This global firm is recognised as a leader in the capital markets sphere by both peers and clients. Clients comment: "I found them to be impeccable. On professionalism and pragmatism, we find a common ground." This firm brings a balanced approach to its debt and equity capital markets programmes by representing both the issuers and underwriters in UK style deals, as well as emerging market transactions. The firm's debt team provides clients with a full suite of services including regulatory capital work, Rule 144A bond offerings, corporate bonds, RMB bond issuances, liability management, and even trustee advice. Additionally, the team is active on hybrid bond issuances and has represented the Industrial and Commercial Bank of China in a CNY1.5 billion 6% issuance. The firm's impressive ECM practice has been especially busy representing clients in privatisation matters and related IPOs and offerings. The team has represented a group of joint book runners and placement agents in the USD3.3 billion privatisation of VTB Bank in Russia through secondary offerings of ordinary shares and GDRs. The firm also provides clients with advice on rights issues, placements, dual-currency placement and redomiciling to the LSE. The team's breadth and depth has ensured its presence on some of the most high-profile deals in recent times, including the Glencore and Vallares IPOs. The group also provides a high-yield offering that interacts with the firm's banking practice to provide advice on bank and bond financing structures, as well as debt securities and high-yield notes.
KEY INDIVIDUALS Charles Jacobs is a leading partner in the ECM space, and he is described by clients as a "larger-than-life personality who has a sense of purpose that helps keep the team focused." Clients also comment on his expertise in the mining sector, where he participates on capital raisings and redomiciling. He recently worked on the high-profile Glencore IPO.
John Lane enjoys a strong reputation for his ECM work and clients comment that he is "very thoughtful and can work on either the issuer or the underwriter side of the equation. He helps banks think through implications of changing rules and practices." He advised a team of joint book runners and lead managers on the Vallares IPO for £1.35 billion.
Keith Thomson has been an integral part of the firm's capital markets practice since its inception. He has expertise in liability management, bond issuances, MTN programmes and debt transactions.
Described as a "great lawyer" by peers, Carson Welsh is head of the firm's equity and debt practice. He advised Credit Suisse and other managers on structuring an USD8 billion buffer capital notes offer.
US-qualified partner Alexander Naidenov has a background in high-yield products. His clients include issuers, underwriters and bridge lenders. He has represented the managers, book runners, co-ordinators and arrangers in a bank and high-yield bond financing for Evonik Carbon Black through senior secured notes and credit facilities.
Jason Manketo enjoys a strong reputation amongst clients who find he is "a real asset to have on projects - very strong technical knowledge and he has taken that across borders." Another client finds he is "my go-to partner for US advice. He is key in emerging market deals."
Cecil Quillen heads the firm's global US securities and corporate team, and is known for his expertise in cross-border deals, including Russia-related transactions. He represented the joint lead managers and book runners in a RUB40 billion bond issue for the Russian Federation.
Ben Dulieu is recognised amongst peers for his expertise in convertible bond issues. Additionally he has expertise in liability management, regulatory capital transactions, MTN programmes and corporate hybrids, amongst other areas.
DCM expert Elaine Keats represents corporate and investment banking clients. She has experience in consent solicitations, tender offers, liability management, MTN programmes and convertible and exchangeable bonds.
Patrick Sheil is skilled in advising both issuers and managers on US securities law. His expertise in the ECM space ensures clients turn to him when considering IPOs and listings on the LSE.
Francis Kucera is described by a client as "super knowledgeable, and experienced. He runs the central European business." Clients also say that in hiring him you will get a "rigorous approach from a London capital markets lawyer who knows the legal and regulatory environment."