Capital Markets: Equity | Global

Freshfields Bruckhaus Deringer offers exceptional strength across a broad capital markets spectrum. The law firm boasts an enviable client base comprising prestigious corporates and financial institutions. The ECM practice enjoys a regular flow of high-profile mandates, advising on cross-border IPOs, dual-track transactions and capital increases. The law firm exhibits further strength in the areas of accelerated bookbuilding and rights issues. The DCM team handles high-value bond issuances, including high-yield, AT1 notes and hybrid products as well as updates and issuances under note programmes. Clients benefit from the department's considerable experience in cross-border mandates involving Europe, North America and Asia.

Present across the entire capital markets spectrum, with considerable bench strength, Linklaters is recognised by both clients and peers for its excellence. The law firm regularly advises issuers and bookrunners on a wide ambit of DCM products, with extensive experience in green, convertible and Tier 1 and 2 bonds. It is also experienced in assisting with debt issuance programmes. Its outstanding ECM team handles high-profile IPOs, rights issues and SPAC deals as well as dual-track transactions in conjunction with its strong M&A team. Clients further benefit from Linklaters' comprehensive structured finance offering, with expertise in both synthetic, auto and consumer loan securitisations, while its derivatives experts can assist with EONIA and IBOR transitions and other regulatory issues. Its prowess in handling fintech matters, including cryptocurrency and securitisation platform mandates, complements the law firm's services.

Widely considered the market leader for ECM, the international law firm Sullivan & Cromwell is regularly involved in highly complex and prestigious equity transactions. Its clientele comprises top-tier issuers and underwriters, including blue-chip companies, successful startups and investment banks. Due to its excellent international network, the law firm offers seamless handling of cross-border transactions, with particular strength in US-related matters, including SPACs, ADSs and SEC-registered deals. The team is highly visible advising on IPOs, capital increases and private placements. Clients also benefit from the law firm's strength in DCM matters, assisting issuers and underwriters with deals including SEC-registered global note offerings and transactions in accordance with Rule 144A.

Clifford Chance boasts an extremely well-resourced team covering the full gamut of international capital markets matters. The law firm has a formidable presence in structured finance, enjoying a vast deal flow in securitisations, with further coverage of NPL trades and regulatory aspects pertaining to investment platforms. The Frankfurt office furthermore acts for an impressive collection of underwriters and bank issuers on DCM matters, including debt issuance programmes as well as the issuing of green bonds, sovereign bonds and bank bonds. Additionally, clients regularly seek the law firm's advice regarding IPOs, capital increases and rights offerings. Its excellent client base, which consists primarily of major international banks and corporates across various industries, serves as further evidence of the firm's strong market position.

Hogan Lovells has strong visibility in structured finance transactions, and is particularly active in the area of auto loan and leasing securitisation, where the team is regularly mandated by financial institutions and service providers. The department also assists with regulatory issues, including the establishment of financing platforms, as well as derivatives mandates. Additionally, Hogan Lovells is recognised for its expertise in ECM mandates, handling IPOs, capital increases and share placements. Its clientele comprises well-known investment banks, which benefit from the law firm's international reach.

Skadden, Arps, Slate, Meagher & Flom is known for its long-standing coverage of ECM matters, frequently advising investment banks and issuers on IPOs on domestic and international stock exchanges. The department is particularly acclaimed for its expertise in the US market but equally active on pan-European multi-jurisdictional deals. The team also offers strength in capital increases, private placements and rights offerings as well as convertibles transactions and de-SPACs.

Covering the entirety of the capital market, White & Case is an attractive choice for clients seeking strong legal advice and cross-border capabilities. Its DCM practice is frequently mandated for strategically important issues, such as advising state entities, bookrunners and energy companies on ESG-related bonds. The team is also well versed in assisting with high-yield bonds and Rule 144A issues. The law firm exhibits further strength in structured finance, advising on cross-border synthetic and NPL securitisations, ABS transactions and loan portfolio investments. White & Case's holistic offering is completed by its expertise in ECM deals, which includes experience in capital increases and IPOs.

The firm showcases a solid practice with comprehensive coverage across the capital markets spectrum. The law firm's DCM team is particularly known for its high-yield offering, while also advising on debt issuance programmes and topical issues such as green bonds and crypto ETNs. The department is furthermore respected for its expertise in ECM mandates, acting for corporates and underwriters on capital increases, share placements and convertibles deals. Clients also benefit from the law firm's strength in structured finance matters, which span from complex synthetic securitisations to regulatory work pertaining to issuance platforms and structured products. Its international network renders the firm a strong choice for clients seeking cross-border assistance. On 1st May 2024, Allen & Overy and Shearman & Sterling merged to form A&O Shearman.

CMS is noted for its expertise in ECM transactions, assisting with rights offering and IPOs as well as scrip dividend issues. Additionally, clients mandate the law firm due to its expertise in private placements and Pfandbrief transactions. The team around Philipp Melzer typically acts for German mid-market companies and underwriting banks, while also advising board members of large corporations on their high-profile IPOs. Its vast pan-European network facilitates the handling of cross-border mandates.

The team at Noerr is highly active in the ECM space advising SMEs and international corporations as well as banks and public entities, with a particular focus on capital increases and IPOs. The law firm is also capable of handling mid-cap convertible bonds as well as assisting with rights issues. Noerr additionally assists with large-scale recapitalisation programmes for companies.

Willkie Farr & Gallagher LLP enters the rankings after adding a respected and active team to its departments in Germany. The practice offers expertise in IPOs, rights offerings and SPAC transactions. The team is particularly sought after by German banks as well as international corporates. Due to its international network and US-qualified team members, Willkie Farr & Gallagher is a popular choice for transactions that have a US component.