Akin has an established record in high-yield debt offerings, most notably in energy and infrastructure, but also in other areas such as the entertainment sector. Much of its high-yield debt talent sits in Dallas, Houston and New York. Its client base features a range of energy companies, financial sponsors and entertainment businesses; it recently advised FTAI Infrastructure on a $450m Rule 144A private offering of senior secured notes. Garrett DeVries and Alan Laves are experienced high-yield debt experts in Dallas, along with Rosa Testani in New York. Houston partner Christopher Centrich is noted for high-yield debt offerings in the oil and gas sector.

Baker Botts L.L.P. is rated for energy sector high-yield debt offerings. It has historically performed well on the issuer side, but has impressive connections to underwriters, which have been reinforced since the arrival of Doug Getten as vice chair of the capital markets and securities team in 2021. Previously, the firm was active in high-yield offerings by Master Limited Partnerships (MLPs) and while this sector of the market has quietened, it continues to work closely on offerings linked to M&A transactions. Chair of the capital markets and securities group Joshua Davidson is a further reputed advisor. Named partners are based in Houston. Justin Hoffman left the firm in 2022.

Cravath, Swaine & Moore LLP is a longstanding leader in high-yield debt, with an especially strong record in underwriter-side engagements. It managed a series of impressive deals in 2022, including advising the initial purchasers on the $1.54bn 144A/Reg S high-yield senior secured notes offering by CHS/Community Health Systems. Joseph Zavaglia, head of leveraged finance at the firm, is noted for his major focus on high-yield debt transactions. Craig Arcella, co-head of finance, is another prominent figure in underwriter-side high-yield debt engagements. Andrew Pitts, William Fogg and Scott Bennett are also key members of the capital markets group, all of whom have a track record in high-yield debt matters.

Debevoise & Plimpton LLP is active in high-yield debt thanks to acquisition-related debt offerings for its private equity clients, such as Clayton Dubilier & Rice. Financial services and insurance are also core sectors for the firm, which operates across a number of industries. Owing to its private equity relationships, the firm is better known for issuer-side engagements, though it does frequently advise underwriters as well. Steven Slutzky  and Matthew Kaplan are the standout partners in high-yield debt matters, along with Eric Juergens, Peter Loughran and Nicholas Pellicani.

Gibson, Dunn & Crutcher LLP has a formidable debt offerings practice, which includes a healthy pipeline of high-yield debt offerings. The recruitment of Douglas Horowitz from high-yield powerhouse Cahill Gordon & Reindel LLP in 2022 gives the practice with additional firepower on the banks side; previously, he has handled high-value high-yield debt offerings for JPMorgan Chase, amongst other clients. Andrew Fabens is another big name to note in the debt capital markets space.

Notably strong in the industrials sector, Jones Day's extensive client base - drawn from its multiple national and international offices - affords it a steady flow of high-yield debt engagements. It also boasts a large team of capital markets specialists, many of whom have considerable experience in high-yield debt offerings. Cleveland partner Michael Solecki and Chicago’s Edward Winslow are experienced capital markets experts with high-yield debt expertise, along with Rory Hood in New York.

Kirkland & Ellis LLP has an outstanding record in high-yield debt offerings. The firm primarily operates on the issuer side, benefitting from its extensive private equity client base and their portfolio companies; it has a record of advising more sponsor-backed companies in high-yield debt offerings than any other law firm. Private equity clients include Bain Capital, Hellman & Friedman and TPG Capital, while the firm also represents a wide range of public companies, along with a sprinkling of underwriters. It is additionally recognised for its expertise in debt offerings linked to refinancings and restructurings. Joshua Korff is widely regarded as one of the premier names in high-yield debt, while Sophia Hudson and Los Angeles partner Philippa Bond are also rated. Named partners are based in New York unless stated otherwise.

Latham & Watkins LLP is one of few firms operating at the top of the capital markets arena in both issuer and underwriter engagements, including in the high-yield space. Beyond its core team of high-yield experts in New York, it has specialists in multiple offices across the country, including in Houston, Washington DC, Chicago and various California offices. The firm has deep connections to private equity houses and sponsor-backed issuers, public companies and various banks, and its steady pipeline of deals include numerous M&A and buyout-related debt offerings. It continues to expand and invest in its capital markets practice, bringing in prominent leveraged finance and high-yield debt expert Corey Wright and rising talent Lisa Collier from Cahill Gordon & Reindel LLP in January 2023. They join a sizeable team which includes New York office managing partner Marc Jaffe, global chair of the capital markets group Ian Schuman, Keith Halverstam, vice chair Stelios Saffos, Senet Bischoff, Erika Weinberg and Washington DC’s Rachel Sheridan. All named partners are based in New York unless stated otherwise.

Mayer Brown's impressive history in capital markets offerings has provided a platform for a burgeoning high-yield debt practice. The firm is especially active on the issuer side, landing engagements in the financial services and REITs sectors, amongst others, and achieving further growth through its well-established Latin America team. The core of the team is based in New York and Chicago, with further high-yield debt expertise in Houston. John Berkery now advises a number of prominent issuer clients in the high-yield debt space, including offerings by REITs. Ryan Castillo and Chicago partner John Ablan are also building their reputations in the area. Anna Pinedo and Chicago’s Edward Best, joint chairs of the capital markets group, are also key names in this area. Named partners are based in New York unless stated otherwise.

Paul, Weiss, Rifkind, Wharton & Garrison LLP has an impressive background in LBO-driven high-yield debt offerings. The firm is also highly rated for refinancing and restructurings. Along with its impressive private equity client base, it is noted for specific sectors such as telecoms, hospitality and leisure, real estate, consumer products, healthcare and energy. It continues to advise long-term client Carnival Corporation on a series of debt offerings, as well as representing anchor private equity client Apollo Global Management in offerings linked to acquisitions, including sustainability-linked note offerings. John Kennedy is rated for corporate recovery-related deals, while  Gregory Ezring and Brian Janson are also senior figures in the team.

Shearman & Sterling LLP continues to build its standing in the high-yield debt arena, with a significant market share of underwriter-side and issuer-side engagements. It represents a long list of banks as underwriters and has a burgeoning issuer client base. Its broader leveraged finance practice provides additional credibility and another source of deal flow for the capital markets team, including acquisition financings and liability management transactions. While much of the core high-yield debt expertise sits in the New York office, a team in Houston is also active in this area. Harald Halbhuber, Jason Lehner (who also manages the Toronto office) and Stephen Gruendel are key partners in New York. Jonathan DeSantis has left the firm.

Despite having a smaller capital markets team than many of its direct rivals, Simpson Thacher & Bartlett LLP is a longstanding leader in high-yield debt, both for issuers and underwriters. The firm - which is at the forefront of leveraged finance and standalone high-yield debt transactions - represents many of the marquee private equity houses in the market, along with their portfolio companies. It also boasts an extensive public company and underwriter client base, and is noted for ESG and sustainability-linked offerings and for representing issuers moving towards investment grade status. Kenneth Wallach is a leading figure in private equity-related deals and technology sector transactions. Arthur Robinson is a seasoned capital markets specialist with rich pedigree in high-yield debt, including in the healthcare sector. John Ericson and David Azarkh are also key figures in the team. Named partners are based in New York.

Vinson & Elkins LLP has an established record in high-yield debt, drawing on a core team of professionals in Houston. Although best known for its expertise in the energy sector, its wide-ranging capabilities touch on agriculture, airlines, automotive, real estate, renewables, financial services, telecommunications and technology. The firm is historically better known for issuer roles, but is now considered equally strong in underwriter engagements. It has also made an impression in sustainability-linked and green bond offerings. Houston partner David Stone - one of the most active high-yield debt specialists in the market - is a key name to note.

Weil, Gotshal & Manges LLP has a formidable background in high-yield debt, notably in relation to leveraged financings and liability management transactions. While closely associated with issuers, it continues to build its presence with financial institutions as underwriters and initial purchasers. Corey Chivers and Frank Adams are senior members of the practice, along with Merritt Johnson and Michael Hickey, the latter of whom continue to build the firm’s standing amongst financial institutions.

White & Case LLP continues to generate significant deal flow through its outstanding Latin America practice, with much of the team sitting in New York and other US offices. It has also forged a greater presence in issuer-side engagements having historically been more bank driven. Its standing in leveraged finance brings it further credibility in the high-yield debt field. Moreover, its expertise in restructuring and liability management has brought it additional engagements in the Chapter 11 and Chapter 15 spaces, particularly as businesses respond to the economic shock caused by the Covid-19 pandemic and other geopolitical tensions. Daniel Nam has a major focus on investment grade and high-yield debt offerings, and is also highly rated for liability management. Jonathan Michels is another leading figure, along with Andrew Weisberg and Rafael Roberti. All named partners are based in New York.

Willkie Farr & Gallagher LLP stands out for its expertise in high-yield debt offerings related to buyouts and M&A transactions. The firm is especially well known for representing financial sponsors and corporate issuers, as well as some investment banks. Cristopher Greer has an extensive record in the high-yield space, particularly in representing key private equity clients such as Platinum Equity in the financing of their acquisitions through high-yield debt offerings; in 2021, he led the team that advised Platinum Equity and McGraw Hill on the $1.62bn two-tranche high-yield offering in connection with Platinum’s $4.5bn acquisition of McGraw Hill.