Capital markets: global offerings in United States

Arnold & Porter

Arnold & Porter is best known for sovereign finance, particularly bond offerings by Latin American states and the Republic of Turkey. In addition, it has an impressive number of corporate issuer clients in Latin America and other regions. Washington DC-based Whitney Debevoise and Gregory Harrington co-head the sovereign finance practice, both having an extensive history in representing Latin American sovereigns and sub-sovereigns. New York's Christopher Peterson, who has expertise in investment grade, high-yield, sovereign and equity offerings, co-heads the capital markets transactions practice alongside San Francisco-based partner Teresa Johnson.

Practice head(s):

Christopher Peterson; Teresa Johnson

Other key lawyers:

Whitney Debevoise; Gregory Harrington 

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton is among the clear leaders in global offerings, particularly those originating from Latin America; it is a dominant force in the two primary economies, Brazil and Mexico, along with multiple other jurisdictions across the region. The team's strength in sustainability-linked offerings is evidenced in Latin America and beyond, with the Ontario Teachers’ Finance Trust's inaugural €750m green bond offering being a recent highlight in this space. The firm has a greater emphasis on issuers' and sponsors' counsel engagements, though is often selected as designated underwriters' advisors. Beyond Latin America, the New York-based team is also active in Asia-originated offerings, and is a growing force in Israel deals; it advised China-based OneConnect Financial Technology on its $359m SEC-registered IPO on NYSE. Sovereign offerings are another forte for the team. Jeffrey Karpf and David Lopez are the senior figures in the team, along with Francesca Odell, who is among a number of leading Latin America specialists, including Nicolas Grabar and Jorge Juantorena.

Other key lawyers:

Jeffrey Karpf; David Lopez; Francesca Odell; Nicolas Grabar; Jorge Juantorena   

Key clients


Asia Development Bank


J.P Morgan

Morgan Stanley


Ontario Teachers’ Finance Trust




United Mexican States

Work highlights

  • Acted as designated underwriters’ counsel to Citi in numerous debt offerings by Citi with aggregate values of $13.25bn, €3.25bn, £650m and CHF325m.
  • Represented OneConnect Financial Technology in its $359m SEC-registered IPO on NYSE and its subsequent $356m SEC-registered follow-on offering.
  • Represented Ontario Teachers’ Finance Trust in multiple notes offerings with aggregate values of $2.75bn and €2.25bn, including its inaugural €750m green bond offering.

Clifford Chance

Clifford Chance's global standing and expansive geographic presence places it in a strong position to handle global offerings. In particular, many of the firm's New York-based capital markets lawyers have extensive experience with Latin America offerings. While maintaining strong connections to international banks, the firm has also built a sizeable portfolio of corporate and sovereign clients in Latin America. The New York team works frequently with colleagues in São Paulo, and has enjoyed a recent uptick in equity offerings by Brazilian issuers. A prominent name in corporate and sovereign offerings in Latin America is Jonathan Zonis, who co-heads the Americas capital markets practice and also heads up the Latin America practice. Hugo Triaca has also made a considerable impact in the team.

Practice head(s):

Jonathan Zonis

Other key lawyers:

Hugo Triaca


‘Very high quality professionals with extensive knowledge of American capital markets and regulation.’

‘Deep knowledge of the area in which they operate, availability, security in the past information.’

Key clients

AES Panama

Republic of Costa Rica


Empresas Públicas de Medellín E.S.P.


Banco Latinoamericano de Comercio Exterior, S.A.

Compañía Latinoamericana de Infraestructura y Servicios S.A.

Corporación Financiera de Desarrollo S.A.

Goldman Sachs

JS Global (SharkNinja in the US)

Work highlights

  • Advised four Panamanian subsidiaries of The AES Corporation on the refinancing of an aggregate $1.48bn in existing debt and capital expenditures.
  • Advised the Argentina Creditor Committee on the successful restructuring of approximately $65bn of eligible bonds by the Republic of Argentina.
  • Advised the joint sponsors Bank of America, UBS and CLSA, and the underwriters on’s $3.87bn IPO and secondary listing on the Hong Kong Stock Exchange.

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP has a principal focus on North America, Latin America and Europe, fielding impressive teams of US securities lawyers in New York and London. The work is slightly weighted towards debt offerings that are linked to the firm's outstanding finance practice. The capital markets group also benefits from the firm's substantial SEC regulatory expertise. Andrew Pitts leads the North America capital markets team and has deep experience in major debt offerings for big-name global corporates. Craig Arcella co-heads the finance group and is highly rated for debt offerings for a range of international issuers. David Mercado has an outstanding record in deals originating from Europe and Latin America. Scott Bennett is another key team member.

Practice head(s):

Stephen Burns; William Fogg; Craig Arcella; Andrew Pitts

Other key lawyers:

David Mercado; Scott Bennett

Key clients





Royal Dutch Shell

Bank of America


Credit Suisse


Wells Fargo

Work highlights

  • Represented the managers, distributors or underwriters in eight note takedowns or offerings totaling $16bn for Credit Suisse Group or its wholly-owned subsidiary Credit Suisse.
  • Represented Mylan in connection with Upjohn’s $7.45bn 144A/Reg S senior notes offering and Upjohn Finance’s concurrent €3.6bn Reg S senior notes offering.
  • Represented Shell International Finance in three registered notes offerings totaling $10.25bn.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP's global eminence in capital markets offerings is indisputable. From North America to Latin America, Europe and Asia, it continues to be at the forefront of both debt and equity issuances. It also has a balanced pipeline of issuer and underwriter engagements. The firm typically leads or is among the leaders in the league tables for global equity, investment grade and high-yield debt offerings. Of late, the New York-based team has advised on a series of headline capital markets deals originating from Latin America and the Caribbean, Canada, Europe and Israel. The firm has been especially active in Brazil, where top name Manuel Garciadiaz splits his time between São Paulo and New York; he led the team that advised Brazil's XP on its $2.25bn IPO and its $955m SEC-registered secondary offering. Maurice Blanco, co-head of the global capital markets group, is another key figure for Brazil and Latin America-wide offerings, as is Nicholas KronfeldRichard Truesdell is noted for global offerings outside of Latin America.

Other key lawyers:

Manuel Garciadiaz; Maurice Blanco; Nicholas Kronfeld; Richard Truesdell; Byron Rooney

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP has an established record in global offerings, including SEC-registered offerings. Reflective of the sector strengths of the wider firm, the team is especially experienced in acting for financial services and insurance businesses. The media industry is another active sector for the firm, where the New York team has represented Brazil's Globo Comunicação e Participações for many years, including its recent 144A/Reg S offering of $500m senior unsecured notes. Matthew Kaplan has an excellent reputation in financial services offerings for global issuers such as Australia's Westpac Banking Corporation. Peter Loughran and Paul Rodel are also active in financial services and insurance offerings for both issuers and underwriters.

Practice head(s):

Matthew Kaplan; Steven Slutzky

Other key lawyers:

Paul Rodel; Peter Loughran

Key clients

Warner Music Group Corp.

Alaska Air Group, Inc.


Bank of America

Brighthouse Financial, Inc.

Global Atlantic Financial Group, Ltd.

Globo Comunicação e Participações S.A.

Goldman Sachs & Co

Morgan Stanley & Co, LLC

Spirit Airlines

Teachers Insurance and Annuity Association of America (TIAA)

The Carlyle Group

Westpac Banking Corp

Principal Financial Group

JetBlue Airways

Clayton Dubilier & Rice, LLC

Gogo Inc.

Core & Main LP

HarbourVest Partners

The Guardian Life Insurance Company of America

Work highlights

  • Represented Westpac Banking Corporation in its SEC registered offer and sale of $1.5bn subordinated notes and a $1bn subordinated notes offering, which qualified for Tier 2 regulatory capital treatment.
  • Represented Globo Comunicação e Participações in a 144A/Reg S offering of $500m senior unsecured notes.
  • Represented Manulife Financial Corporation in its $500m MJDS offering of senior notes.

Dechert LLP

Dechert LLP has a solid background in Latin America offerings thanks to the experience of key New York partner Howard Kleinman, who is noted for financial services deals in Chile and other jurisdictions. The capital markets team is especially noted for transactions in the life sciences, permanent capital and financial services sectors, where it frequently advises on Reg S and other global offerings for US-based issuers. Boston's Thomas Friedmann co-heads the corporate finance and capital markets team, alongside New York partner David Rosenthal.

Practice head(s):

Thomas Friedmann; David Rosenthal

Other key lawyers:

Howard Kleinman; Harry Pangas; Jay Alicandri


‘David Rosenthal, our lead partner at Dechert, is always available for us. He is extremely knowledgeable and takes a personal interest in our processes and outcomes. He is backed by a team of partners and associates who can be relied upon to give good and timely advice on many legal topics.’

‘David Rosenthal, in addition to be an excellent legal counsel, is also generous in sharing his biotech contacts in various areas and making unbiased recommendation.’

‘Dechert’s capital markets practice is outstanding. Great attorneys who know how to help their clients.’

‘Harry Pangas is always my first call on any securities or capital markets matter. He is extremely knowledgeable and is able to efficiently come up with practical solutions to any issue raised.’

‘Jay Alicandri is my go to debt financing attorney.’

‘Tom Friedmann is another outstanding securities and capital markets attorney.’

‘Full breadth of expertise across all forms of funding structures for financial services organizations and asset managers on both sides of the balance sheet. Direct knowledge and relations with regulatory bodies, including the SEC, to provide key insight and perspectives. Finally, they represent many of my peers, so they already know the issues and have suggested best practices based on actions of others.’

‘Available 24/7 and come with solutions. Not overly focused on legal pontification – always focused on solving the problem and getting a deal done. They also have the ability to bring in subject matter experts from the team when needed.’

‘Very good industrial know how. Very intense in communications. Very good working product.’

‘Always available. Very communicative. Deep understanding of the content. Good advisor skill set.’

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP gains a steady pipeline of international offering mandates from its solid base in New York. The US team remains actively involved in deals originating from Europe and Latin America, including Brazil. Headed by Daniel Bursky, the global capital markets group has core strengths in the healthcare, telecoms, shipping and insurance sectors.

Practice head(s):

Daniel Bursky

Other key lawyers:

Andrew Barkan; Mark Hayek; Joshua Wechsler; Joshua Coleman


‘Thorough knowledge of cross-border offerings and their unique characteristics. Excellent sense of what is market and how to maximize effectiveness for the client.’

‘Daniel Bursky and Joshua Coleman – Excellent judgment, straightforward advice, comprehensive knowledge of the market, diligent, prepared, efficient, effective.’

Key clients

Aerie Pharmaceuticals

At Home



Evoqua Water Technologies

Extended Stay


Goldman Sachs BDC



Lithia Motors



The Navios Group (and related entities)


RedBall Acquisition Corp.

Tapestry (f/k/a Coach)


Tradeweb Markets

Under Armour

Private Equity Sponsors

AEA Investors


Goldman Sachs





BofA Securities


Credit Suisse

Deutsche Bank



JP Morgan


Morgan Stanley

Royal Bank of Canada

Wells Fargo

Allison Transmission


Carrier Global


Estée Lauder

Ladder Capital

OneWater Marine

Procter & Gamble

Quest Diagnostics

USAA Capital Corporation

Warrior Met Coal

W.R. Grace

Hogan Lovells US LLP

Hogan Lovells US LLP's US-based global offerings practice is largely driven by Latin America transactions. This includes sovereign offerings and structured finance-related transactions; diversified payment rights deals are a particular forte thanks to the expertise of senior figure Emil Arca. While much of the practice centers on debt transactions in emerging markets throughout Latin America, the firm has landed a growing market share of equity offerings from Brazil. Evan Koster is noted for sovereign offerings and Sina Hekmat is experienced in representing German issuers in global offerings.

Practice head(s):

Emil Arca

Other key lawyers:

Evan Koster; Sina Hekmat


‘Hogan Lovells provides a unique service to clients, helping them identify an effective solution. Their involvement exceeds the drafting and revision of contracts. Hogan’s team gets involved in structuring helping investment banks to address client’s needs, providing constructive solutions.’

‘HL has been able to integrate their LatAm practice to provide coordinated services across products. Partners stands out for their commitment to collaboration; most of our deals require involvement from partners with different areas of expertise (ESG/natural resources, derivatives, capital markets, etc). HL has been able to deliver those services better than peers.’

‘Always available: responsive and knowledgeable. Very close relationship with their clients, anticipating needs and ready to provide alternative solutions.’

Key clients

Banco BMG

BOC Aviation

Citigroup Global Markets


Enstar Group Limited

HSBC Securities (USA)

Knighthead Capital Management, LLC

PVH Corp.

The Government of the Bahamas

Republic of Ecuador

Latham & Watkins LLP

Latham & Watkins LLP's eminence across the equity and debt space and its international standing and reach, makes it a top firm for global offerings, particularly those originating from Europe, the Middle East and Asia. The firm is also active in Latin America offerings and is a dominant player in the Israeli market. I na recent highlight, New York partner Nathan Ajiashvili and London's Joshua Kiernan advised NeoGames, the Israel-based online gaming and lottery business, on its Nasdaq IPO. Global chair of the corporate department Marc Jaffe is a frequent advisor to non-US issuers in debt and equity offerings, and global chair of the capital markets group Ian Schuman is another titan of the global offering segment. The firm is recognized as a leader in both issuer and underwriter work.

Practice head(s):

Ian Schuman; Ryan Maierson; Rüdiger Malaun; Cathy Yeung

Other key lawyers:

Marc Jaffe; Nathan Ajiashvili

Key clients

Abcam plc

Ascendis Pharma

Bank of America




Fiverr International Limited

Goldman Sachs


Morgan Stanley

Work highlights

  • Advised Abcam plc on its $156m dual-listing on Nasdaq and the London Stock Exchange.
  • Advised NeoGames on its $95m IPO on Nasdaq.
  • Represented the underwriters of Saudi Aramco’s $29.4bn IPO, the largest IPO in history.

Mayer Brown

Mayer Brown's investment in building out its capital markets practice has delivered excellent results. The firm has diversified its workload, having principally focused on investment grade debt, and it is achieving notable growth in Latin America, Canada, Israel and Nordic offerings. The New York office works in close collaboration with colleagues in São Paulo, achieving a growing market share of debt and equity offerings out of Brazil. Canada is a major market for the New York-based team, which represents many of the top Canadian banks and other corporates and financial sponsors. Anna Pinedo, co-leader of the global capital markets practice, has significantly contributed to the firm's success in covered bond offerings for Canadian banks, as well as its growth in Israeli and Nordic transactions. Phyllis Korff is another leader in Israeli offerings and Jerry Marlatt has played an anchor role in developing the firm's Canada practice. David Bakst is an experienced capital markets specialist with significant expertise in a variety of global markets.

Practice head(s):

Edward Best; Anna Pinedo 

Other key lawyers:

Phyllis Korff; Jerry Marlatt; David Bakst 

Key clients

Adaptimmune Therapeutics plc

AltaGas Ltd.

Anchiano Therapeutics Ltd.

Barclays Capital


BiomX Inc.

BMO Capital Markets

BNP Paribas

BofA Securities, Inc.

Canada Pension Plan Investment Board

Canadian Imperial Bank of Commerce

Citigroup Global Markets, Inc.

Credit Suisse

Deutsche Bank

FBR Capital Markets

Goldman Sachs & Co. LLC

GW Pharmaceuticals


Hyundai Capital America

InMode Ltd.

Islandsbanki hf.

J.P. Morgan Securities LLC

JMP Securities

Keefe, Bruyette & Woods (KBW)

Lloyds Securities

Macquarie Group and Macquarie Bank

Mizuho Securities

Morgan Stanley & Co. LLC

National Bank of Canada



Ontario Municipal Employees Retirement System

PNC Capital Markets

Raymond James & Associates, Inc.

RBC Capital Markets

Scotia Capital / Bank of Nova Scotia


Triton International Limited

UBS Securities LLC

US Bancorp

Wells Fargo Securities, LLC


Milbank is noted in particular for its focus on Latin America, with the New York office regularly working with colleagues in São Paulo to gain a healthy market share of international offerings from Brazil, Mexico and other key jurisdictions; this includes a mixture of equity and debt offerings, spanning investment grade, high-yield and project bond offerings. The New York-based team is equally active on behalf of both issuers and underwriters. Marcelo Mottesi leads the global capital markets team and has a principal focus on Latin America, where fellow New York partner Carlos Albarracin is also a prominent figure in the capital markets space.

Practice head(s):

Marcelo Mottesi; Tobias Stirnberg

Other key lawyers:

Carlos Albarracin

Key clients

BofA Merrill Lynch


J.P. Morgan

Cencosud S.A.


Grupo Energía Bogotá

Andrade Gutierrez International S.A.

Braskem S.A.

Goldman Sachs

Morgan Stanley

Paul Hastings LLP

Paul Hastings LLP has a commanding presence in Latin America offerings, particularly Mexico-related deals, though more recently, the Latin America team has expanded its reach into Brazil. The Latin America team, led by the hugely experienced Michael Fitzgerald, has been a dominant force in Mexico for many years, drawing on Fitzgerald's excellent investment bank relationships and an ever-growing number of corporate issuer clients. The core group, which includes Joy Gallup and Arturo Carrillo, is also noted for its high-yield debt experience with Latin America issuers, while Cathleen McLaughlin is a leader in high-yield debt, infrastructure bonds and hybrid financings. The firm has sought to expand its capital markets group with the additions of a series of senior names, including co-head of the global securities and capital markets group Frank Lopez, who joined the firm in 2019, and is also recommended for Latin America offerings.

Practice head(s):

Frank Lopez

Other key lawyers:

Michael Fitzgerald; Joy Gallup; Arturo Carrillo; Cathleen McLaughlin

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss, Rifkind, Wharton & Garrison LLP has a well-developed global offerings practice, which advises a range of non-US issuers on investment grade and high-yield debt offerings. Clients note the firm's capabilities for businesses that are dual-listed in Canada and the US. Indeed, it has strong connections to Canadian issuers and financial sponsors, in part through its Toronto office where key partners Adam Givertz and Christopher Cummings divide their time with New York. Moreover, teams led by New York's Andrew Foley advised Canadian Natural Resources on its $1.1bn debt offering, and also assisted Canadian Pacific Railway with its $500m senior unsubordinated unsecured notes offering in 2020. European and Asian issuers are also among its clients.

Other key lawyers:

Adam Givertz; Christopher Cummings; Andrew Foley


‘Adam Givertz is an incredibly talented, experienced and practical lawyer. The best external counsel the company has to go to for advice and transactional support. A tremendous asset for the company in its endeavours.’

‘A well established and experienced, user-friendly team.’

‘Mark Bergman is very experienced and a pleasure to deal with.’

‘The Paul Weiss team led by Andrew Foley provides a unique cross-border perspective for Canadian public companies which are listed in both Canada and the US. The team understands the law and its practical implications on both sides of the board which is very valuable.’

‘Andrew Foley knows the particular challenges and pitfalls faced by companies that are both listed and operate in Canada and the US. He is very responsive and strategic in his advice.’

Shearman & Sterling LLP

Shearman & Sterling LLP's tight connections to major investment banks and well-known international brand and coverage, makes it an impressive player in global offerings, particularly on the debt side. From its New York headquarters, the capital markets group has an established record in offerings originating from Canada, Latin America and Europe. New York and Toronto partner Jason Lehner is at the forefront of Canada-based offerings and recently advised the underwriters on CDP Financial's $2.5bn 144A/Reg S investment grade senior notes offering. Antonia Stolper and Stuart Fleischmann are leaders in Latin America debt offerings, including sovereign issuances, especially on the underwriter side.

Other key lawyers:

Jason Lehner; Antonia Stolper; Stuart Fleischmann

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP has an outstanding record in global debt and equity offerings, notably those originating from Latin America, Europe and Asia. Global bond offerings, including investment grade and high-yield debt is a particular forte, with the firm operating across the issuer and underwriter divide. The firm is also at the forefront in high-value IPOs and equity offerings,  acting for both issuers and underwriters. Given the firm's impressive standing in high-yield debt, it has extensive experience in representing first-time issuers in both debt and equity offerings. It also frequently advises private equity sponsors on exits and fund raisings for their portfolio companies. Arthur Robinson leads the global capital markets team and is a leader in high-yield debt offerings. Ryan Bekkerus is another key figure, while David Williams and Todd Crider are the senior names in the firm's market-leading Latin America team, which is especially active in Brazil offerings.

Practice head(s):

Arthur Robinson

Other key lawyers:

Ryan Bekkerus; David Williams; Todd Crider; Roxane Reardon 


‘Gil Strauss and his team set the benchmark for excellence, expertise, service, and value for money.’

‘Gil Strauss combines extensive knowledge of the market with a creative flair for developing the best solution for our commercial and legal needs.’

‘Good US capital markets lawyers with good local language capabilities and good price. ’

‘Alan Cannon is a very analytical and impressively smart lawyer. Taki Saito is client-friendly and always there to help when in need.’

‘I know Alan Cannon and Taki Saito for over 15 years. They have been always helpful and commercially reasonable in terms of pricing.’

‘Alan is very capable and knowledgeable in the area of US securities law. ’

‘Deep bench of thoughtful lawyers who draw upon full firm resources in advising us; firm observes high standards of diligence on our behalf when representing us in securities underwriting; high quality of associates who form the backbone of quality deal execution’

‘Roxane Reardon is a rock star, having worked on some of our most challenging and often high profile deals. Art Robinson is also a longtime trusted advisor on our most challenging deals, with core expertise in supporting our bankers’ financial due diligence. Other trusted advisors – John Ericson, Lesley Peng, David Azarkh, Todd Crider, Grenfel Calheiros, Jaime Mercado, Juan Francisco Mendez.’

‘Simpson Thacher Capital market team is highly experienced and well-connected among themselves.

‘In Japan, two partners, Alan Cannon and Taki Saito, are well-respected. Simpson Thacher, Tokyo can handle more transactions than its competitors each of whom has only one partner in Japan office and can accumulate more experience and knowhow and can deliver comprehensive advice to us.

‘Alan Cannon is our first choice of global offerings by Japanese companies both for issuers and underwriters, which I believe is market consensus. In particular, he masters dealing with complicated issues and with traditional blue chip companies as well as start up companies of which business model is unprecedented.

Taki Saito has established his strengths in particular industries including financial institutions, semiconductor, HR tech. Taki values himself as an issuer’s counsel with his drafting skills and thorough diligence.

Yu Mizutani has made a great development as a solid capital market associate. He is well-organized, keeps his calm under pressure and demonstrates multi-tasks.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP's US-based capital markets team has notable strengths in Latin America, Europe and Israel; it also plays a role in international offerings by Asian issuers. The firm has also manages a significant market share of global equity offerings, both on the issuer and underwriter sides. Brazil equity offerings have been a buoyant segment for the firm, with New York team members routinely working alongside colleagues in São Paulo; New York partner Ryan  Dzierniejko led the team that advised the global coordinators on the $2.3bn IPO and listing on Nasdaq by XP, the Brazilian investment management company. David Goldschmidt leads the global capital markets group and Michael Zeidel heads the Americas capital markets team.

Practice head(s):

David Goldschmidt; Michael Zeidel

Other key lawyers:

Ryan Dzierniejko

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP has a superb record in big-ticket capital markets offerings, notably SEC-registered deals, originating from Latin America, Europe and Asia. The firm has a core Latin America team that is at the forefront of mining and natural resources deals and project bonds. New York partners Robert Downes and Catherine Clarkin co-head the capital markets team, alongside Sarah Payne in Palo Alto.

White & Case LLP

White & Case LLP‘s global coverage and globally oriented teams in New York and Miami makes it a top choice for international offerings. Several partners in New York and Miami have a core focus on Latin America, notably handling a significant market share of deals originating in Brazil, Mexico and other large Latin American economies. Global head of capital markets John Vetterli is a name to note in this regard. More broadly, the US-based group continues to work on headline Middle East deals, including Saudi Aramco’s blockbuster $25.6bn IPO, completed in December 2019. Colin Diamond is another key figure for global offerings.

Other key lawyers:

John Vetterli; Colin Diamond