A&O Shearman is mandated by the largest French and international banks to assist with large debt issuance undertaken by leading corporations or banks, including inaugural and sustainable ones. The highly experienced Paris practice also stands out for its top internal US capabilities through Diana Billik, who advises banks on their US securities issuances. Hervé Ekué is the other top name in the practice, which also includes the strong Julien Sébastien, of counsel Dan Lauder and senior associate Quentin Herry.

Cleary Gottlieb Steen & Hamilton's Paris practice combines high-level French and US expertise that serves leading banks and issuers with large DCM programme updates and issuances. The team regularly handles international DCM work ( notably in relation to North America and Asia), spanning investment grade and high-yield debt offerings, bank capital securities, USMTN and EMTN programmes and liability management transactions. Senior counsel Andrew Bernstein, Valérie Lemaitre  and US expert John Brinitzer are expert advisers. Also involved are Barthélemy Faye, who advises African sovereign entities on DCM and derivatives transactions, and counsel Laura Birene.

Clifford Chance's powerhouse Paris DCM practice combines UK, US and French law expertise that serves both leading corporations and financial institutions. The team advises on the largest DCM bond issuance, from the most standard to the most complex ones and encompassing hybrid bonds, liability management, exchange offers and sustainable linked transactions. It is regularly seen at the forefront of market innovations, including advising in 2023 on the issuance of a digital Climate Awareness Bond. The Paris office’s workload is very often of an international nature (pan-European, emerging markets) and its members regularly collaborate with the firm's other European offices. Cédric Burford is the standout name within the practice, co-heading the team alongside the experienced Alex Bafi and Jonathan Lewis. They are supported by a solid bench of counsels including Auriane Bijon and Andrew McCann.

Linklaters fields a team in Paris with both French and US capabilities and is routinely sought out by leading financial institutions and issuers. The firm has particular experience assisting clients with large bond debt issuance including ESG-linked ones. The group's workload also includes liability management and US issuances. Practice head  Véronique Delaittre is a key name for French DCM work, and Luis Roth and Cheri De Luca are experts in US-related DCM work.

CMS Francis Lefebvre is kept busy acting for banking institutions and arrangers on a large array of transactions including updates of EMTN programmes and subsequent issuances, covered bonds, as well as sustainable finance and Euro PP loan issuances. The Paris team, which also handles work for issuers, is also able to manage international work including recently advising advising on Schuldschein loans and on Turkish- and Czech-related issuances. The team is jointly headed by experienced duo Marc-Etienne Sébire and Rosetta Ferrère.

Hogan Lovells (Paris) LLP has a sizeable team, combining French and UK law capabilities, which has a track record advising on the set up of large debt programmes and corresponding bond issuances. The team's diverse workload also sees it act for French and international banks, leading financial institutions and large corporations, including longstanding clients notably in the energy sector. The Paris practice is co-headed by Sharon Lewis, who is also the firm’s global head of financial institutions and insurance, Vincent Fidelle and Katia Merlini. Counsel Reza Mulligan is another key member.

Latham & Watkins stands out for its combined French-US capabilities. Thomas Margenet-Baudry and  Roberto Reyes Gaskin are the key names in a team that has established itself as a reference in France for high-yield transactions, assisting issuers as well as financial advisers. It is also active advising on US private placement and also handles liability management, sustainable-linked and more standard bond issuance work. Counsel Michael Ettannani also provides support.

At Herbert Smith Freehills LLP, practice head Louis De Longeaux has a strong following among leading French and CAC 40 companies. He leads a practice that solely advises issuers and handles a range of matters including the set up of EMTN and Neu CP programmes and subsequent issuances, ESG and sustainability linked and green bonds issuances, as well as liability management.  Senior associate Dylan Shields provides key support.

Jones Day assists issuers and arrangers with the set up of EMTN programmes and subsequent issuances, as well as with covered bonds, convertibles and ESG bond work. The team handles a steady stream of hybrid and non-standard work requiring the input of the firm’s derivatives and structured finance experts. The group also shows good ability to handle innovative work such as advising on digital token and bonds issuances through the blockchain. Of counsel Natalia Sauszyn is the key figure in the team and co-heads the DCM practice alongside US capital markets specialist Linda A Hesse.