Capital Markets Department

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What the team is known for Market-leading firm recognised for skilled handling of both debt and equity transactions as well as offering capabilities in high-yield matters. Handles transactions across the UK, Europe and the USA, demonstrating prowess in areas such as liability management, sovereign bonds and equity-linked products. Benefits from strong ties to its banking and finance team. Particular expertise in convertible bond issues and green bond DCM transactions.

Strengths Clients say: "They are the full package – they are extremely high calibre and always lead from the front."

Others say: "It's an excellent firm and they are pragmatic and collaborative in approach."

Work highlights Advised Oxford University on its first ever bond issue which raised GBP750 million, with a maturity of 100 years.

Notable practitioners

Ben Dulieu has a burgeoning reputation in the market for handling a range of important DCM work. He is well known as an equity-linked specialist, with one client calling him "the first stop on any equity-linked capital markets transaction."

Carson Welsh is a well-known DCM practitioner who handles a range of matters including issues of senior debt, equity-linked transactions and liability management exercises. He is noted by clients for being "particularly knowledgeable on regulatory capital work."

Cecil Quillen handles a variety of international and domestic DCM matters as well as complex securities and finance work. He has experience advising sovereign and corporate issuers in Europe, the Middle East and Russia.

Head of the firm's equity and debt market group, Elaine Keats is described by sources as "a clear expert in this field." She combines significant knowledge and skills in debt offerings, EMTN programmes and various types of bond issuances.

Jason Manketo is an accomplished ECM partner with extensive experience advising EMEA issuers and investment banks on complex transactions. Sources say he has the "ability to multi-task several projects simultaneously and provides considered, reasoned and commercial advice."

John Lane is global co-head of the equities group and frequently undertakes work related to complex ECM and M&A transactions. Clients say he is "very plugged-in, extremely knowledgeable and commercial."

Keith Thomson has a thriving DCM practice representing issuers and investment banks in both domestic and international matters. He is particularly well known in the market for his skills in convertible and exchangeable bonds.

Richard O'Callaghan offers considerable expertise in DCM work including a wide range of equity-linked transactions and securities matters. Sources say: "His technical competence is truly impressive and he is always up to date."