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  1. Capital markets: global offerings - advice to issuers
  2. Capital markets: global offerings - advice to underwriters
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  4. Leading lawyers
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The editorial for this section is in alphabetical, as opposed to ranking, order, due to two ranking tables.

The 2017 merger between legacy firms Kaye Scholer and Arnold & Porter allows the combined practice to draw upon an extensive 13-office network across five countries. The firm is particularly renowned for its niche strength in sovereign bond issues - for both issuers and underwriters - and it acted on a steady stream of such deals through 2017. Notable examples of its issuer-side work included New York’s Steven Tepper advising the Republic of Turkey on a $1.2bn sukuk and Washington DC-based Whitney Debevoise assisting the Republic of Honduras with its $700m notes offering. On the underwriter side, Tepper advised Citigroup Global Markets, JP Morgan Securities and Deutsche Bank on Iraq’s $1bn bond offering. Washington DC partners Gregory Harrington and Neil Goodman are also names to note.

Trusted Advisor - with Finnegan

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.

The ‘phenomenally talented’ group at Cleary Gottlieb Steen & Hamilton LLP is sought after for its ‘high-caliber lawyers, who understand international markets inside-out’. The firm’s enviable global reach is supported by platforms across the Americas, Europe, Asia and the Middle East, and it routinely handles debt and equity offerings for issuers (both corporate and sovereign) and underwriters. The group handled several capital markets transactions during 2017 for longstanding client the Republic of Argentina, including its first century bond offering worth $2.7bn. The firm also advised the Mexican Ministry of Communications and Transportation and Aeropuertos y Servicios Auxiliares on a $4bn bond offering to finance the construction and development of the new Mexico City International Airport. Among its corporate issuer mandates, it acted for semi-public Brazilian energy giant Petrobras on a $4bn offering of global notes. The ‘deep and broad team’ benefits from the expertise of senior names Jeffrey Karpf (‘truly a stand-out specialist’), David Lopez, Adam Fleisher and Nicolas Grabar. In addition, up-and-coming partner Pamela Marcogliese is ‘a future star’. All named partners are based in New York.

Clifford Chance’s comprehensive international network, which takes in 33 offices across Africa, the Americas, Asia, Europe and the Middle East, translates into a steady stream of global deals. The New York-headquartered group has a diverse focus, but is particularly well known for its expertise in debt transactions and REIT matters. On the issuer side, Alejandro Camacho and Per Chilstrom assisted Peruvian state-owned petroleum company, Petróleos del Perú, with its first-ever international bond offering, which raised nearly $2bn. Among its work for underwriters, Jonathan Zonis acted alongside the London office to advise Citigroup Global Markets as lead manager and global coordinator on several bond offerings by the Republic of Ecuador, totaling $3.7bn. Kathleen Werner and US corporate finance chair Jay Bernstein are the other key contacts.

Cravath, Swaine & Moore LLP handled a high volume of equity, investment grade debt and high-yield debt transactions for global clients through 2017 and notably its issuer-side practice set the pace for the department - historically it has been stronger on the manager side. Company-side mandates included Scott Bennett advising Jose Cuervo’s parent company, Becle, on its MXN$12.8bn international offering of shares in the US and its concurrent MXN$5.8bn IPO on the Mexican Stock Exchange. On the debt side, Craig Arcella assisted AerCap Ireland Capital and AerCap Global Aviation Trust with two senior notes offerings totaling $1.6bn. On the manager side, Andrew Pitts, who heads the New York-centered group, acted for the underwriters on Allergan Funding’s €2.7bn fixed- and floating-rate notes offering on the NYSE. In a high-yield debt highlight, William Fogg advised the initial purchasers (led by Citigroup and Barclays) on a $500m senior notes offering by Canada’s GW Honos Security Corporation.

The New York-headquartered practice at Davis Polk & Wardwell LLP, which is almost evenly split between issuer and manager representations, continues to dominate in the international capital markets space and it advised on a raft of headline debt and equity deals through 2017. Global capital markets co-head Richard Truesdell - ‘a leader in his field’ - advised Delek Drilling, as the selling shareholder, and Tamar Petroleum on the latter’s international share offering and bond offering, totaling $855m. In another pair of issuer-side highlights Manuel Garciadiaz, who splits his time between New York and Sao Paulo, advised Rumo on its R$2.6bn equity offering and also advised it, and Rumo Luxembourg, on Rumo Luxembourg’s $750m senior notes offering. On the manager side, Nicholas Kronfeld assisted the initial purchasers with a $2.7bn investment grade notes offering by Corporación Nacional del Cobre de Chile (Codelco), and also advised the dealer managers on Codelco’s concurrent tender offer. Maurice Blanco, who divides his practice between New York and Sao Paulo, Michael Kaplan and Derek Dostal are also recommended.

Debevoise & Plimpton LLP’s global practice, which is led out of New York by group co-heads Matthew Kaplan and Steven Slutzky, is particularly active in Latin America, Europe and Australia. Recent highlights include Paul Rodel assisting Globo Comunicação e Participações with its $200m offering of senior secured exchangeable notes. Australia-based Westpac remains an active client and Matthew Kaplan recently advised it on a $1.2bn offering of convertible securities through its New Zealand branch. Kaplan also advised Deutsche Bank, as lead underwriter, on Liberty Mutual Finance Europe’s $500m senior notes offering.

Dechert LLP’s strong focus on life sciences and permanent capital vehicles ensures a steady stream of work for clients in those areas. Among its work for the latter, Philadelphia-based partners Kenneth Young and Gregory Schernecke assisted business development company Corporate Capital Trust with its $140m private notes offering. Elsewhere, New York’s David Rosenthal, acting with the Paris office, advised the joint lead managers and book-runners on Biom’Up’s €38.1m IPO in Paris.

Among Fried, Frank, Harris, Shriver & Jacobson LLP’s manager-side highlights, group co-head Daniel Bursky advised the underwriters on a string of equity and debt offerings for Athene Holding, including its headline $1.2bn IPO. Issuer mandates included group co-head Stuart Gelfond assisting Merck with its €1bn offering of two series of euro-denominated senior unsecured notes. The shipping sector is also a notable source of work and Joshua Wechsler recently acted as underwriter’s counsel on a debt offering by Scorpio Tankers and equity offerings by Diana Shipping and Star Bulk Carriers. Other key contacts in the New York-based department include Andrew Barkan, Joshua Coleman and ‘very strong’ rising star Mark Hayek.

Responsive, commercial and practicalLatham & Watkins LLP stands out for its ‘deep global bench’ and ‘broad industry experience’. The practice is represented throughout North America, Europe, Asia and the Middle East - and it is also regularly involved in deals where it is not on the ground, such as India. New York-based global corporate chair Marc Jaffe is widely revered as ‘a leading light’ and advised Goldman Sachs on Canada Goose’s C$340m dual-listed IPO and its $259m follow-on offering - New York-based Ian Schuman and Boston’s John Chory co-led on the IPO. Other high-profile underwriter mandates include advising Credit Suisse on the $450m US IPO of China-based Best as well as assisting Credit Suisse with the $96m IPO of Switzerland-based ObsEva. Equity highlights for issuers included assisting FFI Holdings with its £235.5m IPO. On the debt side, the team advised the Kingdom of Saudi Arabia on its inaugural $17.5bn bond offering. Witold Balaban, who splits his time between New York and London, and Chicago’s Cathy Birkeland are also high-profile partners.

The ‘business savvy’ New York-based practice at Linklaters LLP finds favor for ‘providing an excellent legal service worldwide through its global branches’. Names to note include ‘high-quality and knowledgeable lawyers’ Matthew Poulter and Conrado Tenaglia; the pair advised Argentina’s Capex on its $300m notes offering. In another headline issuer mandate US practice head Tom Shropshire, who is based between New York and London, and Jeffrey Cohen acted for Sibanye Gold on its $1bn debut international debt issuance. Recent underwriter-side work includes advising UBS Securities, as lead manager and initial purchaser, on the Province of Tierra del Fuego’s $200m international bond offering. Caird Forbes-Cockell is also a name to note.

Mayer Brown’s diverse practice, which attracts a high volume of both equity and debt work, routinely advises issuers and underwriters on public and private offerings - it also acts for financial sponsors and selling shareholders on equity transactions. Edward Best heads the group from Chicago and has a robust record in debt and equity matters; he recently advised Fédération des caisses Desjardins Du Québec on its $300m issuance of floating-rate senior notes. In another Canada-related highlight, a cross-office team comprised of London, New York and Chicago lawyers advised Canada Pension Plan Investment Board on its $1bn notes offering. The firm’s longstanding relationship with Brazil firm Tauil & Chequer Advogados in association with Mayer Brown also ensures it is regularly involved in Latin American deals. In a recent example, New York’s David Bakst worked alongside a Sao Paulo team to act as US counsel to the underwriters on BK Brasil Operação e Assessoria a Restaurantes’ R$2.2bn IPO. The firm hired a new capital markets team from Morrison & Foerster LLP in 2018, which included new global group co-head Anna Pinedo and Jerry Marlatt as well as tax specialists Thomas Humphreys and Remmelt Reigersman - all join the New York office, except Reigersman who is based in Palo Alto.

Milbank, Tweed, Hadley & McCloy LLP’s broad sector focus is complemented by its comprehensive geographical expertise, with its record in the Latin American and Caribbean region particularly impressive. New York’s Marcelo Mottesi heads the global capital markets group and is a leading figure for Latin American work; he recently advised the initial purchasers on Inkia Energy’s $450m offering of senior notes and concurrent cash tender offer. New York-based Carlos Albarracín is also a key contact for Latin America-related matters and assisted the initial purchasers with a COP$2.3tn offering of senior notes by Colombian state-owned utilities company Empresas Públicas de Medellín. On the issuer side, Mottesi acted for the Republic of Guatemala on its $500m bond offering. The firm also acts on a significant volume of equity deals, such as advising Brazil’s Camil Alimentos, and the selling shareholders, on its R$1.2bn IPO.

The ‘top-notch team’ at Morrison & Foerster LLP scores highly for ‘always exceeding expectations’, with sources drawing particular attention to its ‘responsive and client-focused lawyers’ and ‘great bench strength’. The New York-based practice handles the full spread of matters, with notable expertise in debt deals and offerings for financial institutions. HSBC Finance Corporation is a marquee client and the firm advised it on a string of offerings through 2017, including assisting with its $1.1bn notes issuance - Ze’-ev Eiger co-led that work. On the manager side, a combined US and UK team acted as underwriters’ counsel for Bank of America Corporation on over 100 debt issuances over the past year, including offerings in Asia, Australia, Europe and Canada. Among its equity highlights, the firm advised Shanghai Dazhong Public Utilities on its HK$1.7bn share offering on the Hong Kong Stock Exchange. The firm recently lost a sizeable capital markets team to Mayer Brown, which included Anna Pinedo and Jerry Marlatt as well as tax specialists Thomas Humphreys and Remmelt Reigersman.

Paul Hastings LLP’s global capital markets group is particularly active in the Americas, under the leadership of highly sought-after Latin America practice head Michael Fitzgerald. Recent equity highlights include Fitzgerald, advising Morgan Stanley and JP Morgan Securities as global coordinators and initial purchasers on the $912m IPO of Becle. On the debt side, Fitzgerald and Arturo Carrillo assisted Mexico-headquartered Sigma with two international bond offerings worth $1bn and €600m respectively. The firm’s five European offices also ensure a steady stream of work in that region, and it recently advised the lead underwriters on AerCap Ireland Capital and AerCap Global Aviation Trust’s $600m offering of senior notes. Michael Zuppone heads the New York-based team.

Traditionally stronger on the issuer side, Paul, Weiss, Rifkind, Wharton & Garrison LLP advised the underwriters on several high-profile offerings during 2017, particularly in Canada where its strong institutional relationships continue to pay dividends. Most notably, it advised the underwriters on a $3.5bn share offering by TransCanada and also on a $1.5bn note offering by TransCanada. It also advised the underwriters on a string of bond offerings by Canada’s Enbridge, which included a $1.5bn bond deal. On the issuer side, New York’s Andrew Foley acted for Canada’s Cenovus Energy on three securities deals, including a C$3bn share offering. Outside of Canada, the team advised Ireland’s Glenveagh Properties on its €550m IPO in Dublin and London, as well as its private placement in the US.

Proskauer Rose LLP continues to increase its share and range of manager-side mandates, notably securing high-profile representations for JP Morgan, Deutsche Bank and Jefferies through 2017. However, company-side work remains the mainstay of its global practice and the team secures a significant volume of work relating to Latin American, European and Asian markets. New York-based Carlos Martinez heads the Latin American practice group and recently assisted Colombia’s Banco GNB Sudameris with its $300m subordinated note offering. In a headline European deal, New York-based global capital markets co-head Frank Lopez paired up with Maximilian Kirchner, who divides his time between New York and London, to advise Grifols on its €1bn high-yield bond offering. Among its equity highlights, the firm advised English retail bank Charter Court on its £253m IPO and it also assisted Turkish technology company Logo with its $234m secondary offering.

Responsive, practical and knowledgeableShearman & Sterling LLP is distinguished by its ‘very commercial lawyers’ and its ‘great ability to work seamlessly as part of a global team’. The firm houses a prolific capital markets practice that handles an impressive volume of global deals - for both managers and issuers - with its debt work standing out as particularly high-profile. New York-based Antonia Stolper heads the Latin America affinity group and played key roles in several of the firm’s recent headline deals in that region, including advising the initial purchasers and the international purchasers on the Province of Buenos Aires’ ARS$15.1bn global bond offering. Canadian work is also a sweet spot and Jason Lehner, who splits his time between New York and Toronto, advised the underwriters on Canadian Natural Resources’ $3bn investment grade debt offering - he also assisted the Province of Ontario with its $2.5bn global bond offering. On the equity side Stuart Fleischmann, who divides his time between the New York and Sao Paulo offices, assisted Brazil airline Azul with its $644.2m IPO.

Simpson Thacher & Bartlett LLP’s ‘outstanding’ practice, which is highlighted as ‘head and shoulders above the competition’, spans the full spread of equity, debt and equity-linked transactions. The firm’s extensive global footprint is supported by offices in Brazil, China, Japan, South Korea and the UK, and it is routinely involved in deals in Europe, Latin America and Asia. In a major global highlight, the firm advised the joint global coordinators (Goldman Sachs, Daiwa Securities and Nomura Securities) on Japan Post Holdings’ approximately $11.6bn equity offering. In another headline equity deal, the team assisted China’s Qudian with its $975.5m US IPO. Recent debt work includes advising Czech Republic-based Residomo - a portfolio company of Blackstone and Round Hill Capital - on its €680m senior secured notes offering. Key names in Arthur Robinson’s ‘exceptional’ New York team include Todd Crider, John Ericson and Ryan Bekkerus.

Skadden, Arps, Slate, Meagher & Flom LLP continues to be involved in some of the world’s most high-profile cross-border deals, with its broad focus encompassing Asia, Canada, Europe and Latin America. Star partner Stacy Kanter co-heads the global capital markets practice and, together with Ryan Dzierniejko, advised WeWork Companies on SoftBank Group and SoftBank Vision Fund’s $4.4bn investment into the company to help it expand internationally. In another equity highlight, the firm acted for China’s Jianpu Technology on its $180m IPO of American depositary shares on the NYSE - the firm is also advising on its concurrent $40m placement. On the debt side, Kanter assisted HSBC Securities (USA) as underwriter with a $3bn offering of convertible securities by HSBC Holdings (United Kingdom) listed on the Irish Stock Exchange. Gregory Fernicola, Andrea Nicolas and Michael Zeidel are also recommended in New York.

Up there with the best in this area’, Sullivan & Cromwell LLP attracts rave reviews for its ‘responsive and commercial lawyers’ and its arguably ‘unmatched ability to appropriately staff complex and cross-border transactions’. The New York-based practice, which excels in both debt and equity deals, is equally adept at advising managers and issuers, and routinely teams up with colleagues in key hubs in Australia, China, Europe and Japan. Recent global highlights include advising Japan Post Holdings on its ¥1.3tn global stock offering. In another equity headline, the ‘accurate, thoughtful and practicalCatherine Clarkin, together with Mitchell Eitel, advised BNP Paribas on its secondary offering of shares of common stock of First Hawaiian. Global infrastructure head Christopher Mann handled a string of major debt capital markets transactions during 2017, including assisting the underwriters with a $3bn global bond offering by the Federative Republic of Brazil. Other key names are: global co-head Robert Downes (‘a wonderful counsellor’); Robert Buckholz (‘very responsive and knowledgeable’); and very active younger partner Ari Blaut.

White & Case LLP’s practice, which is steered from New York by Americas capital markets head John Donovan, is a strong performer in Latin American, European, Middle Eastern and Asian markets. Highlights included ‘very strong’ regional group lead John Vetterli working hand-in-hand with the Sao Paulo office to advise Argentina’s Loma Negra Holding on its $1.1bn IPO. New York-based Colin Diamond is also a high-profile figure in the team and acted alongside New York’s Holt Goddard, and the Hong Kong and Singapore offices, to asssist the underwriters with a $1.1bn sale of ordinary shares and American depositary shares of Melco Resorts & Entertainment. Among its recent debt work, the firm advised the joint book-runners and the co-manager on Peruvian state-owned Petróleos del Perú’s $2bn bond offering. In 2018, capital markets specialist Taisa Markus joined from Paul Hastings LLP.

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