The Legal 500 > Europe, Middle East & Africa > Poland > Capital markets

Clifford Chance maintains its strength in the bond and securities arenas, and the team is advising Deutsche Bank as the arranger of a €60bn bond issuance on the European market by the Polish State Treasury. On the equity capital markets side, the group is often instructed on share transactions, M&A of listed companies and de-listings. Other areas of expertise include securitisations, where the group has experience advising on the securitisation of performing loans in Poland. Counsel Grzegorz Abram leads the DCM sub-team, while equity capital markets (ECM) is led by counsel Jarosław Lorenc. Grzegorz Namiotkiewicz is a key member of the team, and is noted for his securities work.

Greenberg Traurig Grzesiak sp. k. is noted for both DCM and ECM work, with experience handling high yield, bond issuances and corporate bond programmes, as well as Polish IPOs and SPOs. the group is led by managing partner Jarosław Grzesiak, who is a veteran of equity transactions, but has developed strong debt expertise. Ireneusz Matusielański is another key practitioner, and focuses on capital markets transactions and securitisations.

White & Case M. Studniarek i Wspólnicy - Kancelaria Prawna sp.k.'s department draws on significant ECM and DCM transactional experience, both domestically and cross-border. Leveraging the firm's London presence, the group is well placed to advise on Polish and English law issues, as well as providing co-ordinated strategic advice to a range of multinational financial institutions and corporate entities. Marcin Studniarek leads the team, which includes Rafał Kamiński, whom clients rate for 'great legal knowledge and client-orientation'.

Baker & McKenzie Krzyżowski i Wspólnicy Spółka Komandytowa's team excels in both ECM and DCM transactions, with a practice encompassing debt exchanges, bond issuances, IPOs and share deals. The group is also strong for regulatory advice, and is regularly instructed on domestic and international compliance. On the equity side, it is well versed in cross-border transactions, assisting in 2018-2019, with the migration of a Warsaw-listed company from the Netherlands to Cyprus and tender offers for listed companies. The group, which sits within the banking and finance department, is led by Ireneusz Stolarski. Counsel Michał Głowacki leads on some DCM matters, while Krzysztof Haładyj has expertise in securities issuances.

The team at Dentons is able to provide a full service, advising on ECM, derivatives and regulatory issues. Clients include local and international issuers, investment banks and other financial institutions – most notably the Warsaw Stock Exchange. The Warsaw office acts as a hub for the firm's capital markets practice, with Jakub Celiński leading the entire European group. Co-head of the European financial institutions regulatory practice, Marcin Bartczak is another key practitioner. In January 2019, DCM expert Robert Dulewicz joined Gide Loyrette Nouel.

Gide Loyrette Nouel's capital markets team, which focuses on DCM, was established following the arrival of Robert Dulewicz  and a number of more junior lawyers from Dentons in January 2019. The group, often working alongside the firm's Paris, London and New York offices, is particularly noted for bond issuances and advises a wide variety of public and private corporate issuers. Dulewicz is supported by counsel Michał Śmiechowski, whose experience spans structuring and restructuring financing transactions, including in the public sector at both central and local government levels.

DLA Piper's team specialises in equity transactions in Poland and on a cross-border basis, as well as private placement and M&A involving listed companies. Jakub Domalik-Plakwicz heads the department and was promoted to partner in May 2019; he focuses on IPOs and secondary public offerings, including privatisation transactions.

DWF Poland Jamka Sp.k's entire team, which is jointly headed by transactional lawyers Michał Pawłowski and Filip Urbaniak moved across from K&L Gates in 2019. The group is able to advise public companies and capital market institutions on a range of transactions, including IPOs, M&A of listed companies and representing shareholders in corporate disputes involving public companies. Securities law is another area of expertise, and the group regularly draws on the firm's global derivatives, financial regulation and tax practices. Rafał Woźniak also has expertise in private offerings and bond issuances.

The team at Hogan Lovells (Warszawa) LLP advises arranging banks, lenders, credit enhancers, sponsors and borrowers on the range of debt transactions, including bond and mortgage bond issuances, securitisations and debt restructuring. On the equity side, the team handles listings and de-listings. The group is jointly led by Rafał Grochowski and Piotr Zawiślak.

Norton Rose Fulbright's focus is advising Polish issuers and securities providers on international transactions, particularly in relation to high-yield offerings. Derivative transactions are another area of expertise, and the group is often called on to assist with the implementation of regulatory compliance programmes. Grzegorz Dyczkowski heads the team and specialises in debt instruments and derivative transactions.

WKB Wiercinski, Kwiecinski, Baehr's client roster includes major state-controlled and private companies and banks, which the group advises on ECM issues, including tender offers for acquisitions and take-private processes. On the DCM front, it handles bond issuances and securitisations, as well as assisting Warsaw Stock Exchange-listed companies with brokerage activity. Transactional lawyer Marta Midloch and DCM expert Agata Szczepańczyk-Piwek jointly lead the team.