White & Case LLP maintains its leading reputation in the emerging markets industry, advising leading commercial banks, sovereigns, commodity businesses and corporates. Debt finance and trade finance are at the core of the emerging markets department, which has a strong track record across a broad spectrum of financing products, including sovereign and corporate loans, leveraged and acquisition finance and structured trade and commodity finance. The bench encompasses several US- and English law-qualified partners. Melissa Butler and Ian Clark regularly advise on sovereign restructurings and debt offerings. Head of project development and finance, Jason Kerr, projects lawyer Mukund Dhar and debt finance specialist James Hardy are also key to the team. Stuart Matty is a go-to for sovereign and corporate debt issuances, while Kamilla Azamat has extensive experience in transactions in the CIS region. Mark Castillo-Bernaus departed the firm in 2025.
Legal 500 Editorial commentary
Accolades
Client satisfaction
Testimonials
Collated independently by Legal 500 research team.
‘Unique expertise on special situations involving complex processes in emerging markets.’
‘Excellent capability to understand client's constraints and internal dynamics to provide tailored advice.’
‘The law firm is very professional. Good in Uzbekistan market and deliver legal services in all areas.’
‘I have worked with Mukund Dhar and Kamilla Azamat. Both of them are specialised in a certain area, always ready to explain certain provisions of the contract in more detail and the riskiness of such conditions. Always helpful.’
'The firm has a broad history of experience in the practice and has a strong ability to grasp situations and be flexible.'
'Ian Clark has excellent availability and is able to work under deadlines and with a problem-solving approach.'
Key clients
- A.P. Møller Holding A/S
- Barclays Bank PLC
- Citigroup
- Deutsche Bank
- Etu Energías
- European Bank for Reconstruction and Development
- Fund for Export Development in Africa (FEDA)
- Goldman Sachs International
- HSBC
- International Holding Company
- JP Morgan Chase
- Kernel
Work highlights
Advised the Republic of El Salvador on the world’s largest debt-for-nature (DFN) conversion for river conservation and the world’s largest DFN conversion in terms of the size of funding commitments for conservation.
Advised the Ministry of Finance of Ukraine on the $50 billion G7 Extraordinary Revenue Acceleration (ERA )Loans for Ukraine initiative, to be repaid by the extraordinary profits on immobilised Russian sovereign assets, including the successful disbursement in December 2024 of $20 billion under the US loan.
Advised the lenders on the bifurcated stapled financings for Shell's onshore and shallow water assets in Nigeria acquired by Renaissance Africa Energy, a consortium of five Nigerian oil and gas companies.
Lawyers
Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Practice head
Melissa Butler; Ian Clark; Jason Kerr; Stuart Matty; James Hardy
Other key lawyers
Kamilla Azamat; Mukund Dhar