Capital Markets: Equity | Europe

The firm has superb capabilities in capital markets transactions. The firm's celebrated DCM teams boast extensive skill in assisting with an array of debt instruments, stretching from GMTN programmes to hybrids as well as high-yield products. Its strong structured finance practice is comprehensive, offering support in pan-European securitisation plans, both cash and synthetic, as well as covered bonds, equity swaps and CLOs. The law firm's well-reputed ECM teams are adept at assisting with IPOs, acquisition and disposal of shares as well as issuance of rights. It has excellent presence on the ground in numerous European jurisdictions, including the UK, France, Germany, the Netherlands, CEE and Italy, and has a number of US-qualified lawyers based there. The lawyers act for leading commercial and investment banks, corporates, insurance companies and market operators. On 1st May 2024, Allen & Overy and Shearman & Sterling merged to form A&O Shearman.

Clifford Chance boasts an outstanding capital markets group with acclaimed cross-border capabilities. It has first-class proficiency in debt-related matters covering the whole range of instruments, including sovereign bonds, sukuk and sustainability-linked bonds. The firm also boasts a US securities practice, with expertise in Rule 144A offerings. The firm's equally exceptional structured finance teams assist with an array of mandates, including covered bonds, cross-border securitisation schemes and derivatives. Its ECM practice also showcases strength in a variety of matters, notably IPOs, rights issues and share deals. Clifford Chance boasts an impressive European footprint, with market-leading teams based in London, Paris, Frankfurt, Amsterdam and Milan. It also demonstrates strength in Eastern Europe, where it leads complex deals out of its offices in Bucharest, Prague and Warsaw. The firm is a trusted adviser to a wide range of global financial institutions, and also houses US and UK-qualified lawyers within a number of its European offices.

Freshfields has a formidable reputation in ECM matters, including IPOs, rights issues and large share deals across European jurisdictions. It also brings considerable skill to DCM mandates, ranging from issuance of convertibles to transnational EMTN programmes as well as bond buy-back schemes. The firm is also well suited to assist with high-yield products. It has key strongholds in London and Frankfurt, with further reputable teams in Vienna and Madrid. The law firm remains a popular choice for prestigious corporate clients on the issuer side, but also has a significant following of underwriters. The team works in collaboration with the firm's strong corporate, tax and banking departments across its European network to provide seamless advice to clients on cross-border transactions.

Linklaters has a pre-eminent reputation in all manner of capital markets transactions. The firm offers wide-ranging capabilities in ECM matters such as IPOs and equity-linked products, while DCM partners are well equipped to advise on extensive EMTN programmes, high-yield and green bonds and other debt instruments. Its excellent structured finance practice covers a wealth of mandates such as large transnational securitisations, including synthetic ones, as well as swaps, RMBS and other derivatives. The firm has exceptional coverage of key European markets, with highly rated teams in London, Frankfurt, Madrid, Amsterdam, Milan, Lisbon and Luxembourg. Linklaters acts for a range of global financial institutions and corporates, and also offers on-the-ground US and UK law capabilities in various European offices.

White & Case boasts broad industry knowledge covering the whole range of capital markets transactions, with expertise spanning equity-related mandates and debt, as well as structured finance. The firm offers expertise in IPOs, rights issues and derivatives matters. Its impressive offering extends to high-yield bond offerings, with increasing activity in sustainability-linked bonds. The firm has impressive coverage of key Western European jurisdictions, with teams at the forefront of the markets in London, Paris and Milan supplemented by notable teams in Stockholm and Frankfurt. White & Case also benefits from strong links to emerging markets, advising on deals in Eastern Europe, Africa and Turkey.

Latham & Watkins is a leading firm in the European high-yield market with exceptional cross-border experience and a leading team in London that routinely advises on complex, innovative transactions. The firm has further impressive teams in Milan, Paris and Frankfurt that handle a range of cross-border high-yield matters as well as high-profile debt offerings, including sustainability-linked bonds. It offers further strength in ECM mandates, advising on IPOs and capital increases. Latham & Watkins regularly acts both as underwriters' and as issuers' counsel. Clients further benefit from the firm's strong US offering.

Cleary Gottlieb has practices spanning both ECM and DCM matters, and is noted for its ability to advise on complex, cross-border mandates. The firm's wide-ranging expertise encompasses assisting with both IPOs and share deals as well as EMTN programmes and the issuance of bonds. It houses an outstanding ECM team in Paris, with further strength across its offices in London, Milan and Frankfurt. Cleary Gottlieb's strong US practice allows the firm to handle US aspects of deals seamlessly. Its strong client roster features underwriters, large corporates and public entities.

Sullivan & Cromwell advises a roster of high-profile clients, both issuers and underwriters, in connection with complex transactions within the equity capital markets space, including cross-border IPOs. The firm enjoys an outstanding reputation in Germany, with the Frankfurt office regularly acting on complex, high-value transnational matters. Its European offering is further backed up by able teams in London and Paris, as well as a pre-eminent US practice, which enables the firm to assist with transatlantic matters.

Clients benefit from US firm Skadden's expansive offering of offices, including branches in London and Frankfurt demonstrating notable strength in cross-border ECM transactions. The firm is regularly mandated on large-scale IPOs and secondary share placements on major European stock exchanges. Its client base consists of multinational corporations and investment banks active in a broad range of sectors including biotechnology, energy and insurance. The firm draws on its US capabilities to assist European clients with transatlantic mandates and Rule 144/Regulation S components.