Arnold & Porter is a recognised leader in sovereign finance, advising on sovereign and sub-sovereign offerings, along with issuances by state-owned enterprises. It has a long track record in Latin America - along with Hungary and Turkey - and notably represents Corporacion Andina de Fomento (CAF), the development bank, on international offerings. Washington DC’s Whitney Debevoise and Gregory Harrington are hugely experienced in sovereign finance, along with New York partner Christopher Peterson, who represents the Republic of Turkey.

Cravath, Swaine & Moore LLP‘s huge reputation extends worldwide, despite having just two offices in New York and London. It advises on many of the most complex and high-value deals in the capital markets arena, and across the debt, equity and hybrid securities segments. The firm attracts engagements from many European issuers and international underwriters, notably recently advising Nestlé on its $4bn 144A/Reg S notes offering and representing the underwriters in an aggregate of $12.9bn of notes issued by Credit Suisse. Andrew Pitts, co-head of capital markets for North America, had another impressive year in 2022 with a string of headline deals for overseas issuers. Nicholas Dorsey impresses in high-value offerings, while Craig Arcella also comes highly recommended.

Debevoise & Plimpton LLP remains closely associated with global offerings by financial services and insurance companies. It is also noted for offerings by SPACs, including PIPE financings, and issuances by private equity portfolio companies. Notable recent engagements for the team include its advice to Jackson Financial on its $2.5bn separation from Prudential through a demerger. Paul Rodel and Steven Slutzky, who lead the capital markets group, have established records in global offerings. Matthew Kaplan is also highly rated.

Dechert LLP has an established record in cross-border offerings, particularly those involving Latin America. It is also active in cross-border offerings for permanent capital vehicles and business development companies. Recently, it advised Blackstone Private Credit Fund, a closed-end management investment company and business development company, on its inaugural euro-dominated offering of €500m of 1.750% Notes due 2026. Boston’s Thomas Friedmann and New York partner David S Rosenthal, a life sciences specialist, co-chair the capital markets practice. Howard Kleinman departed for McDermott Will & Emery LLP in July 2023.

Hogan Lovells US LLP has an established record in offerings originating from Europe and Latin America. It handles a wide range of debt and equity offerings, and is also noted for structured finance transactions, including diversified payment rights securitisations in Latin America. The firm has an excellent reputation for securities and financial regulatory expertise, including dealings with the SEC. The experienced Richard Aftanas is building the firm’s standing in equity offerings, while Emil Arca is a noted leader in debt capital markets and structured finance, including deals originating in Latin America. Evan Koster has a strong record in sovereign and quasi-sovereign offerings from Latin America, and is also rated for liability management and derivatives transactions. New York and Frankfurt-based partner Sina Hekmat has a background in global offerings by European issuers, particularly German companies. All other partners are based in New York.

Latham & Watkins LLP is an international leader in global offerings, handling a large pipeline of debt, equity and equity-linked issuances every year. It represents both issuers and underwriters, and continues to be at the forefront of life sciences and tech offerings. It is growing its presence in Latin America transactions, and is also noted for Europe and Middle East offerings; it has deep connections to Israeli issuers and their underwriters, in particular. Marc Jaffe and Ian Schuman are giants of the capital markets arena and frequently advise on bulge-bracket global offerings. Nathan Ajiashvili is another prominent figure in global offerings, particularly in the life sciences sector.

Mayer Brown has an extensive geographic focus in the global offerings space. It continues to be a dominant force in offerings by Canadian banks and pension funds, notably advising on a significant market share of covered bonds issuances. The firm also has an impressive background in Nordic transactions, including 144A offerings and derivatives transactions. Looking elsewhere, the firm has an active presence in Israel, landing numerous ECM engagements, including private placements, from start-ups and growth companies. The firm’s large Latin America practice, which includes offices in Brazil through Tauil & Chequer Advogados and an office in Mexico City, also generates a large volume of capital markets engagements. Anna Pinedo has a long-track record in global offerings, especially those originating from Canada, Israel and the Nordics. Phyllis Korff is an experienced figure in Israel deals, while Jerry Marlatt is at the forefront of global offerings by Canadian banks and pension funds, and is also a leader in covered bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP has a major emphasis on global offerings from Canada; it fields a large team of New York attorneys based in Toronto, along with a number of Canada specialists in New York itself. The group covers a spectrum of capital markets offerings, from IPOs and follow-on offerings to convertible bonds, investment grade debt and high-yield debt. Key names to note include capital markets specialist Christopher Cummings, who splits his time between Toronto and New York, though is primarily based in Toronto. Adam Givertz heads the Canada practice group.

With an established record in both issuer and underwriter engagements, Shearman & Sterling LLP's global offerings practice largely centres on Latin America and Canada. Its New York, Houston and Sao Paulo offices have deep connections to Latin America - particularly Brazil - though the firm has a fine record in most jurisdictions in the region. It also has a large number of Latin American natives within its attorney ranks. The firm also has a considerable history in Canada, having launched an office in Toronto in 1989. In more recent years, it has brought its specific expertise in green and ESG bonds, SPACs and other types of offerings to both regions. Jason Lehner, who leads the Toronto office, also works out of New York. New York partners Grissel Mercado and Manuel Orillac specialise in Latin America offerings, with Mercado becoming increasingly prominent in recent years.

Simpson Thacher & Bartlett LLP has a leading position in global offerings, driven by multiple regions around the world. To this end, the firm's offices in London, Tokyo and Hong Kong regularly provide the practice with additional firepower in global offerings. It has historically attracted a substantial deal flow from Latin America, with its primary team members located in New York and São Paulo. The firm has landed a series of sovereign offering engagements from Latin America in recent years, to build on its already healthy bank of business in the region. It has also impressed in offerings by international development banks. In 2022, the firm advised the initial purchasers on the Republic of Chile’s peso-denominated sustainable bond offering. Elsewhere it represented Toronto-Dominion Bank in its debut $1.75bn US public offering. Jaime Mercado and Juan Francisco Méndez are key New York partners with a major focus on Latin America. Mark Brod is another New York partner with extensive international experience, often having a key role in offerings by European and Asian issuers.