Capital markets: global offerings in United States
Arnold & Porter is distinguished by its specialist expertise in representing sovereign governments on US capital markets transactions, with a strong emphasis on the Latin American region and debt offerings. The largely issuer-focused group also acts for corporate issuers in cross-border transactions, particularly Canada and Latin America-based companies. Additionally, the team benefits from its ability to bring the wider firm’s signature regulatory weight to bear for securities-related corporate governance and compliance issues. New York-based Christopher Peterson co-heads the capital markets practice and has a focus on sovereign debt and cross-border issuances. Washington DC-based Whitney Debevoise is widely recognized as a leader in international finance transactions and has an enviable record in sovereign finance, including his recent work for Panama and El Salvador in their bond offerings. New York-based Robert Azarow and San Francisco’s Teresa Johnson also co-lead the national practice alongside Peterson.
Other key lawyers:
The Charles Schwab Corporation
Enphase Energy, Inc.
Grupo de Energia de Bogota S.A. E.S.P
National Bank of Canada
Republic of Panama
Stifel Financial Corp
Tall Tree Investment Management
Republic of Turkey
- Advised the Republic of Panama on multiple debt offerings totaling over $4.8bn.
- Represented the Republic of Turkey in numerous bond offerings, including a $2.5bn notes offering.
- Advised National Bank of Canada on multiple matters, including on its $1bn issuance of covered bonds.
- Represented the Republic of Colombia on several transactions, including on a $2bn offering of global bonds.
- Assisted Panama-based Empresa de Transmisión Eléctrica with its $500m notes offering.
Cleary Gottlieb Steen & Hamilton
Global capital markets heavyweight Cleary Gottlieb Steen & Hamilton houses a comprehensive practice, which is consistently engaged by US and international issuers, sponsors and investment banks to advise on sophisticated transactions. Highly active in both debt and equity deals, the New York-based team’s ability to draw on specialists on the ground throughout Asia, Europe, Latin America and the Middle East marks it as a popular choice to advise on large-scale mandates involving coordination across multiple jurisdictions. The firm is particularly sought after for complex debt offerings, where it routinely advises corporate and sovereign issuers on precedent-setting matters. Jeffrey Karpf is a key contact and has longstanding relationships with major multinational companies and banks, which he advises on both equity and debt matters. David Lopez is another high-profile figure and has an emphasis on securities law and corporate governance matters. Adam Fleisher is also recommended and his broad experience encompasses IPOs, through to convertible bonds and rights offerings. Pamela Marcogliese recently joined Freshfields Bruckhaus Deringer LLP.
TPG/Cushman & Wakefield
International Flavors & Fragrances Inc. (IFF)
Alexandria Real Estate Equities, Inc.
Deutsche Bank AG
Republic of Côte d’Ivoire
Republic of Senegal
Bank of America
Nordic Investment Bank
- Advised the underwriters on the $571m US IPO of China-based Luckin Coffee.
- Acted for Petrobras, and Caixa Econômica Federal as selling shareholder, on a $1.9bn global secondary offering of common stock.
- Represented Pinterest on its $1.6bn IPO and dual-class recapitalization.
- Advised TPG Global and Ontario Teachers’ Pension Plan, as selling stockholders, on a $293m follow-on equity offering by Cushman & Wakefield.
- Advised the underwriters on the $245m IPO of Brazil’s Afya Limited.
‘Creative, practical and efficient’, the US arm of global powerhouse Clifford Chance ‘reacts to clients’ needs with efficiency’, according to sources. Equally adept at issuer and underwriter-side work, the group leverages its extensive global network to advise a wide range of US and non-US corporates and investment banks on high-profile issuances. A strong performer in Latin America-related offerings, the New York-based team is active across the region, with recent strong showings in Brazil, Colombia, Costa Rica and Ecuador, among other countries. Significantly, debt transactions remain the mainstay of the practice and it handles a broad mix of corporate and sovereign bond offerings. Other notable sweet spots include REIT and infrastructure-related matters. Key contact Jonathan Zonis co-heads the Americas capital markets practice and has an emphasis on representing issuers and underwriters in cross-border equity and debt offerings. Hugo Triaca ‘exceeds expectations’ and is also noted for his strong focus on Latin American offerings — he is dual-qualified in the US and Colombia. Jake Farquharson is recommended for his experience in real estate-related global offerings, including REITs and Mexican FIBRAs.
‘The team is widely respected.’
‘A creative, thoughtful, practical and efficient group.’
‘The team provides prompt analysis and reacts to clients’ needs with efficiency.’
‘Hugo Triaca is highly regarded for global offerings and exceeds expectations.’
Banco do Brasil Securities LLC
Government of Costa Rica
Empresas Públicas de Medellín E.S.P.
Goldman Sachs International
HSBC Securities (USA) Inc.
Klabin Finance S.A.
Watford Holdings Ltd.
- Represented the underwriters (Citigroup, Deutsche Bank Securities and JP Morgan) on three debt offerings by the Republic of Ecuador totaling $5.5bn.
- Acted as underwriters’ counsel on notes offerings by Corporacion Andina de Fomento worth a combined $2bn.
- Represented the Government of Costa Rica in a $1.2bn notes issuance and a subsequent $300m re-tap.
- Advised Klabin on its $1bn offering of green bonds.
- Represented Bank of America Merrill Lynch and Scotiabank, as initial purchasers, on TermoCandelaria Power’s $410m bond offering.
A respected name globally for capital markets, Cravath, Swaine & Moore LLP is involved in deals throughout the globe from its platforms in New York and London — both offices exclusively practice US law. A regular fixture on both underwriter and issuer mandates, the New York-based group is particularly prolific on the debt side, where it leverages the wider firm’s dominant finance practice and close institutional relationships with lenders to excel in complex offerings. The firm also advises on IPOs, secondary equity offerings and sovereign debt deals, while its transactional expertise is supported by a robust regulatory capability. Craig Arcella co-heads the financing practice and represents financial institutions and corporate clients on a range of investment grade, high-yield and convertible bond offerings, liability management transactions and equity transactions. Andrew Pitts heads the capital markets team for North America and advises issuers and underwriters on public and private offerings, with a strong record in the financial services, natural resources and transport areas. Scott Bennett is an increasingly prominent name for global offerings and is noted for his broad sector and product experience. Stephen Burns and William Fogg also co-head the financing practice and are both recommended.
Other key lawyers:
- Represented Shell in two notes offerings totaling $7bn.
- Advised the banks on several offerings by Credit Suisse Group, including advising the distributors (led by Credit Suisse) on a $2bn debt offering by Credit Suisse Group.
- Represented AerCap, or its subsidiaries, in three notes offerings totaling $3.6bn.
- Acted for Rogers Communications in two notes offerings totaling $2.2bn.
- Advised the underwriters on a $354.4m offering of common stock and a $350m notes offering by Algonquin Power & Utilities — it also represented the sales agents on the establishment of Algonquin’s at-the-market program totaling up to $250m.
Davis Polk & Wardwell LLP
Davis Polk & Wardwell LLP’s full-service capital markets practice frequently advises on a broad scope of equity, debt and convertible offerings. A key favorite among domestic and international underwriters, the firm also acts for a diverse mix of major US and non-US issuers on their US and international securities transactions. Among its most active jurisdictions, the New York-based team is particularly visible in deals involving North America, Latin America, Europe and the Middle East — it also benefits from the firm’s offices on the ground in Brazil, China, France, Japan, Spain and the UK. The group’s sector knowledge is equally wide-ranging, and it has recently advised on headline equity and debt offerings in the life sciences, finance services, media and entertainment and technology sectors. High-profile figure Richard Truesdell co-heads the global team from New York and is sought after for US and international equity and debt deals, as well as corporate governance matters. Maurice Blanco splits his time between Sao Paul and New York and is a key contact for Latin American deals. Other recommended names include Latin America specialist Manuel Garciadiaz and talented up-and-coming partners Derek Dostal and Byron Rooney.
- Advised Brazil’s Arco Platform on its $223.6m IPO and $331.9m SEC-registered following-on offering.
- Advised the joint bookrunners on Brazil-based C&A Modas’ R$1.6bn Rule 144A/Regulation S IPO.
- Represented Brazil’s Afya on its $300.3m IPO.
- Advised the representatives of the underwriters on two notes offerings by Medtronic Global Holdings totaling €12bn.
- Represented the underwriters on a €5bn senior notes offering by International Business Machines Corporation.
The diverse group at Debevoise & Plimpton LLP counts many globally prominent corporations, financial institutions and investors among its key clients and it regularly advises on offerings by both US and non-US issuers. The New York-based team is well versed across the full spread of debt and equity matters, with its ability to draw on seven international offices across Europe and Asia standing as a key asset in cross-border transactions. Matthew Kaplan co-heads the capital markets group and is recognized for his record in representing private equity funds, and their portfolio companies, in debt and equity offerings. Steven Slutzky co-heads the practice and frequently advises both issuers and underwriters in private and public securities transactions. Paul Rodel sits within the capital markets, private equity and Latin America groups and has a focus on offerings in the financial services, healthcare, technology and media spheres. Peter Loughran also has a significant international dimension to his practice, with an emphasis on Latin America.
AIA Group Limited
Ambac Assurance Corporation
Antares Holdings, LP
Atkore International Group Inc.
AXA and AXA Equitable Holdings
Booz Allen Hamilton
Brand Energy & Infrastructure Services, Inc.
Brighthouse Financial, Inc.
The Carlyle Group
Clayton, Dubilier & Rice
Discovery Communications, Inc.
Fidelity & Guaranty Life Insurance Co.
International Paper Company
Pacific Life Insurance Company
Principal Financial Group
Teachers Insurance and Annuity Association of America
Warner Music Group Corp.
Westpac Banking Corporation
- Represented Westpac Banking Corporation on its $1.2bn notes issuance.
- Advised Warner Music Group on its €250m notes offering, as well as on its €195m tack-on issuance.
- Represented AXA SA and AXA Equitable Holdings (EQH) in a series of transactions totaling $4.1bn through which AXA sold down its ownership of EQH and EQH diversified its shareholder base.
Dechert LLP’s US capital markets group leans on the firm’s international platforms across Europe, Asia and the Middle East to support its advice to US and non-US issuers and underwriters on multi-jurisdictional offerings. Life sciences-related work remains a key pillar of the practice and the team is also strong in representing private equity firms and portfolio companies on IPO exits and debt financings. Other notable sweet spots include permanent capital vehicles, sovereign bond offerings and regulatory and compliance matters. Boston-based Thomas Friedmann co-chairs the department and advises domestic and international issuers and investment banks on securities transactions, with an emphasis on permanent capital vehicles. New York-based life sciences specialist David Rosenthal co-leads the group and specializes in representing corporations, investment banks and venture capital firms in public and private offerings.
Alcentra Capital Corporation
Bain Capital Specialty Finance
EaglePoint Credit Company
FS Investment Corporation
Golub Capital BDC, Inc.
Horizon Technology Finance
Janney Montgomery Scott
Main Street Capital Corporation
Morgan Stanley (as issuer)
PennantPark Investment Corporation/PennantPark Floating Rate Capital
- Represented Crown Holdings on its €550m notes offering.
- Represented Inmobiliaria J Y D on its $65m offering of senior secured notes.
Fried, Frank, Harris, Shriver & Jacobson LLP’s capital markets practice is complemented by the wider firm’s premier acquisition finance practice, which marks it as a popular choice to advise private equity sponsors on IPOs and bond offerings. That said, the firm strikes a balance between issuer and underwriter work and it also routinely represents corporate issuers as well as leading investment banks. Among its industry strong suits, the group had a strong recent run of deals involving the life sciences, technology and shipping spheres but its strong full-service offering ensures that it is capable of working across all market segments. From its New York platform, the team is active across the globe, with notable experience in Europe and Latin America. Daniel Bursky spearheads the practice and frequently represents multinational corporations in debt and equity offerings; he also acts as designated underwriters’ counsel for major repeat issuers such as Procter & Gamble. Andrew Barkan is another key contact and represents issuers, underwriters and selling shareholders in cross-border public offerings and private placements. Additional names include shipping specialist Joshua Wechsler and Mark Hayek, who sits within the corporate, capital markets and finance practice groups.
Bank of America Merrill Lynch
Procter & Gamble
Sinclair Broadcast Group
- Represented a syndicate of initial purchasers, led by Citigroup Global Markets, on a $700m notes offering.
- Advised Citigroup Global Markets, Goldman Sachs and HSBC Bank, as lead underwriters, on The Procter & Gamble Company’s €2.1bn notes offering.
- Acted for Grupo Televisa on its $750m notes offering.
- Represented Fearnley Securities and S. Goldman Advisors, as placement agents, on Navios Maritime Acquisition Corporation’s equity offering.
- Advised Bank of America Merrill Lynch, BTIG and Clarksons Platou Securities, as underwriters, on Scorpio Tankers’ $300m follow-on equity offering.
Among the most consistent performers in capital markets transactions globally, Latham & Watkins LLP is a first port of call for both issuers and underwriters in high-profile deals. The well-rounded practice excels across the full spread of transactions, from advising start-ups on IPOs, through to representing major underwriters on multibillion-dollar bond deals. The New York-based team is active throughout the globe and it also benefits from its ability to plug into the firm’s generous international network, which takes in platforms throughout Asia, Europe and the Middle East. The department fields a ‘deep bench’ of lawyers, who secure praise for their ability to combine ‘highly technical knowledge with a commercial approach’. In particular, global capital markets chair Ian Schuman is highlighted for his ‘agile thinking’; he frequently represents issuers and underwriters in global debt and equity offerings. High-profile specialist Marc Jaffe chairs the firm’s corporate department globally and is highly regarded for his track record in precedent-setting corporate finance transactions. Nathan Ajiashvili is also a regular fixture on cross-border offerings, with a strong recent run of deals in the life sciences and technology sectors.
‘Deep bench, deep knowledge base and global offering.’
‘Combines highly technical knowledge with a commercial approach and problem-solving attitude.’
‘Good relationship with other firms and very sensible.’
‘Ian Schuman demonstrates agile thinking applied direct to the company, with the ability to horizon scan years ahead for impact.’
‘London-based Joshua Kiernan protects against the downsides, even when nobody wants to think about the downsides.’
Fiverr International Limited
- Represented Israel-based Fiverr International on its $110.5m IPO.
- Advised the joint global coordinators on the €2bn IPO of Italy’s Nexi.
- Advised Morgan Stanley, as underwriter, on DouYu International’s $775m IPO of American depositary shares.
- Acted for HeadHunter Group on its $253.1m IPO of American depositary shares.
- Represented Bank of America, as underwriter, in Genmab’s $505.8m IPO of American depositary shares listed on Nasdaq.
Linklaters LLP’s ‘truly international’ US arm has a robust record in Latin American transactions, which is supported by the firm’s on-the-ground presence in Brazil. The New York-based team’s global offering is further augmented by its ability to lean on the firm’s offices throughout Europe, the Middle East and the Asia Pacific region. Equally active in debt and equity offerings, the team represents the full spread of clients on capital markets issuances and liability management transactions, from privately-owned and state-run corporations, through to major global investment banks. Conrado Tenaglia co-heads the firm’s Latin America practice and is recognized for his expertise in ‘first-of-a-kind’ transactions across the region, particularly Argentina. Matthew Poulter is a ‘versatile and smart lawyer’ and brings to bear strong experience in private and public offerings by Latin American issuers; he splits his time between New York and Sao Paulo. Jeffrey Cohen has a broad capital markets practice, with a focus on advising a diverse spread of non-US issuers, and their underwriters, on US offerings. Gabriel Silva is also a key contact and has an emphasis on capital markets and private equity transactions, especially in Latin America.
‘Linklaters’ capital market team is excellent in advice and responsiveness.’
‘This group is truly international, not only the team itself but also its outlook and its ability to pull resources and advice from abroad.’
‘The strengths of the team are: its knowledge on all areas needed for a capital market transaction (including corporate and tax) and being available 24/7.’
‘We work primarily in Iberia and Latin America and greatly value Linklaters’ expertise in this region.’
‘We appreciate its comprehensive consideration of transactions, depth of support and knowledge, responsiveness, international representation and experience.’
‘Matthew Poulter is a versatile and smart lawyer and above all he is flexible, with an infinitive work capacity.’
Marfrig Global Foods SA
Banco Macro S.A.
Tecpetrol (S.A. and Internacional, S.L.U.)
Bank of America Merrill Lynch
National Grid North America Inc.
Coöperatieve Rabobank U.A.
Vodafone Group Plc
Petrobras Distribuidora S.A.
- Represented Petrobras Distribuidora, and its shareholder Petróleo Brasileiro, on its R$9.6bn share offering.
- Advised Marfrig Global Foods on its first sustainable bond issue, worth $500m.
- Acted for the Brooklyn Union Gas Company, a subsidiary of National Grid, on its $1bn notes issuance.
- Represented Brazil-based Tecnisa on its R$445.5m equity offering.
- Advised the lead manager and bookrunner on a $500m notes offering by Argentina-based YPF.
Mayer Brown secures praise for its ‘broad capital markets experience’, which is evidenced by its involvement in the full scope of transactions globally, from private placements and IPOs, through to continuous issuance programs and structured projects. The firm routinely leads on cross-border offerings from the US but it can also draw on its extensive network of offices for support on complex, multi-jurisdictional transactions, with its London and Hong Kong platforms especially sizeable. Among its industry sweet spots, the group is most prominent in the financial services, life sciences and food and beverage sectors, and it routinely advises both issuers and underwriters on offerings within those spheres. Geographically, the team is extremely active in Canada-related offerings and it represents many of Canada’s main banks on financing transactions, including Canadian Imperial Bank of Commerce, Bank of Montreal and Bank of Nova Scotia. New York-based Anna Pinedo co-leads the department and is a ‘true advocate for her clients’; she is widely recognized for her experience in cross-border work involving Canada, Israel and the Nordics. Chicago-based Edward Best co-heads the practice and has an emphasis on representing issuers and underwriters on offerings by financial institutions, with strong expertise in Canada-related matters. Additional contacts include David Bakst and Jerry Marlatt — both are based in New York.
‘The team is very responsive and is careful to make sure they understand the client’s business needs.’
‘Broad capital markets experience, including in private placements. Deep knowledge of equity capital markets.’
‘They are always responsive and provide sound, practical advice on a timely basis.’
‘Anna Pinedo is a great resource. Her practice extends to all areas of the capital markets and we rely on her market knowledge and advice on a very regular basis.’
‘Anna Pinedo is one of the most talented attorneys I have ever worked with. She is a true advocate for her clients’ needs and provides creative solutions.’
‘Anna Pinedo continues to run a stand-out capital markets practice. Her wide spread of knowledge, commercial approach and appreciation of the value of a long-term relationship with us makes her highly atypical.’
‘Anna Pinedo has helped us with many transactions and provides us with top-notch service. ’
Adaptimmune Therapeutics plc
Anchiano Therapeutics Ltd.
BMO Capital Markets
BofA Securities, Inc.
Canada Pension Plan Investment Board
Canadian Imperial Bank of Commerce
Citigroup Global Markets, Inc.
FBR Capital Markets
Goldman Sachs & Co. LLC
Hyundai Capital America
J.P. Morgan Securities LLC
Keefe, Bruyette & Woods (KBW)
Macquarie Group and Macquarie Bank
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
Wells Fargo Securities, LLC
- Represented the underwriters in numerous debt offerings by the Bank of Nova Scotia during 2019, worth a combined $4.4bn.
- Advised OMERS Finance Trust on its C$1bn notes offering, and its $1.2bn notes offering.
- Represented the underwriters, led by Bradesco BBI, on Banco Inter’s R$1.3bn follow-on offering.
- Acted for Islandsbanki hf on its issue of €300m worth of notes, under its $2.5bn global medium-term note program.
- Advised Israel-based InMode on its $77m IPO.
Milbank stands out for its dominant Latin America practice, which is routinely engaged to advise on pathfinder debt and equity transactions via both its New York and Sao Paulo offices. Of course, the global group’s experience spans further than the Americas, and its sizeable platforms throughout Europe and Asia translate into a significant volume of mandates in those continents. A consistent performer in both issuer and underwriter-side work, the team is primarily active on IPOs, secondary offerings and international debt transactions. On the debt front, the firm is particularly prominent in complex high-yield debt offerings and acquisition-driven deals, with notable experience in the energy, infrastructure, transport and gaming spheres. The firm’s emphasis on Latin American work is demonstrated by New York-based Marcelo Mottesi’s leadership of the global capital markets team; he also co-heads the Latin America practice and brings to bear strong experience in major offerings across the region. New York’s Carlos Albarracin is also a member of the Latin America group and represents US and international clients in a wide range of Latin America-related matters, with a focus on Mexico, Colombia and Argentina.
Other key lawyers:
BofA Merrill Lynch
Grupo Energía Bogotá S.A.
Gol Linhas Aéreas Inteligentes S.A.
Goldman, Sachs & Co.
- Represented the underwriters on Braskem Netherlands Finance’s $2.2bn notes offering.
- Acted for the initial purchasers and deal managers on two issuances and two tender offers by Banco de Crédito del Peru.
- Advised the underwriters on the R$2.4bn IPO of Vivara.
- Represented the underwriters on Banco BMG’s R$1.6bn IPO of preferred shares.
- Advised Mexico’s Docuformas on its $300m offering of senior notes.
Paul Hastings LLP is recognized for the strength of its Latin America offering, which has a strong profile for Mexico-related deals. The firm’s broad network of offices in Europe and Asia also translates into significant activity in those jurisdictions. Equally proficient in issuer and underwriter-side representations, the mainly New York-based team acts for a range of sovereign and corporate issuers as well as major US and international banks. Michael Fitzgerald chairs the Latin America practice and is widely acknowledged as a market leader due to his deep experience in the region. The ‘concise and clear’ Cathleen McLaughlin focuses on cross border financings in Latin America and Europe and had a strong recent showing in sovereign debt matters. Joy Gallup is another key contact for Latin American corporate finance transactions and is highlighted, together with Fitzgerald, for her ‘constant involvement and innovation in the field’. Other recommended senior names include Latin America specialist Arturo Carrillo and capital markets co-chairs Michael Zuppone and Frank Lopez. Talented Washington DC-based associate Alex Herman is noted by sources as a rising star. In 2019, the team was boosted by the arrival of Latin America specialist David Flechner, who joined from Shearman & Sterling LLP — he is based between New York and Sao Paulo.
‘Paul Hastings’ team stands out because of its unique personalized approach; it always looks out for the client’s best interests while not compromising the deal.’
‘Partners Michael Fitzgerald and Joy Gallup are widely recognized as industry leaders. Their constant involvement and innovation in the field prove the added value they bring to the table.’
‘The exposure that team leader Michael Fitzgerald, Arturo Carrillo and Joy Gallup have to high-yield Latin american markets is exceptional. These guys “have seen it all” and are therefore very capable of handling any transaction thrown at them and making it look like a walk in the park.’
‘Michael Fitzgerald’s experience, together with Arturo’s work structure and Joy’s technical capabilities, combine with their great communication to make this team hard to compete with and almost impossible to replicate in the current market.’
‘I would like to specifically highlight Cathleen McLaughlin. She promotes team work, focuses on client satisfaction and is always willing to get her team to go the extra mile.’
‘Cathleen McLaughlin’s breadth of knowledge is quite wide and she was able to interact with members of staff at all levels. Her explanations were concise and clear and was always reachable. She was known for “keeping us on target” for the different phases of the transaction which allowed us to not go off track and deliver on a very tight project.’
Alpek, S.A.B. de C.V.
Bank of America Merrill Lynch
CPFL Energia S.A.
Credivalores – Crediservicios S.A.S.
Cyrela Commercial Properties
Government of Jamaica
Grupo IUSA, S.A. de C.V.
J.P. Morgan Securities
Line One Peru Metro Expansion Company Limited
Log-In Logística Intermodal S.A.
Metalsa, S.A. de C.V.
Maxcom Telecomunicaciones, S.A.B. de C.V.
Minera México, S.A. de C.V.
Trinidad Petroleum Holdings Limited
- Represented the bookrunners on a $1bn notes offering by Mexico’s Fibra Uno.
- Advised Minera México on its $1bn international offering of senior notes.
- Represented Brazilian fintech company PagSeguro on its SEC-registered follow-on equity offering, worth over $653m.
- Acted for Trinidad Petroleum Holdings on its successful refinancing of more than $900m worth of notes.
- Advised the underwriters on Televisa’s $750m SEC-registered notes offering.
The ‘incredibly knowledgeable’ team at Paul, Weiss, Rifkind, Wharton & Garrison LLP ‘specializes in cross-border financing transactions’, according to clients. The team is particularly commended for its expertise in Canada-related work, with sources highlighting its awareness of ‘issues Canadian public companies need to address when listed in the US’. Alongside its premier Toronto offering, the firm’s well-staffed offices in London, Beijing, Hong Kong and Tokyo also ensure that it is well versed in multi-jurisdictional transactions involving Europe and Asia. Representative clients include private and public issuers, investment banks and private equity sponsors and their portfolio companies. London-based Mark Bergman heads the global capital markets practice and has an emphasis on issuer-side work; he has acted on offerings in Europe, Asia and Africa, as well as in the US. Adam Givertz splits his time between Toronto and New York and leads the firm’s Canadian practice group; he advises on the full range of capital markets matters with particular expertise in high-yield and convertible debt. Christopher Cummings and the ‘very knowledgeable, responsive and practical’ Andrew Foley also split their time between Toronto and New York and are recommended for Canada-related offerings.
‘Provides practical advice and demonstrates great knowledge of what issues Canadian public companies need to address when listed in the US.’
‘The team specializes in cross-border financing transactions and is incredibly knowledgeable.’
‘The individuals take a practical approach to legal issues and risk which allows transactions to get completed in a sensible fashion.’
‘The team is able to communicate a complicated set of rules in an easily understandable manner.’
‘Andrew Foley is very knowledgeable, responsive and practical.’
‘Christopher Cummings and Adam Givertz are exceptional.’
Caisse de dépôt et placement du Québec
Mitsubishi UFJ Financial Group, Inc.
New Gold Inc.
Osisko Gold Royalties Ltd.
Province of Alberta
Swiss Reinsurance Company Ltd.
Underwriters for Husky Energy Inc.
Underwriters for TransCanada Trust
The Watches of Switzerland Group Limited
Wanda Sports Group Company Limited
- Advised Mitsubishi UFJ Financial Group on multiple debt offerings totaling $12bn.
- Represented The Province of Alberta on its $1.7bn bond offering.
- Advised JP Morgan, Citigroup and Deutsche Bank, as lead underwriters, on TransCanada Trust’s $1.1bn offering of fixed-to-floating rate junior trust notes.
- Represented SEGRO on its £450m equity offering.
- Advised Morgan Stanley and Credit Suisse, as lead underwriters, on Shopify’s $400m equity offering.
Shearman & Sterling LLP’s global capital markets practice works closely with its leveraged finance and corporate governance teams to provide comprehensive transactional and regulatory coverage of securities issues. On the debt side, the New York-based group is distinguished by its ability to draw on the firm’s signature finance offering for support on highly structured transactions. On the equity front, the firm is frequently involved in global IPOs, with a particularly strong track record in European and Latin American markets. Traditionally best known for its links with underwriters — and it retains close relationships with major global financial institutions such as Credit Suisse, Morgan Stanley and Goldman Sachs — the team acts for a growing number of corporate issuers globally. Finance specialist Jonathan DeSantis leads the Americas capital markets practice and has an emphasis on advising underwriters on investment grade and high-yield debt offerings. Mining expert Jason Lehner splits his time between Toronto and New York and has a focus on advising on Canadian capital markets issuances, with a strong record in debt transactions. Antonia Stolper, who heads the Latin America affinity group, and Harald Halbhuber are also key contacts.
Bank of America Merrill Lynch
CVS Health Corporation
- Advised Denmark-based Genmab on its $506m IPO of American depositary shares on the Nasdaq.
- Represented Peru’s Intercorp Financial Services on its $468.6m NYSE-listed IPO.
- Advised the underwriters on the $101m US IPO of Mexico-based Vista Oil & Gas.
- Advised the underwriters on Ford Motor Credit Company’s €1.2bn offering of euro-denominated euro medium-term notes and also on its £600m offering of pound-denominated euro medium-term notes.
- Represented the underwriters on a $1.7bn Rule 144A/Regulation S private placement of senior notes by Ontario Teachers’ Finance Trust and guaranteed by OTFT’s parent, Ontario Teachers’ Pension Plan Board.
‘One of the strongest capital markets practices on the street,’ Simpson Thacher & Bartlett LLP’s global offering combines broad product knowledge with deep geographical coverage. The US team often leads on headline multi-jurisdictional offerings from New York, while it can also lean on the firm’s offices in Brazil, China, Japan and the UK for further cross-border firepower. The practice strikes a balance between issuer and underwriter representations and it shows equal dexterity in its ability to resource debt and equity offerings. On the debt side, it is well versed across the full spread of products, from investment grade and high-yield debt to mezzanine finance instruments. On the equity side, it remains a leader for international IPOs and ranked within the top three firms globally by value for issuer-side IPOs during 2020. Arthur Robinson heads the group and handles a broad mix of corporate finance transactions, with high-yield debt and IPOs particular sweet spots. Ryan Bekkerus continues to raise his profile in the market and specializes in advising private equity sponsors, and their portfolio companies, and corporate issuers on public and private debt offerings. Latin America specialist David Williams is also recommended.
‘One of the strongest capital markets practices on the street.’
‘Demonstrates solid judgment and execution skills honed through a long history of working on cutting-edge and/or high-profile transactions for the largest and most sophisticated clients.’
‘We value its attention to detail and conservative lenses combined with practical judgment.’
‘They have a deep bench of excellent lawyers. These are lawyers who are thoughtful as well as quick under pressure. In addition to the qualities mentioned above, they are excellent mentors to their associates who are the backbone of quality execution.’
‘Well-connected globally – the Japan partners are well connected with NY/DC and other offices and are able to provide the clients with fair and reasonable advice reflecting the best practice in other offices.’
‘Given that all three resident partners in Tokyo are committed to Japan/Asia work and specialize in capital markets, they are outstanding and maintain an incomparable competitive advantage over the peer firms.’
AerCap Holdings N.V.
Alibaba Group Holding Limited
Aston Martin Capital Holdings Limited
BK Brasil Operação e Assessoria a Restaurantes S.A.
Celulosa Arauco y Constitución S.A.
Crédit Agricole Corporate and Investment Bank
GDS Holdings Limited
GFL Environmental Inc.
Goldman Sachs & Co. LLC
Intercorp Financial Services Inc.
Kreditanstalt für Wiederaufbau (KfW)
Mitsubishi UFJ Financial Group, Inc.
Mitsui Fudosan Co., Ltd.
Mizuho Financial Group, Inc.
Republic of Guatemala
Republic of Peru
RBC Capital Markets
Ruhnn Holding Limited
Stonegate Pub Company Financing plc
Unigel Luxembourg S.A.
Wells Fargo Securities
YPF Energía Eléctrica S.A. (YPF Luz)
- Represented Vivara Participações on its R$2bn IPO.
- Advised C&A Modas, as issuer, and COFRA Investments and INCAS, as selling shareholders, on C&A Modas’ IPO.
- Acted for Celulosa Arauco y Constitución on its sustainability bond offerings, totaling $1bn.
- Represented Japan’s Mizuho Financial Group on two public debt offerings worth a combined $4.3bn.
- Advised JP Morgan Securities, BofA Securities and Itau BBA USA Securities, as underwriters, on the $468m IPO of Intercorp Financial Services.
Skadden, Arps, Slate, Meagher & Flom LLP
Skadden, Arps, Slate, Meagher & Flom LLP’s premier global M&A practice ensures it remains a key contender for equity deals worldwide, while its robust finance offering marks it as a popular choice to advise on complex, heavily-structured debt transactions. On the issuer side, the firm represents the full spectrum of corporate clients, from start-ups through to major multinationals, as well as private equity funds and government entities. The team also consistently advises all the major global investment banks on underwriter-side mandates. In terms of its geographical strong suits, the firm is a strong performer in the Americas, Asia and Europe, and it is well represented on the ground across all three continents. David Goldschmidt heads the capital markets department globally and brings to bear specialist expertise in transactions involving Israeli issuers. Michael Zeidel leads the practice for the Americas and also frequently advises on cross-border offerings.
- Advised JP Morgan Securities and Citigroup Global Markets, as joint bookrunning managers, on the $127m IPO of Israel-based Fiverr International.
- Represented the joint bookrunning managers on UK-based IHS Markit’s $1bn offering of senior notes in two tranches.
- Acted for HSBC Bank, as lead underwriter, on a £1bn offering of perpetual subordinated contingent convertible securities by UK-based HSBC Holdings.
- Represented Netherlands-headquartered NXP, and its affiliated companies, in two sets of debt offerings totaling over $4.3bn.
- Advised Mexico’s CEMEX on its €400m Rule 144A/Regulation S high-yield offering of senior secured notes.
Sullivan & Cromwell LLP
Sullivan & Cromwell LLP impresses on the debt side, handles a significant volume of equity transactions and has recently advised on headline IPOs in Asia, Europe, Latin America and Australia. New York-based Robert Downes co-leads the practice together with New York’s Catherine Clarkin and Palo Alto-based Sarah Payne.
White & Case LLP stands out for the diversity of its geographical coverage and it is widely recognized for its ability to secure market-leading deals throughout the Americas, Asia, Europe and the Middle East. In a high-profile example of its global standing in equity transactions, the New York-based group advised trophy client Saudi Aramco on its long-awaited $25.6bn IPO, which set a new record for the world’s largest-ever IPO. The group is also well versed in global bond deals and in another Saudi Aramco highlight, the team advised the oil giant on its its five-tranche offering of global notes, worth $12bn. Although its issuer-side work often takes center-stage, the group also frequently advises underwriters on cross-border equity and debt deals, including recent work for Goldman Sachs, JP Morgan and Morgan Stanley. John Vetterli heads the global capital markets practice and has strong experience in Latin America-related offerings following a three-year stint in the firm’s Sao Paulo office. Gary Kashar is highly regarded for his expertise in debt transactions and recently led the work on Saudi Aramco’s $12bn bond deal — he also teamed up with equity capital markets specialist Colin Diamond to advise on Saudi Aramco’s IPO. Taisa Markus is recommended for her emphasis on cross-border offerings involving Latin America and Europe.
Industrial and Commercial Bank of China
Newmont Goldcorp Corporation
Telefonica Celular del Paraguay, S.A.
Kornit Digital Ltd.
Tel Aviv Stock Exchange Ltd.
- Represented Saudi Aramco on its $25.6bn IPO.
- Advised the Tel-Aviv Stock Exchange on the Rule 144A/Regulation S component of its IPO on the Tel-Aviv Stock Exchange.
- Represented the underwriters on Brazil-based StoneCo’s $1.4bn IPO and $789.7m follow-on offering.
- Advised Saudi Aramco on its five-tranche offering of global notes, worth a combined $12bn.
- Acted for BNP Paribas Securities, as arranger, and the dealers on the establishment of BBVA Bancomer’s $10bn 144A/Regulation S medium-term notes program,