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Editorial

Index of tables

  1. Capital markets: global offerings - advice to issuers
  2. Capital markets: global offerings - advice to underwriters
  3. Leading lawyers
  4. Next generation lawyers

Leading lawyers

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Next generation lawyers

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The editorial for this section is in alphabetical, as opposed to ranking order, sue to two ranking tables.

Arnold & Porter Kaye Scholer LLP is best known for its extensive experience in sovereign bond issues, where the firm primarily acts for issuers. The team has overseen a strong pipeline of deals, such as acting for the Republic of Colombia in its €1.35bn global bond offering, and advising the Federative Republic of Brazil on its $1.5bn bond issue. On the underwriter side, New York-based Steven Tepper is particularly active, having acted for Citigroup Global Markets, JP Morgan Securities and Morgan Stanley in a $1bn bond issue, among other matters. Key partners also include Whitney Debevoise, Neil Goodman and Gregory Harrington, all in Washington DC.

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IP specialist Finnegan detail how their collaborative approach makes for a unique culture which is designed to allow them to work with clients in a way which is cognizant of the challenges facing all companies today.

Praised for its ‘global reach’, clients ‘always look toCleary Gottlieb Steen & Hamilton LLP for ‘challenging, complex issues’. Banks also appreciate the team’s ‘access and connections with many current and former senior SEC officials’. In terms of Latin American-related work, the firm has few rivals, and benefits from strong relationships in Brazil, where it advised Petrobras on $9.75bn worth of bond offerings. In Mexico, the firm acted for Pemex during several debt offerings in 2016, including a €2.25bn bond offering, a $5bn offering, and a CHF600m note issue. Beyond Latin America, highlights included advising Genting Hong Kong on a registered secondary block trade and repurchase of $593m worth of shares in Norwegian Cruise Line Holdings. The firm also acted for Line Corporation in its $1.1bn dual listing on the New York and Tokyo Stock Exchanges. Key names include New York partners Jeffrey Karpf and Craig Brod (who bring ‘extensive knowledge, responsiveness, and excellent judgment’), as well as David Lopez, Adam Fleisher and Pamela Marcogliese.

Clifford Chance’s New York office has a good reputation for handling Latin American offerings, though partners such as practice co-head Jonathan Zonis also have experience in other major regions such as Asia. Recent highlights include advising Citigroup Global Markets as lead manager and global coordinator on a $1bn bond issue by the Republic of Ecuador, which will use the funds to invest in infrastructure projects. The firm also has a strong niche in REITs and acted for a major Mexican hospitality company during the formation and IPO of a Mexican REIT, which will be the first of its kind to own resort properties. Other notable names in the team include practice co-head Kathleen Werner, Alejandro Camacho, Jay Bernstein and Per Chilstrom.

Andrew Pitts heads the New York-based team at Cravath, Swaine & Moore LLP, which is almost evenly split between global debt and equity work. In 2016, the firm handled several capital markets deals linked to corporate spin-offs, such as its advice to Ashland and its spin-off company Valvoline, on a $375m high-yield global bond offering done through a special subsidiary, Valvoline Finco Two, which will eventually merge with Valvoline. Other significant highlights on the issuer side include advising Shell International Finance on two debt offerings totaling $12bn, and acting for Mylan in two debt offerings worth $7.5bn to help finance the acquisition of Meda. On the underwriter side, the firm advised Morgan Stanley, JP Morgan, Citigroup and Credit Suisse, on a $1.25bn high-yield offering by Alcoa. William Rogers retired, but the firm has a strong team of next generation partners, such as the recently promoted D. Scott Bennett. William Fogg is another name to note.

Davis Polk & Wardwell LLP has established a first-class reputation for global debt, equity and high-yield offerings, and has a strong footprint in most key regions, including Latin America, Europe and Asia. Manuel Garciadiaz, who divides his time between the Sao Paulo and New York offices, is one of the main contacts for Latin American work and led the team advising the joint bookrunners on Bunge’s $1.8bn offering. On the equity side, the firm acted for Rumo Logistica Operadora Multimodal in its $740m IPO. Other highlights included advising the initial purchasers on Mylan’s $7.5bn bond offering. Following several partner retirements at the end of 2015, the New York-based capital markets practice was boosted by the promotion of Shane Tintle and Derek Dostal to the partnership. Other key partners include Michael Kaplan, Richard Truesdell and Nicholas Kronfeld.

Debevoise & Plimpton LLP’s multi-disciplinary team is well versed in global debt and equity offerings for underwriters and issuers. Westpac Banking Corporation is a major client, which the firm advised on a series of issues in 2016 totaling $13.75bn. On the equity side the firm acted for Booz Allen Hamilton, a portfolio company of The Carlyle Group, in a series of secondary offerings worth £2bn. The group also handled several significant transactions for underwriters, such as Deutsche Bank, Barclays Capital and Goldman Sachs, in connection with offerings by Metlife totaling $3.9bn. Matthew Kaplan and Steven Slutzky jointly lead the team from New York.

Dechert LLP is well known for its strong European and Middle Eastern practices, and remains a market leader for capital markets work in the life sciences sector, where it acts for issuers and underwriters. Recent highlights include advising JP Morgan Securities as lead underwriter on the $172.5m public offering of nearly four million American depositary shares by Advanced Accelerator Applications, a French radiopharmaceutical company. On the issuer side, the firm assisted Crown Holdings with its private placement of €600m of senior unsecured notes, and another $400m private placement. The firm has also been involved in several significant listings for clients in the non-regulated lending sector. Thomas Friedmann and David Rosenthal co-chair the team out of Boston and New York respectively.

Fried, Frank, Harris, Shriver & Jacobson LLP’s six-partner team is led by Daniel Bursky and Stuart Gelfond in New York. The firm serves as designated underwriter’s counsel for an impressive range of companies, including Procter & Gamble, Invesco, and Athene Holdings, which it is advising on its proposed upcoming IPO. Joshua Wechsler has a strong track record acting for Latin American clients, and part of a team assisting Grupo Televisa, one of Mexico’s largest corporate issuers, with its $1.2bn offering of senior investment grade notes. Another major highlight for the firm was advising Merck & Co on a €1bn bond offering. Other key partners include Andrew Barkan, Mark Hayek and Joshua Coleman.

Latham & Watkins LLP continues to make a major impression on the global capital markets, with US-based lawyers regularly working alongside market-leading practices in key regions such as Asia and Europe (the firm has the leading high-yield practice in London). The US team has continued to expand through several high-profile recruits; most notably, New York’s Michael Benjamin from Shearman & Sterling LLP and Washington DC’s, Paul Dudek, who was previously chief of the Office of International Corporate Finance at the SEC. The firm’s deal list was similarly impressive, with advice to Morgan Stanley, Deutsche Bank, Mizuho and Goldman Sachs as underwriters during Softbank’s issue of $5.5bn mandatory exchangeable trust securities convertible into Alibaba shares in three years. New York partners Ian Schuman and Witold Balaban jointly chair the global team with Cathy Birkeland in Chicago.

Linklaters LLP’s New York-based team provides ‘high-level advice’ to a range of issuers and underwriters during debt and equity offerings. The firm is praised for its Latin America-related experience, and has a very good track record in Argentina, where ‘the extremely knowledgeable’ Matthew Poulter and Conrado Tenaglia have strong reputations. Work highlights included advising Deutsche Bank Securities as lead manager on Cablevisión’s $500m bond issue - the first the issuer had done in over ten years. The firm also acted for HSBC Securities in multiple issuances by the City of Buenos Aires. On the issuer side, the team assisted Raizen Energy Finance with a $200m bond buy-back on notes due in 2017. Other clients include Citigroup Global Markets, Banco do Brasil, Swedbank and Marfrig Global Foods. Jeffrey Cohen and Caird Forbes-Cockell are also recommended.

Providing ‘prompt advice and a timely execution of deals’, Mayer Brown has an ‘excellent’ global offerings practice with teams of ‘great’ US and foreign-qualified lawyers in offices around the world. With lawyers based primarily in Chicago, New York, Houston and Palo Alto, the US team handles an almost equal split of issuer and underwriter work. In an example of cross-regional collaboration, lawyers from New York, Hong Kong and London acted for the Ministry of Finance of Mongolia in the successful drawdown of $500m 10.875% notes from the Ministry’s existing global medium term note program. On the underwriter side, the firm advised Merrill Lynch, Citigroup, Wells Fargo and BNP Paribas on a $1bn bond issue by the Industrial and Commercial Bank of China, New York Branch. Edward Best, (‘a great all-round lawyer’) heads the team from Chicago. Other names to note include New York’s ‘smart, practical and knowledgeableDavid Bakst and Jennifer Carlson in Palo Alto.

Milbank, Tweed, Hadley & McCloy LLP advises issuers and underwriters, and its global capital markets practice is heavily focused on Latin America. Recent highlights include advising Citigroup Global Markets as sole initial purchaser of $575m of senior notes issued by Aeroperto Internacional de Tocumen, the Panamanian government-owned operator of Panama’s main airport. On the issuer side, the firm acted for Brazilian airline Gol Linhas Aereas Inteligentes in a $101m bond issue. Other clients include Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank and Cencosud. New York-based Marcelo Mottesi heads the team, which also includes Carlos Albarracin.

Morrison & Foerster LLP has a multi-faceted global offerings team with a strong track record acting for issuers and underwriters, particularly in the debt markets and in areas such as derivatives. The firm has a strong focus on Europe, Israel, Asia, and Canada, where it advises most of the key Canadian banks on their bond issues. Recently, the team assisted LBI (the resolution entity for Icelandic bank Landsbanki) with a €2bn exchange offer as part of its Chapter 15 bankruptcy proceedings. The firm also advised the underwriters on multiple billion-dollar-plus bond offerings by the Bank of Nova Scotia, as well as similar bond offerings by the Toronto-Dominion Bank. James Tanenbaum heads the New York-based team, which also includes Jerry Marlatt, Anna Pinedo and Ze’ev Eiger.

Led by Michael Zuppone in New York, the ‘excellent and very responsive team’ at Paul Hastings LLP regularly acts for issuers and underwriters. The firm is especially noted for its strong Latin America practice, which goes beyond Mexico - where Michael Fitzgerald is virtually unrivalled - into other key jurisdictions such as Brazil, Colombia and Peru. This reach was strengthened through the opening of a new office in Sao Paulo, where local partner Roberta Bassegio is considered ‘very good’, as well as the recruitment of highly rated Latin America experts Robert Kartheiser and Cathleen McLaughlin from Allen & Overy LLP’s New York office. The firm recently advised Citigroup, HSBC and JP Morgan, as global coordinators and initial purchasers, on the dual-tranche $2bn bond offering by the Mexico City Airport Trust. On the issuer side, the firm acted for Mexican refrigerated food company Sigma in its $1bn bond offering.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is especially active acting for issuers, and has strong links to the Canadian market, where the firm recently advised mining company Teck Resources on a $1.25bn bond offering. The team also acted for the underwriters, including HSBC, JP Morgan and Deutsche Bank, in a series of bond offerings by TransCanada Pipelines totaling $3.5bn. Key partners in the New York office include Andrew Foley and Ted Maynard. The US team works closely with colleagues in the firm’s London, Toronto and Tokyo offices.

Proskauer Rose LLP’s well-balanced global offerings practice handles a mix of debt and equity capital markets work both for issuers and underwriters. The firm, which is praised for having a ‘a strong and very responsive execution team’, is growing its practices in key jurisdictions such as Hong Kong and São Paulo and is also doing an increasing amount of high-yield work. Recent highlights include advising JP Morgan Securities and Bank of America Merrill Lynch on Pulte Group’s $1bn high-yield offering. On the issuer side, the firm acted for Pacific Exploration & Production in a $4bn debt-for-equity swap, as well as the $500m issue of 12% debtor-in-possession first-priority secured notes. In New York, the practice co-heads Frank Lopez and Julie Allen, are recommended alongside Justin Breen and Maximilian Kirchner for their ‘very thorough knowledge in technically complex situations’.

Shearman & Sterling LLP has a well-integrated network of international offices providing advice to clients on their global debt and equity offerings. Teams in New York, San Francisco, Washington DC and Palo Alto work closely with partners in London, Hong Kong, Singapore, Toronto and São Paulo. The Latin American practice has been particularly busy thanks to low interest rates that have brought several sovereign issuers back to the market. This was demonstrated through the firm’s advice to the global coordinators and joint bookrunners during Argentina’s $16.5bn bond offering, which was the largest offering by an emerging market, and marked Argentina’s return to the capital markets following its sovereign default in 2002. On the issuer side, the firm acted for Panama’s Aeropuerto Internacional de Tocumen in its $575m offering. Key partners include practice group leader David Beveridge, Antonia Stolper, and Stuart Fleischmann and Jason Lehner, who are respectively known for their Mexico and Canada work.

Simpson Thacher & Bartlett LLP’s ‘exceptional’ team is ‘a first port of call every time’, for many clients, when it comes to cross-border capital markets work. Providing ‘great value for money’, Arthur Robinson’s department has been particularly active in Asian and European-related offerings over the past year. Notable highlights include advising the underwriters, Goldman Sachs, Citigroup and Stifel, on the $87m IPO of Gridsum Holding, a Hong Kong-based software company, on the Nasdaq Global Select Market. The firm is also active in Brazil, and recently acted for Nacional Financiera in its $500m bond offering. Key individuals in New York include John Ericson, Todd Crider, who has a strong Latin America practice, Edward Tolley, who is ‘a pleasure to work with’ in high-yield matters, and up-and-coming partner Ryan Bekkerus. Clients also rate the ‘highly experienced’ William Brentani in Palo Alto.

Skadden, Arps, Slate, Meagher & Flom LLP demonstrates ‘a good commitment to capital markets’ and a solid track record advising Latin American, European, Asian and Canadian clients. The firm has an active high-yield practice and recently advised Morgan Stanley, as representatives of the initial purchasers, on the $1.15bn note offering by Novelis Corporation, a Canadian corporation that is wholly owned by India’s Hidalco Industries. Another highlight was acting for BCP Securities and Santander Investment Securities as joint bookrunning managers in a $200m 9.5% New York-law governed bond offering by Argentine infrastructure company CLISA on the Irish Stock Exchange. The firm’s New York-based global corporate finance co-head Stacy Kanter is recommended, as are Andrea Nicolas, Gregory Fernicola and Michael Zeidel.

Sullivan & Cromwell LLP’s highly rated US practice, which has experienced partners in New York and Palo Alto, benefits greatly from close cooperation with colleagues in key centres such as London, Hong Kong, Beijing, Tokyo and Sydney. The firm’s global outlook is reflected in the fact that New York-based Robert Downes jointly heads the team with Carsten Berrar in Frankfurt. Most of the group’s largest mandates, be they debt or equity, or for issuer or underwriter, involve partners working across several offices. Recent examples include advising Anheuser-Busch on its $46bn bond offering, the second-largest corporate bond sale on record, and acting for Ferrari during its €500m debut bond offering on the Irish Stock Exchange. The firm also advised Japan Post on its $12bn triple IPO of shares in Japan Post Holdings, Japan Post Bank and Japan Post Insurance on the Tokyo Stock Exchange, which involved partners in Tokyo and New York. On the underwriter side, the team advised Bank of America Merrill Lynch and Goldman Sachs, among others, on Visa’s debut $16bn SEC-registered offering of notes. Ari Blaut is recommended as an up-and-coming partner.

Headed by John Donovan, the team at White & Case LLP has a strong reputation for advising clients on offerings linked to Latin America, Europe and the Middle East. Lawyers in New York, such as John Vetterli, are noted for their expertise in Latin America issues and work closely with offices in São Paulo and Mexico City, while the highly experienced Colin Diamond (also in New York) is a market leader for Israel-related debt and equity offerings. Work highlights included advising the underwriters on the $77.5m Nasdaq IPO and $75.9m secondary offering of UK software company Mimecast, and acting for Canadian company Fortis in a $2bn bond issue that went towards its acquisition of ITC Holdings.

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