Cravath, Swaine & Moore LLP is a firm that focuses exclusively New York law deals, predominantly for issuers, though it is also active on the underwriter side The firm has ‘perfect knowledge and understanding of existing documentations and market practices, strong negotiation skills, and the ability to innovate to reach the best possible deal for the client‘. It has has notable expertise in executing complex, cross‑border high yield bonds issued in multiple currencies. London managing partner and co-head of EMEA capital markets Philip Boeckman is ‘a very commercial, pragmatic and knowledgeable individual‘ and clients remark that he is ‘consistently available, calm and solution-focused‘. Key partner George Stephanakis represented the initial purchasers in a £500m 144A/Reg S high-yield senior secured notes offering of Bellis Acquisition Company plc, of which Asda is a subsidiary. Alyssa Caples represented Picard Groupe S.A.S., Lion/Polaris Lux 4 S.A. and Picard Bondco in connection with a €1.71bn 144A/Reg. S high-yield sustainability-linked fixed rate/floating rate senior secured and senior notes offering. European counsel Margaret Rallings played a key role in the firm’s work for Premier Foods Finance plc in its £330m Reg S high-yield senior secured notes offering.

Kirkland & Ellis International LLP is ‘exceptionally good as far as bonds are concerned – efficient, responsive, professional and reliable‘, remarks one client, adding that ‘there are probably cheaper options out there but the firm is worth the money‘. Widely regarded as a leading sponsor-side firm, it is frequently involved on behalf of initial purchasers in high-value, cross-border deals. William Burke leads the practice and he has ‘the ability to seemingly be in five different places at once and always in a position to provide thoughtful feedback‘. Matthew Merkle consistently represents private equity sponsors and issuers in high-yield debt offerings in connection with leveraged buyouts, initial public offerings and other complex financings. Cedric Van den Borren ‘delivers best-in-class service‘. He advised Iliad Holding on a €3bn equivalent four-tranche issuance of US-dollar and Euro-denominated senior secured notes. Up-and-coming partners Morgan Hill and Tim Volkheimer (who is ‘a cut above the rest‘) also play pivotal roles in the practice.

Latham & Watkins has the biggest high yield practice in London and its lawyers are ‘extremely smart and responsive and practical‘. One client remarks that they are ‘affectionately known as the Latham superheroes‘ and together make up ‘the best all around team in high yield‘. Widely regarded as the the pre-eminent law firm for the full range of high yield debt products in Europe, it also brings in top-level expertise in regulatory and compliance matters, both in Europe and across its global network. Brett Cassidy leads the practice, which has ‘an excellent bench of leading individuals‘, among them Scott Colwell, Jennifer Engelhardt and Matthew Schneider, who are ‘go to partners for any advice relating to high yield‘. Jocelyn Seitzman assisted PureGym and Leonard Green & Partners with the issuance of €45m in notes by one of the UK’s leading gym operators. Francesco Lione is another highly regarded partner and he acted in one of the most high-profile deals of 2021, advising the Issa brothers on TDR Capital’s £6.8bn acquisition of Asda. Emerging partner talent Fritz Ernemann and associate Pat Kwak are also highly regarded by the market.

Milbank has ‘a team of exceptional individuals who are distinguished by their in-depth knowledge of the high yield market and their ethos and professionalism‘. One client notes that ‘the people are friendly, helpful and set and achieve quick deadlines to make the deals smoother‘. Though not the largest group in the market, the practice focuses on the most complex and high-value deals, often cross-border in nature. Practice head Apostolos Gkoutzinis is ‘the guru of the high yield market‘ and one client says that ‘there is no other high yield partner in London with greater and deeper connections inside the Greek market‘. Gkoutzinis and Rebecca Marques advised the underwriters of the $5bn bond and loan financing for Brookfield’s acquisition of Modulaire Group. Key partner Tim Peterson acted for Ferroglobe PLC in the restructuring of the company’s senior notes, which included extensions of maturity and additional debt and equity capital. Part of the transaction was a private placement of $40m of super senior notes. Emerging partner talents Randy Nahlé and the ‘star addition to the partners’ group‘ Ana Grbec play pivotal roles in the practice.

Cahill Gordon & Reindel LLP ‘has a great reputation in high yield in the US and, given the name recognition of the firm, will be a legitimate market force in the years to come‘. The firm is frequently involved in the high profile and complex public and private high-yield, term loan B and direct lending transactions, many of which are high-value and cross-border in nature; ‘they are very collaborative and know the market which makes working across from them a team experience‘, remarks one market source. Jake Keaveny is ‘a great person to work across from, which is why he gets a lot of sponsor designation roles‘. ‘His advice is well thought through, concise and practicable‘, say clients of Anthony Tama, who advised the initial purchasers in connection with a $2.8bn Rule 144A/Reg S offering of US dollar-denominated and euro-denominated senior secured and senior notes by Ardagh Metal Packaging Finance plc. The firm hired counsel Courtland Tisdale from Latham & Watkins in 2021.

Clifford Chance LLP has a ‘skilled, patient, collaborative and efficient team that makes high yield bond offering processes as smooth as possible‘. Practice head Michael Dakin was involved in one of the most complex deals in the market, having acted for Codere Group on the issuance of multiple tranches of new high yield bridge notes. The restructuring process also included multiple private placements of additional notes offered to the existing bondholders. Andrew Kelly gets ‘a particular shout-out for consistently bringing his A-game‘. John Connolly who specialises in US securities law advice, including advice in connection with registered securities offerings, Rule 144A offerings, private placements and Regulation S offerings, also plays a key role in the practice.

Linklaters LLP has a strong bench of high yield practitioners, who handle complex and high-value deals. It leverages the expertise of its market-leading banking and private equity practices to handle covenant-intensive debt securities, leveraged finance and restructuring. The firm’s sweet spot is multi-tranche bank and bond capital structures involving loans, bonds and combinations of both. Alexander Naidenov, Mark Hageman and Colin Chang are the standout partners in London, and they are key advisers to underwriters, private equity sponsors and corporate issuers. The firm hired experienced US finance partners from Vinson & Elkins RLLP, Noel Hughes, Christianne Williams and Giacomo Reali, who handle complex cross-border leveraged finance transactions.

Paul Hastings LLP is not a volume player in the high yield space, but it focuses on large and complex transactions, whether new issuance or restructurings. ‘These guys are problem solvers and think outside the box‘, remarks client of the practice led by experienced partner Peter Schwartz. ‘They are not stuck in just traditional high yield practices and are especially great for complex transactions‘, adds another. Maximilian Kirchner is a key adviser to investment banks, investment funds, multi-national companies, and private equity sponsors working on some of the most complex high-yield bond offerings. Up-and-comng partner Edward Holmes led advice to EA Partners I & II on the restructuring of its $1.3bn in outstanding notes. Patrick Bright joined from Weil, Gotshal & Manges (London) LLP.

Ropes & Gray LLP frequently handles big-ticket and highly complex high yield financings for issuer and underwriter clients. Head of finance in London Michael Kazakevich acted for New Altice Europe B.V. on the financing of its take-private transaction for Altice Europe, which involved the refinancing of the initial debt to Altice Finco France SAS, and a notes purchase agreement for €279m. Key partner Robert Haak advised VodafoneZiggo on its €2.1bn-equivalent cross-border sustainability-linked bond offering, which required the issuance of teaches of $1.525bn and €750m in sustainability-linked senior secured notes. Jane Rogers handles a broad range of M&A deals, and debt and mezzanine financings. She worked with Haak on a $1.25bn issuance by Liberty Global. Emerging partner talent Aditya Khanna is active for key client Altice USA.

Shearman & Sterling LLP has ‘a very efficient, reactive and knowledgeable team that is good fun to work with‘. One client remarks that it is ‘adept at moving at pace dealing with complex issues‘ and ‘can play the central advisory role while being capable of pivoting a deal to get the client’s desired outcome‘. The firm frequently plays role in high-profile deals, acting predominantly for lenders through its  integrated bank and bond team. Its market-leading leveraged finance capability sees it act for private equity sponsors, commercial banks, investment banks, mezzanine and second-lien providers, and corporate borrowers on complex leveraged and acquisition financings. Practice head Ward McKimm and newly promoted partner Gordon Houseman acted for banks, among them HSBC, as initial purchasers of TalkTalk Telecom Group’s offering of £110m in notes. Key partner Marwa Elborai acted for Barclays Bank as sole global coordinator of a combined £915m offering Deuce FinCo plc. Head of EMEA capital markets Trevor Ingram and associate Evangelia Andronikou have ‘the ability to understand a client’s business and respond to requests to deliver a transaction, sometimes at very short notice‘.

Skadden, Arps, Slate, Meagher & Flom (UK) LLP stands out for its ‘expertise, availability and business-minded approach‘ to the high yield market. Working closely with the leveraged finance team, the high yield practice is able to create innovative solutions involving leveraged loans and bonds. The practice also works seamlessly with the M&A practice to ensures that covenants and other terms are aligned across transaction documents. Danny Tricot leads the capital markets practice, in which James McDonald is the lead partner for high yield deals, which are a key feature of his international corporate finance practice. Pranav Trivedi, whose work includes IPOs, privatisations and cross-border M&A, also plays a key role in high yield bond offerings. ‘The partners provide excellent service and strong engagement‘, remarks one client.

Weil, Gotshal & Manges (London) LLP ‘combines deep market and practice expertise with a very collaborative approach, and its ability to distil complex needs and requirements in a way that allows management to make the right judgement is first-class‘. The firm frequently advises top-tier sponsors, leading investment banks and numerous bond investors on complex and high-profile acquisition financings and refinancings. ‘They are able to respond very flexibly to unexpected demands‘ says a client of Nitin Konchady. Newly promoted partner Alexander Horstmann-Caines ‘brings to his counsel a very grounded perspective of what will work for the client, and is able to combine real legal authority with a very approachable manner‘. Patrick Bright  has moved to Paul Hastings LLP.

White & Case LLP has ‘deep knowledge and experience of high yield bonds‘ and one client remarks that ‘the team is client-focused and always provides an excellent service, and is readily available to answer questions under pressure and in a quick timeframe‘. US-qualified partner Jill Christie, formerly Concannon, leads the practice; her work focuses on advising private equity sponsors and their finance providers, notably acting for Energean Israel Finance Ltd., a finance subsidiary of London-based independent oil and gas company Energean PLC, on its $2.5bn offering of Rule 144A/Reg S high yield senior secured notes. ‘Outstanding practitioner’ James Greene advised International Game Technology PLC (Issuer) in connection with its issuance of $750m in Senior Secured Notes. Monica Holden has extensive experience advising issuers, sponsors and underwriters on corporate high yield bond transactions across multiple sectors. Senior associate Anna Soroka also plays a key role in the practice.

Hogan Lovells International LLP focuses not only on the origination of high yield bonds but also on liability managements and restructurings. The firm is highly active for corporate issuers as well as for banks. It is particularly well known for bond issuance in the hospitality, real estate, automotive and aviation sectors, though it is increasingly active for clients in the technology industry. Practice head Sylvain Dhennin is the key partner for the firm’s high yield work for private equity sponsors, funds, financial institutions and corporates. Andrew Carey leads the sustainable finance and investment practice, so is involved in the firm’s work on ESG-related high yield bonds.

Mayer Brown International LLP is ‘a top-tier firm when it comes to high yield bond offerings in Germany, where they have quite a strong footprint‘. One client remarks that ‘with deep knowledge of the high yield market, and being very much engaged and easy to work with, the team is able to take the client’s perspective and addresses possible issues proactively to optimise the outcome for the client'. The firm is the only one in London to offer high-level advice on high yield bonds in English, US and German law. Practice head and key high yield partner Bernd Bohr is ‘very technical – even innovative – diligent and commercial in terms of providing advice‘.

Willkie Farr & Gallagher (UK) LLP acts predominantly for private equity sponsors and has a growing presence in that sector of the market. London head of capital markets Jennifer Tait and head of corporate insurance capital markets Joseph Ferraro lead a group that also works for corporate issuers and financial institutions, advising on the UK and US aspects of the full range of capital markets transactions. A key focus is Rule 144A and Regulation S debt transactions, with a particular on high yield bond offerings, as well as other private placements.

Alston & Bird LLP has a young high yield practice in London, though its team has more than 30 years of combined experience in high yield debt and leveraged finance. In 2021, the practice closed transactions with a combined volume of approximately $2.9bn, having advised multiple debut issuers in over $1.5bn in high yield bond offerings, and corporates and sponsors in over $1.3bn in acquisition financings. Practice head Tamer Bahgat is ‘a solid high yield partner‘; he worked with a team in Washington DC to assist World Acceptance Corporation on its debut high yield bond offering of $300m in senior notes. Counsel Michael Lee also played a key role in both transactions.

At McDermott Will & Emery UK LLP ‘the team concentrates on representing trustees, and you really need some pragmatic and commercial advice after the deal is done in the event of a restructuring or liability management exercise‘, notes one market source, adding that head of finance Ranajoy Basu is ‘the best at helping to facilitate and manage trustee-related issues‘. Counsel Priya Taneja has significant experience in highly complex cross-border transactions in emerging markets and she is ‘always available and finds a pragmatic solution‘.