Ranking tables

Capital Markets: Debt | 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. A&O Shearman
    1
    A&O Shearman
    Capital Markets: Debt
    2025 | Band 1 | 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
    1
    Clifford Chance LLP
    Capital Markets: Debt
    2025 | Band 1 | 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. Linklaters
    1
    Linklaters
    Capital Markets: Debt
    2025 | Band 1 | 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.
  4. White & Case LLP
    1
    White & Case LLP
    Capital Markets: Debt
    2025 | Band 1 | 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.
2

Band 2

  1. Cleary Gottlieb Steen & Hamilton LLP
    2
    Cleary Gottlieb Steen & Hamilton LLP
    Capital Markets: Debt
    2025 | Band 2 | 2 Years Ranked
    Cleary Gottlieb maintains strong firm-wide expertise in emerging markets, US and European debt and equity offerings, and in regulatory concerns. The team also advises sovereign states and their underwriters on high-profile capital markets transactions. In addition, it is further recognised for its presence on equity transactions in the Nordic market.
  2. Dentons
    2
    Dentons
    Capital Markets: Debt
    2025 | Band 2 | 2 Years Ranked
    Dentons fields a team of well-regarded practitioners who are proficient in emerging markets transactions, with notable sub-specialisms in sukuk and Shari'a-compliant DCM deals. The firm has the ability, through its global network, to advise on matters pertaining to the Middle East, Africa and the CEE area. It also offers extensive expertise in US securities law, liability management and sovereign bond issues.
  3. Freshfields
    2
    Freshfields
    Capital Markets: Debt
    2025 | Band 2 | 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.
3

Band 3

  1. Ashurst
    3
    Ashurst
    Capital Markets: Debt
    2025 | Band 3 | 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
    3
    Baker McKenzie
    Capital Markets: Debt
    2025 | Band 3 | 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. Sidley Austin LLP
    3
    Sidley Austin LLP
    Capital Markets: Debt
    2025 | Band 3 | 2 Years Ranked
    Sidley Austin handles DCM work for a client roster of issuers, financial institutions and investment banks. Tackling US, UK and European matters, the team demonstrates strength in a range of cross-border debt offerings and restructurings. In addition, it offers skills in Euromarket debt, regulatory capital and liability management and has significant experience in US securities law and high-yield debt offerings.
  4. Sullivan & Cromwell LLP
    Capital Markets: Debt
    2025 | Band 3
4

Band 4

  1. Akin
    4
    Akin
    Capital Markets: Debt
    2025 | Band 4 | 2 Years Ranked
    Akin Gump is best known for providing advice on private placements. The team regularly advises both issuers and underwriters on these transactions.
  2. Davis Polk & Wardwell LLP
    4
    Davis Polk & Wardwell LLP
    Capital Markets: Debt
    2025 | Band 4 | 2 Years Ranked
    The team at Davis Polk provides counsel to financial institutions on debt and equity offerings and brings its close relationship with the firm's corporate lawyers to bear on acquisition financings. With extensive experience handling capital markets transactions in both Europe and emerging markets, it has particular strength on deals in the Netherlands, Germany and the Nordics.
  3. Herbert Smith Freehills
    4
    Herbert Smith Freehills
    Capital Markets: Debt
    2025 | Band 4 | 2 Years Ranked
    Herbert Smith Freehills is frequently engaged by issuers and deal managers on debt and equity matters in the UK. The team has additional experience in international deals, including those in emerging markets. Specific expertise includes private placements, equity-linked transactions and EMTN programmes. Notably, the firm also has a significant track record in UK IPOs and equity deals undertaken within the context of refinancings or restructurings.
  4. Latham & Watkins
    4
    Latham & Watkins
    Capital Markets: Debt
    2025 | Band 4 | 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.
  5. Mayer Brown International LLP
    4
    Mayer Brown International LLP
    Capital Markets: Debt
    2025 | Band 4 | 2 Years Ranked
    Mayer Brown is a well-regarded global law firm with a comprehensive US-focused DCM offering. The team routinely acts for banking and financial services clients on sophisticated transactions and is well known for its experience of deals in the emerging markets.
  6. Morrison Foerster
    4
    Morrison Foerster
    Capital Markets: Debt
    2025 | Band 4 | 2 Years Ranked
    Morrison Foerster offers strong cross-border capability on high-value debt transactions, acting for financial institutions and issuers. The team is best known for its private placement work, with further areas of expertise including structured products, hybrid offerings and covered bonds. More broadly, it is able to draw on support from an international network of partners from offices in New York and Tokyo.
  7. Norton Rose Fulbright
    4
    Norton Rose Fulbright
    Capital Markets: Debt
    2025 | Band 4 | 2 Years Ranked
    Norton Rose Fulbright maintains a strong presence in the world of sovereign bonds and debt offerings in the emerging markets. The firm also has expertise handling private placements for UK clients, and routinely works for both issuers and underwriters. The team is further recommended for specialist representation of Canadian clients.
  8. 4
    Simmons & Simmons LLP
    Capital Markets: Debt
    2025 | Band 4 | 2 Years Ranked
    Simmons & Simmons advises issuers, banks and investors at every stage of both debt and equity transactions. The team possesses a diverse work portfolio that encompasses IPOs, convertible bonds and private placements with additional capacity for regulatory capital transactions, EMTN programmes and secondary offerings. Notably, the firm can advise on transactions involving complex aspects of US securities law.
  9. Slaughter and May
    4
    Slaughter and May
    Capital Markets: Debt
    2025 | Band 4 | 2 Years Ranked
    Slaughter and May brings an issuer-side focus to both its DCM and ECM work. Specifically, the team comes highly recommended for its work with UK-based corporate groups on equity listings including high-value IPOs. In addition, the firm is recommended for its debt practice where it advises on standard issuances as well as more complex structures such as equity-linked products.