Capital Markets: Debt & Equity: UK

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 debt capital markets (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 representing Qatar Holdings in the acquisition of USD1.7 billion and CHF2.5 billion Tier 1 buffer capital notes from Credit Suisse.

Mark Dighero is head of the firm's equity capital markets (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 highlight saw him advise DS Smith, a large European packaging business, on a GBP466 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 noted for his DCM experience in CEE, wherein he has advised on transactions concerning Romania, Hungary, Poland and Slovakia.

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

Lisa Göransson heads Allen & Overy LLP's Nordic desk. She is qualified in Sweden and the UK, and has long-standing experience working on cross-border transactions involving Nordic organisations, including many capital markets transactions involving Norwegian companies. 

Sachin Davé specialises in US securities law. He also has considerable experience of capital markets work in Turkey; recent mandates include advising the joint lead managers on debut Eurobond issues by Garanti, Yapı ve Kredi Bankası and Türkiye Vakıflar Bankası. "He has excellent product knowledge and is in command of his subject," says a client.

Craig Byrne is co-managing partner of Allen & Overy's Italy offering. He wins excellent feedback from clients who admire his "proactivity, promptness, availability and excellent understanding of capital markets dynamics." Qualified to practise English and Canadian law, he is well known for advising pools of banks across multiple jurisdictions.

Paris-based Dan Lauder continues to play a key role in the DCM practice, and is noted for his expertise in UK related matters.

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. He recently advised a host of banks on the sale of 255 million shares in Nordea 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.

Raymond Fisher is noted for his handling of debt and equity matters concerning both the USA and Germany. He has spent time working in both jurisdictions and is a US-qualified lawyer.

In the firm's Swedish offering, Ashurst Advokatbyrå AB, Mat Hansson is a UK-qualified lawyer who is regularly involved in cross-border matters with a UK element.

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 Regulation S/Rule 144A offering of new and existing ordinary shares.

Simon Porter has a successful track record in advising on debt capital markets transactions in Turkey, such as assisting Global Yatirim Holding as borrower with the issuance of USD100 million 9.25% loan participation notes.

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. 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. David Collins is a key contact at the firm.

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. He is also noted for assisting clients in Indian block trades, including recent advice to the underwriters, Citigroup Global Markets India and Deutsche Equities India, on a USD127 million Regulation S/Rule 144A block trade by HCL Corporation of HCL Technologies shares on both the National Stock Exchange of India and the Bombay stock exchange.

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 is noted for his ECM and DCM expertise concerning the Russian market, as demonstrated by his recent advice to Russian food retailer Magnit on its USD350 million rights offering and accelerated bookbuilt placement of ordinary shares traded on MICEX/RTS.

US-qualified attorney Daniel Braverman is well respected by peers for his expertise in both European and Russian capital markets transactions. He handles a range of debt transactions, including sovereign debt work, as well as ECM transactions. His particular expertise in Russia-related matters has recently seen him lead a team advising Russian energy company EuroSibEnergo on its proposed IPO.

Pierre-Marie Boury enjoys a stellar reputation for his work in liability management and high-yield products, and sources note his strong experience of US-related capital markets transactions. He has worked on a EUR500 million tender offer by Wells Fargo for the acquisition of its outstanding notes.

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 buy-back and bond exchange counsel to the Greek government. Sources particularly note his capacity to handle matters concerning the Russian market. For example, he recently represented VTB in the raising of USD3.3 billion from its offering of 10% of its shares/GDRs, as part of the Russian Federation's privatisation programme.

Co-head of the European ECM team, Adrian Cartwright represents both issuers and underwriters in high-profile matters, including the firm's recent advice to the global co-ordinators and underwriters in the USD10 billion IPO of Glencore. 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 bookrunners in the USD500 million LSE listing of the Russian gold and silver mine company; this transaction demonstrates his considerable expertise in Russia-related matters, which is widely noted in the market.

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 is noted for his expertise in CEE, Ukraine and Russia. Recent work highlights include advising the joint lead managers on Czech Rail's debut issue of EUR300 million 4.50% notes due 2016.

Stewart Dunlop has a strong reputation in the DCM market working on bond issues, 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 high-yield notes issue.

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 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 PFI sectors. He represents major banks in development and infrastructure projects, as well as acting for local authorities. Recently he advised the Greater London Authority on a GBP600 million debut bond issue.

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 market, and is noted for his expertise in the Nordic countries and Turkey.

London-based Iain Hunter is commended for his work, and he regularly assists both Dubai-based issuers and financial institutions on London listings. For example, he advised DP World on its London listing.

Paris-based Cédric Burford has been particularly active in debt capital markets work of late, and is highly regarded for his capacity to handle UK-related work. He gains a wealth of positive feedback, with one source saying: "He is incredibly knowledgeable, pleasant to work with, and always finds the right solution. A real hands-on partner."

Interviewees confirm Milan-based partner Filippo Emanuele's position as a prominent US-qualified DCM lawyer, as well as an expert on the UK market. Clients are quick to praise him, pointing out that he "knows the arguments well and is very practical. He's a smart and quick lawyer."

Simon Witty joined the firm's London office in 2012 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 in 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 represented Glencore in USD110 million rights offerings of new shares.

John Banes is active in both Austria and Switzerland and wins praise from clients for his practical approach. "He knows what works and what doesn't. Exactly what you need when dealing with tricky topics," say sources. Recent work includes advising financial institutions on Oesterreichische Kontrollbank's USD2.25 billion notes offering.

Louise Roman Bernstein is a new addition to the firm, having joined from Dewey & LeBoeuf. 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. His Middle East practice has recently seen him act for the Lebanese Republic and various underwriters on transactions under the Lebanese Republic's USD22 billion global MTN programme.

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 its 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 issue of USD400 million trust certificates, due 2016, by the Sharjah Islamic Bank. David Cohen heads the DCM practice at the firm.

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; this transaction involved close co-operation with the firm's Moscow office.

Julian Makin is a leading ECM practitioner, described quite simply as "excellent." He is often called upon by investment banks and other financial institutions for advice on large-scale IPOs and was recently active in the firm's representation of NR Investments/Vallares in a GBP1.3 billion capital raising IPO and admission to trading on the LSE.

Peter Allen is a "great professional who is fast at getting the product out," say impressed sources. He is especially highly regarded for his expertise in Russian DCM matters, and he recently worked alongside lawyers in the firm's Moscow office to advise Metalloinvest on its debut Eurobond offering of USD750 million 6.5% guaranteed notes due 2016.

Stephen Revell recently moved from the London office of the firm to Singapore. He has considerable expertise in ECM matters in the UK market.

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 USD1 billion bond offering on the LSE.

Christopher Haynes is respected by clients for his "professionalism, commitment and effort." He represented two leading investment banks as sponsors in a EUR475 million sell-down by Aviva of part of 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 represented UBS as sole underwriter and bookrunner in the GBP100 million cash box placing for Capital & Counties Properties, with a joint application on the LSE and the Johannesburg stock exchange.

Nick Moore is an English law partner based in the firm's Moscow office. He regularly handles corporate and capital markets transactions in Russia and the Commonwealth of Independent States (CIS). His client base consists predominantly of international clients, whom he often advises on their entry to the Russian market. Sources appreciate his confident manner and solid negotiating style, as well as his creative and practical approach.

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. 

Olof Clausson is an ECM lawyer with expertise in Scandinavia, Turkey and the CIS. He is particularly highly regarded for his Sweden-related work, which has recently included advising Transmode Holding on its IPO and listing on NASDAQ OMX Stockholm.

Lene Malthasen co-chairs the firm's global capital markets group, and offers extensive experience of international deal making. Her practice covers both equity and debt, and she regularly works with issuers, underwriters, arrangers and trustees. Sources note her particular expertise in Russian ECM work.

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. He is widely praised for his capacity to handle ECM transactions involving African jurisdictions.

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 bookrunners and lead managers on the Vallares IPO for GBP1.35 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 issues, 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.

Jane Brown has considerable expertise in the bond market and has represented the joint lead managers and the co-managers in a USD1.5 billion dual-tranche bond issue by Abu Dhabi National Energy (TAQA).

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, bookrunners, 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." He is also active on Russian ECM deals, including recent advice to the joint global co-ordinators and joint bookrunners on the IPO of Russian real estate developer Etalon Group.

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 bookrunners 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.

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. He is noted in particular for his expertise in DCM and ECM in the Middle East, as well as ECM matters in African jurisdictions. Recent work highlights include advising the managers on a USD1.5 billion bond issue by Abu Dhabi National Energy (TAQA).

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." He is known for his handling of ECM work in CEE and the CIS, particularly Poland and Ukraine. He recently advised the selling shareholders, Eureko and Kappa, on the IPO of shares in Polish insurance company Powszechny Zaklad Ubezpieczeri.

Capital markets lawyer Tom O'Neill is the head of Linklaters' Turkey desk. Sources note his "rigorous approach" and excellent understanding of the Turkish regulatory and legal environment.

Madrid-based Íñigo Berrícano is admitted to practice in the UK and Spain, and is admired by clients as "one of the most experienced capital markets lawyers in Spain. A trusted adviser."

UK-qualified Federico Briano is based in the firm's Madrid office. He receives praise for his business-oriented attitude: "He's outstanding on the commercial side – he always knows where we want to get to, so I don't need to go through the details with him."

Andrew Burge is one of the most experienced English lawyers in Moscow, and he has built a fantastic reputation for his representation of underwriters and issuers in DCM.

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 issues, 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. 

Peter Noble is the head of Norton Rose Canada's London practice focusing on DCM. Notably, he is the only Canadian member of the International Capital Markets Association working group dealing with EU securities law.

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. 

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 is a leading expert in US securities law and a US-qualified lawyer. He has recently acted for UBS and Deutsche Bank in connection with the IPO and New York listing of European company AVAST Software.

Apostolos Gkoutzinis is widely regarded as a leading expert on Greek DCM matters, in which he continues to receive numerous instructions.

David Beveridge heads the capital markets practice in the firm's New York office. He is noted for his capacity to handle UK-related matters. 

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 issue. 

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 issue.

This firm's innovative and multi-jurisdictional approach has led to it thriving in the capital markets space. The firm's DCM offering is especially strong in representing both corporate and financial institutions in standalone bond issues, structure debt offerings, covenant compliance advice on outstanding bond issues and EMTN programmes. Notable clients on the debt capital markets side include Morgan Stanley, Thomas Cook and Standard Bank. The team's strong equity offering represents issuers, bookrunners, sponsors and underwriters in the TMT, natural resources and real estate industries. Charles Hawes is a key contact at the firm.

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 is well placed 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 is described by his peers as "first-class and easy to deal with." He represented Williams Invest Holdings in its IPO and listing on the Frankfurt stock exchange. Healy is also the head of the firm’s Italian practice. Over the years he has represented the Italian Republic in numerous debt issues as well as many major Italian corporates, including Enel.

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, with particular expertise in the Russian market. He recently advised the joint bookrunning managers on a Rule 144A USD2.2 billion notes offering by VimpelCom Holdings through three tranches.

Counsel Nikolas Colbridge maintains a strong profile in Russian ECM matters.  

Richard Muglia concentrates on public and private securities offerings, and is often involved in Russian transactions. For example, he also advised Ros Agro on its USD330 million IPO on the LSE. Commentators report that “he is an absolute pleasure to work with.”

Bruce Buck spent a number of years in the Moscow office and retains close links with the Russian market. He recently advised the joint sponsors, Morgan Stanley and Credit Suisse, in the redomiciliation of the Evraz Group to the UK, as well as the admission of its shares to the main market of the LSE.

Since publication, Richard Muglia has retired from this practice.

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.

A European counsel based in London, Oderisio de Vito Piscicelli regularly handles large bond offerings and IPOs in Italy, advising clients including Enel and Finmeccanica.

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

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 represented the Federal Republic of Nigeria in its USD500 million debut bond issue listed on the LSE, and which was Rule 144A and Regulation S compliant. He is also noted for his considerable DCM experience in Russia, Kazakhstan and Ukraine.

Ian Clark is well respected by his peers for his work in the emerging markets debt space, covering the Middle East and the CIS. He is also widely praised for his experience advising on transactions involving Turkish issuers. 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 issues of USD1 billion 1.45% covered bonds, and USD600 million floating-rate covered bonds due 2013. He is also noted for his expertise in Kazakhstan DCM work.

Andrew Weiler is described by clients as "superb, very knowledgeable – he knew his stuff and what the market was doing." Additionally, another client says: "He has made a successful career out of representing the issuer in Europe, the UK and Scandinavia." Sources particularly highlight his expertise in DCM work concerning the USA, especially US private placements.

Aside from his English law expertise, Joshua Kiernan is an Israel capital markets specialist. He has a superb reputation for his capital markets experience in this jurisdiction, and when it comes to advising Israeli clients on cross-border issues, his fans say he is "very involved and very assertive and pretty much rules."

Colin Chang is qualified in France and the USA, and is also noted for his particular expertise in UK-related matters. His practice focuses on securities and particularly high-yield financings.

Madrid-based Yoko Takagi joined the firm from Latham & Watkins in 2013. Sheis qualified to practise in Spain and the UK. Clients say she is "fantastic – methodical, clear and direct, which makes her a pleasure to work with."