Capital Markets: France

THE FIRM This team maintains its reputation as one of the top capital markets players in Paris. It offers a full service in debt, derivatives and structured finance, and has considerably enhanced its equity profile in recent times with a number of lateral hires. Several members of the team are dual-qualified in the USA or UK, and are therefore well equipped to assist clients with complex, multi-jurisdictional transactions. On the debt side, the group recently advised Goldman Sachs and JPMorgan on a major bond issuance for SUEZ ENVIRONNEMENT. It also advised Barclays Capital on a USD15 billion covered bonds MTN programme for Swedbank Mortgage.

Sources say: "The team contains a perfect balance of experienced, mid-level and junior practitioners."

KEY INDIVIDUALS As head of the international capital markets team, François Poudelet leads on several high-profile transactions. "He is commercially minded and comes up with innovative solutions," states one source. 

Marc Castagnède is highly regarded by peers and credited with enhancing the firm's equity capabilities.

Fabrice Faure-Dauphin heads the securitisation and covered bonds group. His clients include banking giants Citi, BNP Paribas and Société Générale.

UK-qualified Dan Lauder is described as "creative and helpful." He frequently advises arrangers in relation to MTN programmes.

Diana Billik attracts praise for her detailed knowledge of US law pertaining to capital markets, which she deploys to great effect on cross-border deals.

Hervé Ekué maintains his reputation as a key member of the team. "He gives structured, practical advice and has excellent language skills."

THE FIRM This team has seen a number of internal promotions and new hires in the past twelve months, which have strengthened its capacity in securities and derivatives. It continues to attract several high-profile clients, including French and UK banks and financial institutions. In a recent highlight, the team advised LCH.Clearnet on a number of transactions relating to credit default swaps. In addition, the group is renowned for its regulatory practice and often advises on regulatory issues linked to financial products.

Sources say: "The team is well respected and has forged strong links with banks and regulatory bodies alike."

KEY INDIVIDUALS Interviewees describe Julien Bacus as "helpful and efficient; a high-quality practitioner." He has considerable experience in structured finance products and is noted for his skill in drafting contractual documentation.

THE FIRM Bredin Prat is one of France's best-known independent firms, and enjoys a growing presence across a broad range of capital markets matters, gathering particular praise for its equity practice. It largely represents French issuers but also advises international banks. In spite of the tough economic climate, the team continues to broaden its client base and win new mandates. For example, it recently assisted Verallia with the IPO of the packaging division of Saint-Gobain; this transaction is estimated to be one of the largest IPOs in France since the start of the financial crisis. In addition, the group is well placed to handle cross-border deals as part of a 'best friends' network of independent firms, which brings together elite firms situated across Europe and further afield.

Sources say: "This highly efficient firm offers top-quality service and creative solutions."

KEY INDIVIDUALS Hailed as "focused and detail-oriented," Patrick Dziewolski concentrates on a number of areas including privatisations and securities law. His clients include Euromedia Group and the French state.

Olivier Saba enters the rankings this year following enthusiastic feedback: "He is sharp, creative and has an extensive knowledge of IPOs. He always respects deadlines and is a pleasure to work with." Qualified in Paris and New York, he has a considerable amount of international experience in capital markets and M&A matters.

THE FIRM This team enjoys an excellent reputation for its capital markets work, and is particularly renowned for its expertise in equity and derivatives, although peers note it has an increasing presence in debt matters. It maintains a broad range of expertise and a large market share, assisting both domestic and international clients. In a recent highlight, the group represented ArcelorMittal in a high-value registered bond offering. It also successfully advised Accor on the spin-off of its services business, a complex transaction which saw the team collaborating with other departments in the firm to offer a fully integrated service.

Sources say: "A dedicated, knowledgeable and efficient team."

KEY INDIVIDUALS Pierre-Yves Chabert is consistently rated by commentators as a star performer with a wealth of capital markets experience. His practice focuses on M&A and securities regulations.

Andrew Bernstein receives similar praise for his detailed knowledge of structured financing and joint ventures. He has developed specific expertise in the oil and gas sector, and counts Total as one of his key clients.

John Brinitzer is lauded for his "impressive knowledge of the high-yield bond market." He leads on a number of high-profile transactions, particularly those with a sizeable US element. 

Described as "sharp and reliable," Marie-Laurence Tibi continues to make her presence felt in the corporate market. She is also well versed in US transactions and frequently advises on cross-border matters.

Fabrice Baumgartner runs a broad practice, representing international clients in a variety of capital markets issues.

Valérie Lemaitre is regarded as a "go-to lawyer for syndicated loan work." As with all of the ranked partners in this team, she is a member of the Bar in both Paris and New York.

THE FIRM This 16-lawyer team continues to hold sway in the market, offering a full service in capital markets. Its strengths lie principally in debt, structured finance and derivatives, but it also has a notable volume of activity in equity transactions. On the securitisation side, the group advised the European Financial Stability Facility (EFSF) on the EUR440 billion financial stabilisation vehicle for the Eurozone. This transaction required much collaboration with Clifford Chance's corporate teams Europe-wide and illustrates the firm's ability to serve clients with complex, multi-jurisdictional needs. The team is also involved in a number of innovative transactions. For example, it advised Natixis on setting up Magenta S.T., France's first securitisation company created in the wake of the 2008 securitisation reforms.

Sources say: "The team always delivers on its commitments to the highest standard."

KEY INDIVIDUALS Cédric Burford receives a great deal of positive feedback for his capital markets expertise. Clients describe him as "precise, efficient and a pleasure to work with." He is also UK-qualified and credited with excellent language skills.

Jonathan Lewis attracts similar praise: "He has a knack for translating financial and economic ideas into comprehensible legal language. He also gets to the most important issues immediately and has a straightforward style."

Frederic Lacroix enters the rankings having earned impressive feedback. Peers and clients feel he is "really making a name for himself," particularly in the structured finance market.

Aline Cardin recently joined the firm from Shearman & Sterling, where she won widespread respect for her detailed knowledge of equity and equity-linked financial products.

THE FIRM The Paris office of this renowned US firm houses a number of experienced capital markets professionals, serving both domestic and international clients. Whilst equity is the team's strongest suit, it also deals in a variety of debt transactions. In addition to its French and US law expertise, the group caters to a number of Spanish and Latin American clients, and has notable experience in handling transactions carried out in multiple jurisdictions. In a recent highlight, the group advised BBVA on a EUR5.1 billion SEC-registered rights offering.

Sources say: "All the lawyers are easily reachable, responsive, quick and smart. It is my go-to firm for capital markets work in Paris."

KEY INDIVIDUALS Andrés Gil is acknowledged for his expertise in the Latin American market. He leads on several key international transactions and is regarded as a vital member of the team.

Clients praise Arnaud Pérès as "always available and helpful." His practice focuses on public and private M&A in addition to restructuring and equity capital markets work.

THE FIRM This highly respected French independent firm can draw on its talent for banking and finance matters to support its well-reputed capital markets practice. Its principal focus is on derivatives and debt matters, and it continues to be particularly active in the energy sector. The team advised Crédit Agricole on a number of deals relating to equity swaps and currency derivatives. It is also active in regulatory litigation, representing Wendel in a dispute with the AMF (Autorité des marchés financiers). Whilst the firm largely concentrates on domestic deals, it also acts for a number of foreign clients on securitisation matters.

Sources say: "The firm is excellent for derivatives work."

KEY INDIVIDUALS Founding partner Antoine Maffei has a wealth of experience in both the banking and capital markets arenas. Sources credit him with an exceptional knowledge of derivatives transactions.

Olivier Hubert receives plaudits for his in-depth market knowledge and cultural sensitivity: "He knows how to bridge the gap between the French legal system and culture and the expectations of Anglo-American and German clients," sources affirm.

Talented associate Corentin Coatalem continues to build his market visibility. Peers rate him as a promising practitioner who is hands-on and easy to work with.

THE FIRM This compact yet dedicated team maintains a presence in the debt and equity markets in spite of some staff departures. It is most notably active in bond issues and block trades, serving both domestic and international clients. The firm recently advised Pernod Ricard on its USD1 billion Rule 144A debt offering, in addition to counselling Igenico on its EUR250 million convertible bonds.

KEY INDIVIDUALS Co-managing partner Pierre Clermontel is described as "pragmatic, responsive and efficient." His practice focuses on corporate finance and M&A in addition to capital markets matters.

THE FIRM This accomplished capital markets team is an undoubted leader in the field, providing a full service, but with particular skill in structured finance transactions. It advises banks and issuers on a variety of cross-border deals. Interviewees find the firm's global network to be invaluable when conducting business across multiple jurisdictions. Recent highlights include assisting Alcatel-Lucent with a high-yield debt issuance worth EUR500 million.

Sources say: "The team has an exceptional level of technical knowledge as well as being solution-driven and friendly."

KEY INDIVIDUALS Patrick Bonvarlet is a renowned expert in equity capital markets whose clients include household names Alstom and Eurotunnel. Sources commend his direct style and formidable negotiation technique.

Hervé Touraine attracts much effusive praise: "He is an excellent lawyer, creative and adept at finding workable solutions. His detailed knowledge of the financial markets distinguishes him from the pack."

Dougall Molson continues to gain market visibility for his sterling work in the debt and structured finance arena.

Fabrice Grillo achieves increasing recognition for his role in numerous high-profile deals. Observers describe him as "a well-informed and intelligent practitioner." 

THE FIRM As one of the largest and most broadly skilled teams, Gide continues to dominate the capital markets scene in Paris. It plays host to a great number of experienced and up-and-coming staff who handle a varied portfolio of clients, including international financial institutions as well as more domestic players. Commentators agree that whilst the firm is increasingly visible on the world stage, it maintains a strong local presence, having forged solid relationships with the French regulatory bodies. The group continues to win significant mandates, such as its recent assistance to BNP Paribas with a EUR30 billion covered bond programme.

Sources say: "This firm's approach is pragmatic and open-minded. It is well staffed with high-calibre professionals who are experts in their field."

KEY INDIVIDUALS Xavier de Kergommeaux specialises in domestic and cross-border securitisations and maintains a "most impressive" market reputation.

Gilles Saint-Marc focuses on asset-based financings and debt restructurings, and is warmly praised for his detailed knowledge of the sector. He recently represented Capita Asset Services in the sale of a commercial property in Paris funded by securitised financing.

Hubert Merveilleux du Vignaux "takes the time to understand his clients and produces work of exceptional quality." He successfully advised CNP Assurances on a complex hybrid bond issue.

Splitting his time between the Paris and London offices, Arnaud Duhamel is an authority on IPOs, privatisations and rights issues. Clients appreciate his commercially minded approach and exemplary negotiation skills.

THE FIRM This three-partner team maintains its strength in the structured finance and debt markets. It is active in a variety of sectors including financial services, energy and insurance, and has won several important mandates over the past twelve months. For example, the group advised AXA and AXA Bank Europe on the establishment of a EUR5 billion covered bond programme. It also represented Lloyds TSB as arranger in the EUR250 million pan-European Smurfit Kappa trade receivables securitisation. This was an innovative transaction which illustrates the team's ability to handle complex, high-level work.

KEY INDIVIDUALS Sharon Lewis is highly respected for her work in structured finance. As global head of the debt capital markets practice, she has a vast amount of experience in corporate bonds, repackagings, derivatives and equity-linked offerings. EDF is one of her most prestigious clients.

Philip Boys is praised for his broad knowledge of structured finance products and investment funds.

Jean-Marc Franceschi specialises in M&A and equity matters. Sources credit him with a proactive and thorough approach to problem solving.

THE FIRM This team has carved an impressive niche for itself in the technology sector, representing clients in a variety of equity-related matters such as IPOs and trade sales. It focuses predominantly on mid-cap cases, dealing largely with French issuers, but it has also established relationships with a number of underwriters. In a recent highlight, the team advised UBS Investment Bank on the landmark IPO of Sequans Communications on the NYSE.

Sources say: "The group has a strong business focus combined with tremendous problem-solving skills."

KEY INDIVIDUALS Alban Caillemer du Ferrage joined in October 2012 from Gide. He is widely recognised as one of France's leading derivatives experts. He remains a trusted adviser of the International Swaps & Derivatives Association in addition to leading on numerous important deals. "He has marvellous leadership skills and runs a tight ship," states one source.

Linda Hesse is dual-qualified in France and the USA, and plays a lead role in US elements of key transactions. She also represents a number of Scandinavian clients out of the Paris office, broadening the firm's global reach. Interviewees regard her as "business-oriented but also approachable and a pleasure to work with."

Renaud Bonnet "has an impressive knowledge of venture capital matters and is a real team player."

Charles Gavoty is recognised as another key member of the team. Sources rate him highly as "impressive and hard-working" whilst commending his ability to forge solid working relationships with clients.

THE FIRM The Paris office of this US firm continues to make its presence felt in the capital markets arena, focusing principally on debt and structured finance matters. The team is comprised of a number of dual-qualified lawyers and can therefore provide advice across multiple jurisdictions, aided by the firm's wider network. It recently assisted Pernod Ricard with a major cross-border securitisation programme, in addition to winning new mandates from both domestic and international clients. The group has also expanded its activity in the debt market, focusing most notably on covered bonds.

Sources say: "I find the team to be deeply skilled, easily available and reactive. Its technical knowledge is second to none."

KEY INDIVIDUALS As a UK-qualified lawyer, Basil Zotiades has a great deal of experience in cross-border transactions. Clients commended his "robust understanding of the derivatives and structured credit market."

John Watson runs a practice focusing on private placements, Rule 144A financings and registered public offerings. Sources claim that he "has a real knack for making sound legal judgements." He is admitted to the Bar in Paris, New York and Washington, DC.

THE FIRM This magic circle firm is an undisputed leader in the French capital markets field. It boasts a large team of highly skilled practitioners, offering a full service and integrated approach. On the debt side, the team recently advised GDF SUEZ on its issue of a century bond. This was the first century bond issued in euros rather than dollars. On the equity front, the group assisted ArcelorMittal with the demerger of Aperam, its speciality steels business. This transaction involved complicated restructuring across multiple jurisdictions in order to extricate Aperam from its parent company. Clients agree that Linklaters' global network proves invaluable in deals of this scope and magnitude.

Sources say: "Partners are involved at every stage of a transaction, which really inspires confidence. The level of customer service is excellent too."

KEY INDIVIDUALS As a structured finance expert, Bertrand Andriani also attracts warm praise: "He is a really impressive lawyer. I like his style and felt he was dedicated to the project."

According to market sources, Séverin Robillard is "a deal maker, a lateral thinker, and always solves issues before they become problems."

Of counsel Veronique Delaittre is forging an admirable reputation in debt matters: "She has a pragmatic style and is a great asset to the team." 

Luis Roth is a US-qualified attorney who is well versed in US elements of French deals.

Covered bonds expert Patrice Doat is said to "know the market inside out." His practice centres on securitisation finance and buyouts. Doat recently joined the team from Gide Loyrette Nouel. 

Since publication, Séverin Robillard has joined White & Case LLP

THE FIRM This five-lawyer team maintains a healthy market presence, particularly in debt and equity matters. It focuses principally on French clients, serving banks and corporates alike on a number of significant transactions. In a recent highlight, the team advised ORPEA on its issue of EUR180 million convertible bonds. It also assisted the same company with its acquisition of stakes in several other French and Belgian healthcare organisations.

Sources say: "The team has a down-to-earth approach and is always easy to contact."

KEY INDIVIDUALS Commentators laud Roberto Cristofolini for his in-depth knowledge of capital markets and recognise his extensive experience. He runs a broad practice, encompassing IPOs, asset management and equity-linked securities.

Marie-Aude Noury continues to make a noteworthy contribution to the department. Corporate financings and stock exchange matters are her key fields of expertise.

Since publication, Marie-Aude Noury has left this practice.

Since publication, Marie-Aude Noury has left this practice.

THE FIRM This outfit continues to boost its presence in the capital markets arena, focusing particularly on debt and structured finance matters. It attracts several high-profile clients, from international investment banks to more domestic corporates. It recently advised Areva on the establishment and operation of its EUR5 billion Paris-listed EMTN programme. A further highlight was assisting Michelin with a EUR400 million pan-European securitisation.

Sources say: "The solutions offered were practical and innovative, and represented exceptional value for money." 

KEY INDIVIDUALS Pascal Agboyibor is particularly experienced in project finance and leads on a number of prominent deals. Clients value him as "available and pragmatic."

THE FIRM This team is without doubt one of the big hitters in the equity capital markets field. It provides French, UK and US counsel to a largely international clientele of banks and underwriters. Clients greatly appreciate the firm's strong global network, particularly its North American operations, which facilitate cross-border elements of domestic transactions. Amongst many deal highlights, the team advised Labco on its offering of high-yield notes. It also assisted Novagali Pharma with its EUR22 million IPO on Euronext in Paris. This was one of the few recent IPOs successfully carried out in the biotechnology sector and illustrates the firm's ability to maintain a healthy market position during challenging economic times.

Sources say: "The group is well aware of the situation on the ground and as a result provides targeted, pertinent advice. It also has an excellent relationship with industry regulators."

KEY INDIVIDUALS Hailed as "one of the most experienced and accomplished capital markets lawyers around," Robert Treuhold contributes actively to the team's success. Peers and clients alike acknowledge the benefits that his vast experience brings to the table.

Hervé Letréguilly receives similar commendations: "He is exceedingly knowledgeable, a precious asset to the team. His technical ability is unrivalled." His expertise extends from IPOs to convertible bonds.

Clients laud Bertrand Sénéchal for his "excellent negotiation technique. He remains calm, focused and solution-driven." As an equity and high-yield specialist, he is frequently involved in the firm's most prestigious deals.

US-qualified Sami Toutounji is another essential member of the team. He has particular expertise in rights offerings and convertible bonds. 

THE FIRM In spite of the current slump in the equity market, the Paris office of this US firm retains a number of key mandates and maintains a noteworthy presence in the market. It continues to represent big-ticket clients such as Total and AXA in a variety of ongoing equity transactions. It recently advised the Council of Europe Development Bank on the issue of USD1 billion notes due in 2016.

KEY INDIVIDUALS Richard Vilanova is another hugely experienced contributor to the team. His practice concentrates on privatisations and project finance.

As a relative newcomer to the rankings, Krystian Czerniecki continues to establish his visibility in the market. Dividing his time between the Paris and Frankfurt offices has enabled him to acquire considerable knowledge of the German capital markets, which has proved essential in managing cross-border IPOs.

Olivier de Vilmorin is hailed as "a skilled practitioner" with mounting experience in M&A and corporate practice. He is admitted to the Bar in Paris and New York and as such contributes thoroughly to the firm's cross-border activities.

THE FIRM This team has seen some staff changes of late, yet continues to win praise from clients for its business-focused approach and international outlook. Sources recommend the team for its capabilities in capital markets deals with a US element, as the firm has a notably strong presence in North America. Significant transactions include advising Arkema on a EUR500 million bond issuance and assisting Bonduelle with the private placement of senior notes.

KEY INDIVIDUALS Clients describe Eduardo Fernández as "smart and efficient, with an extensive knowledge of both US and French capital markets practice." He focuses on strategic alliances and debt restructuring in addition to M&A and private equity deals.