Firms To Watch: Capital markets: debt offerings

Pillsbury Winthrop Shaw Pittman, LLP is at the forefront of issuances by utilities and energy companies, along with their underwriters. New York’s Jeffrey Delaney and David Baxter are key names in the team.
Troutman Pepper has a rounded practice driven by multiple offices and is noted for its expertise in energy and utilities deals. Atlanta-based partner Eric Koontz is active in DCM offerings.

Capital markets: debt offerings in United States


Akin is best known for energy company debt issuances, through its offices in Houston and Dallas. The firm is also recognised for its expertise in restructuring-related debt offerings. It is primary issuer focused and is broadening its practice through the New York office, where Rosa Testani has a strong profile in high-yield debt offerings, and is further recognized for liability management transactions, corporate restructurings and issuances as companies emerge from Chapter 11 bankruptcy. Houston’s John Goodgame and Dallas partner Garrett DeVries are noted for energy sector offerings, including those by master limited partnerships (MLPs). Christine LaFollette has retired from the partnership.

Practice head(s):

Garrett DeVries; Rosa Testani

Other key lawyers:

John Goodgame; Zach Wittenberg

Key clients

CBL Ad Hoc Group

Cinemark USA, Inc.

Diamondback Energy, Inc.

Fortress Transportation and Infrastructure Investors LLC

Fossil Group, Inc.

FTAI Infrastructure Inc.

Genesis Energy, L.P.

Laredo Petroleum, Inc.

Warrior Met Coal, Inc.

Work highlights

  • Represented Cinemark USA in its $765m offering of 5.25% senior notes due 2028.
  • Represented Diamondback Energy in its $1.1bn offering of aggregate principal amount of 6.250% senior notes due in 2033.
  • Represented CBL Ad Hoc Group in connection with CBL’s emergence from Chapter 11 bankruptcy, which included an issuance of $455m of new 10% senior secured notes due 2029 and $150m of 7.0% exchangeable senior secured notes due 2028.

Arnold & Porter

Arnold & Porter has a solid record in investment grade, high-yield and convertible debt offerings. It remains best known for its work in headline sovereign debt offerings in Latin America, Turkey and Hungary. Liability management and restructuring-related transactions are also a forte. Its sector strength includes life sciences, healthcare, technology and financial services. New York partner Christopher Peterson is an experienced figure in investment grade and high-yield debt, and is prominent in sovereign finance. Washington DC’s Whitney Debevoise has an outstanding record in sovereign offerings, especially in Latin America. San Francisco partner Teresa Johnson is another key member of the team.

Practice head(s):

Teresa Johnson; Christopher Peterson

Other key lawyers:

Whitney Debevoise

Baker Botts L.L.P.

Baker Botts L.L.P. continues to be rated for debt offerings in the energy sector, which has been given additional strength in high-yield debt and underwriter engagements by the arrival of partner Doug Getten from Paul Hastings LLP; Getten has joined as vice-chair of the capital markets and securities team. The team is also noted for its expertise in MLPs. Chair of the capital markets and securities team Joshua Davidson has an outstanding record, noted for his experience in both issuer and underwriter engagements. Eileen Boyce has been promoted to partner. All named partners are based in Houston. Justin Hoffman left the firm in August 2022.

Practice head(s):

Mike Bengtson; Samantha Hale Crispin; Joshua Davidson

Other key lawyers:

Doug Getten; Eileen Boyce; Travis Wofford; Natasha Khan; Catherine Gallagher


‘Baker Botts is collaborative, commercial, pro-active, and available. Where we have had special requests or needs (opinions, tough legal negotiating points), they have consistently been constructive and helped us to achieve our desired outcomes.’

‘Travis Wofford is the primary transaction (capital markets and acquisition) partner; helps me see things before they become issues; thinks commercially like a seasoned GC.’

‘Depth of industry knowledge, creative thinking and collaborative style.’

‘Joshua Davidson is great to work with and gets deals done.’

Key clients

BofA Securities, Inc.

CenterPoint Energy, Inc.

Citigroup Global Markets, Inc.

Clearway Energy Operating LLC

Coterra Energy Inc. (formerly Cabot Oil & Gas Corporation)

Credit Suisse Securities (USA) LLC

Dream Finders Homes, Inc.

DZS, Inc.

EnLink Midstream, LLC

Haliburton Company

Helix Energy Solutions

J.P. Morgan Securities LLC

Liberty Media Corporation

Morgan Stanley & Co. LLC

NRG Energy, Inc.

RBC Capital Markets, LLC

Seaport Global Securities LLC


Stephens, Inc.

Summit Midstream Partners, LP

Sunnova Energy International Inc.

Transocean Inc.

Underwriters for Calumet Specialty Products Partners

Underwriters for Crestwood Midstream Partners L.P.

Underwriters for Magnolia Oil and Gas Corporation

Valero Energy Corporation

Westlake Corporation

Work highlights

  • Advised Cabot Oil & Gas Corporation on its $17bn merger with Cimarex Energy Co.
  • Represented Westlake Chemical Corporation in its $1.7bn public offering of several series of Senior Notes.
  • Represented NRG Energy in its $1.1bn offering of  3.875% senior notes due 2032.

Bracewell LLP

Bracewell LLP remains best known for debt offerings by energy businesses and financial services institutions, including community banking organisations. Outside its core industry sectors, it also advised Sysco, the global distributor of food and related products on its $1.25bn offering of unsecured senior notes. Houston partners William Anderson and Troy Harder are key figures, along with Catherine Hood in New York, who offers a range of expertise including in offerings of first mortgage and collateral trust bonds, green bonds, unsecured notes and high-yield debt.

Practice head(s):

Will Anderson; Charles Still

Other key lawyers:

Catherine Hood; Troy Harder


‘Troy Harder and Cathy Hood are both very good.’

‘Very practical and commercial.’

Key clients

Phillips 66 Company

Underwriters for Southwest Bancshares, Inc

Underwriters for Broadway Bancshares, Inc

El Paso Natural Gas Company, L.L.C.

Sysco Corporation

Kinder Morgan, Inc.

Underwriters for Veritex Holdings, Inc.

Underwriters for Bank7 Corp

Underwriters for DTE Electric Company

PPL Electric Utilities Corporation

Phillips 66 Company

Work highlights

  • Represented Phillips 66 in offers to exchange up to $3.2bn of seven series of notes previously issued by Phillips 66 Partners for new notes issued by Phillips 66 Company and guaranteed by Phillips 66.
  • Represented Piper Sandler & Co, the sole placement agent, in Southwest Bancshares’ $35m private placement of 5.0% fixed-to-floating rate subordinated notes due 2032.
  • Represented Sysco in connection with its $1.25bn offering of unsecured senior notes.

Cahill Gordon & Reindel LLP

Cahill Gordon & Reindel LLP continues to evolve its debt offerings platform to include a greater percentage of investment grade offering engagements. Its partners are widely noted for their expertise across bank and bond debt. In the investment grade space, it has worked on a series of transactions in the gaming and TMT sectors, often for clients that have transitioned from high-yield to investment grade status; the team has recently advised the underwriters on investment grade debt offerings totalling some $6bn for T-Mobile and $3.5bn of debt for Charter Communications. William Miller is a top name in the market, and along with other partners has advised the underwriters on investment grade transactions totalling some $6bn for HCA, the American healthcare operator. Corey Wright left the firm in January 2023, and Joshua Zelig and Marc Lashbrook departed together in May 2023.

Other key lawyers:

William Miller; James Clark; Jonathan Schaffzin


‘Market-leading team, very commercial and deal/solution oriented.’

Key clients

Citigroup Global Markets Inc. / Citigroup Global Markets Limited

Credit Suisse Securities (USA) LLC

Deutsche Bank Securities Inc. / Deutsche Bank AG, London Branch

Morgan Stanley & Co. LLC

Mizuho Securities USA LLC

J.P. Morgan Securities LLC / J.P. Morgan Securities plc

Wells Fargo Securities, LLC

BNP Paribas Securities Corp.

SMBC Nikko Securities America, Inc.

Work highlights

  • Represented the banks in connection with a series of investment grade debt offerings by Charter Communications.
  • Represented the underwriters in a series of debt offerings by Take-Two Interactive Software.
  • Represented the underwriters in $6bn of debt offerings by HCA.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton’s extensive connections to large investment grade issuers and strong links to top major underwriters, ensures a steady flow of big-ticket capital markets engagements. The firm is also a leading name in sovereign offerings, notably acting for a number of Latin American states. It is also noted for its regulatory expertise, which stems in part from the presence of a number of former SEC employees, including several former general counsels. In recent times, it has impressed in green and sustainability-linked bond issuances. Jeffrey Karpf is a broad-based capital markets specialist, with notable expertise in debt, convertibles, and liability management transactions. David Lopez continues to be rated for liability management and Francesca Odell is a leading name in international capital markets offerings by Latin American issuers, such as Petróleo Brasileiro (Petrobras).

Other key lawyers:

Jeffrey Karpf; David Lopez; Francesca Odell; Craig Brod; Adam Fleisher


‘Working with CGSH is a unique experience as every lawyer involved in a transaction has a deep knowledge about the matter and about the culture of the client. They are highly committed with the need of the client, they work hard and in timely fashion. They know how to deal with pressure and with different kind of stakeholders, they have insights on what is relevant for the client and their tolerance to risk.’

‘Every lawyer at Cleary is super talented and beyond that, they know how to create good bonds with clients. They know the company, the business lines, the products, and they are updated about what is happening in the industry.’

Key clients

The underwriters to Corebridge

HCA Healthcare Inc. (HCA)

Lowe’s Companies, Inc.

Verizon Communications

The underwriters to Prudential Financial Inc.

The underwriters to Southern California Edison Co. (SCE)

Petróleo Brasileiro S.A. (Petrobras)

Ontario Teachers’ Finance Trust

American Tower Corporation

The Clorox Company

Western Digital Corporation

Comisión Federal de Electricidad (CFE)

Underwriters to BlackRock Inc.

Howmet Aerospace Inc.

United Mexican States (Mexico)

The underwriters to The Bank of New York Mellon Corporation

The underwriters to Asian Development Bank

The underwriters to Citigroup Inc.

American Express and the underwriters to American Express

The underwriters to Citizens Financial Group Inc. and Citizens Bank N.A.

Work highlights

  • Represented HCA Healthcare in its unregistered $6 billion Rule 144A/Reg S offering.
  • Represented the initial purchasers in a series of inaugural Rule 144A/Reg S debt offerings worth $6.5 billion for Corebridge Financial (Corebridge), the life and retirement subsidiary of American International Group (AIG).
  • Represented Verizon in multiple offerings with an aggregate total of $10.32bn, including its $4bn tender offer and its $1bn green bond offering.

Cooley LLP

Cooley LLP is primarily known for its experience in convertible debt offerings and equity-linked transactions. It has a rich client base of technology and life sciences businesses, and maintains strong links to key underwriters. Amongst a catalogue of headline deals, it advised Snap on its private offering of $1.5bn aggregate principal amount of 0.125% convertible Senior Notes due 2028. Gian-Michele a Marca heads the debt finance practice and has an outstanding reputation for convertible debt offerings by life sciences and technology companies. Jason Savich is also rated for convertible debt offerings by technology and healthcare businesses. Eric Blanchard is a key figure in New York and Eric Jensen is a senior name in Palo Alto. Named individuals are based in San Francisco unless stated otherwise.

Practice head(s):

Gian-Michele a Marca

Other key lawyers:

Eric Jensen; Jason Savich; Eric Blanchard


‘Very strong team, led by Gian-Michele a Marca. One of the very best in this business. Extensive knowledge of the myriad of legal issues involved.’

‘Gian-Michele a Marca is one of the best convertible debt lawyers in the world. His knowledge of the underlying legal issues, as well as the complex structuring issues, make him unique on our business.’

Key clients

Unity Software Inc

Snap Inc (f.k.a Snapchat Inc.)

DigitalOcean Holdings, Inc.

Confluent, Inc.

J.P. Morgan Securities LLC

Piper Sandler & Co.

Morgan Stanley & Co. LLC

Evercore Group L.L.C.

Barclays Capital

SVB Securities LLC

Citigroup Global Markets

Goldman Sachs L.L.C.

Cowen & Company

J. Wood Capital Advisors

Bank of America Securities

Jefferies LLC

Travere Therapeutics, Inc.

Xometry, Inc.

Cytokinetics, Incorporated

Oppenheimer & Co.

Work highlights

  • Advised Confluent on its $1.1bn private offering of convertible Senior Notes due 2027.
  • Advised the underwriters on Ascendis Pharma’s $575m private offering of aggregate principal amount of 2.25% convertible senior notes due 2028.
  • Advised Arctic Wolf Networks on raising $401m in convertible notes led by existing investor Owl Rock.

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP has a history of headline and high-value transactions, including market-firsts and novel structures. It has an impressive mix of investment grade, high-yield, convertible and exchangeable debt deals. The firm has close connections to a number of blue-chip issuers and top-tier underwriters. It represented the underwriters in 10 notes offerings by JPMorgan totalling $38.9bn and advised the underwriters on the $2.9bn registered senior notes offering of ConocoPhillips. Craig Arcella and Andrew Pitts are big names in the market, including in investment grade and high-yield debt offerings. William FoggStephen Burns and Scott Bennett are also key names, along with Nicholas Dorsey. Michael Mariani is increasingly prominent.

Practice head(s):

William Fogg; Craig Arcella; Andrew Pitts

Other key lawyers:

Stephen Burns; Nicholas Dorsey; Scott Bennett; Michael Mariani; Douglas Dolan

Key clients



Canadian National Railway

Crown Castle





Rogers Communications



Various financial institutions

Work highlights

  • Represented the underwriters in 10 notes offerings by JPMorgan totalling $38.9bn.
  • Represented Rogers Communications in the issuance of approximately $12bn in notes, including notes to finance its pending acquisition of Shaw.
  • Represented the underwriters in the $2.9bn registered senior notes offering of ConocoPhillips and the dealer managers in connection with ConocoPhillips’ concurrent $1.8bn cash tender offer and $3bn debt exchange offer.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP is a global titan in capital markets offerings, including both investment grade and high-yield debt. In addition, bank finance and high-yield debt specialists frequently work together on some of the largest leveraged financings in the market. The firm has made a further impression in social bonds and debt linked to the Secured Overnight Financing Rate (SOFR). In league tables, it consistently ranks as the number one firm for issuer and manager engagements for US corporate bonds and global bonds. It also ranks especially highly for manager engagements for investment grade debt and high-yield debt. In investment grade debt, the firm advised the underwriters on a series of issuances by TD Bank, including $5.5bn and $4.5bn SEC-registered senior notes offerings. It also represented Meta Platforms on its $10 billion Rule 144A/Regulation S senior notes offering. In high-yield debt, it represented the initial purchasers on the $3.27bn Rule 144A/Regulation S debt offering by Carvana of its 10.250% senior notes due 2030. Michael Kaplan, Richard Truesdell, Bruce Dallas, John Meade and Byron Rooney are all highly rated, along with Deanna KirkpatrickDerek Dostal and Shane Tintle.

Other key lawyers:

Michael Kaplan; Richard Truesdell; Bruce Dallas; John Meade; Byron Rooney; Deanna Kirkpatrick; Derek Dostal; Shane Tintle

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP is widely rated for its record in headline and complex transactions. Notably, it advised Discovery on the $30bn offering of senior unsecured notes by Magallanes, the wholly-owned subsidiary of AT&T; the transaction related to Discovery’s acquisition of WarnerMedia from AT&T. The firm also remains active in issuances by financial services and insurance businesses, and transactions connected to its plentiful private equity client base. Matthew Kaplan is a prominent figure in the market, along with fellow co-head of the capital markets group Steven Slutzky and key partners Eric Juergens, Paul Rodel and Peter Loughran.

Practice head(s):

Paul Rodel; Steven Slutzky

Other key lawyers:

Matthew Kaplan; Eric Juergens; Paul Rodel; Peter Loughran; Scott Sellinger


‘The Debevoise team handled our company’s debt offerings exclusively for eleven years, expertly modifying our debt agreements to reflect whatever changes we required at the time.’

‘Highly technical set of attorneys. Well-known market practice and often at times are the ones pushing the envelope on new practices. Debevoise holds their own and does a terrific job when it comes to representing us in negotiations with big global banks that are underwriting our investments. A consistent, principled, non-emotional approach gets the job done.’

‘Scott Sellinger is a terrific capital markets attorney. Encyclopedic memory when it comes to prior deals and other market precedent. Always commercial in how he interacts with counterparties and represents us well. I have complete trust in his judgement.’

‘The entire team is really helpful, good at explaining issues and looking for solutions.’

Key clients

Access Industries, Inc.

agilon health

American International Group

Ambac Assurance Corporation

Antares Holdings LP

BofA Securities, Inc.


Booz Allen Hamilton

Carlyle Group

Wm Morrison Supermarkets Limited

Clayton Dubilier & Rice, LLC

Core & Main Inc.


Prudential Plc

Cornerstone Building Brands, Inc.

DoubleVerify Inc.

National Life Group

Fifth Wall Ventures Management, LLC

Gogo Inc.


Jackson National Life

Goldman Sachs Group

International Paper Company

JetBlue Airways Corporation


Pacific Life Insurance Company

Multi-Color Corporation (MCC)

Principal Financial Group

Spirit Airlines

The Teachers Insurance and Annuity Association (TIAA)

United Insurance Holdings Corporation

Warner Bros. Discovery, Inc.

Warner Music Group

Westpac Banking Corporation

Dechert LLP

Dechert LLP continues to be rated for its expertise in life sciences and permanent capital vehicles; it is a dominant force in issuances by business development companies (BDCs). It recently advised Blackstone Private Credit Fund on its $500m private placement of 2.700% senior secured notes due 2025 and $650m private placement of 4.000% senior secured notes due 2029. Jay Alicandri is a major force in DCM offerings in the permanent capital and private credit segments. Boston partner Thomas Friedmann is co-head of corporate finance and capital markets and co-head of permanent capital, frequently advising on capital markets offerings by BDCs.

Practice head(s):

Thomas Friedmann; David Rosenthal

Other key lawyers:

Ian Hartman; Matthew Carter; Eric Siegel; Harry Pangas; Jay Alicandri

Key clients

Aquestive Therapeutics

B&G Foods

Bain Capital Specialty Finance

BC Partners



Business Development Company of America

Diffusion Therapeutics

EaglePoint Credit Company

FS Investment Corporation

Golub Capital BDC, Inc.

Griffon Corporation

Hercules Capital

Horizon Technology Finance

Main Street Capital Corporation

PennantPark Investment Corporation/PennantPark Floating Rate Capital

Piper Sandler

Raymond James


TriplePoint Capital

Via Optronics

WhiteHorse Finance

Work highlights

  • Advised Blackstone Private Credit Fund on its $500m private placement of 2.700% senior secured notes due 2025 and $650m placement of 4.000% senior secured notes due 2029.
  • Advised Cliffwater Corporate Lending Fund in connection with its $1.82bn revolving and term loan facilities, and $900m 4.10% Series A Senior Secured Notes due March 2027.
  • Advised Cliffwater Corporate Lending Fund in connection with its $635m offering of senior secured notes comprised of multiple tranches.

Faegre Drinker Biddle & Reath LLP

Faegre Drinker Biddle & Reath LLP’s active capital markets practice is largely centred in Minneapolis and Indianapolis. A large part of its DCM practice is driven by anchor client Wells Fargo, which it advised on over $25.2bn worth of offerings during the research period, including a $2bn sustainability bond. Dawn Holicky Pruitt leads the relationship with Wells Fargo and other key clients. Fellow Minneapolis partner Brandon Mason is another prominent member of the team.

Practice head(s):

Jonathan Zimmerman

Other key lawyers:

Dawn Holicky Pruitt; Brandon Mason

Key clients

Wells Fargo & Company, Wells Fargo Bank, N.A. and Wells Fargo Finance LLC

Archer-Daniels-Midland Company

Target Corporation

Ameriprise Financial, Inc.

Southwestern Public Service Company

Realterm Logistics Income Fund, L.P.

Dawsongroup plc

Global Infrastructure Management, LLC

Fair Isaac Corporation

Penske Truck Leasing Co, L.P.

Zimmer Biomet Holdings, Inc.

Work highlights

  • Represented Wells Fargo & Company on public offerings exceeding $25.2bn in aggregate value.
  • Represented Archer-Daniels-Midland Company in its inaugural sustainability bond offering.
  • Represented Target Corporation in the $2bn issuance of senior notes in a dual tranche offering.

Freshfields Bruckhaus Deringer LLP

Freshfields Bruckhaus Deringer LLP has a fine record in bulge-bracket bond offerings. It continues to make an impression in convertible debt and green bond offerings, and boasts a prominent team in New York and Silicon Valley. Well-known for investment grade offerings, it is gaining ground in high-yield debt. It has an exceptional issuer client base, but also gains many engagements from underwriters. The exceptionally experienced Valerie Ford Jacob is global co-head of the capital markets team and consistently advises issuers and underwriters on high-value offerings. In Silicon Valley, Sarah Solum is head of US capital markets and has an excellent record with tech businesses, including advising Oracle on its $7bn SEC-registered offering of senior notes. Michael Levitt is also noted for convertible debt offerings and Silicon Valley/New York partner Pamela Marcogliese for green bonds, among other capital markets offerings and corporate governance engagements.

Practice head(s):

Valerie Ford Jacob; Sarah Solum

Other key lawyers:

Michael Levitt; Pamela Marcogliese

Key clients



Ares Capital (Underwriters)

3D Systems

Republic Services (Underwriters)

Prudential (Underwriters)

Capella Space



Work highlights

  • Advised Sonoco Products Company on its $1.2bn SEC-registered inaugural offering of green bonds.
  • Represented Oracle Corporation on its $7bn SEC-registered offering of senior notes.
  • Advised the underwriters on Prudential’s $350m offering of 3.625% Notes due 2032.

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP has a prestigious history in debt capital markets, particularly in investment grade offerings, but also in high-yield debt. It routinely advises blue-chip issuers and bulge-bracket underwriters; it advised the underwriters on The Procter & Gamble Company’s $1.85bn offering of two tranches of notes. It remains designated underwriters’ counsel for a number of major issuers. Head of the capital markets department Daniel Bursky is highly rated for both debt and equity offerings, and has close connections to big name issuers such as T-Mobile and Merck. Andrew Barkan is also rated for high-yield, investment grade and convertible debt offerings, while Mark Hayek is gaining further market recognition.

Practice head(s):

Daniel Bursky

Other key lawyers:

Andrew Barkan; Mark Hayek; Joshua Wechsler; Joshua Coleman; Stuart Barr


‘Very comprehensive knowledge of the market, efficient, excellent negotiators, always pushing the boundaries for us.’

‘Extremely smart and knowledgeable in their fields; thoughtful, business-driven advice; excellent judgment; particularly Daniel Bursky and Joshua Coleman.’

Key clients

Blue Apron

Broadstone Net Lease


Humana Inc.




BofA Securities

Deutsche Bank

Evercore ISI

Goldman Sachs


JMP Securities

JP Morgan



PNC Capital Markets

Raymond James

RBC Capital Markets

R. Seelaus


Societe Generale


UBS Wells Fargo

Zion Capital Markets

Work highlights

  • Advised the underwriters of The Procter & Gamble Company’s $1.85bn offering of two tranches of notes.
  • Advised Athene Holdings’ underwriters on a $500m registered offering of 3.450% senior notes due 2052.
  • Advised the underwriters of The Procter & Gamble Company’s $412m offering of Employee Share Offering Plan (ESOP) floating rate notes due February 8, 2072.

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP has an outstanding record in debt offerings. It has impressive links to a multitude of issuers, along with a number of underwriters. It recently advised on its SEC-registered offering of notes, totalling $12.75bn. General Electric is another major client. The capital markets team benefits from the firm’s strong expertise in securities regulation and corporate governance. Andrew Fabens has a huge reputation in big-ticket investment grade debt offerings, while Houston partner Hillary Holmes is noted for energy-sector offerings. San Francisco partner Stewart McDowell is another key partner, while the arrival of Douglas Horowitz in April 2022 brings further senior-level credibility.

Practice head(s):

Andrew Fabens; Hillary Holmes; Stewart McDowell; Peter Wardle

Other key lawyers:

Douglas Horowitz

Key clients, Inc.

General Electric Company

HP Inc.

Mondelēz International, Inc.

Marriott International, Inc.

Excelerate Energy, Inc.

Aris Water Solutions, Inc.

Consensus Cloud Solutions, Inc.

The Williams Companies, Inc.

Jabil Inc.

BofA Securities, Inc.

Wells Fargo Securities

Deutsche Bank Securities

Celanese Corporation

Atmos Energy Corporation

Cogent Biosciences, Inc.

Piedmont Lithium Inc.

89bio, Inc.

Welltower Inc.

Tenet Healthcare Corporation


Goodwin remains best known for its fervent activities in convertible debt for life sciences and tech businesses, particularly NYSE and Nasdaq-listed companies. It has an established record in convertible debt and related derivatives transactions. The firm also has a buoyant presence in investment grade and high-yield debt, and is well-versed in liability management transactions. Key figure, James Barri is co-chair of the capital markets team and has an outstanding reputation in convertible debt offerings. Fellow co-chair Ettore Santucci is noted for REITs and real estate sector offerings. New York partner John Servidio has a long-term experience in convertible debt and related derivatives transactions. Named partners are based in Boston unless stated otherwise.

Practice head(s):

James Barri; Ettore Santucci

Other key lawyers:

John Servidio


‘Very strong team, led by James Barri. One of the very best in this business. Extensive knowledge of the myriad of legal issues involved.’

‘James Barri is one of the best convertible debt lawyers in the world. His knowledge of the underlying legal issues, as well as the complex structuring issues, make him unique on our business.’

‘Really strong and knowledgeable attorneys on the convertible bond and equity derivative markets in particular. Exceptional service and advice.’

‘Very high quality advice from both Jim Barri and John Servidio. Well respected for their views and exceptional client service.’

‘We work with the Goodwin team on a number of convertible note offerings where we represent the technology enterprise issuer.’

‘Jim Barri of Goodwin is extremely knowledgeable with respect to convertible note offerings with a deep knowledge of the convert market and securities offerings.’

Key clients

Alnylam Pharmaceuticals, Inc.

Boston Properties

Boyne USA, Inc.

BridgeBio, Inc.

Cano Health

Cerevel Therapeutics Holdings, Inc.

Gaming & Leisure Properties

Medical Properties Trust

Okta, Inc.



Work highlights

  • Advised Gaming and Leisure Properties on $800m offering of 3.250% senior notes due 2032.
  • Advised Cano Health  on its $300m offering amount of 6.250% senior notes due 2028.
  • Advised Global Blood Therapeutics on its $300m private offering of 1.875% convertible Senior Notes due 2028.

Hogan Lovells US LLP

Hogan Lovells US LLP has close links to a range of large-cap and S&P 500 issuers, which it routinely advises on high-value debt offerings. In recent times it has advised UnitedHealth, Lockheed Martin and Colgate-Palmolive on debt offerings in excess of $1bn. It has an especially strong record in life sciences and healthcare, real estate and TMT.  The firm also represents a number of banks and sovereign issuers. Washington DC partner Eve Howard is global head of capital markets and has a fine record in investment grade, high-yield and convertible debt. New York’s Stuart Morrissy provides further senior-level expertise in high-yield debt and liability management.

Practice head(s):

Eve Howard

Other key lawyers:

Stuart Morrissy; Ben Garcia; Evan Koster; David Bonser; Tifarah Allen; Kevin Greenslade; Sina Hekmat


‘World-class team at Hogan Lovells.’

‘Hogan Lovells exhibits legal subject-matter competency in the specific area of law we are focused (insurance) and the team understands the issues affecting our company. We appreciate the firm’s ability to accurately assesses levels of risk involved and provide clear, practical, and timely advice including options.’

‘Very competent, diverse team; willing to provide informative background assistance on matters. A mix of experienced and young professionals which is a good sign.’

‘Great, well-rounded team to work with.’

‘Kevin Greenslade is exceptionally responsive, adept at turning the complex into the simple, and a pleasure to work with.’

Key clients

Advance Auto Parts, Inc.

Colgate-Palmolive Company

Equifax Inc.

Elevance Health, Inc. (formerly Anthem, Inc.)

Enstar Group Limited

Government of the Commonwealth of the Bahamas

Lockheed Martin Corporation

The Central America Bottling Corporation

UnitedHealth Group Incorporated

VICI Properties

Work highlights

  • Advised UnitedHealth on an aggregate of $15bn of notes offerings.
  • Advised Lockheed Martin on an aggregate of $6.3bn of SEC-registered notes offerings.
  • Advised Colgate-Palmolive on its $1.5bn senior notes offering.

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP has a buoyant practice driven by a significant flow of engagements from the energy, power and utilities sectors. The firm has an excellent record in representing issuers and underwriters and has landed major engagements from both sides of the fence in 2022, with a notably fine series of deals as underwriters’ counsel. Consumer products, retail, and REITs are also primary industries for the capital markets team. In the energy segment, Houston partner Courtney Cochran Butler continues to make an impression, including in green bonds and sustainability-linked bonds. Fellow Houston partner James Davidson is an experienced figure in REIT capital markets offerings. Susan Failla is rated for consumer and retail sector debt offerings, and Peter O’Brien, Steven Friend and Michael Fitzpatrick are also key partners in power and utilities. All named partners are based in New York unless stated otherwise.

Practice head(s):

Courtney Cochran Butler; Susan Failla; Peter O’Brien; David Wright; Robert Smith

Other key lawyers:

Michael Fitzpatrick; Mayme Beth Donohue; Kim Macleod


‘The Hunton AK debt offerings team has a deep and broad knowledge of the markets, transactions, and structures that ensure a practical solution that is the best fit for our organization.’

Key clients

Annaly Capital Management, Inc.

Chimera Investment Corporation

Healthcare Realty Trust Incorporated

Initial Purchasers’ Counsel for Texas Electric Market Stabilization Funding N LLC

Hilcorp Energy I, L.P.

NewLake Capital Partners Inc.

Pacific Gas & Electric Company

Sun Communities, Inc.

Underwriters’ Counsel for Arbor Realty Trust, Inc.

Underwriters’ Counsel for ACRES Commercial Realty Corp.

Underwriters’ Counsel for Consolidated Edison Company of New York, Inc.

Underwriters’ Counsel for Alabama Power Company

Underwriters’ Counsel for Energy Transfer, LP

Underwriters’ Counsel for Kinder Morgan, Inc.

Underwriters’ Counsel for NextEra Energy, Inc.

Underwriters’ Counsel for NexPoint Real Estate Finance, Inc.

Underwriters’ Counsel for National Rural Utilities Cooperative Finance Corporation

Underwriters Counsel for PPL Corporation

Underwriters’ Counsel for The Southern Company

Underwriters’ Counsel for Xcel Energy Inc.

Work highlights

  • Advised Pacific Gas and Electric Company and PG&E Wildfire Recovery Funding on a $3.6bn SEC-registered offering of Senior Secured Recovery Bonds.
  • Advised the underwriters in connection with NiSource’s $350m offering of 5.000% Notes due 2052 (Green Bonds); Georgia Power Company’s $800m offering of Series 2022B 5.125% Senior Notes due 2052 (Equality Progress Bonds) and Northern States Power Company’s $500m offering of 4.50% First Mortgage Bonds.
  • Represented Pacific Gas and Electric Company in connection with its $300m offering of Floating Rate First Mortgage Bonds due 2022 and Duke Energy Corporation on its $500m offering of Floating Rate Senior Notes due 2023.

Jones Day

Jones Day has a steady flow of investment grade and high-yield debt engagements, along with convertible and exchangeable bond offerings. It has an established record in representing issuers and underwriters in large-cap and mid-cap transactions. It is notably active in consumer goods, energy and utilities, along with other industrial companies. Thanks to its multiple offices, including strong teams in New York and Cleveland, it has especially widespread links to issuers. New York partner Rory Hood and Cleveland’s Michael Solecki are key figures in the group.

Practice head(s):

Brett Barragate; Jayant Tambe

Other key lawyers:

Michael Solecki; Edward Winslow; Rory Hood

Key clients

American Transmission Systems, Incorporated

Cintas Corporation

Ecolab Inc.


Newell Brands Inc.

Northern States Power Company

Ohio Edison Company

Omnicom Group, Inc.

Parker Hannifin Corporation

Public Service Company of Colorado

The Timken Company

Xcel Energy Inc.

Work highlights

  • Represented Parker-Hannifin Corporation in its $3.6bn registered public offering of Senior Notes.
  • Represented MPLX LP in a $1.5bn public offering of 4.950% Senior Notes due 2052; and a $1bn public offering of 4.950% Senior Notes due 2032.
  • Represented the dealer managers and underwriters in a series of liability management transactions by PepsiCo.

King & Spalding LLP

King & Spalding LLP has a well-developed DCM practice, encompassing high-yield debt, equity-linked securities, liability management, and green and sustainability-linked bonds, among other areas. It has worked on a number of headline green bond offerings in recent times. The firm is noted for its strength in the energy, financial institutions, life sciences and healthcare, industrials, real estate and telecommunications sectors. The issuer-focused practice boasts clients such as General Motors, ConocoPhillips and Evolent Health. Atlanta partners Keith Townsend, Cal Smith and Zachary Cochran are all key capital markets specialists.

Practice head(s):

Keith Townsend

Other key lawyers:

Cal Smith; Zachary Cochran

Key clients

General Motors

CURO Group Holdings Corp.


Genuine Parts Company

Evolent Health

BOA Acquisition Corp.

North Sea Natural Resources Ltd.

UBS O’Connor

Silverback Asset Management

Whitebox Asset Management

PROG Holdings, Inc.

Tenor Capital Management

Virtual Power Systems

Highbridge Capital Management, LLC

Work highlights

  • Advised General Motors on an $2.25bn offering of green bonds.
  • Advised ConocoPhillips on a $2.9bn registered notes offering, a $3.1bn cash tender offer, and $3bn private exchange offers.
  • Advised Genuine Parts Company on a $1bn underwritten public offering of senior notes.

Kirkland & Ellis LLP

Kirkland & Ellis LLP has a buoyant DCM practice, principally driven by issuer engagements. Along with standalone corporate issuers, the firm also receives numerous mandates through its illustrious private equity clients and their portfolio companies. The firm is particularly well known for sponsor-backed company high-yield debt offerings and acquisition finance-related debt offerings. It represented a consortium led by Hellman & Friedman and Bain Capital on its acquisition of Athenahealth, which involved a $2.35bn offering of senior notes as part of the financing of the deal. The firm is also rated for liability management transactions. Joshua Korff and Sophia Hudson are key partners in New York, along with Robert Hayward in Chicago.

Other key lawyers:

Sophia Hudson; Joshua Korff; Robert Hayward

Latham & Watkins LLP

Latham & Watkins LLP is at the forefront of DCM with an outstanding record in high-yield debt and a fast growing presence in investment grade debt. The firm is a clear leader in issuer-side engagements, though is one of the major players on underwriter-side mandates. With a strong core team in New York, it has prominent capital markets specialists across numerous US offices, including Silicon Valley, Los Angeles, Chicago, Washington DC, Houston and Boston. The New York team was further enhanced by the hire of leading capital markets practitioner Corey Wright from Cahill Gordon & Reindel LLP in January 2023. New York managing partner Marc Jaffe is rated for both debt and equity offerings, while New York-based global capital markets head Ian Schuman is noted for equity, convertible debt and high-yield debt offerings. Los Angeles partner Gregory Rodgers is at the forefront of convertible debt. Stelios Saffos is also a vice chair of the capital markets team.

Practice head(s):

Ian Schuman; Jeffrey Lawlis; Stelios Saffos

Other key lawyers:

Gregory Rodgers; Marc Jaffe; Benjamin Cohen; Corey Wright; Jenna Cooper; Keith Halverstam

Mayer Brown

Mayer Brown is a major player in investment grade debt, frequently representing both issuers and underwriters; the firm remains first choice underwriters’ counsel for a number of major issuers. The team advised on over $123bn of investment grade debt offerings. It is especially strong in financial services, specialty finance, automotive finance, consumer products, industrials and REITs, and is also making a further impression in covered bonds. Green and sustainability-linked bonds are another forte, along with social bonds and liability management. In addition, the firm is making headway in high-yield debt. Chicago’s Edward Best is a vastly experienced figure in financial services and automotive finance sector debt offerings and programs. Anna Pinedo is a key player in domestic and global bond offerings, and Jerry Marlatt is outstanding for covered bond programs for Canadian banks. Ryan Castillo and Chicago’s John Ablan are also emerging talents. Named partners are based in New York unless stated otherwise. Jonathan Pacheco has left the firm.

Practice head(s):

Eddie Best; Anna Pinedo

Other key lawyers:

Phyllis Korff; David Bakst; Jerry Marlatt; Ryan Castillo; John Ablan

Key clients

The Bank of Nova Scotia

Barclays Capital Inc.

Blackstone Group L.P.

BofA Securities Inc.

Canada Pension Plan Investment Board (CPPIB)

Canadian Imperial Bank of Commerce (CIBC)

Capital One Financial Corporation

Citigroup Global Markets Inc.

Deutsche Bank Securities Inc.

Underwriters counsel in connection with Eagle Point

GATX Corporation

HSBC and affiliates

Hyundai Capital America, Inc.


Islandsbanki hf.

JP Morgan Securities LLC

National Bank of Canada

Northern Trust Corporation

Ontario Municipal Employees Retirement System (OMERS)

Prologis (and affiliates)

PSP Investments

Raymond James Financial (and affiliates)

Underwriters Counsel in connection with Starbucks Corporation

TransCanada Pipelines

Toronto Dominion Bank

US Bancorp

Underwriters Counsel in connection with Whirlpool Corporation

McGuireWoods LLP

McGuireWoods LLP is rated for its frequent advice to Bank of America on multiple debt issuances and its regular engagements from various utilities. Over the research period, the firm advised Bank of America on more than $25bn in debt offerings. It also represented Virginia Electric and Power on a series of high-value debt issuances. Charlotte partners Greg Kilpatrick and Barlow Mann, along with Hannah Thompson Frank in Pittsburgh, are key figures in the team.

Practice head(s):

Greg Kilpatrick

Other key lawyers:

Barlow Mann; Hannah Thompson Frank


‘McGuireWoods, as a mid-size law practice, provides better value for your legal expense. Additionally, they place value on listening to the customer and understanding your unique situation. They are experienced and were very effective in going up against the larger law firms in debt transaction. They leveraged their team across SEC, transactions and debt markets to provide outstanding legal guidance.’

‘The partners provided instant creditability as they were experienced and recognized. The true value was the partnership of getting a complete understanding of our business and challenges faced. We were more than just a billable client.’

Key clients

Bank of America

Dominion Energy, Inc.

Markel Corp.

Teledyne Technologies Incorporated

Virginia Electric and Power Company

NewMarket Corporation

Kennametal, Inc.

American Woodmark

Work highlights

  • Represented Dominion Energy in three debt transactions, including a $850m fixed-income offering of unsecured unsubordinated Series C senior notes and a $1bn fixed-income offering of unsecured Series B senior notes.
  • Represented Bank of America in dozens of public and private debt with an aggregate value of more than $25bn billion, including its issuance of its second Equality Progress Sustainability Bond.
  • Represented Virginia Electric and Power Company in issuing more than $3bn in debt securities.

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP has maintained its strong focus on energy and utilities, along with the financial services, technology and life sciences sectors. It has an established record in investment grade, high-yield and convertible debt, along with MTN programmes and other debt instruments. New York partner Thomas Giblin has continued to be active in the DCM space for energy and utilities businesses, notably representing NextEra Energy Capital in a series of debt issuances. Also in New York, Kimberly Reisler is making an impression in energy and utilities, while Joanne Soslow is another key partner in Philadelphia.

Practice head(s):

Joanne Soslow; Celia Soehner; Edwin Luk

Other key lawyers:

Kimberly Reisler; Thomas Giblin

Key clients

NextEra Energy Capital

Florida Power & Light Co.

Entergy Louisiana

American Water Works Company, Inc.

Ameren Corporation

Cantor Fitzgerald, L.P.

Tucson Electric Power Company

Entergy Corporation

Northwest Natural Gas Company

Nevakar Inc.

New Science Ventures


American Eagle




AmerisourceBergen Corporation

Cross Country Healthcare

Antares Pharma

Onconova Therapeutics

Work highlights

  • Represented Nextera Energy Capital in a $4bn debenture offering.
  • Represented American Water Works  in a public offering of $800m senior notes.
  • Represented Entergy Louisiana in its $1bn offering.

Morrison Foerster

Morrison Foerster has a broad-based practice, covering a variety of debt instruments for a wide range of businesses. The firm represents global businesses down to emerging technology companies. Key industries include financial services, finch, energy, life sciences and biotech, technology, telecoms and REITs. Team members are spread across San Francisco, Los Angeles and New York, with key partners Justin Salon and Scott Lesme based in Washington DC. David Slotkin is also rated for REIT offerings and operates from the firm's Washington DC office.

Practice head(s):

Dave Lynn; Scott Lesmes; Gavin Grover

Other key lawyers:

David Slotkin; Justin Salon

Key clients

Alexandria Real Estate Equities, Inc.

Armada Hoffler Properties, Inc.

Aspire Capital Partners, LLC

Bank of America Merrill Lynch

Barclays Capital Inc.

Boyd Gaming Corporation


Deutsche Bank Securities Inc.

Equity Residential

Ekso Bionics Holdings

Exantas Capital Corporation

Hines Global Income Trust, Inc.

Krystal Biotech, Inc.

McKesson Corporation

Novartis Capital Corporation

ON Semiconductor Corp.

Piper Sandler & Co.

Pivotal Investment Corporation II



Shell International Finance B.V.

Southwest Gas Corporation

The Andrew W. Mellon Foundation

The Chemours Company

UDR, Inc.

Veeco Instruments Inc.

Vonage Holdings Corp.

Vontier Corporation

Washington Gas Light Company

Work highlights

  • Advised Alexandria Real Estate Equities on its $1.8bn public offering of senior notes, including $800m of 2.950% senior notes due 2034 (green bonds) and $1m of 3.550% senior notes due 2052.
  • Advised the underwriters on a $1.5bn offering of guaranteed notes by Shell International Finance.
  • Advised eBay on its $1.15bn offering of senior unsecured notes under its existing shelf registration statement.

Orrick, Herrington & Sutcliffe LLP

Orrick, Herrington & Sutcliffe LLP’s strength in capital markets historically centred on the West coast, but recent growth in New York has given it additional weight on the East coast. It remains especially noted for its work in the technology and life sciences sectors, particularly in convertible debt offerings. It also has a fine record in both issuer and underwriter engagements, including many of the bulge-bracket investment banks. San Francisco and Silicon Valley partner William Hughes leads the capital markets team. San Francisco’s Brett Cooper and New York partner Alice Hsu are also experienced capital markets specialists, while Marsha Mogilevich and Mark Mushkin are emerging talents in New York.

Practice head(s):

William Hughes

Other key lawyers:

Brett Cooper; Alice Hsu; Marsha Mogilevich; Mark Mushkin

Key clients



Weave Communications

Local Bounti

Clover Health Investments

Luminar Technologies


Keyarch Acquisition Corporation

890 5th Avenue Partners

Equinor Ventures

Twist Bioscience

Genesis Growth Tech Acquisition Corporation

Volta Industries

VNV Services

Ally Financial

Paul Hastings LLP

Paul Hastings LLP’s growing presence in investment grade and convertible debt offerings was given further impetus by the hire of New York partner Chris DeCresce as vice chair of the securities and capital markets practice; he joined in February 2022 from Covington & Burling LLP. The firm has strong links to both underwriters and issuers, though has achieved more prominence on the underwriter side in recent times. It is also widely recognised for debt offerings by overseas issuers, including those from Latin America, Europe and Asia. Chair of the firm, Frank Lopez is another key partner in New York. In May 2023, the team also gained Joshua Zelig and Marc Lashbrook from Cahill Gordon & Reindel LLP.

Practice head(s):

Chris DeCresce

Other key lawyers:

Frank Lopez; Cathleen McLaughlin; Alex Herman; Carolina Gonzalez; Joshua Zelig; Marc Lashbrook


‘The staff are very knowledgeable, patient and have the organization’s interest at heart. They collaborate well with us.’

‘Cathleen McLaughlin, Alex Herman and Carolina Gonzalez are impeccable when it comes to researching and advising on matters related to the sovereign. They also display a genuine interest in Jamaica.’

Key clients


BofA Securities


Deutsche Bank

Heritage Petroleum Company Limited

Jefferies LLC

Keefe, Bruyette & Woods, Inc.

Morgan Stanley & Co.

Piper Sandler & Co.

RBC Capital Markets

Sagicor Financial Company Ltd.

Wells Fargo Securities

Work highlights

  • Advised the underwriters on multiple notes offerings by American Homes 4 Rent.
  • Advised the underwriters on Blackstone Mortgage Trust’s $300m  public offering of 5.50% convertible senior notes due 2027.
  • Represented Citigroup the joint book-running managers for two of Sun Communities Operating Limited Partnership’s public offerings of $600m aggregate principal amount of 4.200% senior notes due 2032.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss, Rifkind, Wharton & Garrison LLP’s DCM practice is principally driven by issuer engagements. It continues to represent a wide range of private equity portfolio companies in their DCM issuances, along with other corporate issuers; the capital markets team has particularly strong connections to Apollo Global Management and its portfolio companies. The practice has experienced further growth in sustainability-linked bond offerings. Global chair of the finance and capital markets group Gregory Ezring is noted for his advice to Apollo Global Management and its portfolio companies, John Kennedy is also rated for rescue financings, and Brian Janson has longstanding experience in convertible and high-yield debt. All named partners are based in New York.

Practice head(s):

Gregory Ezring; John Kennedy; Brian Janson


‘Commercial, practical while aggressively pushing for their clients.’

‘Greg Ezring is very strong.’

Key clients


Kyndryl Holdings

Alignment Healthcare

Latham Group Inc.

Carnival Corporation & plc

Lune Holdings S.à.r.l.

Conduent Inc.

Rocket Companies

Dana Incorporated

SeaWorld Parks & Entertainment, Inc.

Driven Brands

Signature Bank

European Wax Center

Sun Country Airlines Holdings

8. HireRight Holdings Corp. 16. Weatherford International

Ropes & Gray LLP

Ropes & Gray LLP’s reputation in the DCM market is very much in the ascendancy. Having grown its New York team over the last five years, it brought in Faiza Rahman from Weil, Gotshal & Manges LLP and Daniel Forman from Proskauer Rose LLP in April 2022 to further cement the firm’s standing in the city and nationwide. The team is noted for its advice to private equity houses and other fund managers, and also sees high levels of engagements from underwriters. Paul Tropp co-heads the capital markets group from the Boston office and frequently represents underwriters in investment grade offerings by private equity funds, credit funds and business development companies (BDCs). Boston’s Craig Marcus and New York partner Christopher Capuzzi are also key partners.

Practice head(s):

Craig Marcus; Paul Tropp

Other key lawyers:

Faiza Rahman; Daniel Forman; Christopher Capuzzi

Key clients


Cabot Corporation

Eversource Energy

LSB Industries

Sarepta Therapeutics

Work highlights

  • Represented Eversource Energy and its subsidiaries in debt capital markets transactions worth an aggregate of over $3.5bn within the 12-month research period
  • Represented Blackstone in its strategic financing collaboration with PTC Therapeutics, worth up to $1bn.
  • Represented the underwriters in debt capital markets offerings for Blackstone Private Credit Fund worth an aggregate of over $4bn along with a £250m GBP-denominated offering during the 12-month research period.

Shearman & Sterling LLP

Shearman & Sterling LLP has a prestigious record in investment grade bonds. It continues to attract frequent engagements from both issuers and underwriters, including in bulge-bracket offerings. Historically, the capital markets team has operated more regularly on the underwriters’ side with close links to the top global financial institutions, though it has achieved greater prominence on the issuer front in recent years. The firm is also noted for its representation of Canadian financial institutions and other Canadian issuers in bond offerings, thanks to the presence of Jason Lehner, who splits his time between New York and Toronto. Lona Nallengara and Richard Alsop are also highly rated partners in New York.

Practice head(s):

Ilir Mujalovic

Other key lawyers:

Jason Lehner; Lona Nallengara; Richard Alsop

Key clients

Bancroft Capital

Barclays Bank PLC

BMO Capital Markets


BofA Securities, Inc

Boston Scientific Corporation

Casgrain & Company Limited

CIBC Capital Markets

Citigroup Global Markets Inc

Credit Agricole CIB

CVS Health Corporation

Desjardins Capital Markets

Deutsche Bank

Goldman Sachs & Co. LLC


Huntington Securities

J.P. Morgan Securities LLC

Laurentian Bank Securities

Lloyds Securities

Loop Capital Markets

Mizuho Securities USA

Morgan Stanley


National Bank Financial Markets

National Bank of Canada Financial Inc

Paramount Global (formerly ViacomCBS Inc.)

Province of Ontario

RBC Capital Markets, LLC


Scotia Capital (USA) Inc

SMBC Nikko Securities America, Inc

TD Securities

UBS Securities

US Bancorp

Wells Fargo Securities

Work highlights

  • Advised Boston Scientific Corporation on a €3bn registered offering.
  • Advised Paramount Global (formerly ViacomCBS Inc.) in connection with a $1bn issue of Paramount Global’s Fixed-to-Fixed Rate Junior Subordinated Debentures.
  • Advised Accident Fund Insurance Company of America (AFICA) in connection with its $350m  notes offering.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP remains an established leader in DCM, with an outstanding record in investment grade debt, high-yield debt, convertible bonds, equity-linked instruments and derivatives transactions. It is equally highly-rated for both issuer and underwriter engagements. The New York-based team has a fine background in representing first-time issuers and repeat issuers thanks to its expertise in high-yield debt and IPOs. In 2022, it continued to advise on a series of bulge-bracket and headline deals, including representing the underwriters in two public offerings by UnitedHealth Group totalling $15bn. It also advised the initial purchasers and selling security holders in AT&T’s $30bn senior notes offering in connection with the combination of WarnerMedia with Discovery. Kenneth Wallach is an experienced capital markets specialist with a fine record in investment grade debt and convertible bond offerings. Roxane Reardon is rated for investment grade debt, convertible debt and equity-linked securities. Ryan Bekkerus and John Ericson are also key partners. The seasoned Arthur Robinson retains an outstanding reputation.

Practice head(s):

Joshua Ford Bonnie; Roxane Reardon; Kenneth Wallach

Other key lawyers:

Ryan Bekkerus; John Ericson; Arthur Robinson

Key clients

Academy Sports & Outdoors

Alibaba Group Holding Limited

American Electric Power Company, Inc.


Apax Partners



Ashton Woods

Aston Martin Capital Holdings Limited

Avantor, Inc.

Bank of America Merrill Lynch

Bentley Systems, Incorporated

The Blackstone Group

Blackstone Mortgage Trust, Inc.

BMO Capital Markets Corp.

BofA Securities

The Carlyle Group



Change Healthcare Inc.

CHS/Community Health Systems

Cigna Corporation


Cooper-Standard Automotive

Credit Suisse Securities (USA) LLC

CVS Health


Dell Inc.


Dollar General Corporation

Dropbox, Inc.

EQT Corporation

Essential Utilities, Inc.

FedEx Corporation

Garda World Security Corporation

Gates Industrial Corporation plc

GFL Environmental

Goldman, Sachs & Co.

The Hershey Company

Hilton Worldwide Holdings Inc.

Hub International

ITC Holdings


J.P. Morgan Securities

Johnson Controls


KKR Financial Holdings




Microsoft Corporation

Michigan Electric Transmission Company

Morgan Stanley & Co.

Mr. Cooper Group


National Vision Holdings, Inc.


PPD, Inc.

Progress Software Corporation

RBC Capital Markets


Sirius XM Radio Inc.

Summit Materials

The Travelers Companies, Inc.

UnitedHealth Group

Velocity Financial

Walmart, Inc.

Weight Watchers International, Inc.

Wells Fargo Securities

ZoomInfo Technologies

Work highlights

  • Advised the underwriters in connection with two public offerings by UnitedHealth Group totalling $15bn.
  • Advised the underwriters in a $5bn offering of debt securities by Walmart.
  • Advised the initial purchasers and selling security-holders in AT&T’s $30bn senior notes offering in connection with the combination of WarnerMedia with Discovery.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP has a prestigious history in investment grade, high-yield and convertible debt. Its outstanding client base means it is widely regarded as a leading firm in issuer representation, though it is also strong in underwriter engagements. The capital markets team is also rated for its strength on both East and West coasts, while having a further presence in key financial centres around the world. The firm advised Rogers Communications on a series of high-value debt offerings during 2022 and represented the underwriters on American Express Company’s inaugural offering of ESG bonds. Michael Zeidel is head of Americas capital markets and David Goldschmidt is global head of capital markets. Key partners in the team include Ryan Dzierniejko, Dwight Yoo, Gregory Fernicola and Laura Kaufmann Belkhayat. Gregg Noel leads the West coast capital markets team and splits his time between Los Angeles and Palo Alto. Named individuals are based in New York unless stated otherwise.

Practice head(s):

David Goldschmidt; Michael Zeidel

Other key lawyers:

Dwight Yoo; Gregory Fernicola; Gregg Noel; Laura Kaufmann Belkhayat; Ryan Dzierniejko

Vinson & Elkins LLP

Vinson & Elkins LLP’s capital markets practice is largely located in its Houston headquarters. Its engagements continue to be in the energy and infrastructure sectors, along with REITs and other industries; it represents a wide range of private equity portfolio companies. The firm remains active in both issuer and underwriter representation. It has achieved further recognition in green bonds and sustainability-linked bonds. David Oelman, David Stone and Douglas McWilliams are active partners in Houston, along with Christopher Green in Washington DC, who is noted for REIT offerings.

Practice head(s):

Sarah Morgan; Steve Gill; John Grand

Other key lawyers:

Mark Kelly; Gillian Hobson; Sarah Morgan; Alan Beck; David Oelman; Ramey Layne; David Stone; Christopher Green; Douglas McWilliams; Jackson O’Maley


‘The V&E team is exceptional in its understanding of the market, the industry and collective experience in these transactions. For energy capital markets, they have no equal as they have worked on the majority of notable transactions in the space for decades. Importantly, they also train associates well so there is great value in their services.’

‘Douglas McWilliams and Jackson O’Maley are phenomenal attorneys in both responsiveness and knowledge. They are able to give on-the-spot counsel that is thoughtful and useful.’

Key clients

Antero Midstream Corporation / Antero Resources Corporation

BCP Raptor Holdco, LP

Belden Inc.

Continental Resources, Inc.

Crescent Energy Company

Colgate Energy Partners III, LLC

Earthstone Energy, Inc.

Ellington Financial Inc.

Group 1 Automotive, Inc.

HighPeak Energy, Inc.

MoneyGram International, Inc.

Oasis Petroleum Inc. / Oasis Midstream Partners LP

Tap Rock Resources, LLC

Bank of America Corporation / Bank of America Securities LLC / BofA Securities, Inc. / Merrill Lynch & Co.

Barclays Capital Inc.

Citigroup Global Markets, Inc.

Cowen and Company, LLC

Goldman Sachs & Company / Goldman Sachs International

JMP Securities LLC

J.P. Morgan Securities LLC

Morgan Stanley / Morgan Stanley & Co. LLC / Morgan Stanley Capital Group, Inc.

MUFG Bank, Ltd.

Range Resources Corporation

Rockcliff Energy LLC

Wells Fargo Securities, LLC

Work highlights

  • Advised Antero Midstream on a private offering of $750m in aggregate principal amount of 5.375% senior unsecured notes due 2029.
  • Advised Bank of America Securities on Sunnova Energy Corporation’s $400m green bond offering.
  • Advised Continental Resources on its $1.6bn offering of 2.268% senior notes due 2026 and 2.875% senior notes due 2032.

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP has achieved steady deal flow with particular growth in underwriter engagements. It is now a major player in both investment grade and high-yield debt, notably advising the underwriters on the $3.6bn senior unsecured notes offering by Parker-Hannifin Corporation. The capital markets team also frequently works on investment grade bond offerings in relation to acquisition financings and is also noted for its expertise in convertible debt. Corey Chivers and Frank Adams are established names in the market, along with Merritt Johnson and Michael Hickey who are helping to further build the firm’s standing in debt offerings, including underwriter-side engagements.

Practice head(s):

Alexander Lynch

Other key lawyers:

Corey Chivers; Frank Adams; Merritt Johnson; Michael Hickey

Key clients

AMC Entertainment Holdings, Inc.

Arrival Ltd.

Avolon Holdings Funding Limited

Brookfield Property REIT Inc.

CBL Properties

Citi, Goldman Sachs and J.P. Morgan

Citi, HSBC and Wells Fargo

Dun & Bradstreet Holdings, Inc.

Fidelity National Financial, Inc.

Iron Mountain

Leafly Holdings, Inc.

Lendmark Financial Services, LLC

Morgan Stanley

SMBC Nikko Securities, Truist Securities and Wells Fargo

SoftBank Group Corp.

TE Connectivity Ltd.

Various Financial Institutions

Various Financial Institutions

Various Financial Institutions

Willis Towers Watson

Work highlights

  • Advised Avolon Holdings Funding Limited (Ireland) on a $2bn exchange offer for senior unsecured notes.
  • Advised the underwriters on a $3.6bn senior unsecured notes offering by Parker-Hannifin Corporation.
  • Advised the underwriters on a $1.25bn offering of senior notes by The Williams Companies.

White & Case LLP

White & Case LLP has an excellent record in domestic and global debt offerings, most notably transactions that originate from Latin America and Europe. It has a fine record in investment grade bonds, high-yield debt and liability management. It is also making a further impression in sustainability-linked debt offerings. Gary Kashar is rated for representing big-name foreign issuers in high-value debt offerings. David Johansen and Andrew Weisberg are also key members of the team; the latter represented the underwriters on JAB Holdings’ $500m sustainability-linked bonds offering. Abigail Simon is a rising star at associate level. All named individuals are based in New York.

Practice head(s):

David Thatch

Other key lawyers:

David Johansen; Andrew Weisberg; Abigail Simon

Key clients

Eaton Corporation

JAB Holdings B.V.

Newmont Corporation


Agricultural Bank of China New York Branch

Willkie Farr & Gallagher LLP

Willkie Farr & Gallagher LLP has a major presence in investment grade, high-yield debt and convertible bonds. Much of its capital markets practice is connected to buyouts and insurance securities offerings. Cristopher Greer and Gregory Astrachan are co-heads of the capital markets practice.

Practice head(s):

Gregory Astrachan; Cristopher Greer

Key clients

AdaptHealth Corp.

CenturyLink, Inc.

Clovis Oncology, Inc.

Exela Technologies

Fidelity National Information Services, Inc. (FIS)

Franklin Resources

HealthEquity, Inc.

Interpublic Group

Platinum Equity

Ryerson Holding Corporation

Take-Two Interactive Software, Inc.

The Northwestern Mutual Life Insurance Company

Victory Capital Holdings, Inc.

W. R. Berkley Corporation

Winston & Strawn LLP

Winston & Strawn LLP has maintained its presence in investment grade and high-yield debt, convertible debt and other hybrid securities. It has a particularly strong record as underwriters’ counsel. Real estate, technology, industrials, media, manufacturing, pharmaceuticals, financial services, energy, and food and beverages are key sectors of focus for the capital markets team. It has extensive experience in debt tender and exchange offers. Carol Anne Huff co-chairs the capital markets group from Chicago, alongside David Sakowitz in New York. Chicago partner Cab Morris is also an active member of the practice.

Practice head(s):

Carol Anne Huff; David Sakowitz

Other key lawyers:

Cab Morris

Key clients

BNP Paribas

BofA Securities

CIBC Capital Markets

Citigroup Global Markets Inc.

FAGE International S.A.

J.P. Morgan Securities LLC

Morgan Stanley

Motorola Solutions, Inc.

Wells Fargo Securities

Lear Corporation

Sociedad Química y Minera de Chile S.A.

Groupon, Inc.

NexPoint Real Estate Finance, Inc.

Exelon Corporation

Work highlights

  • Represented the joint active book-runners in the private placement by Fells Point Funding Trust of $1bn in pre-capitalized trust securities.
  • Represented the joint book-running managers in the private placement of $2bn of notes by Exelon Corporation.
  • Represented Motorola Solutions in the registered public offering of $600m of senior notes due 2032.