Capital Markets: Debt & Equity: London

This firm's international presence ensures its attorneys are well equipped to handle multifaceted cross-border transactions. Clients especially praise the team's skill in "providing a good, integrated cross-border product." The firm excels in the debt capital markets (DCM) space, advising clients across sovereign and other bond issuances, Islamic finance, liability management, Eurobonds and restructuring, amongst other areas. Its lawyers have particular expertise in the emerging markets and have recently advised the joint lead managers on a USD500 million notes issuance for the Republic of Senegal. The team has also acted for Virgin Money on the purchase of Northern Rock through the issuance of £150 million tier-one perpetual capital notes. The firm additionally has a strong equity capital markets (ECM) offering, representing underwriters, sponsors and corporates in IPOs, rights issues, placings, main market and secondary listings. The team has recently represented the sponsor and joint book runner in a complex USD375 million IPO for Ophir Energy, involving advice on US securities law and Regulation 144A. The firm is also building a competitive high-yield bond offering with notable representations including its work for a tier 1 financial sponsor on the acquisition of Orange Switzerland through a CHF1.5 billion pari bank/bond commitment.

KEY INDIVIDUALS A member of Allen & Overy's global board, Boyan Wells is recommended by peers as an "excellent technical lawyer." He has a wealth of knowledge in DCM transactions and has worked on numerous structured finance and regulatory capital-raising matters.

Jonathan Melton is a key member of the firm's emerging markets DCM practice, and also leads the firm's liability management team. His expertise in liability management ensures that he often acts on both tender and exchange offers, but he also has additional experience in EMTN programmes and other capital market transactions.

Head of the firm's financial institution DCM practice, Stephen Miller is highly recommended by peers for his work in cross-jurisdictional capital raisings. He worked with team members to represent Qatar Holdings in the acquisition of USD1.7 billion and CHF2.5 billion tier-one buffer capital notes from Credit Suisse.

Kevin Muzilla has helped to build a strong high-yield practice at the firm, representing clients such as Dematic, Ferrexpo Finance and the Refresco Group. He represented Refresco in its issuance of EUR660 million senior secured notes and floating rate notes and a EUR75 million super senior revolving credit facility. One client finds that he is "clear and pragmatic" and "has knowledge of comparable deals in the market."

Roger Wedderburn-Day is well known for his expertise in DCM work, and has extensive experience in the emerging markets. He advises sovereign entities and corporate issuers, as well as financial institutions, on debt issuances across Europe, the Middle East and Africa (EMEA).

Mark Dighero is head of the firm's ECM practice, and is a lawyer whom peers routinely come across on equity-related work in corporate transactions. He has experience in cross-jurisdictional transactions in Europe and the Middle East. One recent work highlight saw him advise DS Smith, a large European packaging business, on a £466 million rights issue.

Matthew Hartley is a key member of the firm's international capital markets team and has expertise in capital raising in high-profile and multi-jurisdictional transactions.

Co-head of the global corporate practice, Andrew Ballheimer enjoys a strong reputation amongst peers for his work in ECM transactions. He provides advice on rights issues, IPOs and equity-related matters for banking and corporate clients.

Philip Smith is a well-respected practitioner in DCM matters, and has additional expertise in emerging markets. He has worked on the first dual-tranche issuance by a non-sovereign borrower in Turkey, representing a host of financial institutions as joint leaders on USD500 million ten-year and USD300 million five-year bond offerings.

Morgan Krone is on the firm's global corporate trust and agency team and has extensive experience in working on restructuring and structured finance defaults.

Theo Trayhurn is an associate who is making his mark as a strong team member in the firm's general securities group.

This firm's model of representing both investment bank and issuer clients across a range of deal sizes ensures it has maintained a hugely successful capital markets practice. Clients are suitably impressed by the team, finding that "it is extremely professional and has an understanding of our business and the risk environment we work in." The firm's already strong ECM practice has been bolstered by the addition of new lawyers with US securities expertise. The team is especially strong on transactions in the energies, minerals and mining industries and it has recently advised a group of major financial institutions on capital raising to fund a USD775 million acquisition of Titan by Hunting. The firm regularly engages in high-profile work and handled one of the few recent Scandinavian IPOs, representing banking clients in a SEK530 million IPO for Transmode Systems. The firm also has a reputable DCM offering, where it has represented manager clients such as Bank of America Merrill Lynch, JPMorgan, Goldman Sachs and the Capita Trust Company, amongst others.

KEY INDIVIDUALS Global head of the firm's ECM practice Nicholas Holmes is well placed to understand the needs of his investment banker clients having had a nine-month secondment at Goldman Sachs. Clients find that he is "one of the most intellectual and thorough corporate and capital markets partners I have worked with in the last year." Other sources state that "he is particularly good on issues surrounding block trades and leading practitioners through them." He recently advised a host of banks on the sale of 255 million shares in Nordea Bank by the Kingdom of Sweden.

Anna Delgado is head of the firm's DCM practice, and is active in advising both underwriters and issuers. She has participated in numerous bond transactions including convertible and exchangeable bonds, as well as international bond issues.

Jennifer Schneck is a new addition to the firm from Linklaters and has extensive experience on the US securities front, working on fund capital raising, private placement transactions, SEC-registered transactions and cross-border mergers and acquisitions. Clients comment that "she is really very good" and they "would highly recommend her."

This firm has been able to exploit its position as one of the largest law firms in the world to stay abreast of major trends and developments in the capital markets sphere and offer clients a comprehensive service. The firm has capitalised on the liquidity in the Polish markets by advising clients on listings on the Warsaw Stock Exchange (WSE). Additionally, the team has expanded its reach through an exclusive relationship with Esin Attorney Partnership in Turkey. Aside from international trends and developments, the team has a strong ECM offering with a number of recent instructions on block trades, IPOs and advice on foreign exchange documentation. The firm has recently represented the Bank of Georgia in its re-domiciliation to the main market of the LSE. Meanwhile the DCM team is active in a number of high-profile transactions including working on a sukuk for a Middle Eastern client.

KEY INDIVIDUALS Edward Bibko is head of the firm's EMEA capital markets group. Clients find that he is "good at thinking outside of the box and good at resolving conflicts." He works with major investment banks and issuers and has represented Exillon Energy in a USD270 million Reg S/144A offering of new and existing ordinary shares.

Head of the firm's DCM practice, Christopher Hogan has expertise in advising issuers and banks, as well as borrowers. He has advised on the issuance of USD300 million 9.375% loan participation notes by the City of Kyiv, due 2016.

This firm's ECM and DCM practices provide a full suite of services to clients and act on a host of mandates for investment bank, issuer and broker clients. Specifically, the ECM team is very active in the mining, oil and gas sectors. Recent representations include work for JPMorgan on a secondary fund-raising for Coal of Africa, placing new ordinary shares on AIM and the Johannesburg Stock Exchange (JSE). The firm also has a focus on real estate investment funds and has represented Duet Real Estate Finance in an IPO of its feeder fund on the main market of the LSE. On the DCM side the team has been active advising clients on EMTN programmes, liability management transactions, debt restructuring and Eurobonds, amongst other areas. Clients say it is "a super firm and has grown strongly in the last few years."

KEY INDIVIDUALS David Collins is described by clients as "extremely well regarded and professional." He has expertise in ECM, representing sponsors, underwriters and brokers. Recent work includes advice to Fairfax I.S. on a £60 million placing and £42.5 million open offer for Healthcare Locums.

This practical American law firm has a very strong high-yield products offering, and sources describe the firm as "small but excellent." Clients also find that the firm is "professional, client-focused and responsive. One of the best out there." The team represents investment banks, borrowers and issuers in multifaceted and high-profile transactions. It recently worked for a consortium of investment banks on a £430 million 9.5% senior secured notes offering by Phones4U, due 2018.

KEY INDIVIDUALS James Robinson enjoys a distinguished reputation for his work in the bond space, advising on both US and European structuring transactions. Clients find that "his judgement is terrific and he is very thoughtful." His US securities expertise ensures he can represent clients in multi-jurisdictional transactions and he has recently represented a team of joint managers and book runners in a multicurrency bond offering by Fresenius Medical Care US Finance.

Following his arrival from the USA, Anthony Tama has established a formidable reputation amongst both peers and clients. Peers find that "he was efficient, commercial" and that they "enjoyed working with him."

This firm's market-leading capital markets practice represents clients throughout the EMEA region, with a special focus on Eastern Europe. The team handles significant representations on the underwriter side and its clients include major financial institutions, corporates and sovereign issuers. Clients say it is "one of the top firms" and "very reliable." On the DCM side the team has represented clients in MTN programmes, note offerings and Eurobond work. The firm also has liability management expertise in working on consent solicitations, as well as exchange and tender offers. One recent work highlight saw the team advise a consortium of banking clients on the Vodafone Group's two simultaneous notes offerings of USD1.1 billion. On the ECM side the firm offers a full suite of services including advice on IPOs, share offerings, share dispositions and US securities advice. The firm's equity team has an especially strong Russian banking client base, and it has recently advised VTB Bank on the USD3.3 billion offering of its LSE-listed shares and global depository receipts (GDRs). The firm also has a strong high-yield product offering, wherein it has represented Consolidated Minerals in its offering of USD405 million Reg S/Rule 144A high-yield senior secured notes.

KEY INDIVIDUALS Sebastian Sperber is a US-qualified lawyer, which enables him to excel on international capital markets transactions with a particular focus on US securities. His clients say he is "very good technically and very experienced." He is especially active on underwriter representation and has recently represented a team of underwriters led by Credit Suisse and Citigroup Global Markets in the proposed IPO and NASDAQ listing of TIM w.e., a Portuguese multinational company.

Raj Panasar has a broad practice encompassing liability management and capital raising. Additionally, his expertise in foreign jurisdictions has led clients to comment that "he is very good and experienced in emerging markets." He has represented the deal managers in AIG's global exchange offer of its USD2.5 billion notes offering.

Pierre-Marie Boury enjoys a stellar reputation for his work in liability management and high-yield products. He has worked on a EUR500 million tender offer by Wells Fargo for the acquisition of its outstanding notes.

US-qualified attorney Daniel Braverman is well respected by peers for his expertise in both European and Russian capital markets transaction. He handles a range of debt transactions, including sovereign debt work, as well as ECM transactions.

Simon Ovenden also has expertise on the sovereign side and has recently worked on a Eurobond offering for the Federal Republic of Nigeria. Additionally he provides debt buyback and bond exchange counsel to the Greek government.

Glen Scarcliffe has considerable expertise in high-yield products but he also handles conventional debt financing transactions for Middle Eastern sovereign funds. He has recently advised on a USD1 billion notes offering for LyondellBasell Industries.

This leading firm brings depth of practice through its strong international network. The team represents banks, corporate issuers and sovereign parties in the full suite of matters, including project bonds, high-yield products, sovereign debt and emerging markets transactions. Clients find Clifford Chance is in the "top tier of law firms to instruct in an EMEA capital markets transaction," and say they "feel very comfortable including it on the biggest deals." The firm's strong reputation for complex and high-profile instructions is evidenced by its involvement in one of the largest equity deals of the year: the firm represented the global co-ordinators and underwriters in the USD10 billion IPO of Glencore, with a dual listing on the Hong Kong Stock Exchange (HKSE) and LSE. On the debt side the team has represented Standard Bank and Barclays Capital on USD500 million 5.50% notes, due 2021, issued by the Republic of Namibia in its debut offering. The team has also performed numerous liability management transactions for clients redeeming outstanding bonds and has represented UniCredit in a tender offer for ten series of tier 1 securities. The team's high-yield practice also continues to gain strength, combining considerable US and UK expertise.

KEY INDIVIDUALS Co-head of the European ECM team, Adrian Cartwright focuses on CEE work for both issuers and underwriters. Clients find "his greatest strengths are his ability to navigate transactions to completion, manage relationships and keep a harmonious environment on a deal." Aside from working on the Glencore IPO, he has also worked on an IPO for Polymetal, representing the co-ordinators and book runners in the USD500 million LSE listing of the Russian gold and silver mine company.

David Dunnigan is global head of the firm's ECM and DCM practices. He represents both banks and issuers in debt-related work and is particularly active in the emerging markets sector, representing sovereign clients. He has represented institutions in Namibia's debut offering.

Stewart Dunlop has a strong reputation in the DCM market working on bond issuances, EMTN programmes, liability management and regulatory issues, amongst other areas. One client comments: "He is someone that stands out for me – a brilliant lawyer."

Simon Thomas is a favourite amongst his clients, who find "he has an amazing work ethic, an impressive eye for detail and is an excellent technical lawyer. He is also very good at confronting difficult issues and doesn't shy away from complexity." He is especially competent in the ECM and emerging market spaces representing major investment banking clients.

John Connolly is head of the firm's US securities group, and has a practice that spans both the equity and debt sides of capital markets transactions. He has represented ONO/Nara Finance in a USD1 billion 8.875% Senior Secured Notes high-yield issuance.

Michael Dakin has expertise in high-yield products and is described by clients as "very knowledgeable about products. He is always available and shows commitment."

Simon Sinclair has US capital markets expertise but is also active on regulatory capital issues, exchangeable and convertible bonds, GDRs and IPOs. Clients find he is "responsive, approachable and helpful, technically excellent and is a very good sounding board to bounce ideas off."

Managing partner of the London office, David Bickerton enjoys a strong reputation for his experience in the project bond and private finance initiative (PFI) sectors. He represents major banks in development and infrastructure projects, as well as acting for local authorities. Recently he has advised the Greater London Authority on a £600 million debut bond issuance.

Christopher Walton is described by clients as a "detail-focused lawyer. He is very good when you have technical US issues." He is focused on disclosure issues and excels on disclosure and drafting in the high-yield products space.

Robert MacVicar has a strong presence in the Euro Commercial Paper (ECP) market, and is noted for his expertise in the Nordic countries and Turkey.

This firm's highly skilled team of lawyers hase strong corporate expertise, ensuring it is especially skilled in advising clients on financing and LBOs. Additionally, the firm is active on tender offers, bond issuances, convertible offerings and concurrent rights, amongst other areas. The team is praised especially for its experience on the high-yield bond side, where it houses a well-established team that has been at the forefront of highly innovative structures. Clients have gone so far as to say that it is "the best law firm in the world," while the firm's service ethos is characterised as "extremely strong and speedy, with dedication and professionalism." The team recently represented the Gala Group and Gala Electric Casinos in a Rule 144A/Reg S high-yield senior secured debt offering of £350 million and another Rule 144A/Reg S high-yield senior debt offering of £275 million. It also provides wider ECM and DCM representation, wherein it has particular expertise in the emerging markets. Notable clients include JPMorgan, INEOS, Deutsche Bank, Sappi and Kabel BW.

KEY INDIVIDUALS Managing partner of the firm's London office, Philip Boeckman has a stellar reputation for his work in the high-yield space representing both issuers and underwriters. Clients are happy to recommend him, saying he is an "excellent lawyer and very good with the banks" and "he is one of the real stars out here in the market." He has represented the initial purchasers in a Rule 144A/Reg S high-yield senior secured and senior debt offering of £520 million by Towergate Finance.

George Stephanakis has a diverse practice, representing clients in IPOs, secondary equity offerings and LBOs in addition to having impressive high-yield expertise. Clients feel "he is diligent on disclosure issues and knows how to pick the right points to argue. He would be on my shortlist on the bank side."

This international firm leverages the strengths of its global team to act across the London, Hong Kong and New York capital markets. Clients are especially impressed with the team's consistency, finding that "the teams tend be of a uniformly high quality." The firm represents governments, financial institutions and major corporates, and is especially active in the healthcare and natural resources industries. On the ECM side, the firm is active in raising capital for mergers and acquisitions, and has worked on numerous IPOs and rights issues and offerings. The firm has represented a consortium of banks who served as underwriters on one of the largest technology IPOs for Yandex, a leading Russian internet company. On the DCM side the group has taken advantage of the active bond markets to represent clients in debt and hybrid capital transactions, high-yield note offerings, debt issuances, EMTN programmes and other areas.

KEY INDIVIDUALS Simon Witty joined the firm's London office on the 1st of February, from Freshfields Bruckhaus Deringer. He is highly recommended by market sources, who proclaim that he is a "top-class practitioner" in the ECM field.

Paul Kumleben heads the firm's capital markets practice and has extensive experience in representing financial institutions in diverse jurisdictions such as Africa and Scandinavia. Clients find that he is "very experienced, easy going and straight to the point," as well as "very good at building a relationship." He has acted on numerous high-profile transactions including his representation of financial institutions in Com Hem's high-yield notes offering.

Jeffrey Oakes is head of the firm's European financial institutions group and has a host of impressive clients in the ECM space. He has represented joint bookrunners Merrill Lynch and Deutsche Bank, as well as the co-lead managers, on a USD3.8 billion equity offering for Danske Bank.

Nigel Wilson enjoys a strong reputation for representing underwriters in liability management transactions. He has represented the underwriters and book runners in the SEC-registered offerings of Rio Tinto notes. These consisted of USD2 billion aggregate in May 2011 and USD2 billion aggregate in September 2011. 

This firm houses a competitive debt capital markets practice representing issuers, investors, underwriters and sponsors, amongst others. Recent new additions to the firm's capital markets practice have helped to cement its reputation in this space. Clients find that the firm is "professional, focused and deal-driven." Notably the team has expertise in cross-border transactions in the life sciences, energy and natural resources industries. The firm has represented Crown Americas and Crown America Capita in the issuance of USD700 million 6.25% senior unsecured notes, due 2021. Additionally, the team has high-yield capabilities and in this space it has represented Carlson Wagonlit in two issuances of USD465 million 6.785% senior secured notes and EUR300 million 7.5% senior secured notes, due 2019.

KEY INDIVIDUALS Louise Roman Bernstein is a new addition to firm, having joined from Dewey & LeBeouf. She has expertise in advising clients on MTN programmes, bonds and securities, with extensive experience in the emerging markets, throughout EMEA and CEE.

Camille Abousleiman has a strong reputation amongst peers for his work in Eastern Europe and the Middle East. Based in the corporate finance team, he has expertise in cross-border debt and equity transactions.

Star associate Giles Belsey also recently joined Dechert from Dewey & LeBeouf. He is recognised for his work in the DCM space.

This firm's DCM team has adeptly handled a significant volume of emerging markets work during a period when the European sector has slowed down. The firm's international reach has led it to represent entities such as the South African FirstRand Bank in its EMTN programme of USD1.5 billion and USD1.5 billion structured notes programme. Additionally, the firm's forays into the Middle East market have made its lawyers expert in Islamic finance transactions such as sukuk. The team has recently represented the joint lead managers in the issuance of USD400 million trust certificates, due 2016, by the Sharjah Islamic Bank.

Subsequent to publication, SNR Denton LLP, Salans LLP and Fraser Milner Casgrain LLP merged to form Dentons in April 2013.

KEY INDIVIDUALS Head of the firm's DCM practice, David Cohen represents trustees and underwriters in EMEA. He has advised Prudential Trustees on the restructuring of an issuance of £125 million convertible unsecured loan stock.

Matthew Sapte is described by clients an "invaluable resource. He has contacts and knowledge of emerging markets jurisdictions, and is incredibly knowledgeable and very helpful." He represents large investment banking clients in Shari'a-compliant work coming out of the Middle East.

This firm's capital markets practice employs the experience of its corporate finance and cross-border M&A teams to represent clients in a range of mid-market ECM transactions. The team has extensive expertise in advising clients on both the US securities and the English law elements of transactions and it frequently works with the firm's Hong Kong, New York and Sydney offices to provide multi-jurisdictional advice to clients. The team's ECM practice has represented clients in IPOs, placings, capital restructuring, delisting and other areas, while it has also established a strong reputation for its representation of Indian issuers. The lawyers here often represent investment banks, and have recently advised Investec as nominated adviser and broker to the IPO of Enteq Upstream. Notable clients include Canaccord Genuity, ISM Capital, Microsaic Systems and Inland Homes.

KEY INDIVIDUALS Key DCM partner Christopher McFadzean has expertise in the emerging markets, including India, Turkey and the Far East, having spent time working in Singapore. He is experienced in convertible bond work and has represented the lead arranger, ISM Capital, in a 7% convertible bond issuance by Sportingbet, due 2016. These bonds were admitted to trading on the Professional Securities market of the LSE.

This firm has a leading capital markets practice that is distinguished by its handling of a broad spectrum of ECM, DCM and high-yield products work. Clients comment they "provide us with a one-stop shop for legal requirements," as well as reporting an "extreme feeling of confidence if I appoint them on a deal, because they will do anything in their power to make sure the deal remains on track." The firm's ECM practice has been highly active on some of the largest IPOs, GDRs and rights issues. The team acted on a high-profile representation of NR Investments/Vallares in a £1.3 billion capital-raising IPO and admission to trading on the LSE. The firm has also enabled clients to list in many other jurisdictions, including representing CVC Capital Partners and Samsonite in the luggage brand's IPO of USD1.25 billion and listing on the HKSE. The firm's DCM team is active in representing both banks and issuer clients in MTN programmes, liability management and standalone bonds in the emerging markets. The team has additionally been active on mandates concerning Yankee bonds, Sukuk bonds and retail bonds, and has advised Tesco on a debt issuance of £60 million worth of retail bonds under its euro note programme. The firm also has strength in the high-yield bond space, representing Aston Martin in its debut high-yield bond issuance of £304 million.

KEY INDIVIDUALS Senior capital market specialist partner Tim Jones has expertise on the issuer side of projects. Having held numerous management positions in the firm, he sits squarely in the firm's corporate department and advises on ECM transactions, as well as other corporate work.

Co-head of the ECM practice, Sarah Murphy has a broad practice representing investment banks and other financial institutions in both ECM and high-yield bond work. She is noted for her handling of work concerning Russia, and sources describe her as being both "practical and very effective." She has represented Global Ports Investments in a listing on the LSE and a GDR offering of USD534 million.  

Julian Makin is a leading ECM practitioner, described quite simply as "excellent." He often called upon by investment banks and other financial institutions for advice on large-scale IPOs and was active on the Vallares deal mentioned above.

US securities partner Gil Strauss helped to strengthen the firm's high-yield capability since his arrival from Simpson Thacher & Bartlett in 2010. He has represented the initial purchasers in senior secured notes offerings by KION.

Christopher Mort has a diverse and varied practice representing both banking and corporate clients. Located in the corporate department of the firm, he has expertise in mergers and acquisitions, in addition to securities offerings and equity-related transactions. 

The strength of this firm's capital markets team is demonstrated by its impressive client following of major investment banks, and FTSE 100 and FTSE 250 companies. The firm's clients turn to this team because it is "professional and gives you proper advice, and they staff the team with an appropriate amount of associates and partners." The firm's corporate clients enjoy its expertise in debt financing transactions, including its work in liability management, bond offerings and restructuring. The team has represented General de Alquiler de Maquinaria (GAM) in the proposed restructuring of EUR125 million 2.75 % senior unsecured convertible notes listed in Luxembourg. The firm also has a formidable ECM offering representing clients in placings and open offers, capital raising, rights issues, US securities, listing and delisting. The team has represented a host of sponsors and joint book runners in Bank of Ireland's capital raising through a EUR1.9 billion rights issue and liability management exercise. The firm has become increasingly involved in the emerging markets and has seen a growing trend of client representations in foreign listings. Recent highlights include advising Bank of America as the manager and book runner on Capitec's placing of ZAR798 million of shares on the Johannesburg Stock Exchange (JSE).

KEY INDIVIDUALS Head of the firm's corporate team, James Palmer has extensive experience in both M&A and equity-related transactions. He also has an active practice advising clients in the financial institutions industry on securities law and financial regulation.

US-qualified attorney Steve Thierbach has been active representing major corporate clients and investment banks in high-value rights issues and IPOs. He has counselled a group of underwriters on a USD500 million bond offering listed on the LSE.

Peter Epp is actively engaged in debt-linked transactions in Turkey and Russia and has represented a Russian bank in a bond offering on the LSE of USD1 billion.

Christopher Haynes is respected by clients for his "professionalism, commitment and effort." He has represented two leading investment banks as sponsors in a EUR475 million sell-down by Aviva from its indirect holding in Delta Lloyd.

Key partner Charles Howarth is an ECM specialist advising clients on capital raising, through rights offerings and placings. He has represented UBS as the sole underwriter and book runner in the £100 million cash box placing for Capital & Counties Properties, with a joint application on the LSE and JSE.

Will Pearce is a young partner who has built a prominent reputation for himself in both the M&A and ECM markets. He has represented Oriel Securities in a placing and open offer for the take-over of Centrebet.

Alex Bafi is a US-qualified practitioner with extensive experience in the emerging markets, namely the Middle East and Turkey.

Greg Mulley is another attorney at the firm with both ECM and corporate expertise. He is active in transactions in the capital markets, as well as joint ventures, and public and private M&A.

Since publication, Will Pearce has joined Davis Polk & Wardwell London LLP

This global firm has an ECM team that acts throughout its international offices to provide multi-jurisdictional advice on cross-border transactions. The firm has been especially active on the emerging markets side with deals in Russia and the Middle East, and it has represented the International Finance Corporation in the Yandex IPO, valued at USD1.3 billion. The firm's clients include a number of underwriters and issuers, which it advises on placings, IPOs, rights issues and debt-for-equity swaps. In addition, the team has extensive experience in the natural resources sector, where it has recently advised Coal of Africa on a high-profile placing of £66.3 million. The team is also able to provide US securities advice with a team of senior US securities lawyers.  

KEY INDIVIDUALS Maegen Morrison is a key partner in the firm's ECM practice.

This firm's capital markets team is able to leverage the strength in depth across its international offices to represent clients in the real estate, natural resources and renewables sectors, amongst others. The team counsels corporate and banking clients across a variety of deal sizes on IPOs, secondary fund-raisings, placings and open offers. Its lawyers advise a host of international clients, recently acting for Liberum Capital on the capitalisation of trading debts by placing new ordinary shares in Namakwa Diamonds. The firm has also acted on the USD1.25 billion acquisition of assets by the Eurasian Natural Resources Corporation from First Quantum. Other notable clients include Cenkos Securities, Hansteen Holdings, Trafigura and France Telecom.

KEY INDIVIDUALS Head of the firm's US securities team Daniel Bushner has expertise in cross-border M&A transactions, as well as providing Reg S and Rule 144A advice.

Drew Salvest enjoys a good reputation for work in international capital markets transactions, representing banks, corporates and sovereign entities. He has worked on Eurobonds, SEC-registered public offerings and commercial paper programmes, amongst other areas.

This firm's unrivalled high-yield team represents issuers and underwriters in some of the most complex and high-profile mandates. Recent work highlights include the representation of Credit Suisse, Deutsche Bank and JPMorgan in the recapitalisation of a large German cable operator, Kabel BW Group, through high-yield note issuances. Additionally the team represented BC Partners in its acquisition of Com Hem, and refinancing by senior secured notes and senior notes, issued through two separate Rule 144A/Reg S offerings. The firm's high-yield practice is complemented by active ECM and DCM practices. On the DCM front the team has provided representation on Rule 144A and Reg S offerings, MTN and ECP programmes, Eurobonds, sovereign bonds and restructurings, amongst other areas. The team is especially active in the CEE region and the emerging markets having recently represented Credit Agricole and Deutsche Bank in the first tender offer to have been completed in Poland. On the equity side the firm provides a full suite of services including representation in IPOs, LBOs, US securities advice, placings, secondary offerings and listings in foreign jurisdictions. Notable clients include Bank of America Merrill Lynch, Goldman Sachs, Norsk Hydro, Ericsson and Morgan Stanley.

KEY INDIVIDUALS Richard Trobman is co-chair of the firm's corporate department in London, and is described by clients as "a great businessman and strategist." He is US-qualified, and he brings the understanding of a New York high-yield practice to major investment banking clients such as JPMorgan, Credit Suisse and Deutsche Bank. He acted on the Kabel BW and Com Hem deals mentioned above and also handles work on the DCM side.

Richard Brown is a new addition to the firm's ECM team from Hogan Lovells. He represents issuers and underwriters in UK listings, as well as M&A transactions.

Brett Cassidy is active in both the high-yield and wider DCM sphere, and he has considerable experience in advising large underwriter clients. He has represented Barclays Capital and Goldman Sachs in the inaugural USD750 million bond issuance of 4.50% notes due in 2016, under the global MTN programme of Transnet.

Olof Clausson is an ECM lawyer with expertise in Scandinavia, Turkey and the CIS. He has represented Citigroup in a tender offer to purchase outstanding common shares of Norilsk Nickel.

Antti Ihamuotila is described as being part of a "strong and diligent team." He focuses on Russia and Scandinavia with regard to equity-linked transactions. He has worked with other firm members to represent Transmode Holding in its IPO and NASDAQ OMX Stockholm listing.

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."

This leading international firm is able to bring New York high-yield expertise to the European market, representing bond holders, investors, issuers and underwriters in multi-jurisdictional deals. The lawyers here have especially impressed clients, who find "they are dedicated and professional. They always put in extra effort to get things done; they really push the deal forward." The firm provides a full suite of services including advice on high-yield bond issuances, exchange and tender offers, restructuring and refinancing debt, as well as secured notes and senior secured notes transactions. The firm was active on the Boparan high-yield bond issuance to finance the acquisition of Northern Foods, representing Goldman Sachs and Rabobank in that deal. Other notable clients include Deutsche Bank, Morgan Stanley, SNF Floerger and the bondholders of Afrisam.

KEY INDIVIDUALS Key partner Peter Schwartz is celebrated by clients for having "excellent judgement. He also knows very well what banks want to achieve and has very commercial thinking." He acted for Novasep's bond holders on a restructuring and an exchange offer.

The breadth of this firm's capital markets practice ensures that it remains busy representing clients in the ECM and DCM space across a range of deal sizes and types. Norton Rose's recent mergers with law firms in Australia, Canada and South Africa have ensured greater capability for representations in multiple listings and cross-border transactions. On the equity side the firm exploited its strengths in the natural resources and mining fields to represent Vale, one of the world's largest metals and mining companies, in its listing on the HKSE. On the debt side, the firm has been active on notes offerings, securities issuances and liability management. It recently advised Royal Bank of Canada on the expansion of its USD40 billion security issuance programme and issuances of three tranches under its global covered bond programme. The firm also advises clients on innovative structures, including acting for investment banks on sukuk-structured derivatives. Clients are especially impressed with the responsiveness and professionalism of the team, finding that "they have been extremely helpful. Everything is on time and easy to understand." Other notable clients include Numis, Investec, Deutsche Bank and Macquarie.

KEY INDIVIDUALS Described by his clients as "extremely knowledgeable," Tak Matsuda is a key partner in the firm's DCM team. His expertise in the Japanese markets ensures he often advises local and foreign corporates on bond issuances, the restructuring of bonds and possible default on samurai bonds.

Simon Cox is highly regarded for his ECM work and has particular expertise in transactions concerning Kazakhstan and Mongolia. He has counselled the broker and sponsor, Arbuthnot Securities, on share placement in Shaft Sinkers and admission of the ordinary share capital to trading on the LSE.

This thriving American firm has firmly cemented itself in the UK capital markets space with a skilled team of ECM and DCM lawyers. The firm brings a consistency of quality throughout its many offices, and sources say it is "very professional, very committed and responsive as a firm, with good technical capabilities." The firm's DCM team offers advice on EMTN programmes, tender offers, notes offerings and high-yield products. On the ECM side the team has been busy in hybrid securities, Rule 144A/Reg S, IPOs, placements and listings in foreign jurisdictions. The team has advised JPMorgan on the placing of 130 million new ordinary shares of Coal of Africa, in addition to shares already listed on the LSE, JSE and Australian Securities Exchange. The firm has also represented Cable & Wireless Communications in a Rule 144A/Reg S offering through USD400 million 8.75% senior secured notes, due 2020.

KEY INDIVIDUALS Co-head of the securities and capital markets group Mark Bergman is a favourite amongst clients, who find "he is exceptional – he knows US securities law inside out and European market practices. He is incredibly approachable and methodical when he takes clients through requirements." He handles both ECM and DCM instructions.

This relatively new entrant to the capital markets space in London has received widespread acclaim for its high-yield practice. Sources note the firm is a "new participant in Europe, and so far has been very impressive - building a team." The firm is also capitalising on the trend for refinancing and restructuring by issuers. One satisfied client comments: "They have done a really good job with us and we have recommended them to other funds that need advice on restructuring." The high-yield team, which is integrated with the firm's mezzanine and senior finance groups, has provided advice on numerous high-profile transactions. One recent example is its representation of major client Liberty in a EUR3.16 billion financing through high-yield bonds and a revolving credit facility, with the purpose of acquiring Kabel BW. Other notable clients include Bormiloi Rocco, Goldentree Asset Management, Vision Capital and BlackRock.

KEY INDIVIDUALS Jonathan Bloom is described as "excellent, incredibly responsive and client-focused - he tries to go the extra mile." Another client notes that he "did a great job of finding innovative solutions. He is an extremely commercial lawyer and has the ability to balance legal considerations and make sure the client is protected." He recently advised Golden Tree Asset Management and Sankaty Advisors on a EUR110 million senior secured notes issuance for eight years.

This global firm has the capability to offer its clients an integrated UK/US representation, which has ensured it has won numerous mandates from new entrants in the capital markets space. Recently the firm has represented Jaguar Land Rover in its first high-yield bond offering since it changed ownership. Clients find the team is "excellent - this is the firm that you want sitting beside you when you access the high-yield market." Aside from its strong high-yield offering, the firm's DCM team has been representing underwriters, issuers, sponsors and initial purchasers in bond issuances. The firm advised ARD Finance on a refinancing through a payment in kind notes offering of EUR185 million and USD345 million. In the ECM space the firm provides its clients with broad representation across Europe, in public and private securities offerings. The team was chosen to represent a Greek bank, Piraeus Banks, in the issuance of EUR807 million rights, with the bank offering 12 shares for every five held. Other notable clients include Advent International, Credit Suisse Group, Nokia and Barclays Bank.

KEY INDIVIDUALS Jacques McChesney is a distinguished high-yield bond lawyer, whom clients find is the person you want "beside you in a negotiation with a bank, rather than in front of you." He often acts on the banks and issuers side, working on notable transactions such as a recent representation of Advent International as the sponsor on the issue of high-yield bonds and bank financing for an acquisition.

Global head of finance Clifford Atkins has expertise in structured finance on both the DCM and general banking sides. This expertise ensures the firm's ability to advise clients on integrated bank and bond funding structures.

Richard Price's expertise lies on the ECM side and he has a particular speciality in South Africa-related work. He was active in the firm's aforementioned work for Piraeus Banks.

Apostolos Gkoutzinis is known by peers as a "very smart man. I saw his precedents which were carefully drafted and he is a smart guy who knows the market." Clients find he is "technically brilliant and able to offer creative solutions to problems." He was very active in the firm's recent work for ARD Finance.

This US law firm's London offering has an impressive DCM offering for clients that require both US and English securities law expertise. Additionally, the firm offers extensive experience in the insurance regulatory space. The firm has represented the underwriters in Aviva's USD400 million 8.25% SEC-registered capital securities issuance, due 2041. The firm offers a full suite of services including high-yield acquisition financing, sovereign bond offerings, regulatory capital representation, liability management and corporate debt advice. Other notable clients include Bank of America Merrill Lynch, Agrokor, JSC Astana Finance and GlaxoSmithKline.

KEY INDIVIDUALS Head of the firm's capital markets team Stephen Roith has both the depth and breadth of practice to handle any type of debt security transaction. He has represented JPMorgan in a EUR500 million 4.625% guaranteed notes issuance.

David Howe enjoys a strong reputation for his work in both financing and DCM. He has represented The Olayan Group in its USD445 million 9% tier 1 buffer capital notes issuance.

US securities partner Mark Walsh is described by clients as having "a sense of calmness in legal matters and a wealth of experience to draw on in comparable transactions." He represented Morgan Stanley in an exchange offer by ABN AMRO in a USD250 million 7.75% notes issuance.

This firm's innovative and multi-jurisdictional approach has led it to thrive in the capital markets space. The firm's debt capital markets offering is especially strong in representing both corporate and financial institutions in standalone bond issuances, structure debt offerings, covenant compliance advice on outstanding bond issuances and EMTN programmes. The firm has recently advised BP Capital Markets on CNY700 million 1.70% notes issuance due in 2014. Notable clients on the debt capital markets side include Morgan Stanley, Thomas Cook and Standard Bank. The team's strong equity offering represents issuers, book runners, sponsors and underwriters in the technology, media and telecommunications (TMT), natural resources and real estate industries. The firm has performed numerous IPOs, GDRs, placing and rights issues on the AIM and London Main Markets. The firm has advised HSBC and Citibank on the proposed listings of GDRs by Aamal, a Qatari company, on the main market of the LSE; the deal involved a Rule 144A offering into the USA. One client said: "It is  one of my go-to firms. They are reliable, solid and always very helpful and friendly."

KEY INDIVIDUALS US securities law and in international capital markets expert Charles Hawes advises clients on EMTN programmes, debt offerings and standalone bond issuances. He represents largely issuer and banking clients, including recent work for the arranger, JPMorgan, on a USD65 billion EMTN programme listed on the LSE, as well as on a syndicated issuance of £500 million 4.25% notes.

Christopher Horton heads the firm's international ECM team, and he is well regarded by peers for building a strong practice at the firm. He represented the joint UK Listing Authority (UKLA) sponsors, financial advisers and brokers in a reverse takeover and re-admission of shares on to the LSE, in connection with the Witchford and Redefine merger.

As one of the first firms to bring New York high-yield expertise to London, this firm has continued to thrive in spite of the tough economic climate. The team has been especially busy in the refinancing of loans and has represented PagesJaunes in a high-yield offering of EUR350 million 8.875% senior secured notes, with proceeds directed to prepayment of certain term indebtedness. The team is especially adept at financing through high-yield note issuances, intercreditor and subordination issues, and covenant negotiations. Clients have been especially impressed by the firm's service to them: "There is a good depth of experience across different levels and product sets within the firm. The people are incredibly commercial and helpful at not just the legal solutions but the practical implications of those solutions." 

KEY INDIVIDUALS Gregory Conway is the managing partner of the London office. He represents issuers, underwriters and initial purchasers in large-scale high-yield offerings. He has advised JPMorgan as the initial purchasers on the sale of high-yield notes by Bormioli Rocco; namely, EUR250 million 10% senior secured notes, due 2018.

Nicholas Shaw is highly respected by peers who find him to be a "main player in the market." He has a host of loyal private equity clients which he routinely represents in the high-yield space. One recent representation was for KION Finance on the offering of senior secured and senior secured floating notes.

This leading international practice represents issuers, underwriters, deal managers, lenders and sponsors in complex capital markets transactions. Aside from its multi-jurisdictional capabilities the team is able to rely on resources from other practice areas in its firm including strong corporate, banking, energy and tax groups. The team's ECM offering regularly represents clients in placings, IPOs, rights issues, Reg S/Rule 144A and US securities matters. The firm has been active in redomiciles and has represented Morgan Stanley and Credit Suisse as joint sponsors in the redomiciliation of the Evraz group through admission of its shares to the Official List of the UKLA and a main market listing on the LSE. The firm is also especially adept in the CIS markets and has represented the underwriters in the SEC-registered secondary offering of USD560 million by Mechel, a Russian mining company. On the debt side the firm excels in the refinancing of senior credit facilities, through note offerings and other debt issuances. The firm has advised the joint book running managers on a Rule 144A USD2.2 billion notes offering by VimpelCom Holdings through three tranches. The team is also experienced in work in the high-yield sector, representing clients on high-yield financings and high-yield debt and structured products. Notable clients include Williams Invest Holdings, JSC Gazprom, Ros Agro and Banco Comercial Portugues.

KEY INDIVIDUALS As co-head of the firm's corporate finance team in Europe, Richard Ely is a favourite amongst clients who find him to be "one of the nicest and most thoughtful guys around." He worked on one of the first European high-yield bonds, and he is well poised to represent clients in complex equity and debt transactions.

James Healy is the other co-head of the firm's corporate finance group in Europe, and he is described by his peers as "first class and easy to deal with." He has represented Williams Invest Holdings in its IPO and listing on the Frankfurt Stock Exchange (FWB).

Key partner Danny Tricot recently represented a Russian food processor, Ros Agro, in its IPO of USD330 million GDRs on the LSE.

Pranav Trivedi is a strong ECM lawyer who acted on the VimpelCom work mentioned above.

This firm's capital markets team offers seamless project management across multiple jurisdictions, as a result of which clients do not hesitate to use the firm on international IPOs and listings. The team represented PRADA in its recent IPO and listing on the HKSE for USD2.14 billion. Clients find they "would give them top marks in everything because of the level of comfort they give us. They are very thorough." The firm offers broad DCM representation covering everything from straight bonds and MTN programmes to 'Dim Sum' bond issuances. The team has represented Derwent London in a guaranteed convertible bond issuance of £175 million 2.75% due 2016. On the equity front, the team has represented clients in IPOs, placings, open offers, rights issues, as well as disposals of interest and demergers. The firm has represented the joint co-ordinators in the USD1.9 million New China Life Insurance IPO on the HKSE and Shanghai Stock Exchange (SSE). Notable clients include First Reserve, Workspace Group, NM Rothschild and Aviva.

KEY INDIVIDUALS Senior partner Christopher Saul has a wealth of experience in the capital markets sphere, which includes an understanding of securities transactions and expertise in general corporate work.

Key financing partner Marc Hutchinson is highly thought of by peers. He worked on the financing aspects of convertible bonds and share investment for the First Reserve Corporation.

This firm provides a global capital markets offering to an illustrious client base of underwriter and issuer clients. Clients are highly impressed by the firm's offering, commenting that "the firm makes every effort to understand us as a business. The lawyers are very experienced and supportive in all aspects of the transactions." The firm's DCM practice has expertise in advising clients on EMTN programmes, acquisition-linked bond issues, investment grade debt, high-yield note offerings and other debt offerings. On the ECM side the team has represented clients in numerous IPOs, exchange offers and other rights offerings. The team has counselled Pershing Square, a special purpose vehicle, on a £900 million IPO listed on the LSE.  

KEY INDIVIDUALS Key partner Vanessa Blackmore is the key contact at the firm.

This global firm's integrated US and English law practice has a strong private equity client base and is developing strength in both its underwriter and sovereign representations. Clients comment: "They have high professional standards, and excellent customer service." The firm's ECM and DCM teams are especially skilled in work in matters concerning CEE. On the ECM side the team has represented Deutsche Bank in the demerger of Valinor from Vallares and a proposed IPO on the Warsaw Stock Exchange. The firm routinely provides advice on IPOs, SEC-registered IPOs, foreign listings and dual track processes, and it can also leverage resources in its strong restructuring team to provide advice on equity refinancing transactions. The firm's DCM team has expertise in convertible and exchangeable bonds, MTN programmes, high-yield bond and note offerings, and LBOs. Other notable clients include JPMorgan, Lion Capital, Advent International and Providence Equity Partners.

KEY INDIVIDUALS Peter King is highly regarded for his representation of issuers in ECM transactions, and his clients include both banks and private equity firms.

This international firm's capital markets team has extensive experience in the emerging markets space, representing clients in Eastern Europe, the Middle East and Africa. The firm has become increasingly involved in the sovereign debt space, having represented the Federal Republic of Nigeria in its USD500 million debut bond issue, which was listed on the LSE, and was Rule 144A and Reg S compliant. On the DCM side the team is most active on distressed debt, liability management and leveraged loans, but it also handles high-yield work. On the ECM side the firm has been active on private placement work, IPOs, cash box placings, secondary offerings and rights issues. For example, the team has recently advised on a USD250 million IPO for Ruspetro on the LSE. Clients say the lawyers here "give good commercial pragmatic advice and are great in helping to recognise risks and managing them."

KEY INDIVIDUALS Stuart Matty is a lead partner in the firm's DCM team. He has extensive experience in the emerging markets sector and in frontier markets such as Nigeria, having worked on the debut bond issue mentioned above.

Ian Clark is well respected by his peers for his work in the emerging markets debt space, covering the Middle East and the CIS. Having recently joined the firm from Latham & Watkins, he has already handled a number of market-leading and high-profile cases.

Francis Fitzherbert-Brockholes is head of the London capital markets group and co-head of the European capital markets practice. He has represented Stadshypotek on a US medium term covered bond programme of USD15 billion, and follow-on issuance of USD1 billion 1.45% covered bonds, and USD600 million floating rate covered bonds due 2013.

Andrew Weiler is described by clients as "superb, very knowledgeable - he knew his stuff and knew what the market was doing." Additionally, another client says "he has made a successful career out of representing the issuer in Europe, UK and Scandinavia."

Aside from his English law expertise, Joshua Kiernan is an Israel capital markets specialist. He has advised Morgan Stanley as sole book runners on the secondary offering by GTC.