Capital markets in Romania

Clifford Chance Badea

Clifford Chance Badea has long been one of the destination firms for high-end debt and equity capital markets mandates. The firm is popular with both issuers and underwriters and represents a wide range of major financial institutions, corporates and sovereign issuers. Access to market-leading teams in London and other European jurisdictions also gives it a strong edge when it comes to cross-border deals. In addition to transactional matters the team has good experience advising companies on compliance and market abuse issues. It is also increasingly active on green bond issuances. Managing partner Daniel Badea  and practice head Madalina Rachieru are both extremely experienced in this area. Radu Ropota is also building a good reputation.

Practice head(s):

Daniel Badea; Madalina Rachieru

Other key lawyers:

Radu Ropota

Key clients

MAS Real Estate

NEPI Rockcastle

Nordic Trustee

Fondul Proprietatea

Work highlights

  • Advised MAS Real Estate, an investor and operator of predominantly retail real-estate assets that focuses on central and eastern Europe (CEE), on its inaugural five-year €300 million green bond issuance.
  • Advised Nordic Trustee AS on a Norwegian governed €200 million Senior Secured Green Bond Issue by Alternus Energy Group, owner of five solar parks in Romania.
  • Advised a major asset management fund on three separate public tender offers of shares (admitted to trading on Bucharest Stock Exchange) and GDRs (admitted to trading on the Specialist Fund Segment of the London Stock Exchange).

CMS

CMS has ‘one of the most knowledgeable teams in the capital markets space in Romania‘. The firm is commended for its ability to handle a wide range of clients, including major banks, corporate issuers, funds and asset managers. The team stands out for its experience on high-end cross-border debt and equity listings, as well as related regulatory matters. Its lawyers regularly take the lead role on transactions throughout central and eastern Europe. This is largely down to the reputation of practice head Cristina Reichmann, a ‘very professional and experienced capital markets lawyer' who is 'very pleasant and easy-going to collaborate with. She receives strong support from experienced senior associate Adina Nanescu.

Practice head(s):

Cristina Reichmann

Other key lawyers:

Adina Nanescu

Testimonials

‘One of the most knowledgeable teams in the capital markets space in Romania. Very professional lawyers working on multiple engagements together.’

‘Cristina Reichmann has been instrumental in getting us across the finish line in our most recent DCM transaction. Very professional and experienced capital markets lawyer. Very pleasant and easy-going to collaborate with. Looking forward to many more such interactions. Solid reputation in the market as well for many, many years.’

 

Key clients

Advent International Corporation

Raiffeisen Bank S.A.

European Fund for Southeast Europe

Work highlights

  • Assisted the majority selling shareholder of TMK Artrom in a major secondary public offering with cross-border elements (including English, US, German, Italian and Russian law).
  • Assisted Zentiva, the Romanian subsidiary of Zentiva Group (part of Advent International Corporation group), in relation to launching and conducting a mandatory takeover of shares still owned by shareholders other than Zentiva Group.
  • Advised the lead investors in the MREL bond issued by BCR, in the context of a cross-border transaction within Erste Group. This was the first MREL bond issued in Romania.

Filip & Company

Filip & Company has a top tier capital markets team commended for its ‘thorough understanding of the listing requirements on regulated markets and a structured approach of the legal issues related to an IPO‘. The practice has a deep bench strength, noted for its ‘high calibre individuals, with solid experience and knowledge in their field.’ This ensures a regular flow of high profile debt and equity capital markets mandates for major private and public sector issuers. Practice head Alexandru Birsan  is ‘a brilliant lawyer whose extensive expertise in capital markets allows him to provide sophisticated solutions to all issues’. Clients also rate the ‘highly talentedOlga Nita .

Practice head(s):

Alexandru Birsan

Other key lawyers:

Olga Nita

Testimonials

‘Professionalism of staff, expertise in various fields, resource availability (number of staff and their various specializations).’

‘Professional attitude and deliverables. Human touch. High availability and engagement. Support in difficult matters’

‘Client dedication, attention to details, professionalism’

‘High caliber individuals, with solid experience and knowledge in their field.’

‘The dedicated capital markets team has a thorough understanding of the listing requirements on regulated markets and a structured approach of the legal issues related to an IPO. Filip and Company provided valuable inputs in terms of offer structuring, risks related to the issuer and its market, taxation and above all, in conducting the legal due diligence of the companies involved. As working on a very tight schedule with them, their engagement, collaboration and on-time resolved tasks delivery were highly appreciated.’

‘The legal approach on the whole process of due diligence, business case constructing, Q&A sessions with the entrepreneurs and business owners involved, as well as the drafting of different areas of the prospectus and the involvement in meeting Romanian FSA’s criteria for the success of the IPO were remarkable. The prior expertise in large corporate listings in Romania, made the team, namely Alexandru Birsan, Partner, and Olga Nita, Partner, a key factor for the success of the IPO.’

‘The team has not only an extensive understanding of its field, but also has constantly shown an in depth understanding of their client’s culture and its most important needs. The lawyers are detail oriented, hard working professionals,very prompt in their answers, as well as innovative with the solutions they provide whenever required. Some innovative aspects that their practice brings are, besides the strong legal background and experience in handling very complex projects, their openness, excellent communication skills and their availability. They are also passionate about the projects they are involved in and constantly seek to find or create the best solutions for their clients. The firm is very up to date and interested to keep up with any technological improvements that could enhance the legal work, such as testing a series of innovative software tools which are available for law firms.’

‘The lawyers have a strong legal background, attention to details and take a very proactive, professional and creative approach towards all the legal aspects within a project they handle. They are very efficient, hard working and constantly in the pursuit of accomplishing their client’s goal by providing their legal services with excellence.

‘Alexandu Birsan is a brilliant lawyer whose extensive expertise in capital markets allows him to provide sophisticated solutions to all issues pertaining to a project he is involved in. Olga Nita is an extremely talented lawyer, very rigorous, professional as well as very creative in the solutions she provides.’

 

Key clients

RCS&RDS

Romanian Ministry of Public Finance

Banca Transilvania

Banca Comerciala Romana

Oriflame Investment Holding

Raiffeisen Bank

Fondul Proprietatea

Zentiva

One United Properties

2Performant

Holde Agri Invest

Digi Communications

Work highlights

  • Assisted One United Properties, a Romanian residential real estate developer, in connection with its RON 250 million initial public offering of shares.
  • Advised the Romanian Ministry of Public Finance on the continuous update of its €41 billion EMTN programme and the execution of various trades based on the programme.
  • Advised Oriflame Investment Holding in connection with the respective US$550 million and €250 million offerings in Senior Secured Notes due 2026, together with a related €100,000,000 multi-jurisdictional financing.

RTPR | Radu Taracila Padurari Retevoescu SCA

RTPR | Radu Taracila Padurari Retevoescu SCA has a first class pedigree for high-end transactional and regulatory capital markets advice. The firm represents a wide range of major issuers and underwriters, as well as asset managers. The team is praised for being ‘very effective in handling large projects under the pressure of tight deadlines, without compromising the quality of work’. Partner Mihai Ristici  is a ‘true leader‘ who is ‘becoming a legal “guru” in capital markets in Romania‘. Other key team members include Victor Pădurari  and managing partner Costin Tărăcilă . The ‘very thoughtful and pragmaticmanaging associate Vlad Stamatescu is also recommended. For international deals, clients benefit from the firm’s relationship with Allen & Overy LLP‘s market-leading practice.

Practice head(s):

Mihai Ristici; Victor Padurari

Testimonials

‘They are very knowledgeable and hard workers. We can count on them for difficult tasks.’

‘Mihai Ristici is a true leader. He knows how to motivate and to acknowledge the work of his team. Vlad Stamatescu is very thoughtful and pragmatic. Marina Giurgica is very thorough and has exceptional insights.’

‘We have worked with several law firms in Romania, and we consider RTPR’s team to be a clear number one in terms of professionalism & customer centricity.’

‘The partners we are dealing with – Costin Taracila, Mihai Ristici, Alina Stavaru- all demonstrated legal proficiency, high availability and an outstanding capacity to understand customers’ needs.’

‘RTPR proved to be one of the most skilled (if not, number one) law firms in capital markets area. Their team assisted our company during a complex bond issuance project on one of the most mature markets in the EU. They provided guidance and advice even after the successful listing, on various matters, such as: capital markets, market abuse, corporate governance and compliance, helping our company to set its internal standards as a new issuer. Throughout the issuance project and afterwards, RTPR dedicated to our company several resources (experience lawyers) which were available almost 24/7. RTPR and Allen Overy made it possible to implement the issuance in an extremely stretched period of time, and I am confident that this was possible due to the lawyers’ incredible availability, speed in providing advice, experience and openness to understand the business needs.’

‘Mihai Ristici has been our main counterparty from RTPR on capital markets, corporate governance, market abuse and other areas. He proved to be extremely knowledgeable in capital markets and all other relevant areas. His professional and personal skills helped our company to navigate in an international bond issuance project (involving many counterparties, legal and tax counsels from various jurisdictions) and to successfully perform the closing of the bond issuance. In my opinion, thanks to his professional experience and excellent personal skills, Mihai Ristici is becoming a legal guru in capital markets in Romania. Vlad Stamatescu teamed up excellently with Mihai Ristici and provided valuable legal advice as well as operational guidance during the international bond issuance project. Just like Mihai Ristici and his RTPR colleagues, Vlad has been extremely available and in constant contact with our company whenever the urgency of the project deadlines required the team to deliver.

‘Very effective in handling large projects under the pressure of tight deadlines, without compromising the quality of work.’

‘Highly appreciate the expertise of Mihai Ristici, Partner, in the field of capital markets. Easy to work/communicate with, client and solution-oriented, good knowledge of various industries.’

‘They are one of the best teams for legal advisory in capital markets field in Romania. They are highly experienced, dedicated to work and client oriented. Working with them gives comfort that everything will be taken care of.’

‘Mihai Ristici is a fine team leader and solution seeker. Mihai’s calm approach gives comfort even in the most difficult moments of transaction cycle.’

Key clients

ING Bank

Unicredit Bank

Unicredit Corporation Leasing IFN

Morgan Stanley Smith Barney

Credit Suisse

BNP Paribas

European Investment Bank

Autonom Services

Grup Serban Holding

WOOD & Company Financial Services

Raiffeisen Bank

Raiffeisen Centrobank

Barclays Bank

Work highlights

  • Assistance to Unicredit Bank with the structuring of a bond issue for the purpose of ensuring regulatory capital and compliance with MREL.
  • Advised UniCredit Leasing Corporation IFN SA on the €300 million bond issue offered to investors via a private placement, followed by admission to trading on EURO MTF, the multilateral trading facility operated by the Luxembourg Stock Exchange.
  • Regulatory advice in relation to Morgan Stanley Smith Barney LLC’s activity in Romania, including Mifid and capital markets regulatory assistance for specific securities and investment/non-investment services.

Schoenherr si Asociatii SCA

Schoenherr si Asociatii SCAhas one of the finest capital markets teams in Romania, and its well-balanced practice comes highly recommended for debt and equity listings. In the past year the firm has been particularly busy on the issuer side, and advised on several high-profile equity listings on the Bulgarian Stock Exchange. The ‘exceptional‘ practice head Narcisa Oprea is commended for her ‘technical abilities, business focused mindset, communication and drafting skills‘. The team also offers strong regulatory and corporate governance support, while its European network makes it a popular choice for listings with a cross-border element. Associate Veronica Das Alexeev is also well regarded.

Practice head(s):

Narcisa Oprea

Other key lawyers:

Veronica Das Alexeev

Testimonials

‘Schoenherr has a solid practice in capital market. We are extremely happy with their service, we have at least a 10-12 years collaboration and we would not change them with anyone else. What sets them apart in the market is their ability to be concrete and to have documented opinions.’

‘The highly proficient lawyer Narcisa Oprea is someone you want as your lawyer in any aspect of your activity. You can definitely rely on her advice, she is also very pleasant to work with.’

‘Schoenherr Romania is one of the largest law firms in Romania, part of a leading regional firm in the CEE. They provide full-service advice and their advice is delivered at international level. They have a strong capital markets team, among the best in the local market. They also have a strong employment team.’

‘Narcisa Oprea in capital markets. Mara Moga-Paler in employment. Knowledgeable, excellent legal advice, responsive and efficient. Practical solutions, very business oriented approach. Outstanding client service.’

‘I believe Schoenherr has one of the finest capital markets teams in Romania. They are also exceptional in corporate work for listed companies, as well as in financial services regulatory. This law firm has a strong team of professionals who appear to work smoothly together across practice areas. It pays good heed to diversity, with many female lawyers in leading roles. The quality of Schoenherr’s advice and its reaction times are remarkable.’

‘Narcisa Oprea is exceptional. No doubt one of the best capital markets lawyers in the market. I value Narcisa’s technical abilities, business focused mindset, communication and drafting skills.’

Key clients

Agricover Holding

Agroserv Mariuta

Bittnet Systems

MedLife

Patria Bank

Qualitance QBS

TeraPlast

TTS (Transport Trade Services)

Work highlights

  • Advised on an IPO for the sale of 50 % of the existing shares issued by TTS (Transport Trade Services), followed by the listing of the company’s shares on the regulated market of the Bucharest Stock Exchange.
  • Advised Agricover Holding on the issuance of corporate bonds worth €40m, as well as the bonds’ admission to trading on the regulated market of the BSE.
  • Advised Agroserv Mariuta on the private placement of newly issued shares worth €4m, as well as on the company’s listing on the Multilateral Trading System of the BSE (AeRO market).

Bondoc si Asociatii SCA

Bondoc si Asociatii SCA has a good mix of experience in transactional and regulatory debt and equity capital markets issues. The firm advises several major clients in the asset management sector on day-to-day and regulatory matters, including support on authorisations. This extends to alternative financing models including crowdfunding and cryptocurrency platforms. In addition to more traditional debt capital markets work, the firm also has experience of new products including convertible green bonds. Practice head Simona Petrisor has nearly 20 years’ experience in the market. Corporate partner Diana Ispas  also has a strong presence in this area.

Practice head(s):

Simona Petrisor

Testimonials

‘The approach to client engagements is pragmatic and focused on the value brought to the client through concise advice. This is very rare on the Romanian law market.’

‘Both Simona Petrisor and Diana Ispas have excellent technical capabilities, show great flexibility in managing the assignments and they are very pragmatic in their approach to services provided.’

‘The most important fact is that they have a 360 degrees approach, coming up with a lot of relevant angles to look from at the matter in discussion.’

‘What makes them different is the fact that they get involved at very detailed level, they become part of our team and they put themselves in our shoes.’

‘We have been working with them for over 5 years now and we are happy to entrust them with our projects involving particularly complex capital markets regulatory expertise (e.g.market abuse regulations and shareholders rights), including in case when we wanted to develop new innovative products for the local capital markets, on some sensitive corporate matters, involving quick turnaround and also on some key corporate governance projects that we want to further develop. They are efficient and proactive, keeping good communication with our team and mindful of all the specifics of a particular project.’

Key clients

Franklin Templeton International Services S.à r.l.

Fondul Proprietatea SA

Restart Energy One

The Bucharest Stock Exchange

Raiffeisen Bank International AG

Oltchim SA

Mid Europa Partners

Anchorage Capital

COMMERZBANK Finance & Covered Bond

Work highlights

  • Advising Fondul Proprietatea on its authorization as alternative investment fund, following new regulations on the licensing requirements for investment funds.
  • Assisted Franklin Templeton in connection with the group restructuring required as a result Brexit, including business transfers and regulatory and compliance issues.
  • Assisting the issuer, Raiffeisen Bank International in relation to a €25,000,000,000 Debt Issuance Programme.

Dentons

Dentons has a well-balanced practice that offers a solid mix of debt and equity capital markets expertise, both on the transactional and regulatory side. Clients include major issuers and underwriters who appreciate the firm’s ‘high quality advice on capital markets regulatory matters, also backed by market practice knowledge from vast transactional experience’. Practice head Loredana Chituis a partner with a hands-on approach and experience in capital markets transactions that stands out from that of her competitors’. In addition to the firm’s strong team in Bucharest, its impressive international network makes it a popular choice for major cross-border mandates.

Practice head(s):

Loredana Chitu

Testimonials

‘Dentons has earned a spot on the quite exclusive list of law firms in Romania that that can provide high quality advice on capital markets regulatory matters, also backed by market practice knowledge from vast transactional experience. As part of an international law firm with a strong reputation, the Dentons Romania capital markets team can combine thorough local law input with insightful foreign law benchmarking from their experts sitting in an impressive number of jurisdictions across the world.’

‘Loredana Chitu’s experience stands out. She was involved in a significant number of large public offers, also combining such knowledge with inspiring soft skills. Loredana knows how to make her opinions valued and has become a trusted advisor in Romania on both regulatory and transactional capital markets matters.’

‘Dentons is one of the law firms in Romania that can provide high-quality advice on capital markets local and international transactions. The Dentons capital markets team combines strong legal knowledge with excellent project management skills and a good commercial understanding of the client’s position, which can only come from experience in dealing with such transactions. They combine local and foreign law advice as a single firm and can bring to the table capital markets experts or market practice advice from other relevant jurisdictions, which gives them quite a unique advantage.’

‘Loredana Chitu is a partner with a hands-on approach and experience in capital markets transactions that stands out from that of her competitors. She is smart and thorough and can discuss sophisticated legal issues with a practical approach. Loredana seems to be passionate about her work, always willing to go above and beyond to make a deal happen.’

‘Highly-skilled and knowledgeable professionals. Very client-focused. Solutions-driven. Good follow up routine.’

‘Loredana Chitu has been quite instrumental in helping us complete capital markets (DCM) mandates. She is a solid reference for us and the relationship is ongoing, fruitful and quite successful.’

‘Very good and diversified knowledge of the local legal environment, maintain very good relationship with their clients, even after the project is completed. Trustful end competent team, many times delivered of works ahead of the deadlines’

‘Loredana Chitu is an outstanding professional with good communication skills, capability to understand and provide innovative solution, capacity to deal with work under pressure and deliver in time in any conditions.’

Key clients

Raiffeisen Bank

Raiffeisen Centrobank

BRD – Groupe Societe Generale

Erste Group Bank and Banca Comercială Română

European Crowdfunding Network

Societatea de Producere a Energiei Electrice în Hidrocentrale Hidroelectrica

S.N.G.N. Romgaz

Nicolae Ratiu

International Investment Bank

Societatea Energetică Electrica

Work highlights

  • Advising the issuer, Societatea de Producere a Energiei Electrice în Hidrocentrale HIDROELECTRICA S.A.,  on a planned IPO.
  • Prepared an analysis for the European Crowdfunding Network, conducting the study for the EU Commission, on the existing legal framework and national legislative gaps and regulatory needs of the DLT/ blockchain market.
  • Advising the syndicate of banks, including BCR and Raiffeisen Bank, on an approximately €150 million potential Reg S bond issuance by Electrica.

Musat & Asociatii

Musat & Asociatii has solid credentials for advising issuers, public sector bodies and financial institutions within the capital markets space, both for debt and equity listings. On the debt side, the firm has good experience of derivatives and other structured products, and regularly advises on transactional and regulatory issues. The practice also assists clients on a broad spectrum of equity-related matters, from IPOs through to employee-share schemes and corporate governance. Founding partner Gheorghe Musat  has almost 40 years’ experience in the market and has a good track record representing investment funds. Razvan Stoicescu  and Monia Dobrescu  are also experienced on this front.

Practice head(s):

Gheorghe Muşat; Răzvan Stoicescu

Other key lawyers:

Monia Dobrescu

Key clients

Romanian State through the Ministry of Finance

HSBC, JP Morgan, RBC, Citibank, Northern Trust, State Street, The Bank of New York Mellon

Atos SE

Rakuten Inc.

Vivendi

Thales Group

Work highlights

  • Assisting the Ministry of Public Finance of Romania in connection with all Romanian law matters regarding the negotiations and conclusion of ISDA Master Derivative Agreements and related colaterals in view of entering into interest rates swaps, foreign currency swaps and cross-currency swaps.
  • Advised Vivendi S.E. in connection with an employee share offering pursuant to a sale of existing shares held in treasury stock.
  • Advising HSBC, JP Morgan, RBC, Citibank, Northern Trust, State Street, and The Bank of New York Mellon, in connection with their provision of securities custody services in Romania and related risks concerning the insolvency of local custodians.

Volciuc-Ionescu

Volciuc-Ionescu has developed a strong niche in capital markets work, and is particularly popular with multilateral lenders such as the IFC and EBRD. This includes support on projects linked to the financial services, energy and infrastructure sectors, often on deals with a strong cross-border element. The practice also has good experience of sustainability-linked bonds, employee share schemes and related regulatory issues. Managing partner Sabin Volciuc-Ionescu has over 16 years’ experience advising on debt and equity capital markets. Senior associate Diana Tudor is also developing a strong name.

Practice head(s):

Sabin Volciuc-Ionescu

Testimonials

‘The firm’s strengths are its people, experience, knowledge, communication and collaboration.’

 

Key clients

International Finance Corporation (IFC)

Banca Comerciala Romana (BCR)

Work highlights

  • Advised EBRD and IFC in relation to the private placement of RON 480 million (approx. €100 million) Tier 2 Capital Subordinated Bonds issued by Raiffeisen Bank Romania.
  • Advised IFC, the anchor investor, on €18.5 million in financing to BT Leasing Transilvania to increase access to finance for small and medium enterprises (SMEs) and to finance climate leasing in Romania. IFC was the lead investor in a bond issued by BT Leasing, which has raised €40 million with the participation of other private investors.
  • Advised IFC as lead anchor investor in relation to €285 million Basel III/CRDIV compliant Tier 2 capital subordinated bond issued by Banca Transilvania.

Tuca Zbârcea & Asociatii

Tuca Zbârcea & Asociatii has carved out an extremely good reputation for regulatory capital markets advice. The team is recommended for its ‘excellent knowledge of the regulatory framework regarding capital market operators and financial institutions and also work with large corporate clients on listing requirements’. Practice head Silvana Ivan  is especially well regarded for her ‘practical and strategic‘ advice and ‘exceptional business skills‘. The firm’s ongoing regulatory advice to the Bucharest Stock Exchange reflects on its status in the local market. Other clients include major banks, investment funds, and corporate issuers, who regularly instruct the firm on compliance and market conduct issues, as well as transactional matters.

Practice head(s):

Silvana Ivan

Other key lawyers:

Stefan Damian

Testimonials

‘We have been working with them for over fifteen years now and we are happy to entrust them with our projects involving particularly complex capital markets regulatory expertise (e.g.corporate governance, litigations and shareholders rights), including in cases when we wanted to develop new innovative products for the local capital markets, on some sensitive corporate matters (REITs implementation), involving quick turnaround and also on some key corporate governance projects that we want to further develop. They are efficient and proactive, keeping good communication with our team and mindful of all specifics of a particular project.’

‘We have been working with Ionut Serban, Silvana Ivan and Vlad Birta for some years, as they are known to have acquired very strong capital markets, corporate and corporate governance and litigations expertise during years of dedicated practice, but also on some high-profile projects.’

‘The team has a leading reputation for capital markets covering debt, equity, as well as structured finance. They have an excellent knowledge of the regulatory framework regarding capital market operators and financial institutions and also work with large corporate clients on listing requirements.’

‘Silvana Ivan is the main contact. She is quick to get an understanding of the issues and provide swift and tailored advice. Her guidance is practical and strategic, demonstrating not only legal but also exceptional business skills.’

 

Key clients

Astaldi

Banca Comerciala Romana

Bain Capital

The International Finance Corporation

APS Holding

Apollo LP

The Rohatyn Group

Amethyst Radiotherapy Group

Revetas

Alka Co.

NN Insurance & NN Pensions

Bucharest Stock Exchange (BVB)

Speedwell

BRF

Work highlights

  • Assisting Banca Comerciala Romana in relation to various capital markets issues arising from its banking operations on the Romanian and EU markets and from being a subsidiary of a listed company – Erste Bank Group.
  • Assistance to Astaldi in relation to the redemption of a €190 million Super-senior Secured PIYC Floating Rate note.
  • Assisting the Bucharest Stock Exchange (BVB) on numerous capital markets issues, from corporate governance and minorities issues derived from its status as a listed company, to proper drafting of its regulations, as well as assistance in relation to corporate events  held during the COVID-19 pandemic.

Kinstellar

Kinstellar has an experienced capital markets team that offers a strong mix of regulatory and transactional support. The firm’s regional network helps financial clients manage cross border projects such as the implications of MiFiD II and other financial regulatory developments, where practice head Zsuzsa Csiki  has good credentials. The clientele include both issuers and underwriters and the team has a good track record for debt and equity capital markets. It has recently been involved in several high-yield bond issuances.

Practice head(s):

Zsuzsa Csiki

Key clients

Citigroup Global Markets Limited

HSBC Bank plc

Wells Fargo Securities LLC

Paypoint Services

Payvision

Credit Suisse

Morgan Stanley

J.P. Morgan Securities

Citigroup Global Markets Limited

AMP Capital Funds Management Limited

Apollo Investment Management Europe

SellersFunding International Portfolio

Work highlights

  • Advising Credit Suisse on capital markets matters in relation to its investment manual and advice in relation to carrying out spot FX transactions by Credit Suisse Securities on a reverse solicitation basis.
  • Advising Citigroup Global Markets, HSBC Bank, Wells Fargo Securities on the issuance of a high-yield bond by Eastern PA Land Investment Holding LLC and CANPACK, which will be used to refinance existing debt.
  • Advising payment technologies company, Paypoint Services, on a number of capital markets matters including the potential regulatory implications of the company’s envisaged change of structure concerning its card services flows.

Leroy si Asociatii

Leroy si Asociatii has a well regarded ‘client focused practice, with fast delivery‘. The firm is especially experienced in debt capital markets work where it advises an impressive range of financial institutions and trade bodies. The practice has carved out a strong niche in structured products such as derivatives, as demonstrated by its ongoing work for International Swaps and Derivatives Association. Practice head Andreea Toma  has almost 20 years’ experience in the market. She is ably supported by Cristina Togan  and up-and-coming associate Cristian Bumbac, who is a ‘rising expert in the derivatives field‘.

Practice head(s):

Andreea Toma

Testimonials

‘Client focused practice, with fast delivery.’

‘Cristian Bumbac – a rising expert in the derivatives field.’

 

Key clients

International Capital Market Association (ICMA)

International Securities Lending Association (ISLA)

International Swaps and Derivatives Association (ISDA)

Bundesverband deutscher Banken  / Association of German Banks

Work highlights

  • Assisting the ICMA in connection with updating the industry opinion in connection with repurchase transactions and buy/sell-back transactions contemplated under the 2000 and 2011 Global Master Repurchase Agreements (GMRA), published by ICMA on its website for the benefit of all its members.
  • Assisting the International Securities Lending Association (ISLA) in connection with updating the industry opinion on the securities lending transactions contemplated under the Global Master Securities Lending Agreement (GMSLA) published by ISLA on its website for the benefit of all its members.
  • Assisting the International Swaps and Derivatives Association (ISDA) in connection with the issuing of an opinion covering the enforceability of certain close-out, set-off and default provisions of the ISDA/FIA Client Cleared OTC Derivatives Addendum (the Addendum) when used in conjunction with any of the 1992 or 2002 ISDA Master Agreements.

Nestor Nestor Diculescu Kingston Petersen

Nestor Nestor Diculescu Kingston Petersen has an experienced cross-practice team with a good track record on debt and equity market listings and regulatory support. The firm represents a mix of issuers, financial institutions and asset managers and is regularly referred work by major international firms on cross-border deals. Co-managing partner, and seasoned corporate lawyer, Manuela Nestor  leads the team with strong support from banking and finance head Alina Radu  . Corporate partner Corina Dumitru  also has good experience in this area.

Practice head(s):

Manuela Nestor

Key clients

CTP

Work highlights

  • Advised CTP, the largest developer and long-term manager of industrial and logistics parks in CEE, on the Romanian law aspects of its €854.2 million initial public offering on Euronext Amsterdam.
  • Advised a pan-European independent power producer on the Romanian law aspects of a €110 million issuance of senior secured green bonds.
  • Advised a global provider of financial market infrastructure services in the assessment of a complex chain of custody arrangements, accounts structure, statutory and contractual arrangements and insolvency protections in cross-border operations.

Popovici Nitu Stoica & Asociatii

Popovici Nitu Stoica & Asociatii is particularly experienced in advising corporate issuers. In the past year the firm has advised corporate clients on several high value capital raisings as well as the introduction of new employee share schemes. The team is also popular with alternative investment funds, such as Franklin Templeton Investment Management, who regularly instruct the firm on compliance and regulatory issues, including licensing  and authorisation matters. Alexandru Ambrozie  and Bogdan Stoica are the two main contacts.

Practice head(s):

Bogdan Stoica; Alexandru Ambrozie

Key clients

Franklin Templeton Investment Management Limited United Kingdom

Property Fund

Ameropa

Oresa

Certinvest

Voestalpine

Immofinanz

Dedeman

Xella

Revaho Beheer BV

Electrica

Sphera

SIF Banat-Crișana

SIF Muntenia