Capital Markets: Germany

THE FIRM This high-profile firm continues to bolster its capital markets capacity with significant additions to the team during the past year. The firm serves as ongoing counsel to Deutsche Bank in relation to its debt issue programme and advises some of the top banking and financial institutions – including Barclays and HSBC – in connection with both German and non-German law-governed bond issues. Its equity capital markets work is increasingly recognised in the market, with the team representing both issuers and underwriters in a number of IPOs and capital increases. The firm's securities portfolio includes the restructuring of several of the few CDOs governed by German law, totalling EUR1.7 billion. The team is praised for its dedication, speed and business awareness.

Sources say: "Allen & Overy is very much in line with the top players in the capital markets arena. The team is always pragmatic, responsive and technically brilliant, whilst demonstrating a willingness to think outside the box." 

KEY INDIVIDUALS Okko Hendrik Behrends advises on a range of debt and derivatives transactions. He led the team representing Barclays in issuing under German law an N bond worth EUR35 billion.

Clients describe equity capital markets lead lawyer Oliver Seiler as "a great captain who is very experienced in complex equity structures."

Fellow equity team member and US-qualified Gernot Wagner is praised for his "hands-on approach, great business awareness and transaction management skills; he's definitely someone you want in your corner." 

Recent arrival Berthold Kusserow is heralded as "an authority on all debt securities law."

Since publication, Okko Hendrik Behrends has joined Latham & Watkins

Since publication, Okko Hendrik Behrends has joined Latham & Watkins

THE FIRM The German arm of this international firm serves an impressive client roster on the full range of debt capital markets. Recent highlights include advising Daimler on the legal requirements across Germany, Japan and the USA in connection with its role as issuer of a joint EUR35 billion EMTN programme. Additional clients include Citi, Morgan Stanley and Bank of America Merrill Lynch.

Sources say: "The firm provides a high-quality service; the lawyers are extremely easy to work with and take care of things without you having to push them."

KEY INDIVIDUALS Christoph Enderstein handles the firm's debt capital markets portfolio and receives widespread endorsement for his expertise in this area. He comes particularly recommended for his knowledge of asset-backed securities.

Matthias von Oppen is considered a rising star in the market and is especially well regarded for his niche in Chinese IPOs, having recently advised several underwriters on such transactions.

Tobias Krug is the partner in charge of the derivatives practice and heads up the team serving as ongoing counsel to Bank of America Merrill Lynch on its local structured finance and securities programme. Clients value his customer care, noting that "he knows what we are looking for and what's necessary to give us the best support he can, and is always conscious of our budget constraints."

THE FIRM The structured finance practice at this all-round firm is especially noted for its focus on automotive securitisations. The team serves as ongoing counsel to Volkswagen in relation to its complete portfolio of asset-backed autoloan securities. It also represented WestLB as arrangers of the first public securitisation of lease receivables by Gallinat Bank. Clients appreciate the firm's reliable billing system.

Sources say: "The team provides a really good service: it is always available, as well as being quick and to the point in its recommendations."

KEY INDIVIDUALS Dietmar Helms heads the structured finance and securitisation department, and has led on all transactions for Volkswagen. Clients rate him as "a most helpful co-ordinator: he always finds solutions to problems using a very pragmatic and positive approach."

Martin Kaiser regularly lectures on international finance law at WHU-Otto Beisheim School of Management. He complements his academic profile with excellent technical skill, and recently led the team advising WestLB.

Associate Johannes Rothmund earns widespread praise from peers, who regard him as an "outstanding lawyer." He recently left Baker & McKenzie to join the in-house legal department at Commerzbank.

THE FIRM The capital markets division of this world-class firm comes highly recommended for its leading equity capital markets practice, as well as its strength in debt capital markets transactions. The team is noted for its international standing and recently advised Deutsche Bank on its EUR10.2 billion rights offering conducted as a public offering in Germany, the USA and the UK. On the debt side, the team served as underwriters' counsel to Bank of America, Citi and JPMorgan in the offering of guaranteed notes issued by Volkswagen International Finance worth USD1.75 billion, including aspects of both German and US law.

Sources say: "The team combines local knowledge with strong overseas expertise, which is a big advantage for international clients."

KEY INDIVIDUALS Gabriele Apfelbacher is celebrated for her "unparalleled work ethic." She is also admitted to practice in New York.

US-qualified Ward Greenberg co-led the team advising Deutsche Bank on its public offering. Clients highlight Greenberg's know-how of the interaction between US and German banking regulations.

Hanno Sperlich co-worked on Deutsche Bank's public offering and comes highly recommended for securities, IPOs and M&A transactions.

Thomas Kopp is praised for his work in debt securities and is described as "a very smart lawyer who covers a wide range of complex capital markets transactions."

THE FIRM This accomplished firm offers a market-leading structured finance practice and additionally participates in a range of debt and equity transactions. The capital markets team recently advised on the first bond issued in Chinese yuan by a German company, representing Bank of China, HSBC and Standard Chartered Bank as the underwriters. It also represented Volkswagen in the much-publicised capital increase carried out by its parent company, Porsche, worth EUR4.9 billion. The firm's structured products portfolio includes advising high-calibre clients such as ABN AMRO and Deutsche Bank in connection with restructurings, ABCP conduits and automobile loans and leasing receivables, amongst other asset classes.

Sources say: "The team offers a high standard of legal services with a very pragmatic approach. Its strengths include its knowledge of clients' needs, as well as its solution-oriented advice and top-ranking commercial awareness."

KEY INDIVIDUALS US and German-qualified Sebastian Maerker is a well-established debt capital markets lawyer who also participates in the firm's equity transactions. He led the team representing the underwriters of Volkswagen's yuan-denominated bond.

George Hacket is noted for his Austrian focus and is also admitted to practice in New York. He has been particularly active advising clients in connection with capital increases during the past year.

Markus Pfüller is recognised as the team's leading equity capital markets partner, and acted as main counsel on the Porsche capital increase.

Structured finance expert Arne Klüwer comes recommended for his high-quality advice and oversees much of the team's work in this area.

Oliver Kronat regularly advises on conduits and is described by clients as "an excellent lawyer who is always searching for the best and most efficient solution."

Peers perceive UK-qualified Kirti Vasu to be one of the longest-standing lawyers in the securities market. She recently led the team representing UniCredit in placing small and medium-sized enterprise receivables in the capital markets through a securitisation.

Michael Weller serves as counsel to a number of financial institutions in respect of a wide range of structured financings.

Peter Scherer enjoys a great market reputation for his work in derivatives.

Marc Benzler is also strong in derivatives, as well as regulatory issues and structured debt instruments.

New talent Gregor Evenkamp is praised for his vast knowledge and experience in this sector, as well as his "proactive and business-oriented approach."

THE FIRM The equity practice of this German firm is renowned for its specialist niche in Chinese IPOs, and the firm has now established a Shanghai office to support its work in that jurisdiction. The team is currently advising several Chinese companies on their listings on the German market. It also represented Luxembourg-formed company Italy1 Investment in its listing on the Milan stock exchange.

Sources say: "The team is client and deal-oriented, and tends to be more flexible than larger firms, whilst still demonstrating the same level of expertise."

KEY INDIVIDUALS Andreas Zanner heads the capital markets practice and led on many of the firm's recent transactions in this area. Clients describe him as "straightforward and solution-focused, with an excellent knowledge base."

THE FIRM This firm's capital markets division is particularly recognised for its participation in equity and derivatives transactions. The equity team recently advised Credit Suisse on the accelerated bookbuilding of EUR2.4 million shares in a German-listed Chinese company. It also serves as counsel in connection with rights offerings and IPOs. The structured finance team is currently representing RBS in respect of several issue programmes for structured notes, certificates and warrants likely to total several hundred billion euros. The market is waiting to see the full impact of Matthias von Oppen's departure.

KEY INDIVIDUALS Peers highlight equity capital markets partner Philipp von Ilberg for his focus on advising small and mid-cap Chinese issuers, whilst clients view him as "very quick, responsive and intelligent."

Since publication, Philipp von Ilberg has joined McDermott Will & Emery

THE FIRM This top-tier firm excels across the capital markets sector and is an uncontested leader in equity and debt capital markets. Its equity portfolio features numerous IPOs and capital increases for the likes of Credit Suisse, Bank of America Merrill Lynch and Oaktree Capital Management. Recent debt transactions include advising Continental on the issue of the first secured high-yield bond under the German Bond Act. The firm's structured finance and securitisations team is currently advising clients such as BayernLB, RBS and GMAC on a wide range of structured products, including ABCP conduits and autoloan receivables.

Sources say: "An outstanding firm which has had a tremendous run in capital markets in recent years."

KEY INDIVIDUALS Christoph Gleske heads the capital markets team and is labelled "Mr Hybrid Capital" by peers. He advised Continental on the issue of the first secured high-yield bond under the German Bond Act.

Andreas König focuses on IPOs and is described as "a highly-experienced lawyer." 

US-qualified Mark Strauch handles the US legal aspects of the firm's capital markets transactions. He worked on the Continental high-yield bond with Gleske.

Rick van Aerssen is an established name in both equity and debt capital markets. Clients rate him as "a pragmatic and results-oriented lawyer who is very easy to work with."

Andreas Bartsch co-leads the firm's securitisation practice, and is representing GMAC in the securitisation of auto loan receivables under German law. Clients praise him as "an extremely impressive structured finance lawyer who provides concise and efficient recommendations."

Bernhard Kaiser is currently advising BayernLB on a potential damages claim against former members of its supervisory board as a result of losses incurred in connection with the operation of various ABCP conduit programmes.

THE FIRM This local firm is making strides in the German equity scene. Its client base is comprised principally of small and mid-cap companies, which it advises on a range of IPOs and capital increases. The team was recently involved in JPMorgan and Deutsche Bank's underwriting of Klöckner & Co's EUR527 million capital increase via a subscription rights issue.

KEY INDIVIDUALS Department head Stephan Aubel continues to enjoy a "strong presence in the equity market." He focuses on IPOs, capital increases and bond issues.

Peers regard Hoimar von Ditfurth as a "well-respected and experienced figure in equity capital markets."

THE FIRM This leading German firm is a recognised leader in the capital markets arena. In debt capital markets, the team represents both issuers and underwriters, and recently acted for Commerzbank and UniCredit on the refinancing of local company Symrise. In equity, the team advised a syndicate of 36 banks on a pre-emptive rights offering by Deutsche Bank totalling EUR10.2 billion. It also undertook a variety of securitisation transactions for names such as WestLB, Citibank and BNP Paribas.

Sources say: "The firm gives top service across different capital market products and demonstrates an entrepreneurial spirit. The team members are very responsive and give helpful, high-quality advice." "The number one in Germany."

KEY INDIVIDUALS Hendrik Haag comes recommended for his "long-standing experience in debt capital markets."

Dirk Bliesener is a key member of the structured products team. He frequently advises on covered bond programmes and recently served as counsel to BNP Paribas in this respect.

Torsten Busch specialises in equity transactions, where sources describe him as "outstanding – a really impressive lawyer." He led the team representing the bank consortium in the Deutsche Bank capital increase.

Wolfgang Groß recently advised Commerzbank on its equity capital markets portfolio and is widely acclaimed by peers in this arena.

Maximilian Schiessl addresses a range of capital market transactions, with a focus on equity.

Sources perceive Reinhold Ernst as having an important profile in the equity market, where he handles IPOs and capital increases.

Daniela Favoccia's practice covers corporate and capital markets transactions. During the last year she represented Commerzbank and Deutsche Bank in the EUR420 million capital increase of Heidelberger Druckmaschinen.

Stefan Krauss is the partner in charge of the firm's structured finance and securitisation work, and has a particular focus on derivatives. His recent transactions include the restructuring of a Euromax VI ABS for Citibank.

Daniel Weiß maintains his prolific activity in structured finance and securitisation, and also earns praise for his extensive banking and restructuring expertise.

London-based Martin Geiger is a well-known name in the German structured finance market, and recently represented WestLB in connection with the securitisation of lease receivables worth EUR250 million. 

THE FIRM This firm has an established presence in structured finance and is now making inroads into the German equity capital markets arena. The team represents an impressive array of international clients and recently served as counsel to News Corporation in a convertible bond issue by Sky Deutschland, in which the company holds a 50% stake. In structured finance the team advised BNP Paribas on its structured notes programme in Germany.

Sources say: "This firm has great expertise in securities and capital markets law. The team is very business-friendly and has a good understanding of the regulatory environment."

KEY INDIVIDUALS Sven Brandt heads the firm's debt capital markets division but is primarily recognised for his work in structured finance. During the past year he advised on the securitisation of a variety of asset classes, including autoloans, leases and trade receivables.

Michael Schlitt's addition to the team as head of the German capital markets practice has been very well received by the market. According to sources, "he's one of the most impressive lawyers you can encounter in the equity world: he's committed and hard-working, and has an excellent knowledge base."

Karsten Müller-Eising leads the firm's equity capital markets team and is widely endorsed by peers as a "very knowledgeable lawyer."

Susanne Schäfer has worked with Schlitt on a range of equity transactions, including providing underwriters' counsel to Credit Suisse on the capital increase of Roth & Rau under exclusion of pre-emptive rights.

Since publication, Karsten Müller-Eising has joined Jones Day

THE FIRM The debt capital markets division of this international firm is known for its active high-yield practice. The team recently advised a consortium of banks led by Deutsche Bank on the first German law-governed high-yield bond offering by ALBA Group, worth EUR203 million. The equity capital markets team has also broadened its capacity to serve as underwriters' counsel, and represented Deutsche Bank, Goldman Sachs and JPMorgan in the widely publicised EUR210 million IPO of Elster Group, the first listing of a German issuer on the NYSE since 2006.

KEY INDIVIDUALS Roland Maass led on several of the firm's recent equity capital markets highlights, including rights offerings, IPOs and capital increases. He is also admitted to practice in New York.

Rüdiger Malaun is an established capital markets lawyer whom peers deem to be highly visible in sub-investment grade work. He is particularly active in high-yield bonds and led on the offering by ALBA Group. He is also qualified to practise in Austria, and clients greatly value his knowledge of that jurisdiction.

THE FIRM Peers unanimously view this firm as a leader in debt capital markets. The team has participated in some of the year's most prominent bond issues and handles an increasing number of high-yield bonds. It recently advised Goldman Sachs and Morgan Stanley on a high-yield bond issued by ATU worth EUR450 million. The firm's equity capital markets team is also widely recognised in the market. It is currently representing Deutsche Börse in its merger with New York-listed company Euronext; it is expected that the merger will create the world's largest stock exchange by revenue. In structured finance, the firm recently served as counsel to BNP Paribas and Danske Bank on the EUR348 million refinancing of Danish SME banks. Clients highlight the firm's experience in the syndicated loan market, as well as its global brand and network.

Sources say: "It is always a pleasure working with Linklaters as the team is very deal-oriented and provides a quick, high-quality service."

KEY INDIVIDUALS Peter Waltz worked on the high-yield bond issue and is noted for his expertise and working connections. Clients describe him as "second to none" and also highlight his knowledge of Austrian capital markets.

Oliver Dreher comes recommended for his strengths in structured products and is recognised as a rising star by his debt capital markets peers.

Herbert Harrer leads the firm's equity capital markets division and is described as the "backbone" of its practice in this area. He is currently advising on the capital markets elements of the Deutsche Börse case.

Peers hail Laurenz Uhl as a wise choice for structured finance transactions. He recently worked on the securitisation for the Danish SME banks.

Kurt Dittrich co-leads the firm's structured finance practice and continues to be involved in high-profile securitisation deals.

THE FIRM This firm's well-renowned structured finance practice has a particular focus on automotive and consumer securitisations. The team recently advised HSBC on a EUR535 million autoloan securitisation originated by Ford entailing the issue of notes under Regulation S and Rule 144A.

KEY INDIVIDUALS Department head Ralf Hesdahl advises a catalogue of arrangers, issuers and originators on both public and private securitisations. He led the team working on the Ford autoloan securitisation.

Jörg Wulfken is also seen as a long-standing player in the market and his broad practice covers securitisation, capital markets and banking and finance.

Jochen Seitz recently joined the firm as co-head of global debt capital markets. He is particularly recognised for his expertise in securitised derivatives and is hailed by clients as "a hard worker who is always up to date with forthcoming changes in legislation."

THE FIRM The equity practice of this European firm handles a range of transactions, including IPOs and capital increases. The team recently advised SAF-Holland on a capital increase which doubled the company's share capital.

Sources say: "These are high-level professionals with long experience and worldwide connections and know-how. They work hard for their clients and deliver results in a timely manner."

KEY INDIVIDUALS Practice head Laurenz Wieneke focuses on the financing of listed real estate companies. He recently served as main counsel to TAG Immobilien in connection with a variety of financing instruments, such as convertible bonds and capital increases. He comes recommended by clients and peers alike, who view him as "experienced, pragmatic and able to create a positive working environment."

THE FIRM This firm enjoys a growing profile in capital markets and wins praise for its practice in equity capital markets. The team handles transactional work as well as overseeing public takeovers and providing day-to-day advice to listed companies. During the last year the firm advised Close Brothers Seydler Bank on a number of equity transactions, including rights issues and international share placements. The team also focuses on emerging markets, and represents a number of Russian and Chinese issuers. Clients highlight the firm's good value for money.

Sources say: "The quality of service is outstanding. The firm provides a very high level of partner involvement and as a result response times are extremely short, even during periods when the team carries huge workloads."

KEY INDIVIDUALS Frank Regelin heads the German equity capital markets practice and is widely acclaimed by his peers in this sector. Clients value his experience, industry knowledge and pragmatic approach, noting that "he is a very amiable, hard-working person with a sense not only for law but for business too."

Senior associate Sascha Grimm speaks fluent Russian and has a particular niche in advising Russian issuers on listing on the Frankfurt stock exchange. Clients perceive him as "a pillar of the team who is always accessible." 

THE FIRM The capital markets practice of this full-service firm enjoys substantial success in the German market. During the past year its debt team participated in a number of euro and US dollar-denominated high-yield bonds, advising Credit Suisse, Deutsche Bank and JPMorgan as the initial purchasers of several offerings of this kind. In equity work, the firm recently represented RBS and UniCredit in connection with the capital increase of Sky Deutschland.

Sources say: "Shearman's German office is top-notch and has the ability to tap effectively into the know-how of the whole firm across wider practice areas."

KEY INDIVIDUALS Marc Plepelits is admitted to practice in New York and also has substantial knowledge of the Austrian market. Clients value his international expertise, particularly on US aspects of German equity deals, and describe him as "a great negotiator who knows how to run a process and keeps things moving even when facing inexperienced counsel on the other side."

Hans Diekmann focuses on both corporate and capital markets transactions, and recently represented clients in connection with several significant capital increases.

Since publication, Hans Diekmann has joined Allen & Overy LLP

THE FIRM The Frankfurt office of this world-renowned firm is active across the board in structured finance. The team regularly advises on collateralised debt obligations as well as a wide variety of additional asset classes, including trade, loan, lease and mail order receivables securitisation.

KEY INDIVIDUALS Managing partner Oliver Kessler is an established name in structured financing.

Jens Rinze has a wealth of experience advising national and international lenders, arrangers, originators and other investors on structured products.

Since publication, Oliver Kessler has joined O&R Oppenhoff & Rädler AG

THE FIRM This firm enjoys a strong reputation across both debt and equity capital markets. The team recently served as German and US counsel to the underwriters – a consortium of banks led by Deutsche Bank – on the EUR11 billion capital increase of Commerzbank, one of the largest transactions of this kind in the German market. It also represented Sky Deutschland in its EUR165 million private placement of convertible bonds.

Sources say: "An excellent capital markets outfit. The client service is outstanding and the team very much understands the business side of things. It is always one step ahead."

THE FIRM Department head Wolfgang Feuring is a much-respected figure in equity capital markets and was heavily involved in the Commerzbank transaction.

Sources praise Carsten Berrar as "an extraordinary underwriters' counsel in equity transactions." He is also admitted to practice in New York.

Konstantin Technau worked with Berrar on the Sky Deutschland deal and comes highly recommended by clients for his work in large equity deals.

THE FIRM This firm's comprehensive capital markets division is particularly well regarded for its debt expertise. The debt capital markets team recently advised Barclays on the update of its highly-diversified German note programme. In equity the firm offers both transactional and day-to-day advice, and recently acted for Deutsche Bank and Morgan Stanley on the planned IPO of a German company. The structured finance team handles a variety of asset classes and works closely with the London and New York offices, particularly for regulatory issues. The firm was recently appointed as counsel for UniCredit's ABCP programmes in Germany.

Sources say: "This is a quick, pragmatic and mindful firm which always focuses on providing effective ideas and solutions. Its client service and commercial awareness are top tier."

KEY INDIVIDUALS Debt specialist Jochen Artzinger-Bolten comes recommended for his strong reputation in this area and is also admitted to practice in New York. He led the team advising Barclays on its structured notes programme.

Lutz Robert Krämer heads the corporate and capital markets department and is the firm's lead partner for equity matters.

Benedikt Gillessen is another key member of the equity team. He and Krämer worked together on advising Deutsche Bank and Morgan Stanley.

Structured finance head Ulf Kreppel is described by clients as "a deliverer with a lot of know-how, who gets to the point very quickly." He is currently serving as lead counsel to UniCredit.

Since publication, Ulf Kreppel has joined Jones Day