Jointly led by Peter Allen, Duncan Kellaway and Doug Smith, Freshfields assists with the full spectrum of debt capital markets transactions. The team advises high-profile corporate and sovereign issuers and underwriters on complex cross-border mandates, including MTN establishments, investment-grade and sovereign bonds, equity-linked issuances, green bonds and regulatory capital issuances. Allen possesses considerable transactional experience, particularly concerning equity-linked instrument transactions, primarily focusing his practice within emerging markets. Kellaway advises a diverse array of corporates, sovereigns and banks on retail bond issuances, liability management transactions and restructuring mandates. Smith focuses on US-listed securities, including SEC-registered offerings, Rule 144A/Regulation S issuances and MTN programme establishments.
Legal 500 Editorial commentary

Testimonials

Collated independently by Legal 500 research team.

  • Peter Allen is an exceptionally knowledgeable partner who is very helpful, especially on the most complicated matters involving intense negotiations. Peter contributes his extensive DCM expertise on transactions, and he is also 'hands-on' on deals, which is greatly appreciated by his clients. Greg Garfield is a very experienced and knowledgeable senior associate who is very responsive and diligent.
  • This is a team of highly experienced DCM lawyers who are very professional, helpful, and proactive. The team works well together from junior to partner level.
  • Flexibility, assessment of risks, knowledge of DCM markets and players.
  • Long tenure of the team of professionals, with an impressive collective experience in the debt capital markets.
  • Good solid team led by hands-on partners and technically excellent associates. Wide skill set and especially good on the more technically difficult/unusual deals.
  • The team stands out for its genuinely human and collaborative approach. From the outset, they embed themselves into the client’s team and operate as true partners, proactively supporting all aspects of a transaction and helping to drive it to completion rather than limiting themselves to a narrow legal mandate. Freshfields is particularly strong as lead counsel on complex, cross-border matters. The team is highly effective at coordinating local counsel and managing jurisdiction-specific issues, ensuring both legal consistency and smooth execution. Compared to other firms, their strength lies not only in technical excellence but in their ability to combine this with practical judgment, responsiveness, and a strong sense of ownership over the project.
  • The individuals we work with stand out for their combination of deep technical expertise, strong leadership, and a highly collaborative, client-focused mindset. Peter Allen leads the team extremely effectively. He is always fully on top of what is happening in a transaction and consistently steps in with clear, assertive, and pragmatic solutions when needed, while proactively protecting the client’s interests. Greg Garfield is an exceptionally knowledgeable and highly reliable lawyer who is always extremely well prepared, with a thorough understanding of every aspect of the transaction. He is very responsive and a genuine pleasure to work with, combining technical strength with a friendly and approachable manner. Magdalen Olonilua complements the team perfectly: she is highly detail-oriented, keeps excellent track of all action items, and ensures that questions and open points are followed through and resolved efficiently. Together, they form a cohesive and highly effective team that clearly differentiates itself from competitors.
  • Freshfields has a great team of very talented lawyers capable of advising us on multiple formats for bond issuances, whether it is the EMTN program, 144A, Reg S, or hybrid bonds. They provide very good advice, and we have great collaboration with each team. Not only do they provide very sound advice, but they also help with a lot of the administrative requirements of bond issuance.
  • There are a few individuals with whom I work very frequently. These are particularly in the capital markets and loan segments of the firm. I think the main thing that distinguishes them from others is that they are extremely knowledgeable and also very quick at responding to our needs. Duncan Kellaway, Greg Garfield, Andrew Heathcote, and Magdalen Olonilua.
  • The team is always super responsive to requests and easy to work with. They offer pragmatic solutions and are always focused on helping the client.

Key clients

  • Tesco PLC
  • Urenco Finance N.V.
  • Norsk Hydro ASA
  • National Bank of Greece S.A.
  • MHP SE
  • Smith & Nephew plc
  • Compass Group PLC
  • J.P. Morgan Securities plc
  • Intercontinental Hotels Group plc
  • Banca Transilvania S.A.
  • The Standard Bank of South Africa Limited
  • AstraZeneca plc
  • Société Générale
  • Haleon plc
  • Japan Tobacco
  • SES SA
  • Citibank Europe Plc
  • Deutsche Bank AG
  • Barclays Bank PLC

Work highlights

Advised Norsk Hydro in relation to a drawdown of €500m 3.750% Senior Unsecured EuGB Notes due 2033 under its €5bn Euro Medium Term Note Programme.
Advised the joint bookrunners and dealer managers in connection with the issuance by Georgia of US$500m fixed rate Notes and a concurrent tender offer.
Advised MHP SE on its $450m 10.500% notes due 2029, and subsequent $100m tap issuance, to refinance its maturing 2026 Eurobonds.
Practice head

Peter Allen; Duncan Kellaway; Doug Smith