Capital Markets: South Africa

THE FIRM This highly respected team moved to Baker & McKenzie in early 2012, following the collapse of Dewey & LeBoeuf. Clients benefit from the group's valuable experience in debt capital markets, which includes representing significant local and international names as issuers and arrangers.

KEY INDIVIDUALS The well-regarded Wildu du Plessis has extensive experience across a range of capital markets issues. He joined Baker & McKenzie's Johannesburg office in May 2012, after leaving Werksmans Attorneys.

Amelia Heeger moved to Baker & McKenzie's South African branch alongside Wildu du Plessis, and has recently advised several local financial luminaries on their role as arrangers in notes programmes.

THE FIRM This firm receives high praise for both its debt and equity capital markets expertise, advising big-ticket clients on a broad range of matters. On the equity side, highlights include representing Freeworld Coatings in its delisting from the JSE, and in the associated offer by scheme of arrangement to its minority shareholders. The team has an excellent reputation for its domestic medium-term note (DMTN) practice, and advises a number of major financial institutions on their related activities, while derivatives work is a further strength.

Sources say: "A team with a lot of depth - they can handle high volumes of work while paying specific attention to complex legal issues."

KEY INDIVIDUALS Corporate specialist Ezra Davids offers considerable experience in equity capital markets, and advised Freeworld on the abovementioned delisting. 

Clients value Lionel Shawe very highly, describing him as "very good at coming up with solutions."

Casper van Heerden also attracts extensive praise from sources, who say: "His dedication is unsurpassed - no one else has the passion for client consideration and interaction that he does."

THE FIRM This team's equity capital markets highlights complement its many notable corporate achievements, both at home and abroad. The group advised Brait on its ZAR5.9 billion rights offer on the Luxembourg stock exchange, and acted for retailer Holdsport on its JSE listing. In other domestic matters, the firm represented Rebosis Property Fund in its ZAR2.19 billion JSE offering. The debt capital markets practice advises a range of major financial institutions within South Africa, and has considerable capabilities in DMTN work and preference share issues.

Sources say: "A very strong practice - these guys are amongst the most up to speed in capital markets."

KEY INDIVIDUALS Johan Latsky receives excellent feedback from clients, who assert that he "brings a large amount of gravitas and knowledge to a transaction."

Jackie King joined the firm in 2012 from Norton Rose South Africa. She has an excellent reputation for her debt expertise, and wins high praise for her "rare, in-depth knowledge of legislation regarding capital markets, negotiable instruments and banking law."

THE FIRM This group is praised for its deep bench of talented lawyers. Its varied workload features JSE listings, securitisations and preference share issues for a broad spectrum of major names. On the debt side, the firm advised both Telkom SA as issuer and Standard Bank as arranger on the establishment and JSE listing of Telkom's DMTN programme. In cross-border matters, the team represented Gold One International and Gold One Africa in the conversion and settlement of their convertible bonds, listed on the Australian Securities Exchange (ASX). Impressive equity capital markets matters included representing Discovery and the Vunani Property Investment Fund in their JSE listings, each valued at over ZAR800 million.

Sources say: "A preferred firm for capital markets work." 

KEY INDIVIDUALS Doron Joffe's standout work includes advising Discovery on its proposed perpetual preference share issue of ZAR1.5 billion.

Blue-chip clients have a high regard for Clinton van Loggerenberg's skills in debt capital markets. He advised Absa Bank on the update to its EMTN programme, and on amendments to the programme to allow the issue of credit-linked notes.

Stephen von Schirnding has an excellent reputation for his expertise in securitisation. Practice highlights include restructuring existing securitisations as well as establishing new programmes.

Roger Rudolph co-leads the firm's banking and finance department, and is known for his considerable experience in securities matters.

THE FIRM This practice group benefits from the firm's international presence, and handles a variety of cross-border work. The equity team advised SacOil Holdings on its secondary listing on AIM, and represented Stonewall Mining in its reverse listing on ASX, via its acquisition by Meridian Resources. In domestic highlights, the group acted for Capitec Bank Holdings on the placing and issue of new ordinary shares. On the debt side, it advised the National Treasury of the South African government on its issue of USD1.5 billion notes on the Luxembourg Stock Exchange, a matter in which the firm also represented the underwriters.

KEY INDIVIDUALS Kevin Cron is the key contact, and he focuses on equity capital markets. Debt capital markets lawyer Jackie King left Norton Rose to join Cliffe Dekker Hofmeyr in 2012.

THE FIRM This firm covers an impressively wide range of capital markets matters. Its client base includes a number of top international and domestic financial institutions, as well as names from the mining and construction industries. On the debt side, it advised Anglo American SA Finance on the issue of notes under its ZAR2 billion DMTN programme. The equity team advised Mondi and MPact (formerly Mondi Packaging) on Mondi's unbundling of MPact, and MPact's subsequent JSE listing, valued at ZAR3.9 billion.

Sources say: "A top-tier firm on the equity side." "A Band 1 practice for DCM."

KEY INDIVIDUALS Karen Couzyn has a sterling reputation for her experience in debt capital markets. Highlights include advising the House of Busby on the establishment of a DMTN programme, and on the issue of the first tranche of notes under the programme.

Christo Els attracts excellent feedback from clients, who describe him as "technically very knowledgeable, with a solutions-driven approach."

Peers have a high opinion of Lindi Marais, who represented Standard Bank as arranger in a ZAR2.483 billion refinancing of notes under the Blue Granite Investments No. 3 asset-backed note issuer programme.

THE FIRM This group continues to attract substantial debt capital markets mandates, despite a number of losses from the team in early 2012. Highlights include work for a range of blue-chip organisations, such as Rand Merchant Bank, Nedbank and JPMorgan Chase. The firm also advised Investec Bank as arranger and Investec Property Fund as issuer on the establishment of a ZAR1 billion DMTN programme. In work for non-financial services clients, the group represented Shoprite Holdings in its issue of ZAR4.5 billion senior unsecured guaranteed convertible bonds.

KEY INDIVIDUALS Richard Roothman is highly respected for his capital markets expertise. He acted for both Absa Capital as arranger and Ekurhuleni Metropolitan Municipality as issuer in the ZAR800 million issue of notes under the municipality's DMTN programme.