Capital Markets: Netherlands

THE FIRM Commentators universally acknowledge this group's pre-eminent practice in capital markets. It has close ties to London, and manages to impress across the board in debt, equity, securitisation and derivatives. Peers comment that the firm is doing very well in the emerging markets. In equity, the group's international capacity is impressive, and the strong finance practice gives it a natural edge in debt and derivatives work. The firm is widely known for its pragmatic approach, and publishes advice for clients on navigating the international marketplace. It acted for GE Energy Financial Services on a USD400 million debt facility for Sevan Driller, a demonstration of its international capacity. The securitisation practice includes CDOs, covered bonds and ABS.

Sources say: "The firm has a great market position. It is able to take on a leading role, supported by its US and UK capabilities. It's leading the pack."

KEY INDIVIDUALS Tim Stevens "is still a leading equity capital markets expert," according to peers. Gerard Kastelein is widely recognised as an important figure in securitisation and derivatives. "He is doing well and building an impressive reputation," comments one peer. Niels van de Vijver is a banking and securities lawyer with a broad experience, including securitisation work. He is best known as for his debt work, and peers note his regulatory expertise. "I would consider him to be one of the best lawyers focused on debt capital markets in the Netherlands," comments a source.

THE FIRM The Amsterdam office of Baker & McKenzie has a constant flow of work from CEE and Commonwealth of Independent States-based corporates raising funds in the Netherlands. Recently, Metinvest instructed the firm on an issue of new bonds worth USD500 million. Equity work has included advising UniCredit on the listing of Milkiland on the Warsaw stock exchange. In securitisation, the firm acted for ISS as originator of EUR500 million trade receivables. Alongside colleagues in the Frankfurt office, it also represented NIBC Bank as arranger of a EUR75 million lease.

Sources say: "The team is proactive and knowledgeable. I am very satisfied."

KEY INDIVIDUALS Philippe Steffens is the practice contact for capital markets and is known as a specialist in securitisation. Peers are particularly impressed by the international character of his work.

THE FIRM The Amsterdam office of this international heavyweight has close ties with London, and houses some of the country's strongest capital markets lawyers. Its clients include Dutch banks as well as international financial institutions such as JPMorgan. It acted for ABN AMRO on multibillion-euro commercial paper and deposits programmes, as well as a USD10 billion note issue, demonstrating the team's US expertise. The lawyers further advised Deutsche Bank on a EUR400 million bond issue by Sudzucker International Finance. In equity, it represented Nielsen Holdings on its IPO on the NYSE, which involved the integration of US and Dutch legal aspects. Securitisations work has included an RMBS deal for Rabobank.

Sources say: "The lawyers give high-quality advice and empathise with the client."

KEY INDIVIDUALS Hans Beerlage is "outstandingly good," clients say. He specialises in equity issues. Pieter van Welzen specialises in structured finance, derivatives and other secured lending. Peers give him much of the credit for the firm's abilities in this area. Frank Graaf is a debt specialist with a long track record in repackaging transactions and international regulation. His peers unanimously recognise him as being at the top of the market. Tineke Kothe is of counsel and is known for her financial services work, including regulation. Jeroen Thijssen was recently promoted to partner. He focuses on convertible bond issues, equity capital markets and M&A.

THE FIRM With an enviable blue-chip corporate client base, this firm is best known for its equity capital markets practice. The five-partner team recently acted for Royal BAM on its EUR249 million rights offering, which involved a complex mixture of equity and debt financing. It also advised NXP Semiconductors on its listing on the NASDAQ exchange. The firm has a strong buy-backs practice, recently advising Royal KPN on a EUR1 billion programme. Debt work has included representing a housing corporation on a USD5 billion bond issue. It further assisted TenneT in raising EUR500 million of hybrid notes, a first for a non-financial institution in quite some time.

Sources say: “A powerhouse of a firm, particularly in equity work.”

KEY INDIVIDUALS Jan Willem Hoevers has long experience advising on equity capital markets transactions, with clients including corporations and financial institutions. Joost Schutte has an impressive track record of IPOs. He also has experience of financial regulation. Dirk Meerburg is recognised for his experience in regulatory and capital markets work.

Since publication, Dirk C Meerburg has moved in-house.

THE FIRM This team benefits from strong ties with the London office and has a good reputation for its work on IPOs. The group includes an English-qualified lawyer with expertise on securitisations. It advised RBS on a follow-on USD100 million rights issue by Dockwise, having previously advised on its secondary listing on NYSE Amsterdam. On the debt side, the team advised ABN AMRO on a USD25 billion note programme, and Gas Natural on a EUR10 billion MTN programme update. Derivatives work has included representing Rabobank, RBS, JPMorgan and ABN AMRO on the launch of a EUR500 million RMBS programme.

Sources say: “If I had to give five stars to any of the firms I've worked with in the Netherlands, it would be Freshfields.”

KEY INDIVIDUALS Robert ten Have is a corporate lawyer with expertise in equity capital markets. Mandeep Lotay is an English-qualified lawyer with a strong reputation for securities and derivatives. His practice has a particularly international flavour.

THE FIRM The team at Houthoff Buruma focuses on equity capital markets, and is known for its work on share offerings. The firm advised Accsys Technologies on its open offer of EUR30 million. It also represented Janivo and Cyrte Investments on the listing of the merged entity created by the joining of LBi International and Big Mouth Media.

KEY INDIVIDUALS Capital markets contacts at the firm are Matthijs van den Broek and Michiel Pannekoek.

THE FIRM The international profile of this firm has served it well in recent IPOs. It acted for the banks in the IPO of Nord Gold and represented InterXion on its listing on the NYSE. It acted for Wereldhave on a convertible bonds issue. On the debt side, it advises many big-name banks, including Rabobank and ING. The team also represented a consortium of banks on Delta Lloyd's multibillion debt issue. Securitisation work has included representing JPMorgan on covered bonds and RMBS transactions. It has also been busy advising on high-yield bonds, including an issue for Hyva Global.

Sources say: "This is my preferred firm for IPOs." "Good at keeping the transaction on an even keel."

KEY INDIVIDUALS Alexander Harmse specialises in equity capital markets and high-yield debt matters. Pim Horsten is a prominent capital markets lawyer, and comes especially recommended for debt work.

THE FIRM This group has a well-established and broad capital markets practice, with particular strength in securitisations. It acts for Dutch and international clients alike. Recent work has included completing LBi's 2010 IPO on the Amsterdam stock exchange and representing the underwriters on Nielsen's IPO and convertible bond offering on the NYSE. The firm also advised Aegon and Obvion on RMBS products, and acted for Goldman Sachs on Boparan Finance's issue of senior notes.

Sources say: “These lawyers have a very pragmatic and solution-driven approach."

KEY INDIVIDUALS Nelleke Krol is a corporate lawyer with special expertise in IPOs. “She's proactive, practical, committed and forward-looking," says a client. Mariëtte van ’t Westeinde is known for her work in debt capital markets and in derivatives. Her peers consider her one of the country's leading advisers on securitisations.

THE FIRM With a highly regarded practice in mortgaged-backed securities, this firm dominates the market for securitisations. It has ten lawyers working on securitisation and structured finance, and recently advised ABN AMRO and Achmea Hypotheek Bank on the establishment of structured covered bond programmes. It also handles debt instructions, representing issuers such as Bank Nederlandse Gemeenten and Achmea Bank. Recent equity work has included acting for Eureko as the selling shareholder in Polish insurer PZU in connection with its flotation on the Polish stock market.

Sources say: “There is no doubt that this firm is Band one for securitisation. The lawyers are creative thinkers and understand the need for alternative solutions.”

KEY INDIVIDUALS Petra Zijp heads the capital markets team, and is widely acknowledged as a market leader. Willem Ruys “has been a securitisations expert from the very beginning,” says a source. His clients include ABN AMRO and SNS Bank. Michaëla Ulrici has long experience in securitisations and has now become the firm's managing partner. Arjan Scheltema has “an excellent level of knowledge and is a rising young partner. His expertise is broad, and he is proactive,” enthuses a client.

THE FIRM Stibbe has an impressive practice covering a wide range of capital markets work, from debt issues to IPOs. It has a strong track record in equity markets in particular, having advised TeleAtlas and Tom Tom on their listings on the Amsterdam stock exchange, and Hagemeyer on a large convertible bonds issue.

KEY INDIVIDUALS Derk Lemstra is the head of the firm's financial markets group and specialises in equity capital markets. “He is one of the best. An outstanding guy on the Dutch market,” sources say. Jaap Willeumier is a "fine rainmaker," according to peers. He has experience in banking and structured finance as well as debt and equity capital markets.

THE FIRM This firm has a healthy practice in equity capital markets. Recent work highlights include advising the shareholders of Nederlandse Interim Groep on its sale to DPA involving an equity swap transaction. It also advised the underwriters on the IPO of InterXion in New York.

Sources say: "This firm spots the problems and provides solutions in a way that I have found rare."

KEY INDIVIDUALS Harm Uittien leads the equity capital markets practice, and is praised by clients for his leadership skills.