Ranking tables

Capital Markets: High-Yield Products | UK

UK-wide

Capital Markets: Equity includes advice on the raising of equity capital, such as: IPOs, right offerings, private placements and IPOs on foreign exchanges. Clients include corporate issuers and investment banks. We don’t consider advice on AIM listings in this table and work of that type should be included on a Capital Markets: AIM submission. Similarly, we won’t consider work relating to listed funds as this is covered elsewhere. Capital Markets Debt covers legal advice on the issuance of investment-grade debt. Transactions include: stand alone corporate and sovereign bond issuances, debt programmes, green bonds, liability management and equity linked bonds. Typically work is handled for underwriting banks and corporate and sovereign issuers, although work for trustees is accepted. Work relating to high yield bonds should be submitted to that practice area and won’t be considered here. Capital Markets: High-Yield Products focuses on issues relating to non-investment grade bonds. Firms can act for sponsors, issuers or investment banks on matters including stand alone issuances, sustainability-linked or green issuances or issuances in the context of wider financings.

Rankings overview for Departments

All Departments profiles

1

Band 1

  1. Latham & Watkins
    1
    Latham & Watkins
    Capital Markets: High-Yield Products
    2025 | Band 1 | 2 Years Ranked
    Latham & Watkins has a pre-eminent high-yield practice that regularly acts on market-leading transactions. The firm offers the largest team in Europe and is a first port of call for both sponsors and issuers. In addition, it has a standout equity offering that is able to draw upon international resources to advise on transactions throughout Europe, the USA and emerging markets.
2

Band 2

  1. A&O Shearman
    2
    A&O Shearman
    Capital Markets: High-Yield Products
    2025 | Band 2 | 2 Years Ranked
    A&O Shearman has extensive capital markets bench strength, allowing it to provide sophisticated advice on a comprehensive array of debt and equity transactions. The team's focal points range from bank regulatory work to some of the UK's largest IPOs, as well as complex high-yield offerings and leveraged finance deals. A&O has significant expertise advising on medium-term note programmes and debt issuances for major investment banks and issuers. Equally able across DCM and ECM, the department draws on integrated US law capabilities and support from a network of EMEA partners, to act on the most significant cross-border transactions.
  2. Clifford Chance LLP
    2
    Clifford Chance LLP
    Capital Markets: High-Yield Products
    2025 | Band 2 | 2 Years Ranked
    Clifford Chance has a strong reputation for sovereign DCM issuances and high-value IPOs. In particular, the team benefits from both US and European capabilities, as well as a far-reaching high-yield practice with support from specialists in Hong Kong and New York. The firm has expertise in US securities laws including Rule 144A offerings, which enables the smooth handling of complex cross-border transactions.
  3. Kirkland & Ellis International LLP
    2
    Kirkland & Ellis International LLP
    Capital Markets: High-Yield Products
    2025 | Band 2 | 2 Years Ranked
    Kirkland & Ellis fields an exceptional team that oversees a large number of bond restructurings and high-yield debt matters. Working throughout the US and Europe, the firm acts for private equity sponsors, issuer clients and global investment banks. Notably, the offering has further expertise in liability management exercises.
  4. Linklaters
    2
    Linklaters
    Capital Markets: High-Yield Products
    2025 | Band 2 | 2 Years Ranked
    Linklaters houses a market-leading capital markets team that is recognised for its skilled handling of both debt and equity transactions as well as offering capabilities in high-yield matters. The team handles matters across the UK, Europe and the USA, demonstrating prowess in areas such as liability management, sovereign bonds and equity-linked products. The firm benefits from strong ties to its banking and finance team and has particular expertise in convertible bond issues and green bond DCM transactions.
  5. Milbank LLP
    2
    Milbank LLP
    Capital Markets: High-Yield Products
    2025 | Band 2 | 2 Years Ranked
    Milbank houses a leading high-yield group that handles some of the largest and most complex deals in the European high-yield market. Its enviable client base includes global financial institutions as well as multinational corporates and the team has demonstrated expertise when acting for both issuers and underwriters.
  6. Simpson Thacher & Bartlett LLP
    2
    Simpson Thacher & Bartlett LLP
    Capital Markets: High-Yield Products
    2025 | Band 2 | 2 Years Ranked
    Simpson Thacher operates a highly regarded and long-standing high-yield practice. Supporting significant issuer clients and underwriters on complex transactions, the firm brings to bear complementary services in the field of banking and finance. In particular, the team is noted for representing large portfolio companies of private equity groups and has extensive experience in the UK, Europe and the USA.
3

Band 3

  1. 3
    Cahill Gordon & Reindel LLP
    Capital Markets: High-Yield Products
    2025 | Band 3 | 2 Years Ranked
    Cahill offers a renowned group of US-qualified capital markets specialists who possess strong relationships with leading investment banks and financial institutions. The team advises on international high-yield offerings as well as related corporate and banking procedures.
  2. 3
    Cravath, Swaine & Moore LLP
    Capital Markets: High-Yield Products
    2025 | Band 3 | 2 Years Ranked
    Cravath fields a stellar team of high-yield specialists with a wealth of experience derived from their long-standing work on market-leading transactions. The team works regularly with both corporate clients and underwriters on complex financings for LBOs and is considered outstanding for its work on behalf of US clients.
  3. Paul Hastings (Europe) LLP
    3
    Paul Hastings (Europe) LLP
    Capital Markets: High-Yield Products
    2025 | Band 3 | 2 Years Ranked
    Paul Hastings' high-yield-focused capital markets team represents major banks, private equity sponsors and corporates. Leveraging a substantive global footprint, the group frequently coordinates between its London and New York offices on deals with complex transatlantic elements.
  4. Ropes & Gray LLP
    3
    Ropes & Gray LLP
    Capital Markets: High-Yield Products
    2025 | Band 3 | 2 Years Ranked
    Ropes & Grey fields a high-yield finance team that focuses on big-ticket work for issuer and underwriter clients. As well as demonstrating strength on US matters, the firm also has significant expertise on European financings as well as UK-focused leveraged lending and private credit deals. The team is also active in the Middle East, Africa and Asia.
4

Band 4

  1. Ashurst
    4
    Ashurst
    Capital Markets: High-Yield Products
    2025 | Band 4 | 2 Years Ranked
    Ashurst's renowned team of capital markets specialists advise on the full range of debt and equity offerings. The group enjoys strong relationships with leading investment banks and also provides extensive support to issuer clients. Offers expertise in high-value IPOs, secondary capital raises and a wide range of DCM transactions including corporate and sovereign bonds and emerging market bonds. Its also sought after for its experience on block trades and reverse takeovers.
  2. Baker McKenzie
    4
    Baker McKenzie
    Capital Markets: High-Yield Products
    2025 | Band 4 | 2 Years Ranked
    Baker McKenzie fields a team of UK and US-qualified specialists with well-established connections throughout Europe, the Middle East and Africa. The team focuses on sovereigns and emerging markets work across the capital markets. It is proficient in issuer-side advice for DCM transactions with further noteworthy expertise on both ECM and high-yield matters.
  3. Freshfields
    4
    Freshfields
    Capital Markets: High-Yield Products
    2025 | Band 4 | 2 Years Ranked
    Freshfields tackles a diverse range of DCM and ECM transactions, from IPOs to sovereign bonds and MTN programmes. The team represents issuers, banks, regulators and exchanges and has significant experience in equity-linked deals, liability management and rights issues. In addition, it offers strong capabilities in the high-yield capital markets space.
  4. Paul, Weiss, Rifkind, Wharton & Garrison LLP
    4
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Capital Markets: High-Yield Products
    2025 | Band 4 | 1 Years Ranked
    Paul, Weiss, Rifkind, Wharton & Garrison is a respected team with particular capabilities advising issuers on high-yield offerings. The firm routinely represents private equity clients and are noted for their expertise on cross-border matters, both across Europe and globally. The team has experience across sectors such as telecommunications, gaming and entertainment.
  5. Weil, Gotshal & Manges (London) LLP
    4
    Weil, Gotshal & Manges (London) LLP
    Capital Markets: High-Yield Products
    2025 | Band 4 | 2 Years Ranked
    Weil acts for a range of market participants including sponsors, underwriters and issuers on complex high-yield transactions. The team demonstrates particular ability in high-yield bond-related restructurings and acquisition finance transactions across the European market.
  6. White & Case LLP
    4
    White & Case LLP
    Capital Markets: High-Yield Products
    2025 | Band 4 | 2 Years Ranked
    White & Case provides skilled representation across DCM, ECM and high-yield capital markets transactions. Especially recognised for cross-border work, the firm maintains an extremely strong presence in European capital markets as well as the Middle East, Africa and other emerging markets. Areas of particular specialism include sovereign deals, debt restructurings and equity listings for EMEA issuers. The team is routinely sought out for advice on high-value regulatory capital matters and liability management work.