The activity of Hengeler Mueller's broad DCM group extends from MTN programs and restructurings to hybrid bonds and matters relating to the implementation of the Electronic Securities Act. Clients such as dealers, issuers and issuing banks also regularly rely on the group's expertise when issuing ESG bonds, which has become one of the practice's mainstays. Key contact Dirk Bliesener advises on debt issuance programs, covered bonds and registered bonds, among other matters. Equity-linked instruments and block trades form part of Alexander Rang's advisory portfolio, while Julia Weidner, who made counsel in January 2023, has comprehensive expertise in capital market matters as well as in banking supervision and investment law.

Hybrid, convertible and exchangeable bonds as well as straight debt and EMTN programs form the core business of Linklaters‘ practice, while it is also frequently instructed to assist with ESG-related bonds issues. Thanks to its broad set-up, the group is further experienced in advising on matters at the interface of ECM and DCM, including hybrid instruments. International transactions are frequently handled by Alexander Schlee, who is experienced in block trades as well as convertible and exchangeable bonds, among other matters; Peter Waltz also specialises in the latter, with his wealth of experience further spanning regulatory matters and structured financing. Counsel Martin Rojahn is another key contact for hybrid bonds and ESG-related transactions.

Not least because of its international positioning, White & Case LLP is an experienced partner in cross-border transactions and covers the entire range of debt capital products, while sustainable and digital finance as well as the group's advice to financial institutions on regulatory requirements represent particular practice mainstays. The core team includes Karsten Wöckener, who is extensively experienced in the DCM area, frequently advising on investment grade bonds and hybrid instruments and also handling ECM transactions, as well as Rebecca Emory, who is particularly active in the high-yield transaction sphere. Cristina Freudenberger (bonds, debt issuance programs, structured financing among other matters) moved to Clifford Chance in June 2024.

Clifford Chance's team of German and US lawyers advises issuers, shareholders, banks, regulators and guarantors on a variety of transactions and products, including convertible and hybrid bonds as well as EMTN and ECP programs. Its advice on the restructuring of investments in alternative investment funds through listed securities solutions for institutional investors represents a particular strength, while ESG matters also increasingly contribute to the practice's workload. Most recently, Sebastian Maerker frequently assisted with the issuing of green and sustainability-linked bonds, while Gregor Evenkamp focused on the interface of structured debt securities and fund products and subsequently advises on fund bond issues and listings; he recently handled projects for the retailization of private funds and assisted with structured product programs as well as associated regulatory requirements, among other matters.

Latham & Watkins LLP regularly applies its expertise in German and US law in high-yield bonds matters - particularly in the real estate sector; this is considered a particular strength of the team and frequently leads to instructions relating to the set-up of high-yield products. Here, the group primarily acts on the issuer side, but is also instructed by banks. Recent market conditions further contributed to an increasing number of restructuring-related instructions, while sustainable financing, including green bonds and sustainability-linked bonds, also frequently increase the workload. Dedicated to this range of topics, both Alexander Lentz and practice head Rüdiger Malaun focus on high-yield bonds, but are also adept at assisting with investment-grade bonds. Jan Penselin (high-yield, cross-over bonds, liability management transactions) made partner in January 2023.

A&O Shearman advises banks, financial services providers and issuers on bond issues, debt issuance programs and hybrid instruments as well as increasingly on digital bonds. This offering is complemented by regulatory expertise, which the group applies, for instance, in matters relating to certificate trading, as well as by experience in structured financing and securitisations; practice head Martin Scharnke, who also leads on classic DCM matters, is dedicated to the latter area. Marc Plepelits (lead counsel in US corporate finance matters) and Stefan Henkelmann (securitisations, covered bonds and hybrid bonds) are other key contacts. Henkelmann also advises on real estate bonds and further assists with restructuring-related capital market issues, with bond restructuring subsequently representing another part of his advisory profile.

Hogan Lovells International LLP's capital markets practice advises a client base, consisting of banks and government-related credit institutions among others, on issuance programs and commercial paper programs as well as on bonds and Pfandbriefe. The group further assists corporates with various DCM transactions, under consideration of both German and US law. Sven Brandt leads the team and focuses on structured issues and ABS transactions as well as issuance and ABCP programs. With Sina Hekmat (splits her time between Frankfurt and New York) and Michael Schlitt, the practice houses two experts for international transactions, particularly with a US connection. Jochen Seitz is a key contact for investment grade bonds and debt issuance programs.

DAX and MDAX companies as well as banks recently instructed Noerr's DCM practice to advise on the set-up EMTN programs and debt issuance programs, on bond issuance, including Nordic bonds, and bond restructuring. In capital market transactions with a US connection - this applies in particular to the high-yield sphere and US placements - the group cooperates with US firms. The practice is jointly led by Holger Alfes and Julian Schulze De la Cruz, both of whom are experienced in DCM and ECM as well as in ongoing corporate and M&A matters. Dominik Kloka (DCM, regulated products, financial regulatory law) made partner in January 2024.

With a focus on advising issuers and medium-sized banks, Norton Rose Fulbright's holistic approach to capital markets advice leads to regular instructions on issuance programs (EMTN programs, debt issuance programs, commercial paper programs) and issuance platforms as well as on the issuance of various secured and structured bonds; here, the practice recently experienced an increased demand for assistance with ESG-related bonds, such as green bonds and social bonds. Christoph Enderstein complements this with expertise in capital market-related supervisory law and, most recently, often advised on alternative provisions for reference interest rates related to floating rate notes. He jointly leads the practice with Frank Regelin, who, in addition to capital market transactions, also handles public takeovers and M&A deals.

Dentons primarily assists banks and financial services providers and is experienced in bond issues, often linked to ESG criteria, as well as in program matters. Due to the close cooperation between the DCM and restructuring practice, the group possesses further expertise in advising on financial restructurings, including promissory note financing. Oliver Dreher leads the team and focuses on structured issuance programs, registered bonds and structured products.

Gleiss Lutz' advice is particularly tailored to corporates, including assistance with issuing bonds - especially those with conversion and ESG components - as well as with bond restructuring and EMTN programs; however, the practice acts for banks as well. Thanks to its collaboration with the London office, which opened at the beginning of 2022, the practice is also well equipped for high-yield advice. Kai Arne Birke leads the team and has expertise in syndicated financing transactions and bond restructuring.

Liability management, bond restructuring and Pfandbriefe, alongside issuance programs and promissory notes, are central pillars of Mayer Brown LLP's capital markets practice, which primarily acts for banks, financial services companies and professional associations. Advice on retail issues - with a focus on sustainable products (ESG) - is considered a particular strength, as is advice on the conversion of prospectus law to prospectus regulation. Patrick Scholl, whose expertise is often sought in the regulatory context as well as in connection with derivatives and synthetic securitisations, leads the practice.

Banks and issuers particularly turn to Simmons & Simmons' DCM team to seek advice on promissory note loans and registered bonds, including hybrid, exchangeable, convertible and ESG bonds, on the restructuring of such bonds as well as on the creation of debt issuance and commercial paper programs. The team is jointly led by Thomas Scharfenberg, whose expertise also includes structured products, and Felix Biedermann (capital market and banking supervisory law).

Heuking's DCM advice is particularly popular with medium-sized companies, primarily in connection with the issuance and restructuring of various bonds, including the issuance of electronic and crypto securities. The group is also experienced in capital market compliance. Anne de Boer and Mirko Sickinger, who are adept at capital markets, corporate and M&A as well as banking and finance, jointly head the practice.

Luther Rechtsanwaltsgesellschaft mbH‘s expertise is aimed at assisting medium-sized companies with bond issues; however, the team is also increasingly active on the banking side and advises on securities descriptions and base prospectuses updates. Practice head Ingo Wegerich possesses deep expertise in issuance programs and derivatives, while Rolf Kobabe particularly often assists with regulatory matters.