A&O Shearman has a strong record in issuer and underwriter-side high-yield engagements, and is increasingly active in representing underwriters in recent times with one of the biggest market shares amongst the leading firms. The firm’s formidable leveraged finance practice provides a foundation for its high-yield activities and it has a notable presence in debt restructuring-related issuances. It also has an extensive global presence bringing a steady pipeline of deals originating in Latin America; it represented Colombia’s Ecopetrol in a $1.5bn public offering of notes. Key names in New York include Harald Halbhuber , Jason Lehner , Stephen Gruendel and Michael Chernick.

Akin‘s capital markets team has a high degree of focus on high-yield debt, especially for energy and infrastructure sector clients. Financial sponsors and entertainment industry businesses also form part of its client base. Having an issuer-side emphasis, it has continued to advise on a solid pipeline of deals, thanks to the efforts of partners in Houston, Dallas and New York. Garrett DeVries is a recognised high-yield debt expert in Dallas, as is Christopher Centrich in Houston and Rosa Testani in New York.

Baker Botts L.L.P. has an established capital markets practice, driven to a large extent by energy sector offerings. It has achieved a significant market share in high-yield debt, representing issuers and gaining particular prominence in underwriter-side engagements in recent times. The firm has a number of senior practitioners that are recognised for their expertise in high-yield and has growing credibility in sustainability-linked offerings. Houston based Joshua Davidson and Douglas Getten co-head the capital markets and MLP practice group are particularly noted for high-yield debt transactions, both having a large stable of issuer and underwriter clients.

Cravath, Swaine & Moore LLP is consistently active in high-yield debt offerings, both for issuer and underwriter engagements. The firm has continued to be engaged in headline and challenging deals, including those linked to acquisitions and spin-offs. Joseph Zavaglia has made a further impression in major transactions, along with longstanding leader Craig Arcella. Andrew Pitts, William Fogg and Scott Bennett  are also prominent. Douglas Dolan is an up and coming name, having led a number of significant deals. The team has also looked to expand its partner ranks with the recent promotion of Ryan Patrone and Kelly Smercina to the partnership. All are based in New York.

Debevoise & Plimpton LLP is best known for high-yield debt offerings connected to leveraged financings. It is primarily an issuer-side practice with much of it driven by private equity clients, such as Clayton, Dubilier & Rice, in financing their acquisitions. The firm is also noted for insurance and financial services sector transactions. Steven Slutzky is co-head of the capital markets group and a recognised expert in high-yield debt. Matthew Kaplan is chair of the corporate department and another experienced figure in high-yield. Both are based in New York.

Dechert LLP‘s high-yield debt practice is primarily driven by life sciences clients and permanent capital vehicles, including business development companies (BDCs). New York partner Jay Alicandri is co-chair of the corporate and securities practice and is a leader in permanent capital and private credit-related offerings. New York’s David Rosenthal is co-head of the capital markets group and co-leads the life sciences team. Philadelphia-based Ian Hartman, Eric Siegel and Stephen Leitzell are also key figures.

Gibson, Dunn & Crutcher LLP is a major force in debt offerings and has a growing presence in high-yield debt. Its wide-ranging issuer client base is complemented by an expanding number of bank clients. The firm’s focus on private equity and energy has provided a foundation for its high-yield debt work; it continues to advise a number of private equity-backed companies on their high-yield debt offerings. New York-based Andrew Fabens is co-chair of the capital markets group and is a seasoned figure in debt offerings, including high-yield transactions. New York’s Douglas Horowitz and Dallas-based Doug Rayburn are also prominent names in the team.

Hunton Andrews Kurth LLP has a major presence in debt offerings, including high-yield. Its primary focus is on consumer products and retail, energy, power and utilities, and REITs, with increasing activity on energy and financial services. It covers both issuer and underwriter representation. Henry Havre and Michael O’Leary are key partners in Houston.

Jones Day‘s multi-office strategy and its commitment to the industrials sector, provides it with a pipeline of deals, while financial sponsors also form part of the its client base. Much of its high-yield debt offerings are led by the Cleveland and Atlanta offices where Michael Solecki and Joel May are based. The New York and Silicon Valley offices also provide senior expertise as part of a large national capital markets practice. Rory Hood is a key figure in New York.

Kirkland & Ellis LLP has a prolific record in high-yield debt offerings stems from its extensive private equity client base, enabling it to advise a raft of sponsor-backed companies in connection with issuances linked to leveraged financings. The firm also has a wider range of larger corporate clients that it advises on high-yield transactions; it recently advised Charter Communications on a series of bulge-bracket high-yield offerings. The firm also has standout capabilities in liability management transactions, and refinancings and restructurings that involve debt offerings. Joshua Korff, Sophia Hudson and Christian Nagler  are experienced capital markets specialists with extensive records in the high-yield field. Houston’s Matthew Pacey is another key partner. All named individuals are based in New York unless stated otherwise.

Latham & Watkins LLP is at the forefront of the high-yield market, being equally strong in both issuer and underwriter side engagements. With a core team of capital markets specialists in New York that have extensive experience in high-yield, it has a range of sector experts in multiple offices around the country, including Houston, Washington DC, Chicago and several California offices. Marc Jaffe is managing partner of the New York office and a rounded capital markets specialist with deep expertise in high yield. Ian Schuman is global head of the capital markets team and another prominent figure in this space, as is Stelios Saffos, who is vice-chair of the global group. Corey Wright is a leading name in high-yield bond and bank financings.

Mayer Brown‘s fast expanding capital markets team has landed an ever growing market share of high-yield debt engagements, alongside its existing investment grade offerings. Its teams are primarily located in New York and Chicago, with further expertise in Houston for energy sector transactions. The capital markets team has a fine record in the financial institutions sector, along with the real estate field, including REITS. Chicago partner Edward Best is co-head of the capital markets team and specializes in deals in the financial institutions sector. New York’s John Berkery is a recognized expert in high-yield and investment grade debt transactions, including offerings by financial institutions.

Milbank‘s high-yield debt practice centres on the TMT sector, along with aviation and energy. It has expanded its presence in technology and has a fine record in M&A financings involving high-yield offerings. The firm has strong links to both issuers and underwriters. Rod Miller has extensive experience in the high-yield field, for both underwriters and issuers. Paul Denaro and Brett Nadritch are also key figures in this area, along with the up and coming Jonathan Jackson, who leads the corporate finance and securities group. All are based in New York.

Paul Hastings LLP has built its presence in high-yield debt, and has close links to a number of key investment banks in this space, including Barclays and RBC Capital Markets; the arrival of Marc Lashbrook, Joshua Zelig and David Barash in 2023 has significantly reinforced this side of the practice. The team also has a fine reputation amongst issuers, notably Latin American corporates, and private equity houses and their portfolio companies. The department has a strong combination of leveraged finance and high-yield specialists, frequently advising on M&A financings. John Cobb  provides further senior expertise in leveraged loans and high-yield offerings. Grissel Mercado has joined the firm from Shearman & Sterling LLP to reinforce its standing in Latin America issuances, while Michael Fitzgerald and a team have left the firm. All lawyers mentioned are based in New York.

Paul, Weiss, Rifkind, Wharton & Garrison LLP has an issuer facing practice, driven by private equity, financial investor and asset management clients, along with their portfolio companies; the firm frequently advises anchor client Apollo Global Management and its portfolio companies. It also has some major corporate clients such as Carnival Corporation. Telecoms, financial services, leisure, travel, fashion and apparel and energy are sectors of particular strength, while it is further noted for restructuring-related deals. Brian Janson and Gregory Ezring are prominent partners with a fine record in high-yield debt with Luke Jennings gaining recognition. John Kennedy continues to advise Carnival on a regular basis. All are based in New York.

Simpson Thacher & Bartlett LLP is noted for representing both issuers and underwriters; it has gained additional market share in underwriter engagements in recent years. It is widely recognized for its expertise in headline and high-value deals along with its capabilities across the leveraged finance and high-yield debt landscape. Much of its practice remains connected to acquisitions made by its private equity clients and their portfolio companies. Its client base includes many established issuers that are moving towards investment grade status. Kenneth Wallach is an experienced capital markets practitioner with a fine record in high-yield debt, representing a range of corporate, private equity and investment banking clients; Silver Lake is a regular client. Arthur Robinson is one of the most experienced practitioners in the market and continues to advise on headline deals. David Azarkh, Marisa Stavenas and John Ericson are also key names. All named individuals are based in New York.

Skadden, Arps, Slate, Meagher & Flom LLP‘s elevated domestic and global offering is matched by a highly rated high-yield debt practice. The capital markets team represents a range of domestic and international issuers, along with top investment banks. Biotech, clean tech, consumer products, energy, financial services, gaming and entertainment, healthcare, insurance, internet and e-commerce, REITs, retail, technology and telecommunications are amongst its primary sectors. Michael Zeidel leads the Americas capital markets group and continues to be a leading figure in high-yield debt. Ryan Dzierniejko is another impressive practitioner, along with Michael Hong and Laura Kaufmann Belkhayat. All named individuals are based in New York.

 

Vinson & Elkins LLP has made a major impression on the high-yield debt field, adding prominence in underwriter-side engagements to its pre-existing strength in issuer representation. Best known for its expertise in energy sector transactions, reflecting its Houston roots, it continues to advise on a high volume of deals originating from the oil and gas industry, though has further experience in agriculture, airlines, automotive, real estate, renewables, financial services, telecommunications and technology. Green and sustainability-linked bonds are another forte for the team. In Houston, David Stone is a prolific high-yield debt specialist, while Douglas McWilliams  provides additional senior-level expertise in this area.

Weil, Gotshal & Manges LLP remains best known for advising private equity houses and their portfolio companies on debt financing matters. It is also noted for debt restructuring engagements. Along with financial sponsors, the firm is also expanding its presence in underwriter-side representation, advising many of the major banks on high-yield offerings. Corey Chivers and Frank Adams are the US team’s most senior high-yield debt experts, with Merritt Johnson and Michael Hickey providing additional expertise and extensive investment bank relationships. All named individuals are based in New York.

White & Case LLP has an excellent record in domestic and international high-yield debt offerings. Enjoying strong connections to managers and underwriters, it has made an additional impact in issuer-side representation; this includes new issuances, special situations and liability management transactions. The capital markets team frequently works closely with debt finance, M&A, private equity and restructuring colleagues, among others, and continues to be active in ESG-driven transactions. Jonathan Michels is a widely praised high-yield debt specialist, noted for deals originating in the US and Latin America. Daniel Nam and ‘truly a great lawyer and person‘ Andrew Weisberg are also key figures, along with Rafael Roberti and counsel Abigail Simon. All are based in New York.

Willkie Farr & Gallagher LLP has a prestigious history in high-yield debt offerings connected to M&A and private equity buyouts. Among other clients, the firm frequently advises Platinum Equity and its portfolio companies on debt offerings to support acquisitions. The capital markets team is best known for issuer-side representation and is notably active in technology and healthcare sector offerings. Cristopher Greer and Gregory Astrachan are key names, based in New York.