bonds, liability management, equity-linked instruments, and debt restructuring. ‘By far one of the best debt capital markets teams – smart, business-minded, focused and responsive‘, remarks a client. Standout partner Melissa Butler assisted Sweihan PV Power Company, the operator of the largest single-site solar project in the world, with its refinancing through the issuance of $700.8m in senior secured green bonds. Ian Clark represented the Ministry of Finance of Ukraine on a comprehensive liability management transaction that defers for two years Ukraine’s contractual obligation to make payments under approximately $25bn of bonds, GDP-linked warrants and sovereign-guaranteed debt obligations. Butler and the vastly experienced Stuart Matty acted for Bank Leumi in a $500m offering, which was the first  Rule 144A senior unsecured bond issued by an Israeli bank to international institutional investors. Richard Pogrel, who is ‘very strong in equity-linked deals‘, and Neha Saran advised Morgan Stanley on a $250m offering by Permanent TSB Group Holdings. Senior associate Anna Soroka also plays a central role in the practice.

Practice head(s):

Melissa Butler; Ian Clark; Stuart Matty; Richard Pogrel; Neha Saran

Other key lawyers:

Anna Soroka


‘We continue to lean heavily on the consistent support from White & Case for our DCM transactions. The firm has steered us through troubled times in assisting with raising funding from the international DCM in a constantly changing business with increasing regularity and political challenges. Stuart Matty and his team has become a critical resource for our business through years of diligent support.’

‘Team is versatile, extremely committed, and very thoughtful and diligent in its approach.’

‘Neha Saran : committed, diligent, strong under pressure, good adviser-to-adviser relationships.’

‘This is, by far, one of the best debt capital markets teams I have ever worked with (or been a part of). They are smart, very business minded and focused and responsive. The team is well known in the industry and their reputation extends to bankers, service providers and other transaction participants.’

‘All of the individuals in this practice have show themselves to be extremely capable, responsive and very pragmatic in their approach. Specifically, Richard Pogrel and his team (including associate Hashim Eltumi) are some of the best around.’

‘Quality of senior partner and their close attention and involvement. Outstanding associate support.’

‘Technically excellent as well as being very commercially aware. Particularly important is their deep bench of EMEA experienced US Counsel who understand the particular sensitivities of US based Financial institutions, this is particularly important for sanctions risk.’

‘The White and Case team are intellectually sound, up to date with market trends and developments in all respect, simple in assertion and collaborative in action.’

Key clients

Aggregate Holdings

Bank Leumi

Bank of Industry

Barclays Bank PLC

CETIN Group B.V.


Deutsche Bank


Heights Capital Management

Jefferies Group

JP Morgan Chase

Landsbankinn hf.


Ministry of Finance of Ukraine

Morgan Stanley

Republic of Nigeria

Republic of Suriname

Republic of Zambia

Standard Chartered Bank

Sweihan PV Power Company



Work highlights

  • Representation of the Ministry of Finance of Ukraine on a comprehensive liability management transaction that, among other things, defers for two years Ukraine’s contractual obligation to make payments under approximately US$25 billion of its international bonds, GDP-linked warrants and sovereign-guaranteed debt obligations.
  • Representation of Sweihan PV Power Company PJSC, the owner and operator of the Noor Abu Dhabi solar PV plant (the largest single-site solar project in the world), in connection with the refinancing in full of the Noor Abu Dhabi project through the issuance of US$700.8 million 3.625% green senior secured green bonds due January 31, 2049.
  • Representation of Bank Leumi le-Israel B.M. as the issuer on the offering of US$500 million 5.125% Senior Notes due 2027. This deal is the first senior unsecured bond issued by an Israeli bank to international institutional investors pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1993.


Ashurst has 'true subject matter experts who give very clear and commercially practical advice'. The firm handles high-profile and complex DCM matters, be they standalone bonds, large issuance programmes, regulatory capital transactions, equity-linked bonds or a host of other debt instruments. Head of capital markets Anna Delgado leads a practice that is 'very agile and commercially minded, and provides prompt, clear and succinct responses to queries'. Delgado advised Merrill Lynch International as arranger on the establishment of the Haleon plc's £10bn EMTN programme, and assisted Barclays Bank on the update of IG Group Holdings PLC's £1bn EMTN programme. Counsel Scott Chatterton also played a key role in those matters. 'His hands-on approach is reassuring', say clients of Alexander Biles, who acted for arranger Lloyds Bank on the update of on DS Smith Plc's €5bn EMTN programme. He also worked with Helen Jones to work on Salerno Pompei Napoli's €518m project bond to finance the takeover of the concession for the operation of the A3 (Naples-Pompei-Salerno) toll road. Corporate trust and agency specialists Malcolm Charles and Ciaran Vinaccia are 'supremely pragmatic'.

Practice head(s):

Anna Delgado

Other key lawyers:

Alexander Biles; Helen Jones; Scott Chatterton; Ciaran Vinaccia


‘The team are true subject matter experts. They understand in detail the requirements of our business and they are able to give very clear and commercially practical advice. The point that singles this team out compared to other external firms I have worked with is the unbelievable level of responsiveness. They are able to respond at very short notice and help to quickly resolve any urgent issues we may have at any time.’

‘The team is made up of outstanding individuals. Alex Biles is the partner we deal with and he is able to quickly advise on many complex questions we ask him. He is very approachable and with his understanding of our business is an excellent business partner.’

‘Pragmatic advice suited to the client’s specific needs and constraints. Excellent reaction times to requests and deadlines always met. Cost-conscious.’

Key clients

Altana Social Impact Partnership



Arjun Infrastructure Partners

Bank of China


BofA Securities




Credit Suisse

Cynergy Bank

Dexia Crédit Local

EnQuest PLC



Intermediate Capital Group

Landshypotek Bank

Lloyds Bank

Merrill Lynch International


National Express

NatWest Markets



Salerno Pompei Napoli S.p.A

Santander UK

Shawbrook Bank

Standard Chartered Bank


Tritax Big Box REIT


WM Morrison Supermarkets

Work highlights

  • Advised NatWest, Barclays and UBS on Shawbrook Group plc’s exchange offer in respect of its £125,000,000 Fixed Rate Reset Perpetual Additional Tier 1 Write Down Capital Securities and related issue of £124,000,000 Fixed Rate Reset Perpetual Additional Tier 1 Write Down Capital Securities.
  • Advised Merrill Lynch International (as Arranger) and the dealer panel of banks on the establishment of the Haleon plc’s £10,000,000,000 EMTN programme; and the Managers on the Reg S issue of EUR 2.3 billion and £700 million of fixed rate Notes under the EMTN programme, as part of GlaxoSmithKline plc’s demerger of its consumer health business to Haleon plc.
  • Advising Barclays and other dealer banks on multiple high value deals for AA, including: advising the dealers on AA’s £5bn Multicurrency Programme for the Issuance of Class A Notes; and advising the managers in relation to AA’s issue of Sub-Class A10 £250m Fixed Rate Class A Notes due 2029.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton is best known for its work on complex, non-vanilla capital markets transactions, and it has extensive experience in representing financial institutions, acting both as underwriters’ counsel and for the banks as issuers. Practice head Sebastian Sperber acted for global pharmaceutical company GSK in its pre-demerger $8.75bn offering of bonds, which helped the company to prepare for the separation of the GSK consumer health care business into a standalone business. The proceeds were used to fund a dividend to the GSK Group and the Pfizer Group, which owned a major stake in the consumer health care business. Key partner David Gottlieb frequently acts for Santander UK Group Holdings plc in debt offerings under its US registered MTN programme, and recently this included a $1.5bn fixed rate/floating rate notes issue. Newly promoted partner Chrishan Raja handles debt offerings in both developed and emerging markets, and his recent work includes assisting Gottlieb with work for initial purchasers including Citigroup Global Markets on a $500m tranche of senior notes. The firm is also highly active in the sovereign debt space, with Gottlieb and Jim Ho among the key practitioners.

Practice head(s):

Sebastian Sperber

Other key lawyers:

David Gottlieb; Chrishan Raja; Jim Ho

Key clients

GSK plc

Haleon plc

Barclays Bank PLC

Credit Suisse Group

Citigroup Global Markets Limited

J.P. Morgan Securities PLC

Jefferies LLC

UBS AG London Branch

Santander UK Group Holdings plc

Swedish Export Credit Corporation

BofA Securities, Inc.

Goldman Sachs & Co. LLC

SMBC Nikko Securities America, Inc.

TD Securities (USA) LLC

Merrill Lynch International

Davis Polk & Wardwell LLP

The partners in Davis Polk & Wardwell LLP‘s corporate practice handles a broad range of DCM, ECM, corporate finance, high yield and structured finance matters, but its work on debt offerings for corporate issuers is at the top of the market. Capital markets is at the heart of the London corporate group's work, and the firm leverages both English and US law capability to advise on a range of high-profile transactions such as the $4bn Rule 144A / Regulation S offering by Reliance Industries. Key partner Leo Borchardt and counsel Connie Milonakis led that deal. Practice head Reuven Young, who handles both investment grade and high yield mandates, is a key adviser to NatWest Group plc and NatWest Markets Plc, for which he recently handled an SEC-registered shelf takedown of $1.5bn, and cash tender offers for outstanding US-dollar denominated securities. He also assisted joint book-running managers and underwriters with combined issuance in excess of $3bn by B.A.T Capital Corporation.

Practice head(s):

Reuven Young

Other key lawyers:

Leo Borchardt; Connie Milonakis

Key clients


Credit Suisse

eDreams ODIGEO


Israel Discount Bank

J.P. Morgan


Reliance Industries


Royalty Pharma

Work highlights

  • Advised NatWest Group on its $1.5 billion SEC-registered senior notes offering, $3 billion aggregate SEC-registered shelf notes offerings, NatWest Group and NatWest Markets on their $7.34 billion separate cash tender offers.
  • Advised Roche Holdings on its $5 billion Rule 144A / Regulation S notes offering.
  • Advised the underwriters on a $4 billion aggregate SEC-registered notes offering by ING Groep N.V.


Dentons has ' friendly team that is always available to discuss and problem solve', and clients note that the firm provides 'strong technical ability, and high partner visibility and supervision'.  Practice head David Cohen and standout partner Nick Hayday continue to build the DCM team, notably with the hire of 'first-rate partnerNeil Dixon from Linklaters LLP at the end of 2022.  Together, they advise on the full range of DCM products, hence the firm's promotion in the ranking, though it has particular strength in niches such as sovereign debt, regulatory capital trades, and equity-linked bonds. Hayday, who 'instils confidence in clients', and newly promoted partner Victoria Wyer acted for Republic of Lithuania in the updates of its issuance programme as well as a combined offering of €1.8bn in bonds. Cohen handled an issuer substitution for €300m in outstanding bonds of G City Europe Limited, and advised Haitong Bank on its offering of €230m in floating rate bonds.  Cameron Half, who leads the US Securities practice in EMEA, and trustee and agency specialist Catriona ’Kitty’ Lloyd also play pivotal roles in the practice.

Practice head(s):

David Cohen

Other key lawyers:

Nick Hayday; Cameron Half; Catriona ‘Kitty’ Lloyd; Neil Dixon; Victoria Wyer


‘High partner visibility and supervision. The Dentons team are always available to discuss and problem solve. They are also a friendly team who are easy to work with and always very professional. There is strong technical ability in the team and a strong PSL service backing them up.’

‘Victoria Wyer, Nick Hayday, David Cohen and Neil Dixon all provide bench strength and are go-to lawyers for transactions.’

‘The team is very well versed in DCM, they have experts on every topic, can share relevant context for every issue and can drive things to a pragmatic and acceptable solution.’

Key clients


JSC Silknet

Republic of Lithuania

CPI Property Group

G City Europe Limited (previously Atrium European Real Estate Limited)

Globe Trade Centre S.A.

Haitong Bank

Hurricane Energy plc

Commercial Bank of Dubai

Avia Solutions Group

Work highlights

  • Advised the Republic of Lithuania on not only their programme update and issuance of €650 million 2.125% bonds due 2032, and the subsequent issuance of €900 million bonds 4.125% bonds due 2028 and a EUR 300 million tap of existing €670 million 2.125% bonds due 2032.
  • Advised a syndicate of banks on the first ever euro sustainability-linked bond issuance by an investment-grade utility company in Central and Eastern Europe – ČEZ’s €600 million debut sustainability-linked 2.375% bonds due 2027.|
  • Advised the Joint Lead Managers on Finnvera’s issuance of US$1 billion 2.125% bonds due 2028.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP has 'a team of highly skilled attorneys who are well-versed in all aspects of debt capital markets, including structuring and negotiating complex debt transactions'. One client remarks that the firm stands out for 'its commitment to client service, taking the time to listen to clients' needs and concerns'. It has a strong base of issuer and manager clients, among them Airbus, Severn Trent and National Grid Electricity Distribution. The firm is also one of the leading players in the African debt capital markets. Global head of debt capital markets Amy Geddes is 'always available to give strategic advice and guidance'. She advised insurer Great-West Lifeco Inc. on its offering of €500m in standalone bonds. Head of US securities Tom O’Neill and US securities partner Dinesh Banani frequently handle Rule 144A securities offerings. Jake Jackaman, who handles EMTN programmes, ESG-related bond issues and trustee matters, acted for Northern Powergrid (Northeast) PLC in a £350m bond issue. Gabrielle Wong is also recommended for US law transactions. Omar Shafi joined Sidley Austin LLP.

Practice head(s):

Amy Geddes

Other key lawyers:

Dinesh Banani; Gabrielle Wong; Jake Jackaman; Tom O’Neill; Matthew Oliver


‘HSF has a team of highly skilled lawyers who are well-versed in all aspects of debt capital markets, including structuring and negotiating complex debt transactions.’

‘One of the things that sets HSF apart is their commitment to client service. They take the time to listen to their clients’ needs and concerns, and work closely with them to achieve their goals.’

‘They are also highly responsive and always available to provide guidance and support when needed.’

‘Amy Geddes is a super debt capital markets lawyer who is always available to give strategic advice and guidance. She coordinates the work of team extremely well.’

‘Matthew Oliver is a standout associate.’

Key clients

Glanbia Co-operative Society Limited


Severn Trent



Bevco Lux



Weir Group


WH Smith


Treasury Corporation of Victoria

Great-West Lifeco Inc.

National Grid Electricity Distribution

Northern Powergrid



JP Morgan Global Growth & Income plc (JGGI)

First Investment Bank

Work highlights

  • Advising Airbus in connection with its EUR12 billion EMTN programme, including its updates, issuances thereunder and supplements to the programme.
  • Advised the Managers in connection with a bond issuance by Hiscox Ltd (an international specialist insurer).
  • Advised National Grid Electricity Distribution on the update of its GBP6 billion EMTN programme and its issues thereunder. This was an important matter as it was the first time NGED updated and utilised its EMTN programme since 2020, following their acquisition of Western Power Distribution which HSF also advised on.

Latham & Watkins

In London, Latham & Watkins provides a powerful combination of US law expertise and deep experience in emerging markets debt, sovereign issuance, liability management and debt restructuring, sustainable finance, and private placements. The firm has 'great knowledge and experience across the board' and clients note that 'the general level of the partners and associates is top-level'. Practice head David Stewart focuses predominantly on debt offerings by businesses and industries operating in the emerging markets including CEE, MENA and Sub-Saharan Africa. He has extensive experience in US securities law and disclosure matters.  Stewart and Vladimir Mikhailovsky, who has extensive knowledge of international regulatory regimes, assisted JP Morgan Chase as lead managers with the combined issuance of $485.5m by JSC Silknet, the telecommunications operator in Georgia. Up-and-coming partner Manoj Tulsiani and the 'exceptionalJennifer Engelhardt led a team that assisted Swedish private equity firm EQT Partners with the issuance of a total of €1.5bn in sustainability-linked notes as part of the financing for its merger with Baring Private Equity Asia.

Practice head(s):

David Stewart


‘Great knowledge and experience across the board. Arguably the industry leader for this sort of work.’

‘Jennifer Engelhardt is exceptional – the general level of the partners and associates is top level.’

Key clients

BNP Paribas


Deutsche Bank

DTEK Renewables

Goldman Sachs



J.P. Morgan


EQT Partners

Realty Income

Public Investment Fund (PIF)


Mayer Brown International LLP

Mayer Brown International LLP's London capital markets group is 'competitive across the spectrum for investment grade and emerging markets work, across issuer categories and the credit spectrum'. The firm, which climbs the ranking this year, has a strong presence in market segments such as Canadian debt issuance, emerging markets issuance, and acting for banks as both issuer and underwriter. Peter Pears is driving the growth of the firm's capital market platform, and he is known for his work in ESG-related bonds, MTN programmes, regulatory capital trades and a host of other DCM deals. He acted for CDP Financial Inc. in its €2bn notes offering. 'He has a very pragmatic approach to achieving the best outcome on transactions', clients remark. Experienced DCM partners experienced partner James Taylor, Bernd Bohr and Rob Flanigan also play key roles in the practice. Taylor worked with the New York office to assist Canada Pension Plan Investment Board (CPPIB) with the update of its C$50bn MTN programme.

Practice head(s):

James Taylor; Bernd Bohr; Robert Flanigan; Peter Pears


‘Strong entry into the English law DCM space, which is an attractive proposition when combined with existing US law presence. This makes Mayer Brown competitive across the spectrum for investment grade and emerging markets work, across issuer categories and the credit spectrum.’

‘Peter Pears – we have been working with Peter for over 15 years and are glad to see him building a strong practice at Mayer Brown. Peter is extremely knowledgeable about the DCM space, knows the players and is well-liked by clients and other lawyers. Very reasonable lawyer who knows when to pick up the phone, and is always happy to deliver extremely competitive quotes on complex transactions that require a steady hand at the wheel.’

‘Very solid services and friendly relationship.’

‘Very pleased to see the addition of Peter Pears as a new partner in MB’s London practice. This has really strengthened their presence in the European DCM market and particularly ESG knowledge and expertise.’

‘Peter Pears is a standout partner in the practice. Knowledgeable, commercial and an absolute pleasure to work with. Always engaged and focused on the best outcome in a transaction. Very highly regarded.’

‘A friendly and approachable team knowledgeable in a broad range of banking and finance matters. They provide easily digestible and on-the-point briefings about hot topics and are always willing to discuss. They provide a list of training options for clients to select the most relevant, and are willing to visit in person as well as provide online training.’

‘Peter Pears is an excellent partner covering the full range of DCM matters. He is always willing to discuss any queries and provide briefings and training on relevant topics, and has a very pragmatic approach to achieving the best outcome on transactions.’

‘The team’s deep knowledge and responsiveness in a timely manner.’

Key clients

Canada Pension Plan Investment Board

Barclays Bank

Fédération des caisses Desjardins du Québec



Hamburg Commercial Bank (HCOB)

Raffinerie Heide GmbH

Klesch Group

Preem AB (publ) and Preem Holding AB (publ)

United States International Development Finance Corporation (DFC)

Bank Julius Baer

Credit Agricole

National Bank of Canada

Halo Investing Inc.


JP Morgan





Norton Rose Fulbright

At Norton Rose Fulbright, ‘the team is very efficient and responsive, and their communication is clear, concise, and easy to understand‘. Known for its emerging markets and sovereign bond expertise, the firm is also active in project bonds, debt restructuring, corporate trust matters, Islamic Finance and  Canadian issuance. Practice head Peter Young handles debt offerings under both English and New York law, and he acted for the underwriters of Sweihan PV Power Company PJSC’s $700m senior secured amortizing green bonds offering. EMEA chair Farmida Bi is recognised as one of the most influential women in European finance. Peter Noble is best known for advising Canadian issuers and their dealers in the international debt markets. Highly regarded junior partner Kirstin Russell focuses on corporate trust transactions. She recently worked with Young on a ZAR7.3bn bond restructuring and refinancing for South Africa-based telecommunications operator Cell C, which involved holders of the company’s existing international notes agreeing to an exit consent. Counsel Andrew Coote is a notable practitioner for public structured debt transactions including project bonds and sukuk, while counsel Vishal Mawkin handles both English law- and New York law-governed cross-border debt financings.

Practice head(s):

Peter Young

Other key lawyers:

Farmida Bi; Peter Noble; Kirstin Russell; Vishal Mawkin; Tommy Chew; Alison Hutchings



‘Norton Rose Fulbright has extensive knowledge of the industry and is often involved in complex cases requiring expertise across practices, and its advice considers a wider spectrum than the initial matter.’

‘The team is very efficient and responsive, and their communication is clear, concise, and easy to understand.’

‘Exceptionally experienced and prepared to take on the more interesting and quirky mandates. Address their minds to complex and novel situations very well.’

‘Kirstin Russell is an exceptional lawyer who provides superb legal advice. Is particularly adept at dealing with tricky legal concepts and is a trusted adviser. She has also worked on some interesting litigation we have been involved in, bringing her finance and trust knowledge to bear and working very well, with her litigation colleagues to provide very helpful advice and guidance.’

‘Peter Noble and his team have a deep understanding of our business. Our long-standing relationship with them and their willingness to always go the extra mile make them a trusted partner and we are always pleased to work with them.’

‘Peter Noble is a truly trusted pair of hands and has a deep and thorough knowledge of our business and our needs. Tommy Chew is thorough, committed and attentive and is always well organised and efficient on trades, as is Alison Hutchings. The team are a pleasure to work with.’

Key clients

Republic of Angola – Ministry of Finance

Ecobank Transnational Incorporated


Piraeus Bank


Deutsche Bank

Government of Pakistan, Ministry of Finance

Telenor ASA

Royal Bank of Canada


MUFG Securities

US Bank

Republic of Kazakhstan


BNP Paribas

Law Debenture

BNY Mellon


JP Morgan

HSBC Bank plc

The Development bank of Southern Africa (DBSA)

Bank of Nova Scotia

International Finance Corporation (IFC)

Work highlights

  • Acted as US federal securities, New York, English and UAE law legal counsel advising the underwriters (led by Citi, HSBC and MUFG) in connection with the issuance by Sweihan PV Power Company PJSC (the Issuer) of US$700,800,000 3.625% senior secured amortizing green bonds due 2049.
  • Acted as Canadian, English, US and Australian counsel to The Bank of Nova Scotia in connection with the updates of its Euro MTN and Global Covered Bond programmes and issues in multiple currencies and markets of over USD 15 billion equivalent thereunder. Included in such multiple issues was the Bank’s inaugural issue of NVCC tier 2 Subordinated Notes under its EMTN programme and the first by a Canadian bank outside of North America.
  • Advising Kroll Trustee Services as noteholder representative and collateral agent on the €775 million secured notes issued by Phoenix Towers International, funding growth in Europe for the leading wireless communications infrastructure provider.

Sidley Austin LLP

The DCM team at Sidley Austin LLP is ‘very focused in understanding the overall business of the client and it offers services based on their general understanding of their needs‘. The practice is ‘always thoughtful and arguably one of the most personable firms in the legal world‘. David Howe, who leads the English law practice in London, frequently acts leading European corporate and bank issuers, such as GlaxoSmithKline and Bank of Cyprus. His recent work for GSK includes the offering of notes with a combined value in excess of £3.5bn. US partner Alan Grinceri also plays a pivotal role in the practice, particularly following the retirement of London head of US law Mark Walsh at the end of 2022. Nigel Wilson (who is ‘always in the detail‘) is dual-qualified in US and English law, and he handles both investment and non-investment grade debt as part of a broad capital markets practice. Counsel Omar Shafi also play pivotal roles in DCM deals.

Practice head(s):

David Howe

Other key lawyers:

Omar Shafi; Nigel Wilson; Alan Grinceri


‘Always thoughtful and arguably one of the most personable firm/individuals I come across in the legal world. Excellent global connectivity, particularly between US and Europe.’

‘Nigel Wilson one of my go-to lawyers, always in the detail, leverages the firms full capabilities.’

‘Sidley is very unique in the sense that it builds strong and long-lasting relations with the clients. Sidley team is very focused in understanding the overall business of the client and it offers services based on their general understanding of their clientele needs.’

‘David Howe, the partner responsible for the company I work for, is very well informed about our operations overall and provides unique solutions to accommodate our needs. The Sidley team is overall very easy to reach, and they provide very clear analysis of the legal matters under their review.’

Key clients

Barclays Asia Capital Limited, BNP Paribas, Commonwealth Bank of Australia and Société Générale

GSK plc, GlaxoSmithKline Capital plc and GSK Capital B.V.

Haleon plc

Merrill Lynch International, Mizuho International plc, SMBC Nikko Capital Markets Limited, Société Générale, Bank of China, HSBC, J.P. Morgan, Wells Fargo Securities


DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, Standard Chartered Bank, The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch, United Overseas Bank Limited and Westpac Banking Corporation

Bank of Cyprus Public Limited Company

GlaxoSmithKline plc (GSK)

Citigroup Global Markets Inc.

Worley Group

J.P. Morgan Securities LLC

BMO Capital Markets Corp.

Work highlights

  • Represented GSK on the establishment of US$1.4 billion and £1 billion syndicated revolving credit facilities and the issuance of c £3.5 billion of notes in sterling and euro.
  • Represented the underwriters in connection with a €500 million SEC-registered offering by Smith & Nephew plc, a leading London- and NYSE-listed portfolio medical technology company headquartered in the UK.
  • Acted for the Joint Lead Managers in connection with Westpac Banking Corporation’s September 2022 issue of S$450,000,000 Fixed Rate Reset Subordinated Instruments due 2032 issued under Westpac Banking Corporation’s US$70 billion Euro Medium Term Note Programme.

Skadden, Arps, Slate, Meagher & Flom (UK) LLP

At Skadden, Arps, Slate, Meagher & Flom (UK) LLP, ‘the team covers all aspects of DCM work and is very professional in how it deals with even the most complex structures‘. The firm acts for issuers, underwriters and many other market participants in complex, cross-border deals, notably Yankee bonds, and it has considerable English and US law capability in the London office. ‘We have been impressed with the thoroughness of the document production and their proactive project management‘, says a client of the practice led by European head of capital markets Danny Tricot, who recently acted for world-leading medical technology business Becton, Dickinson and Company on the establishment of its its $2.75bn multi-currency euro commercial paper programme. US capital markets partner James McDonaldand associate James Michelson, who assisted Tricot with Nokia’s €700m tender offer for notes issued under its EMTN programme,  are key players in the practice.

Practice head(s):

Danny Tricot

Other key lawyers:

James Michelson; Pranav Trivedi; James MacDonald


‘The team covers all aspects of DCM work and is very professional in how it deals with even the most complex structures.’

‘We have been impressed with the thoroughness of the document production by the team, and their proactive project management.’

‘Danny Tricot is top class.’

‘Danny Tricot has been very hands-on and available to provide views and analysis. James Michelson has handled document production very well.’

Key clients

Ashtead Group plc

Becton, Dickinson and Company

Nokia Corporation

Pfizer Inc.

Antares Vision S.p.A

Stanley Black & Decker, Inc

Telegram Group Inc.

Atlantica Sustainable Infrastructure plc

Stevanato Group

Goldman Sachs

J.P. Morgan

Citigroup Global Markets Europe

Work highlights

  • Advised Becton, Dickinson and Company, a world leading medical technology company, on the establishment of its $2.75 billion multicurrency euro commercial paper programme and the upsize of its United States commercial paper programme to $2.75 billion.
  • Advised Nokia Corporation on a successful tender offer for €700 million of its existing Notes issued under its €5,000,000,000 Euro Medium Term Note Programme and on a new issue of €500 million of Notes due 2031.
  • Advised the dealers, J.P. Morgan and Standard Chartered Bank, on the establishment of the State of Qatar’s Global Medium Term Note Programme.

Slaughter and May

Slaughter and May has 'a strong team that has a good knowledge of the market'. The firm is a market-leading adviser to issuer clients, particularly those listed in the UK, on debt issuance. Indeed, over the last three years the firm has acted for more FTSE250 issuer clients than any other firm. Its clients come from a vast range of sectors, and among them are pharma giant, GlaxoSmithKline, energy companies Drax and Norsk Hydro, and charity International Finance Facility for Immunisation (IFFIm). Newly appointed practice head Caroline Phillips has a strong financial institution issuer client base. She acted for Standard Chartered Plc on the update of its $77.5bn debt issuance programme. Matthew Tobin frequently assists Westpac Banking Corporation and its New Zealand-incorporated subsidiary, Westpac New Zealand Limited with DCM transactions. He also worked with key partners Edward Fife and Kevin Howes on IFFIm's £250m debt offering. Guy O’Keefe handled the update of Euroclear Bank's €20bn certificate of deposit programme. Robert Byk is 'a great negotiator' and emerging partner talent Charlie McGarel-Groves is 'very competent, knows the markets well and is pleasant to work with'.

Practice head(s):

Caroline Phillips

Other key lawyers:

Matthew Tobin; Kevin Howes; Peaches Stanforth; Edward Fife; Guy O’Keefe; Robert Byk; Charlie McGarel-Groves


‘A strong team that has a good knowledge of the market.’

‘Robert Byk is a great negotiator.’

‘Charlie McGarel-Groves is very competent, knows the markets well and is pleasant to work with.’

Key clients





International Finance Facility for Immunisation

Just Group

Land Securities

Norsk Hydro


United Utilities


Work highlights

  • Advised Aviva Plc on its first public issue of £500,000,000 Fixed Rate Restricted Tier 1 Notes.
  • Advised International Finance Facility for Immunisation in respect of an issuance of £250m three-year fixed rate vaccine bonds in July, which marked IFFIm’s first GBP issuance since 2009.
  • Advised Norsk Hydro ASA on the establishment of its EUR5bn Euro Medium Term Note Programme, including broad and innovative optionality to issue green notes and sustainability-linked notes in line with Hydro’s green and sustainability-linked financing framework

Sullivan & Cromwell LLP

The capital markets group at Sullivan & Cromwell LLP is 'very knowledgeable, hands-on and spot-on'. The firm frequently handles novel and high-value dent offerings, drawing on both English and US law capability in London. Vanessa Blackmore leads the practice and she recently assisted Coca-Cola HBC with its €500m inaugural green bond offering. Evan Simpson has become a prominent partner in the practice, his recent work including advice to Bank of Ireland Group on its $1bn notes offering. John Horsfield-Bradbury is the preferred counsel for Anheuser-Busch InBev, the world’s largest beer company, which he advised on cash tender offers for up to $3.5bn in outstanding US-dollar and sterling notes. He also assisted bp with its $2bn billion SEC-registered offering of guaranteed notes. Oderisio De Vito Piscicelli leads the firm's Italian practice, acted for Stellantis in its $1.25bn Rule 144A/Regulation S offering of senior notes. Key partner Chris Beatty recently acted for Highbridge Capital Management and Whitebox Advisors in the successful amendment of outstanding convertible bonds and the exchange of €102m in outstanding convertible bonds for new debt.

Practice head(s):

Vanessa Blackmore; Evan Simpson; Oderisio de Vito Piscicelli; John Horsfield-Bradbury

Other key lawyers:

Chris Beatty


‘Evan Simpson and the team are very knowledgeable, hands-on and spot-on. They deliver as promised. It is a pleasure to work with them.’

‘Evan Simpson heads the team – he makes sure to bring his knowledge and attitude across to his colleagues.’

Addleshaw Goddard

Addleshaw Goddard is 'the go-to law firm for social housing debt capital markets financing'. Acting for financial dealers, managers and trustees, the firm is increasingly involved in debt finance outside the social housing sector, though that remains its principal focus. Lead partner Beth Collett is 'incredibly knowledgeable, personable, very easy to work with, highly professional'. She advised Barclays Bank PLC, Lloyds Bank Corporate Markets plc and NatWest Markets Plc as joint bookrunners, as well as M&G Trustee Company as bond trustee, on £350m of sustainability bonds issued by Peabody Capital No. 1 plc. Up-and-coming partner Jacqueline Heng and real estate finance specialist Jennie Chilton play key roles in the firm's social housing finance work. Heng acted for issuer The Hospital Company (Swindon & Marlborough) Limited in a £159m LIBOR consent solicitation transaction to help it transition its issued privately-placed project bonds into the new SONIA benchmark.

Practice head(s):

Beth Collett

Other key lawyers:

Jacqueline Heng; Jennie Chilton; Sam Shore


‘A strong social housing secured bond practice which covers both public bond transactions and private placements. Leading the team is Beth Collett, who brings many years of experience and is happy to discuss structures and ideas.’

‘Beth Collett leads from the front and has a very strong level of technical knowledge of her product and is willing always to discuss ideas and provide guidance.’

‘Beth Collett – efficient and no nonsense.’

‘The team at AG has a deep understanding of us as a client and our needs. In negotiations they often already know which points to push on without me having to explicitly tell them – this is highly valued and saves time on both sides.’

‘Beth Collett and Jennie Chilton are two outstanding individuals. They are incredibly knowledgeable, personable, very easy to work with, highly professional, and always willing to talk me through unfamiliar complicated concepts and advice. I thoroughly trust their judgement.’

‘Addleshaw Goddard have a market leading debt capital markets team – they are the go-to law firm for social housing debt capital markets financing. The team, led by Beth Collett, is meticulous in its advice, clear in terms of deliverables and the most active in the sector.’

Key clients

Barclays Bank PLC

Centrus Financial Advisors Limited

Deutsche Bank AG, London Branch

HSBC Bank plc

Lloyds Bank Corporate Markets plc

M&G Trustee Company Limited

MUFG Securities EMEA plc

National Bank of Canada

NatWest Markets plc

The Hospital Company (Swindon & Marlborough) Limited

Work highlights

  • Advising arrangers and dealers including NatWest Markets plc, Lloyds Bank Corporate Markets plc, Barclays Bank PLC, MUFG Securities EMEA plc, National Bank of Australia, Banco Santander, S.A., HSBC Bank plc, SMBC Nikko Capital Markets plc as arrangers and dealers in respect of programme establishments and updates for Platform HG Financing plc, Metropolitan Housing Trust Limited, Stonewater Funding plc, Notting Hill Genesis, LiveWest Treasury plc and VIVID.
  • Advising National Bank of Canada on its structured note issuances.
  • Advising M&G Trustee Company Limited (as bond trustee and security trustee) and Centrus Financial Advisors Limited (as sole solicitation agent) in respect of a breach of covenants by Swan Housing Capital plc and Swan Housing Limited in relation to the issue by Swan Capital plc of its £250,000,000 3.625 per cent. Secured Bonds due 2048 and subsequent consent solicitation exercise for the waiver of such subject to the completion of an acquisition of Swan Housing Limited by Sanctuary Housing Association.


Akin is 'proactive in approach, giving clear concise advice but with an eye on commercialism', particularly in the niche area of US private placements. Tom O’Connor leads the London finance group and is 'one of the top lawyers in this sector', frequently advising institutional investors on the acquisition of privately placed debt and equity securities. He recently assisted institutional debt investors MetLife and PGIM with the purchase of €200m of senior unsecured notes in the debut private placement by Tritax Eurobox plc. Robert Aulsebrook leads the issuer practice and focuses predominantly on emerging markets debt. Barry Russell  focuses on financial restructuring and Mark Mansell frequently represents insurance companies and other financial institutions in cross-border private placements. Michael Gustafson handles debt finance work for non-bank lender clients, which included acting for PGIM Private Capital on the £350m debut private placement issuance by Scottish Hydro Electric Transmission plc.

Practice head(s):

Thomas (Tom) O’Connor

Other key lawyers:

Robert Aulsebrook; Barry Russell; Michael Gustafson; Mark Mansell


‘Superbly knowledgeable in our market niche, proactive in approach giving clear concise advice but with an eye on commercialism.’

‘Proactive in approach (and quick to respond even if to say they are investigating and will answer in detail later), reaching out directly to discuss specific situations, good at supporting divided groups towards a consensus. Regular interaction with Tom O’Connor, one of the top lawyers I work with in this sector.’

‘Very smart lawyers, very responsive, overall excellent experiences with multiple partners on many different matters.’

‘Tom O’Connor, Mike Gustafson, Barry Russell in London. All excellent lawyers.’

Work highlights

  • Represented institutional debt investors MetLife and PGIM on their purchase of €200m senior unsecured notes in the debut private placement by Tritax Eurobox plc.
  • Advised a UK institutional investor on its provision of delayed-draw private placement financing to real estate management company Cadogan Estates.
  • Advised PGIM Private Capital as the sole provider of financing on a £350m debut private placement issuance by Scottish Hydro Electric Transmission plc, supporting plans to invest in its electricity transmission infrastructure, clearing the way to deliver cleaner, UK-generated energy.

Baker McKenzie

Baker McKenzie has 'a great team that is always responsive. very helpful and provides very quick turnarounds'. Adam Farlow, who is qualified in both New York and English law, leads the practice and predominantly handles high yield transactions. He has 'excellent problem-solving skills and commercial awareness, and is always there to help'. A key partner in the group is Roy Pearce , who worked with senior associate Maxim Khrapov to assist SNB Capital as the arranger of the private placement of an $880m Tier 1 capital sukuk by Saudi National Bank. Private placements expert Megan Schellinger is highly recommended. She recently advised Citi as lead manager and Barclays a number of other banks on the update of BPER Banca's €6bn EMTN programme. Trustee specialist Simon Porter and US-qualified of counsel Charles Farnsworth also play key roles in debt transactions.

Practice head(s):

Adam Farlow

Other key lawyers:

Roy Pearce; Megan Schellinger; Maxim Khrapov; Simon Porter


‘Great team. Always responsive. Very quick turnarounds and very helpful.’

‘Adam Farlow is exceptional – he has excellent problem solving skills and commercial awareness and is always there to help.’

‘Their expertise is unrivalled and we really value their counsel.’

Key clients

Bank of America

Bank of Georgia


Biocartis Group NV

BNP Paribas

BNY Mellon Corporate Trustee Services Limited (as trustee) and TMF Trustee Limited (as security agent)


Credit Suisse

Deutsche Bank

Deutsche Trustee Company Limited


Georgia Capital

GLAS Trust Company

Goldman Sachs


Intesa Sanpaolo

Jain Irrigation Systems

J.P. Morgan


Morgan Stanley

MUFG Securities EMEA plc

SNB Capital

Standard Chartered

Société Générale


U.S. Bank Trustees Limited

Work highlights

  • Advised UBS on a transnational digital securities issuance using the distributed ledger technology. The $50 million fixed rate digital securities were placed in Singapore and Hong Kong and issued and settled on 15 December 2022.
  • Represented Biocartis Group NV, an innovative molecular diagnostics company in connection with its truly unique comprehensive recapitalisation.
  • Advised a syndicate of banks led by J.P. Morgan, Standard Chartered and MUFG on an issuance by ETC Group (trading as Export Trade Group, or ETG), agri-commodities business based in Dubai.

Cravath, Swaine & Moore LLP

Clients praise the capital markets team at Cravath, Swaine & Moore LLP for its 'availability, profound legal knowledge, and practical approach'. The firm is best known for its high yield work, though it also investment grade bond issuance for corporates and sovereigns. Co-heads of the EMEA capital markets practice Philip Boeckman has 'a very good understanding of clients' needs', and George Stephanakis are the key partners. European counsel Lawrence Verhelst, who acts for corporate and sovereign issuers and financial institutions, has 'very solid US law knowledge and a practical approach to solving legal issues'. Boeckman and Verhelst recently acted for European Investment Bank in six registered notes offerings with a total value of $25bn, including a $5bn Climate Awareness Bond and a $4bn Sustainability Awareness Bond.

Practice head(s):

Philip Boeckman; George Stephanakis

Other key lawyers:

Lawrence Verhelst


‘Philip Boeckman has very good economic understanding and understanding of client needs; he has the experience and practical approach to solve legal issues.’

‘Lawrence Verhelst has a very good understanding of the client environment and circumstances; very solid US law knowledge; he always takes a practical approach to solve legal issues.’

‘Very high level of partner involvement – they are very familiar with the specific issues relevant in the various European countries.’

‘We work with Philip Boeckman on a regular basis. What makes him outstanding is his quick understanding of questions at hand and his low key, emphatic way how to explain issues to clients and getting parties to agree.’

Key clients

British American Tobacco

Casino Group

European Investment Bank


RELX Capital


Work highlights

  • Represented the European Investment Bank (“EIB”) in six registered notes offerings totalling $25 billion since January 2022.
  • Represented B.A.T Capital Corporation and B.A.T. International Finance p.l.c. in three registered notes offerings totalling $3.1 billion.
  • Represented RELX Capital Inc. in its $500 million registered notes offering.

Dechert LLP

Dechert LLP has 'the most efficient team, great depth of experience and a very commercial approach to getting the job done' and its strong presence in emerging markets debt transactions is due to its 'in-depth knowledge of local, regional and global practices'. 'Incredibly solution-oriented' head of international capital markets Patrick Lyons advises on the US law aspects of the major transactions handled by the London office, while emerging partner talent Jennifer Rees provides English law advice. Associate Amy Rees is 'highly recommended' for her work on complex debt issues and liability management transactions. The team recently assisted JSC Development Bank of Kazakhstan with the issuance of $500m in notes and a simultaneous tender offer for part of its outstanding debt. Another key emerging markets transaction saw the firm advise Hashemite Kingdom of Jordan on a $650m notes offering under its GMTN programme.

Practice head(s):

Patrick Lyons

Other key lawyers:

Jennifer Rees; Amy Rees


‘Of all the firms I have worked with in the last 10 years on debt capital market transactions, Dechert offers the most efficient team which has great depth of experience and a very commercial approach to getting the job done. They have in-depth knowledge of local, regional and global practices.’

‘Patrick Lyons is available 24-7 and is incredibly solution-oriented. He commands respect regionally and is always the go to DCM lawyer for most transactions in Oman.’

‘Jennifer Rees and Amy Rees are highly recommended.’

Key clients

JSC Development Bank of Kazakhstan

Hashemite Kingdom of Jordan

Sindicatum Renewable Energy Company PTE


Sultanate of Oman

The Kingdom of Bahrain

JSC “National Company “Kazakhstan Temir Zholy”

Eurohold Bulgaria AD

JSC Ukrainian Railways

BNP Paribas

Work highlights

  • Advised JSC Ukrainian Railways in connection with the high-profile consent solicitations in respect of two series of outstanding loan participation notes.
  • Advised the Hashemite Kingdom of Jordan in connection with the establishment of the Kingdom’s Global Medium Term Note Programme and the issuance of U.S.$650 million of notes thereunder.
  • Acted as English and U.S. counsel to JSC Development Bank of Kazakhstan in connection with the issuance of U.S.$500 million of Eurobonds and a simultaneous tender offer for outstanding Eurobonds.

DLA Piper

DLA Piper's London capital markets group has 'a strong and capable team' handling DCM transactions, which span everything vanilla bond issuance to first-of-kind sustainability-linked bonds. UK head of capital markets and structured investments Tony Lopez and global co-chair of financial services Mark Dwyer oversee the practice. Lopez advised Avation PLC on a cash tender offer for $100m in outstanding notes. Dwyer and key partner Joywin Mathew acted for Elekta AB in the establishment of a €2bn EMTN programme. Michael Doran, who previously worked at Baker McKenzie LLP, is 'a superb partner to help navigate the international capital markets, he is pre-eminent in the London market and has huge depth of experience'. A highly experienced DCM lawyer, he handles investment grade debt, notably in emerging markets, as well as sovereign debt restructurings. Ronan Mellon moved to Mayer Brown International LLP.

Practice head(s):

Tony Lopez; Mark Dwyer

Other key lawyers:

Joywin Mathew; Michael Doran


‘ A strong and capable team.’

‘Michael Doran is a superb partner to help navigate the international capital markets – he is pre-eminent in the London market and has huge depth of experience.’

Key clients

Elekta AB

VEON Holdings BV


Bank of Palestine

AIG Holdings Europe Limited

Avation PLC

Intesa Saopaolo

Workspace Group PLC

Concord Music

Philip Morris Inc.

Work highlights

  • Advising Elekta AB, the Swedish manufacturer of cancer treatment equipment on the establishment of its debut €2,000,000,000 Euro MTN programme and its listing on the Irish Stock Exchange.
  • Represented Avation PLC in a publicly announced tender offer to purchase a portion of its outstanding notes for consideration of up to $100 million.
  • Advising Bank of Palestine on its debut US $30,000,0000 Additional Tier 1 capital issuance subscribed by JICA , the Japan International Cooperation Agency, involving extensive discussions of international AT1 standards and interaction with the requirements of the Palestinian Monetary Authority.

Hogan Lovells International LLP

The London office of Hogan Lovells International LLP is particularly well known for advising trustees and agents on DCM deals, though the team advises on a broad range of transactions in close collaboration with colleagues  across the firm's global network. The firm has both English and US law capability in London, as well as specialist trustee expertise. Indeed, practice head Kit Johnson is regarded as one of the market's leading advisers to corporate trustees on debt and structured finance instruments. Key partner Andrew Carey is highly experienced in international debt offerings, including securities programmes, corporate, and sovereign bonds, and he frequently acts for trustees in bond restructurings. Johnson recently advised Citibank in its trustee and agency capacities on a €700m sustainability-linked bond offering by Faurecia S.A. Carey recently acted for automotive safety supplier Autoliv in the update of its €3bn EMTN programme.

Practice head(s):

Kit Johnson

Other key lawyers:

Andrew Carey

Key clients

Autoliv Inc.

Citibank, N.A., London Branch

Taulia Inc.

Affinity Water

Bank of America

Deutsche Bank

BNP Paribas

Monument RE

African Export-Import Bank

Bank of New York Mellon


U.S. Bank

Work highlights

  • The Trust and Agency team advised Citibank in its Trustee and Agency capacities on a €700m Sustainability-Linked Bond issuance by Faurecia S.A. in November 2022.
  • Advising Taulia Inc, a San Francisco-based fintech business that provides working capital management, electronic invoicing, supply-chain finance, and dynamic discounting services to large, usually multinational, organisations.
  • Advised FTSE-250 listed Shaftesbury PLC and its Board on its recommended £5 billion all-share merger with fellow FTSE-250 listed Capital & Counties Properties PLC.

McDermott Will & Emery UK LLP

At McDermott Will & Emery UK LLP, ‘the team’s work ethic is very strong and you can be sure you’ll be getting a good work product‘. The firm joins the ranking on the strength of its work for financial institutions as trustees in major debt transactions. Practice head Ranajoy Basu, who also leads the firm’s India desk, is a key adviser on impact financings and sustainability-linked bonds. Basu and Siddhartha Sivaramakrishnan, who works in both London and Singapore, recently acted for Basileia Investment Holdings UK Limited with an English law review of a ZAR1bn MTN Programme and the first series of bonds issued under the programme. Priya Taneja also plays a key role in the practice and her knowledge of emerging markets transactions a major boon. Clients note that she ‘throws herself headfirst into her work and is able to work through problems in a way that benefits the client‘. The broader practice continues to expand, with the addition of Vladimir Maly from Morrison Foerster in July 2023, bringing extensive experience in equity-linked capital market transactions.

Practice head(s):

Ranajoy Basu

Other key lawyers:

Priya Taneja


‘The team’s work ethic is very strong and you can be sure you’ll be getting a good work product.’

‘Priya Taneja is a superstar! She throws herself headfirst into her work and is able to work through problems in a way that benefits the client.’

‘The MWE team is extremely responsive and thorough. Partners are heavily involved and provide practical solutions’

‘Ranajoy Basu is a standout partner. Ranajoy offers excellent advice, is always available and understands every detail. Ranajoy is particularly commercial – offering high quality legal advice with practical solutions too. This has proven invaluable in negotiating complicated structures with competing interests.’

‘Well respected, capable and responsive team that focuses on advising trustees and agents in a variety of debt capital markets, ranging from high yield debt, private placements, exercises of discretion and restructurings. This practice is compact but high impact. Ranajoy Basu and Priya Taneja work hand in hand to deliver thoughtful comments that help move forward to close deals. I would look to them as a collaborative agency counsel.’

‘Priya Taneja is a standout who provides value add and helps close matters successfully.’

Key clients

Barclays Bank plc

Basileia Investment Holdings UK Limited

BNP Paribas

British Asian Trust / Ground-breaking Skills India Impact Bond.

Citibank, N.A., London Branch

CSC Trustees Limited

La Hoja Capital Management LLC

Deutsche Bank AG, London Branch, Deutsche Bank Trust Company Americas

Global Loan Agency Services

Madison Pacific

H.I.G./Heliodor 2021 Direct Lending Limited


IQEQ (Isle of Man) Limited

IQ EQ Trust Company (Jersey) Limited


Mazda Motor Europe GmbH

Wilmington Trust (London) Limited and Wilmington Trust National Association

Olympic Entertainment Group

PT Pertamina EP Cepu

ReNew Energy Global Plc

The Bank of New York Mellon

The Law Debenture Trust Corporation p.l.c.

U.S. Bank Trustees Limited

Vistra (Cayman) Limited

Wenger Plattner

Work highlights

  • Assisted Basileia Investment Holdings UK Limited with an English law review of a ZAR1 billion Medium Term Note Programme and the first Series issued under the Programme under a pricing supplement for the issuance of ZAR167 million Floating Rate Notes.
  • Acted as German and English legal counsel of Mazda Motor Europe GmbH (“MME”) with respect to a transaction under which MME and other entities from the Mazda group would sell receivables arising from the sale of Mazda vehicles to dealers in various jurisdictions in Europe to an SPV.
  • Provided securities law advice to Olympic Entertainment Group on a consent solicitation for bondholders to consider certain amendments to amend and extend the terms of Olympic’s €200 million senior secured notes issued by Odyssey Europe Holdco  Olympic Entertainment Group is a leading provider of gaming services in the Baltic States.

Morgan, Lewis & Bockius UK LLP

Morgan, Lewis & Bockius UK LLP handles the full range of DCM transactions under UK, US and EU securities laws from its London office. Although it is particularly well known for sovereign debt issuance, the firm also handles investment grade programmes, convertible bonds, private placements and liability management transactions. Head of debt capital markets Carter Brod (who is 'an exceptional lawyer, super-innovative, hardworking and able to stay calm and resilient under pressure') and head of international finance Bruce Johnston are the key practitioners. Brod acted for insurance company Prudential plc in a $350m offering of notes, and handled a $147.5m convertible notes issue for Selina Hospitality. Victoria Weir is highly regarded for private placements of debt. The firm also handled a consent solicitation process for $300m of notes issued by Telecommunications Services of Trinidad and Tobago.

Practice head(s):

Carter Brod; Bruce Johnston

Other key lawyers:

Victoria Weir


‘The team helped us out with what was quite an exercise in terms of complexity and innovation. We were impressed with how they dealt with things – the ultimate work product was truly bespoke.’

‘Carter Brod is an exceptional lawyer. He is super innovative, hard working and is able to stay calm and resilient under pressure.’

Key clients

Prudential, plc

Selina Hospitality plc

Telecommunications Services of Trinidad and Tobago (TSTT)

Aktif Bank


Work highlights

  • Represented Prudential plc, a London-based international insurance company with stock exchange listings in London, Hong Kong, Singapore, and New York, in an offering of US$350 million aggregate principal amount of 3.625% notes due 2032.
  • Represented Selina Hospitality plc, a UK-headquartered lifestyle and experiential hospitality company targeting millennial and Gen Z travelers, in a $147.5 million offering of its 6% senior convertible notes due 2026.
  • Advised Telecommunications Services of Trinidad and Tobago, the leading telecommunications company in Trinidad and Tobago, in a consent solicitation in relation to its US$300m 8.875% Senior Secured Notes due 2029 and TT$680m 8.30% Senior Secured Notes due 2029 as well as an offering of TT$476m (approximately US$70m) in aggregate principal amount of new 8.30% Senior Secured Notes due 2029.

Pinsent Masons LLP

Pinsent Masons LLP climbs the ranking this year as it has continued to broaden its DCM offering outside its core specialisms of bond finance in the social housing and education sectors. Clients note that the firm provides 'a detailed and meticulous approach, leveraging strong investor and funder relationships', noting that it is 'a firm to watch over the next few years'. The practice is led by head of banking and restructuring Edward Sunderland, though Alexis Hayworth handles the bulk of the day-to-day DCM work. He is 'personable, polite, hardworking, meticulous and detailed'. His recently advised NatWest Markets Plc and Banco Santander, S.A. as joint bookrunners and M&G Trustee Company Limited as bond trustee and security trustee on the £250m sustainability bond offering by Hexagon Housing Association Limited. Senior associate Jennifer Courey joined from Herbert Smith Freehills LLP.

Practice head(s):

Edward Sunderland

Other key lawyers:

Alexis Hayworth; Jennifer Courey


‘In-depth knowledge of their sector.’

‘Alexis Hayworth – Understanding of client needs and excellent knowledge of the sector and transaction documentation.’

‘Pinsent Masons LLP has a growing and reliable DCM business. Alexis Hayworth’s introduction to the team has revolutionised their support and growth. They offer a detailed and meticulous approach with experience across multiple sectors leveraging strong investor and funder relationships and they are a firm to watch over the next few years.’

Key clients

HSBC Bank plc

Banco Santander, S.A.

NatWest Markets Plc


University College London

King’s College London

M&G Trustee Company Limited

Allia C&C

Pension Insurance Corporation plc

The London School of Economics and Political Science

Newbridge Advisors LLP

Work highlights

  • Advised NatWest Markets Plc and Banco Santander, S.A. as joint bookrunners on the £250m public listed sustainability bond issue by Hexagon Housing Association Limited.
  • Advised RBC Europe Limited and a UK clearing bank on Sanctuary Capital Plc’s £150m tap issue.
  • Advised The London School of Economics and Political Science on a private placement of sustainability bonds.

Simmons & Simmons

The DCM practice at Simmons & Simmons is 'invariably constructive, collaborative and professional with a tendency to over-deliver', according to one client. Another remarks that 'all the team members are focused on providing commercial solutions within a workable legal framework rather than restricting themselves to the law and leaving the client to work the problem out.’ Piers Summerfield and his team advise issuers, investment banks and institutional investors on convertible bonds, ECP and EMTN programmes, Islamic financing, liability management and bond restructurings, as well as straight debt. Summerfield and supervising associate Victoria So advised LendInvest Plc on setting up a new retail-eligible EMTN programme, and an exchange offer for existing bonds. Ley partner Charles Hawes, who is dual-qualified in New York and English law, acted for JP Morgan Securities Plc in the issue of €2.5bn fixed-to-floating rate notes.

Practice head(s):

Piers Summerfield

Other key lawyers:

Charles Hawes; Victoria So


‘Invariably constructive, collaborative and professional with a tendency to over-deliver.’

‘All the team members are focused on providing commercial solutions within a workable legal framework rather than restricting themselves to the law and leaving the client to work the problem out.’

Key clients

LendInvest Plc

UniCredit Bank AG

Stifel Nicolaus Europe Limited

WH Ireland Limited / Peel Hunt LLP as dealer managers and joint lead managers

New South Wales Treasury Corporation

The British Land Company Plc

Rentokil Initial Plc

J.P. Morgan Securities Plc

UniCredit Bank AG, Citigroup Global Markets Europe AG, Skandinaviska Enskilda Banken AB (publ), Société Générale and DNB Bank ASA as Joint Lead Managers

NatWest Markets N.V.

Nomura Financial Products Europe GmbH (“Nomura”)

Work highlights

  • Advising the Joint Lead Managers on the €1 billion dual-tranche issuance of Sustainability-Linked Notes by Vestas Wind Systems Finance B.V., guaranteed by Vestas Wind Systems A/S.
  • Advising as issuer’s counsel and overall transaction counsel on the update of New South Wales Treasury Corporation’s Singapore Exchange-listed $10bn Euro Medium Term Note Programme, with any notes issued thereunder guaranteed by The Crown in Right of New South Wales.
  • Advising as issuers’ counsel on the triple-tranche Sterling and Euro bond issuance of Rentokil Initial Plc’s and Rentokil Initial Finance B.V.’s pursuant to the UK issuer’s and Dutch issuer’s €5 billion Euro Medium Term Note Programme.

Willkie Farr & Gallagher (UK) LLP

One client of Willkie Farr & Gallagher (UK) LLP remarks that ‘the technical brilliance of this practice is second to none‘. The firm has notable expertise in the insurance capital markets, though it also handles investment grade issuance for corporates and sponsors. London head of capital markets Jennifer Tait and head of corporate insurance capital markets Joseph Ferraro are the principal partners, and both are ‘technically very able and efficient‘. They acted for Herbie Re Ltd in the issuance of $80m in variable rate notes. The transaction was sponsored by Fidelis Insurance Bermuda, which provides Fidelis with reinsurance protection against losses from earthquakes in peak regions in North America. The group also assisted SCOR SE with its $240m offering of notes. Associate David Griffiths is a key adviser on insurance-linked securities and ‘an absolute technician who knows his subject matter inside and out‘.

Practice head(s):

Jennifer Tait; Joseph Ferraro

Other key lawyers:

David Griffiths; Kirsty McKinty


‘The technical brilliance of this practice is second to none.’

‘David Griffiths – an absolute technician who knows his subject matter inside and out, and is able to explain complicated concepts with ease. Associate Kirsty McKinty – displays complete and utter dedication to her work. Kirsty is highly intelligent and always brings a level of calm efficiency on all matters on which she is engaged.’

‘Strong communication and ability to understand clients’ needs.’

‘Joseph Ferraro and Jennifer Tait were both excellent. Very able technically and completed transaction efficiently.

Key clients

Herbie Re



MS Amlin

Platinum Equity


GoldenTree Asset Management LP

Lancashire Holdings Limited


Work highlights

  • Represented Herbie Re Ltd. in connection with its issuance of $80 million aggregate principal amount of principal-at-risk variable rate notes.
  • Acted as deal counsel in connection with SCOR’s issuance of $240 million Series 2022-1 Class A Principal At-Risk Variable Rate Notes, via Irish-incorporated Atlas Capital Reinsurance 2022 DAC.
  • Acted as deal counsel in connection with Canopius’ inaugural issuance of $75 million Series 2022-1 Class A Principal At-Risk Variable Rate Notes, via Bermuda-incorporated Finca Re Ltd.

Alston & Bird LLP

Alston & Bird LLP has a strong corporate trust and agency practice in the US, and it has built an increasingly prominent outpost for that practice in London. The lead partner in London is James Fisher, who is 'knowledgeable and extremely personable, a good guy to have in your corner, providing reliable, sound advice'. Clients praise his 'deep long-standing experience, exceptional market intel and very strong market expertise, and his willingness to think outside of the box'. He handles a broad spectrum of cross-border and domestic transactions, including liability management trades, MTN programmes, and sovereign and investment grade bond issuances. He is also a  major proponent of ESG investing, and environmental and social risk and compliance.

Practice head(s):

James Fisher


‘James Fisher is knowledgeable and extremely personable. A good guy to have in your corner, providing reliable, sound advice.’

‘We look for counsel we can really partner with and depend on in the long term. I have met more partners at Alston than any other law firm in the last two years, which demonstrates just how hands on and joined up the practice areas are. As a global service provider, the fit with Alston as a global law firm works extremely well.’

‘James Fisher is hugely responsive, and possess that rare mix of being both incredibly commercial and technical at the same time. He offers the us deep long-standing experience, exceptional market intel and very strong market expertise. He is always willing to think outside of the box with regards to our position as Trustee and Agent on both new and distressed transactions. He very much understands the pitfalls and nuisances of being a service provider which in turn puts us at ease when transacting on particularly complex deals.’

‘The team via James Fisher is quick to mobilise the various areas of expertise we need, particularly in dealing with cross-border Trustee issues which are highly complex and at times litigious. James is highly proactive at introducing us to areas of the firm whose expertise (e.g. liquidations, sanctions & cross-border litigation) is vital to us in the pursuit of our business and derisking it as much as possible from a legal perspective.’

‘James Fisher – for proactivity in connecting his firm to us and leveraging broad legal and industry-sector experience in advising us.’

Key clients

The Bank of New York Mellon

U.S. Bank

Elavon Financial Services


Intertrust Group

Apex Group

Wilmington Trust




Kroll Trustee Services Limited

Arnold & Porter

Arnold & Porter is a top-level adviser to sovereigns on high-value debt offerings, and its small London team - comprising lead partner Jeremy Willcocks, former US Executive Director of the World Bank Whitney Debevoise, who works in both Washington DC and London, and associate Kardia Leung - is involved in market-leading deals. Willcocks and Leung acted for the Republic of Turkey in sukuk offerings with a value in excess of $5.5bn. The whole London team acted for Hungary in its buy back of U.S. dollar-denominated foreign currency bonds maturing in 2023 and 2024 and the issuance of $4.25bn in new debt. The firm also counts Republic of Nigeria and Republic of Panama among its clients.

Practice head(s):

Jeremy Willcocks

Other key lawyers:

Whitney Debevoise; Kardia Leung

Work highlights

  • Advised the Republic of Turkey on the $2.5 billion issuance of its 9.758% lease certificates due November 2025. This is the second Sukuk issue for the Republic of Turkey that the Firm has advised on in 2022.
  • Advised the Republic of Turkey in connection with its issuance of $3 billion 7.25% lease certificates due February 2027.
  • Advised Hungary on its (i) buy back of U.S. dollar-denominated foreign currency bonds maturing in 2023 and 2024; and (ii) new issues of  US $1,500,000,000 6.125% Notes due 2028, US $1,500,000,000 6.250% Notes due 2032 and US$1,250,000,000 6.750% Notes due 2052.


CMS joins the ranking this year and clients remark that it has 'a good team providing a range of capital markets law services'. Though it is best known for advising issuers, the firm increasingly acts for investment banks. Head of debt capital markets Michael Cavers recently advised UK Power Networks on its £10bn MTN programme. Key partner Jason Harding acted for long-term client Northumbrian Water on the establishment of its £6bn EMTN programme, as well as £400m in new issuance of publicly listed notes. Senior associate Kirsty Templar also played a key role in those deals. Chris Clark's broad practice encompasses OTC derivatives, DCM transactions and structured products.

Practice head(s):

Michael Cavers

Other key lawyers:

Jason Harding; Kirsty Templar; Chris Clark


‘When we engage CMS to provide legal support, I have every confidence that we are in a very safe set of hands and that they’ll deliver for us. They are very knowledgeable and it’s easy to establish a productive working relationship with their flexible and approachable style. They listen to and address all concerns. I would have no reservations recommending CMS to other potential clients.’

‘Jason Harding and Kirsty Templar are both knowledgeable, very responsive to client needs and a pleasure to work with.’

‘A good team providing a range of capital markets law services without charging the earth.’

Work highlights

  • Advised Northumbrian Water Finance plc (“NWF”)/Northumbrian Water Limited (“NWL”) on the establishment of its £6 billion EMTN Programme for issuances by NWF and guaranteed by NWL.
  • Advised NIE Finance plc (“NIE Finance”)/Northern Ireland Electricity Networks Limited (“NIE Networks”) on a £350 million listed bond issue by NIE Finance guaranteed by NIE Networks.
  • Advising Deutsche Bank on the establishment of two credit-linked debt securities issuance programmes.

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP acts for sponsors, issuers, advisors, underwriters, investors and shareholders in capital markets transactions, and its London team has a combination of US and English law specialists. Head of EMEA transactions Ashar Qureshi leads a team of 'out of box thinkers', among them debt and equity adviser John Satory and special counsel Aseet Dalvi, who handles both both investment-grade and sub-investment grade transactions. Qureshi recently assisted Mexican multimedia mass media and entertainment company Grupo Televisa with a tender offer for $300m of outstanding bonds. Satory's recent work includes acting for Citigroup Global Markets Inc., Goldman Sachs and Morgan Stanley as underwriters of Procter & Gamble Company's $2.1bn multi-tranche notes offering.

Practice head(s):

Ashar Qureshi

Other key lawyers:

John Satory; Aseet Dalvi


‘Out of the box thinkers.’

Key clients

Grupo Televisa, S.A.B

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC

Goldman Sachs & Ci. LLC re Petershill Partners, Inc.

Morgan Stanley & Co. LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC, and Wells Fargo Securities, LLC

Work highlights

  • Acted as counsel to Grupo Televisa, S.A.B (“Televisa”) in its tender offer to purchase for cash a maximum aggregate principal amount of up to US$300 million.
  • Acted as counsel to Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, as lead underwriters, in The Procter & Gamble Company’s (Procter & Gamble) US$2.1 billion offering.
  • Acted as counsel to Goldman Sachs & Ci. LLC re Petershill Partners, Inc. on its US$500 million notes offering and redemption of old notes.

Greenberg Traurig, LLP

Greenberg Traurig, LLP continues to grow its presence in DCM deals, which the capital markets practice handles alongside equity and high yield transactions. Dorothee Fischer-Appelt, who is dual-qualified in English and US law, is the lead partner and her recent work includes advising The Scottish Investment Trust plc on a consent solicitation for its outstanding English law  bonds and new issuance of those bonds upon its merger with JPMorgan Global Growth & Income plc. Key partner Helena Nathanson focuses mainly on structured finance but has a key role on the trustee side of DCM transactions. She counts The Law Debenture Trust Corporation plc among her clients.

Practice head(s):

Dorothee Fischer-Appelt

Other key lawyers:

Helena Nathanson


‘The team’s biggest strength is its ability to draw on its global resources – much of the work that they do for us is cross-border in nature and requires expertise in a number of jurisdictions to which the team are able to tap into seamlessly. This helps to keep costs down and, more importantly for the transaction, to stay on track timing-wise, as there is no need to search for a firm in the unexpected jurisdiction.’

‘Helena Nathanson is very pragmatic and cuts right through the legal jargon. She doesn’t hide behind legal caveats and provides plain, straightforward legal advice. She’s a safe pair of hands.’

Work highlights

  • Acted as sole English and U.S. legal counsel to The Scottish Investment Trust plc in relation to a consent solicitation in respect of its outstanding English law governed bonds and new issuance of those bonds upon its merger with JPMorgan Global Growth & Income plc as successor issuer (September 2022).
  • Representation of The Law Debenture Trust Corporation plc in its capacity as trustee and security agent in connection with a first of its kind exchange traded fund where the underlying collateral is carbon credit allowances.
  • Representation of UBS AG as sole lead arranger in a Regulation S offering of CHF 100 million of 2.150% notes by Korea National Oil Corporation (KNOC) under its US$ 10 billion Global Medium Term Note Programme, listed on the Swiss Exchange. The offering was governed by English law. KNOC is the national oil and gas company of Korea and is wholly owned by the Korean government.

Morrison Foerster

Morrison Foerster is highly active in the market for US private placements, and clients remark that it is ‘very knowledgeable on the market and a credible firm‘.  The capital markets practice also handles IPOs, Reg S and 144A offerings, MTN and commercial paper programmes, and structured products. Practice head Scott Ashton ‘consistently delivers exceptional service and advice‘. He assisted international sales, marketing and support services group DCC PLC with a $700m private placement transaction. Key partner Brian Bates also played a key role in that transaction. Matthew Dunlap represented Norwegian chemical company Yara International in its $600m debut green bond offering. Of counsel Jacob Mendoza is ‘an expert in his field who fosters an excellent working relationship with clients‘.

Practice head(s):

Scott Ashton

Other key lawyers:

Brian Bates; Matthew Dunlap; Jacob Mendoza; Amelia Cheng


‘Jacob Mendoza – an expert in his field. Very knowledgeable. Also fosters an excellent working relationship with clients.’

‘We have successfully worked with the firm on repeat US private placements over many years and value the team’s insights, technical expertise and overall delivery.’

‘Scott Ashton (Partner) and Amelia Cheng (Associate) worked closely with us throughout our most recent private placement and we valued their insights, technical expertise and overall commitment.’

‘Partner access is good. The way in which the firm collaborates with counsel that acts for us in relation to our banking documents is particularly notable.’

‘I have found our dealings with the firm to be very efficiently handled by Scott Ashton and the team.’

‘Private placement experts; very knowledgeable on the market and credible firm.’

‘Longstanding market experience from Scott Ashton, Brian Bates and Jake Mendoza.’

‘I’ve worked with the same team for several years so appreciate the consistency and the strong relationship we have developed. The partner is very knowledgeable in our sector and the entire team is very responsive. It is a pleasure working with MoFo.’

Key clients

Bidcorp Group

Bon Secours Mercy Health



Iput PLC

Intertek Group plc

Newlon Housing Trust

Nordic Wind B.V

Samhallsbyggnadsbolaget i Norden AB

Sucafina Holdings

Yara International ASA

Work highlights

  • Advised DCC PLC, a leading international sales, marketing and support services group which operates in 22 countries, on its US$700 million private placement of senior notes, its 10th USPP transaction.
  • Represented Yara (Oslo Stock Exchange: YAR) in connection with its successful debut green bond offering of $600 million 7.378% Green Notes due 2032.
  • Advised Nordic Wind B.V. on its EUR 213 million private placement project refinancing, secured by five wind farms in Finland, Norway and Sweden.