Akin remains best known for debt capital markets issuances by energy and infrastructure businesses, and it is increasingly active in financial services and asset management. The firm is also noted for liability management, distressed transactions and debt restructuring matters that employ capital markets components. Jesse Brush in New York and Houston partner Christopher Centrich are amongst the firm’s most active capital markets specialists, along with Dallas’s Garrett DeVries and Rosa Testani in New York.

Arnold & Porter continues to stand out for its sovereign debt offerings experience, frequently representing sovereign states such as the Republic of Turkey, Hungary, Republic of Colombia, Republic of Panama, Republic of Costa Rica and Republic of El Salvador. The firm also advises a range of corporate issuers on straight debt offerings, structured finance and securitization transactions. New York-based Christopher Peterson co-heads the capital markets team and acts for sovereign and corporate clients. Washington DC-based Whitney Debevoise and Gregory Harrington  are also leading figures in Latin America sovereign offerings.

Baker Botts L.L.P. remains best known for its work in the energy sector, drawing on its deep roots in Texas. The firm has also made significant inroads into underwriter-side engagements thanks to recent lateral hires and its growing reputation in the market. In addition, it is at the forefront of offerings by MLPs. Doug Getten has been instrumental in deepening the firm’s connections to major banks, leading the capital markets and MLP practice alongside Joshua Davidson, who is also rated for both issuer and underwriter-side engagements. Carina Antweil and Eileen Boyce are also key members of the team, alongside Preston Bernhisel in Dallas. Named partners are based in Houston unless stated otherwise.

Bracewell LLP continues to stand out for its expertise in debt offerings by energy companies and financial institutions. It is a leading figure in MLP securities and has a strong mix of investment grade and high-yield debt engagements. It has a notable presence in preferred, convertible and hybrid offerings, along with restructurings, refinancings and other liability management transactions. Clients include some of the world’s largest energy companies such as Phillips 66 and Kinder Morgan, along with US-based electricity providers. Houston partner Will Anderson remains at the forefront of debt offerings by major energy companies, as does fellow Houston partner Troy Harder . Catherine Hood is a key figure in New York.

Cooley LLP is a leader in equity offerings, particularly in the tech and life sciences sectors, and this has provided a platform for a thriving DCM practice, especially convertible and equity-linked transactions. The firm represents both issuers and underwriters and headline offerings, its multiple office strategy bringing it close links to a wide range of issuers. Gian-Michele a Marca is noted for convertible, investment grade and high-yield bonds, while Jason Savich is prominent in convertible debt offerings. Both are based in San Francisco.

Cravath, Swaine & Moore LLP has a reputation for advising on landmark and highly-complex debt offerings, including those linked to acquisitions and spin-off transactions. The wide-ranging practice covers  investment grade, high-yield, convertible and exchangeable debt deals, with the team acting for issuers and underwriters. Ryan Patrone and Kelly Smercina were recently elected to the partnership, expanding the capital markets team’s senior ranks. It frequently advised blue-chip issuers along with the most active underwriters and initial purchasers in big-ticket offerings. Craig Arcella, Andrew Pitts and Nicholas Dorsey are top members of the team, with Michael Mariani making a further impression in investment grade debt offerings. William Fogg and Stephen Burns are also senior members of the practice. Named individuals are all based in New York.

 

 

Debevoise & Plimpton LLP stands out for its record in financial services and insurance sector debt offerings, along with high-yield debt offerings connected to leveraged financings. The firm’s private equity client base also brings it a wealth of DCM engagements. Media and entertainment is another forte for the firm, which advised Warner Bros Discovery on a $1.5bn senior noted offering. Matthew Kaplan is a leading name in the market, while Paul Rodel and Steven Slutzky are also prominent names. Eric Juergens and Ben Pedersen have blossoming reputations. All named individuals are based in New York.

Dechert LLP is at the forefront of debt offerings by life sciences companies and permanent capital vehicles, including business development companies (BDCs). It also operates in multiple other sectors. In BDCs, the firm’s commitment to corporate and securities, securitisation and the Investment Company Act of 1940 expertise, has enabled it to standout in this area. The capital markets team primarily operates in middle market deals, though often ventures into the $1bn+ arena. Washington DC partner Harry Pangas heads the US capital markets group, which includes Boston-based co-head of the permanent capital practice, Thomas Friedmann. New York’s David Rosenthal is another key figure for life sciences sector offerings.

Faegre Drinker Biddle & Reath LLP has an impressive client list of regular issuer clients such as Wells Fargo, which provides it with a steady pipeline of DCM engagements. During the research period, the firm advised the financial institution on a series of senior notes offerings and other DCM transactions. Minneapolis partner Dawn Holicky Pruitt leads the firm’s relationship with Wells Fargo. Also in Minneapolis, Brandon Mason is another key partner.

Freshfields Bruckhaus Deringer LLP has a strong bi-coastal practice with experienced teams in New York and Silicon Valley. The women-led team has a fine presence in investment grade debt and is making a further impression in ESG-related transactions. It is primarily known as an issuer-side practice, including emerging and mid-cap businesses through to large global leaders, though also has close links to a range of underwriters. It is further noted for corporate governance thanks to the presence of Pamela Marcogliese, who splits her time between New York and Silicon Valley. New York partner Valerie Ford Jacob is global co-head of the firm’s capital markets and financial institutions practices, while Silicon Valley’s Sarah Solum is noted for representing large technology businesses, such as Oracle, in high-value debt offerings. New York partner Michael Levitt is active in a range of debt offerings for both issuers and underwriters.

Gibson, Dunn & Crutcher LLP has a major presence in large-ticket investment grade debt offerings, most notably for blue-chip issuers in the retail and consumer, pharmaceuticals and life sciences, technology, and construction and infrastructure industries. Energy, renewables and cleantech are other fortes, as is the representation of private equity-backed issuers in the high-yield debt segment. Moreover, the firm has a stable of investment bank relationships, which provide a steady flow of underwriter-side engagements. It is also recognised for its securities regulation and corporate governance expertise with its deep bench of SEC alumni. New York’s Andrew Fabens is co-chair of the capital markets department and has a hugely impressive client base of blue-chip issuers. Houston partner and co-chair of capital markets, Hillary Holmes is prominent in energy sector offerings and securities regulation. San Francisco’s Stewart McDowell  and New York partner Douglas Horowitz are also key names.

 

 

Goodwin remains best known for its work in the convertible debt segment, frequently advising issuers from the technology, life sciences and REITs sectors. Although a dominant force in issuer-sider convertible debt transactions, it also has a major presence in underwriter engagements. In convertible note offerings, the capital markets team regularly collaborates with derivatives specialists within the firm. James Barri is co-chair of the capital markets group and has an outstanding record in convertible debt, with Ettore Santucci recognised for REIT sector offerings; both are based in Boston. New York partner John Servidio provides further expertise in convertible debt and derivatives-related structures.

 

 

Hogan Lovells US LLP has a formidable client list of blue-chip issuers for which it frequently advises on large-ticket debt offerings. Banks and sovereign issuers are also a core element of the client base. The capital markets team has broad coverage of debt products, including convertible notes, medium-term notes, high-yield debt, sovereign debt and liability management. It has a particularly strong record in the real estate, life sciences and healthcare, and TMT industries. Washington DC partner Eve Howard is global head of capital markets and has a fine record in bulge-bracket offerings for blue-chip clients. New York’s Stuart Morrissy provides further senior expertise in high-yield debt. Northern Virginia partner Kevin Greenslade also handles high-value investment grade and high-yield debt offerings.

 

 

Hunton Andrews Kurth LLP has a major focus on consumer products and retail, energy, power, utilities and REITs. It has an exceptional record in equity-linked, US investment grade corporate bonds and US corporate bonds, especially where it is acting for managers. Energy remains its primary sector, while the power and utilities group acts as either issuer or underwriter counsel for more than 60 power and utilities holding companies. Houston partner James Davidson  is rated for convertible debt and investment grade debt offerings, and is known for his expertise in the REITs sector. Michael Fitzpatrick, Steven Friend and Peter O’Brien are also key partners. Named individuals are based in New York unless stated otherwise.

 

 

Jones Day’s broad geographic coverage brings it a wealth of corporate relationships and a steady pipeline of capital markets engagements. Partners in Houston, Cleveland, Minneapolis, Atlanta, Chicago and New York have led significant debt offerings, including large-cap and mid-cap transactions. The firm has a broad mix of investment grade, convertible and exchangeable debt offerings engagements, along with high-yield bonds. Its presence across the US provides it with a sizeable corporate client base, along with a number of financial institutions. Cleveland’s Michael Solecki  and Andrew Thomas are key partners along with Bradley Brasser in Minneapolis and Atlanta’s Joel May. Rory Hood provides further expertise in New York and additional connections to financial institutions.

King & Spalding LLP has strong connections to a range of big-name corporate issuers, such as ConocoPhillips and United Parcel Service (UPS). The capital markets team has a solid record in the energy, financial institutions and life sciences and healthcare sectors, among others. It has an established record in medium-term note (MTN) programmes, equity-linked transactions including convertible debt offerings, high-yield debt, and green bonds and sustainability-linked debt offerings. Keith Townsend is an active adviser on debt offerings, along with Cal Smith and Zachary Cochran . All are based in Atlanta.

Kirkland & Ellis LLP is best known for representing sponsor-backed companies in high-yield debt offerings, though it has a much broader practice for public companies and underwriters. The capital markets team is also noted for liability management and restructuring exercises, including Chapter 11 processes; this was an active area of practice for the team in 2023. New York partners Joshua Korff , Sophia Hudson  and Christian Nagler  are prominent names in debt offerings, along with Chicago partner Robert Hayward . Rachel Sheridan has joined the Washington DC office from Latham & Watkins LLP.

Latham & Watkins LLP has an extensive capital markets practice, covering the full range of equity and debt transactions. The firm is widely recognized for its extensive issuer-side relationships, although it is also a major player in underwriter-side engagements. It has also achieved significant growth in investment grade bond deals in recent years, advising on deals worth nearly $93bn during 2023. The firm is active in offerings linked to the funding of acquisitions. Along with New York, the firm has capital markets specialists across its US network, including Chicago, Washington DC and Los Angeles. New York managing partner Marc Jaffe is a major name in equity and debt offerings with Corey Wright bringing extensive knowledge in debt transactions, including high-yield. Global chair of capital markets Ian Schuman has a fine record in convertible debt and high-yield debt offerings. Stelios Saffos and Greg Rodgers are also key names, the latter noted for his expertise in convertible debt. All individuals are based in New York.

Mayer Brown has cemented its position as one of the leading firms in investment grade debt, including both issuer and underwriter engagements. It has deepened its bench of specialists over recent years and extended its breadth of expertise, including green bonds, sustainability-linked bonds and social bonds. It now has circa 35 partners in the US that are focused on capital markets and advised on over $96.6bn of investment grade offerings during 2023. The firm remains at the forefront of representing financial institutions in their debt offerings. Chicago partner Edward Best  is co-leader of the global capital markets group and remains noted for debt offerings by financial institutions and automotive finance subsidiaries. Anna Pinedo is also co-leader of the team and is rated for offerings by US, Canadian, European and Israeli issuers. David Bakst and Phyllis Korff are senior members of the department, along with Jerry Marlatt, a leading figure in covered bond offerings by Canadian banks. Ryan Castillo and Chicago’s John Ablan are more recently minted partners. Named individuals are based in New York unless stated otherwise.

McGuireWoods LLP  has a significant presence in investment grade and high-yield debt, along with a growing reputation in sustainable finance, including green and blue bonds. It has close links to financial institutions and energy utilities as issuers, notably Bank of America. Pittsburgh partner Hannah Thompson Frank is a key member of the team, alongside Charlotte’s Greg Kilpatrick and Barlow Mann.

 

Milbank has a particularly impressive standing in high-yield debt, though also has a wide-ranging practice across the DCM space, including ESG-relating financings and green bonds. Technology, media, telecoms, aviation and energy are amongst its primary sectors. Marcelo Mottesi is chairman of the corporate finance and securities group and is co-head of the Latin America practice. Rod Miller is noted for equity and debt offerings, including those linked to M&A financings. Jonathan Jackson is group leader of the corporate finance and securities team, specializing in high-yield debt, convertible debt and secutizations. Brett Nadritch and Paul Denaro are also key partners. All named partners are based in New York.

Morgan, Lewis & Bockius LLP’s capital markets practice remains largely driven by the energy and utilities sectors, core strengths for the firm in the US. This provides it with a healthy flow of engagements from energy and utilities issuers, such as NextEra Energy Capital and Florida Power & Light, along with financial services, technology and life sciences clients, among others. The team frequently handles large-cap transactions, valued in excess of $1bn. New York-based Thomas Giblin and Kimberly Reisler are both active capital markets practitioners in the energy and utilities sectors.

Morrison Foerster has a depth of expertise and experience in high-yield debt, investment grade debt, convertible debt and private placements in multiple industries, especially banking and finance, energy and cleantech, life sciences, and technology. It is also active in debt offerings by REITs. It benefits from a stable of clients that frequently tap the debt markets and has extensive global connections in Asia and Europe. The firm has extensive SEC regulatory expertise and is a growing force in ESG-related offerings. Washington DC’s Scott Lesmes and New York-based John Owen are key partners. Of counsel Emily Beers has an active role in many of the firm’s key debt deals.

Orrick, Herrington & Sutcliffe LLP has a sizeable capital markets team spread across both East and West Coast offices. Although perhaps better known for equity offerings, it does have decent deal flow on the debt side, particularly in convertible notes offerings. It has broad industry coverage and is especially known for technology and life sciences. San Francisco and Silicon Valley-based William Hughes leads the capital markets team, which includes Alice Hsu in New York and Brett Cooper in San Francisco.

Paul Hastings LLP has radically expanded its capital markets team in recent years, giving it additional credibility in both investment grade and high-yield debt. Marc Lashbrook, Joshua Zelig and David Barash  joined the New York office from Cahill Gordon & Reindel LLP in 2023, to reinforce the firm’s standing in high-yield debt; all three cover a mix of leveraged loans and high-yield bonds. Investment grade debt specialist Morgan Bale has also joined the New York office from Weil, Gotshal & Manges LLP. Amongst its plentiful issuer-side client base, it advises private equity houses and their portfolio companies, public companies and large private corporates. It also has an impressive list of investment bank clients. The firm has a strong record in debt offerings by Latin American issuers, including sovereigns and sub-sovereigns. Chair of the firm Frank Lopez has an outstanding record in debt offerings. Los Angeles-based Jonathan Ko is another key partner. All other named partners are based in New York.

Paul, Weiss, Rifkind, Wharton & Garrison LLP has continued to build out its issuer-side practice, noted particularly for its corporate, private equity and private equity portfolio company representations. It has a varied mix of investment grade and high-yield debt experience and has a growing presence in convertible bonds. It remains noted for debt offerings to finance acquisitions for private equity clients. Global co-head of the capital markets group, John Kennedy is an experienced name in the team, often representing corporate clients such as Carnival Corporation on multiple offerings; he is further noted for liability management and rescue transactions. Also global co-heads of the team, Brian Janson  and Gregory Ezring frequently represent anchor private equity client Apollo Global Management and portfolio companies in debt offerings, along with other corporate issuers. All named partners are based in New York.

Pillsbury Winthrop Shaw Pittman, LLP remains best known for its representation of energy and utilities issuers and their underwriters; it frequently advises the underwriters in debt offerings by CMS Energy Corporation. It also has strength in technology and life sciences, having a fine record in investment grade and high-yield debt offerings, and is further recognized for its expertise in convertible bonds. New York’s Jeffrey Delaney and David Baxter are key partners.

Ropes & Gray LLP has a burgeoning presence in DCM offerings, for both issuers and underwriters. This includes a mix of investment grade and high-yield debt offerings, and it is further noted for its expertise in convertible and exchangeable debt transactions. Clients range from private equity houses and their portfolio companies, major corporates and bulge-bracket underwriters. It has an established record in life sciences, energy, financial services and other sectors. Spread across the firm’s Boston and New York offices, the DCM team is led by New York’s Paul Tropp and Christopher Capuzzi. Thomas Fraser is another key partner in Boston.

Simpson Thacher & Bartlett LLP remains at the forefront of the DCM field with a proven record in both issuer and underwriter representation. It has a broad mix of investment grade, high-yield, structured finance and mezzanine finance engagements. The firm routinely appears towards the top of the league tables for investment grade and high-yield debt offerings, both for issuers and underwriters. It has a fine reputation for representing first time issuers and has an exceptional blue-chip corporate client base, along with private equity houses and their portfolio companies. In 2023, it advised the underwriters on multiple debt offerings by Pfizer, totalling $31bn. Roxane Reardon is at the forefront of big-ticket transactions, leading many of the firm’s headline deals. Kenneth Wallach is another leading figure, along with Ryan Bekkerus, Hui Lin and Jonathan Ozner. Arthur Robinson is a seasoned and outstanding practitioner. Jessica Asrat and Lia Toback were promoted to the partnership in 2023. All named individuals are based in New York.

Skadden, Arps, Slate, Meagher & Flom LLP continues to stand out for its breadth of coverage and experience in debt offerings, including teams on both the East and West Coasts. Its prestigious client base delivers a steady stream of top engagements across the debt offerings sphere; investment grade, high-yield and equity-linked offerings, amongst others. In 2023, the firm made a further impression in equity-linked offerings, particularly where representing the managers, and has worked on some of the largest deals in the market involving domestic and international issuers. It has also remained at the forefront of high-yield debt for issuers. Michael Zeidel  leads the Americas capital markets group, while David Goldschmidt  heads the global department; both are active in leading transactions. Ryan Dzierniejko is another prominent figure, along with Gregory Fernicola, Dwight Yoo, Michael Hong and Laura Kaufmann Belkhayat. All named individuals are based in New York.

Vinson & Elkins LLP continues to be a leader in energy, particularly upstream and midstream oil and gas, and infrastructure offerings, while remaining prominent in real estate and REITs, transportation and technology. The capital markets team is making a further impression in green bonds and sustainability-linked debt offerings. Given its strength in oil and gas, much of the firm’s capital markets team sits in Houston, with David Stone , David Oelman and Douglas McWilliams  standing out, along with Sarah Morgan and Michael Telle .

Weil, Gotshal & Manges LLP is a major player in investment grade, high-yield debt and acquisition financing-related debt offerings. It remains noted for its advice to major corporates, private equity houses and their portfolio companies, along with a range of underwriters. Convertible debt offerings are a recent area of further growth, along with bankruptcy and financial distress-driven transactions. Alexander Lynch leads the capital markets team and is noted for convertible debt offerings.  Corey Chivers  and Frank Adams  are key partners in the team with Merritt Johnson and Michael Hickey providing further senior firepower, the latter rated for his bank relationships. Barbra Broudy is also a key name. All named partners are based in New York.

White & Case LLP stands out for its presence in both domestic and cross-border offerings, having a substantial flow of deals originating in Latin America and Europe. Although the capital markets team is largely centred in New York, it has further expertise in Houston, Los Angeles and Chicago, among other cities in the US and worldwide. It frequently handles marquee transactions, including those valued in excess of $1bn. The team has also impressed in the sustainability-linked bonds field. Gary Kashar heads the Americas capital markets group, which includes senior figure Daniel Nam , who has extensive experience in investment grade and high-yield debt, and is at the forefront of sustainability-linked bonds. Andrew Weisberg and Rafael Roberti are also key names, along with counsel Abigail Simon. All named individuals are based in New York.

Willkie Farr & Gallagher LLP has an impressive mix of investment grade, high-yield and convertible debt engagements. Healthcare, financial services and insurance are key sectors for the firm. It also advises a number of private equity houses and their portfolio companies, including in note offerings connected to acquisitions. New York partners Cristopher Greer and Gregory Astrachan co-chair the capital markets group.

WilmerHale has a steady flow of DCM engagements from technology, life sciences, financial services and other companies. The firm is active in exchangeable offers, convertible debt and private placements, and has landed a number of bulge-bracket senior note offerings engagements. Molly Fox and Craig Hilts are key partners in Boston, along with Justin Ochs in Washington DC.

Winston & Strawn LLP has extensive experience in debt tender and exchange offers. The firm is designated underwriters’ counsel for a number of major corporate issuers in investment grade offerings. It has close connections to a number of major banks, along with large corporates, including those based in Latin America. New York’s David Sakowitz  is chair of the capital markets group, while Chicago partner Cab Morris is a prolific adviser on investment grade, high-yield and convertible debt transactions. Carol Anne Huff has left the firm.