A&O Shearman is widely recognised for its top-tier international debt capital markets team. The firm advises issuers and underwriters in major financial centres worldwide on the full range of debt capital market transactions, both public and private. Their expertise spans debt programmes, regulatory and hybrid capital, equity-linked instruments, private placements, Islamic finance structures, and sustainable capital markets products. Practice leader Tom Grant assists on bond issuances by financial institutions, corporates, and sovereigns, and has significant experience in raising regulatory capital. The ‘excellent’ Theo Trayhurn acts for issuers across the UK and Nordic regions, while Jamie Durham focuses on standalone bond issuances, programme updates and drawdowns, as well as liability management transactions. Daniel Fletcher specialises in raising and refinancing regulatory capital for banks, building societies, and insurance companies, and Peter Crossan brings broad expertise across a wide range of transactions, including senior and subordinated bonds, asset-backed securities, and EMTN programmes. Andew Enga is noted for his focus on liability management, with recent engagements including high-value issues for real estate investment trusts and global investment banks.Evangelia Andronikou is also a valued member of the team. Jonathan Melton has recently retired.

 

Clifford Chance LLP has strong expertise in regulatory capital securities for banks and insurers, corporate hybrid instruments, equity-linked products, and liability management. The firm also advises on sovereign and emerging markets issuances, green, social, and sustainability-linked bonds, digital bonds, as well as EMTN and ECP programmes. Team head Matthew Fairclough advises across a wide spectrum of debt and equity capital markets, with particular expertise in corporate hybrid capital and regulatory capital products across the UK, Europe, and Africa. He is supported by Paul Deakins, who focuses on Eurobonds, EMTN programmes, and other public securities offerings for both corporate and financial institution issuers; and Simon Sinclair, who advises on convertible and exchangeable bonds, regulatory capital instruments, and liability management transactions. Kate Vyvyan is a name to note for her work with sovereigns, supranationals, international corporates, and leading investment banks active in the debt capital markets.

Ashurst’s ‘outstanding’ practice advises a broad range of major stakeholders, including corporate issuers, global financial institutions, underwriting banks, and corporate trustees, on the full spectrum of international debt capital markets transactions, including EMTN programmes, standalone bonds, convertible bonds, hybrid instruments, and private placements. Anna Delgado and Alex Biles jointly lead the practice. The ‘valued’ Delgado brings nearly two decades of experience in debt and equity-linked capital markets and is a lead partner in ESG finance and sustainability bonds. Biles, known for his ‘incredible understanding of debt capital markets’, advises on standalone bond issuances, debt issuance programmes, regulatory capital transactions, and liability management. Clients also recommend Ciaran Vinaccia, who focuses on the CLO securitisation market, and Malcolm Charles, who handles both international and domestic bond issues. Scott Chatterton is also a key member of the practice.

Davis Polk & Wardwell LLP advises issuers and underwriters on a broad spectrum of debt, equity, and structured product transactions globally. Over the past year, the firm has handled debt deals exceeding $100 billion in aggregate for European issuers alone. Practice head Reuven Young brings deep experience in public and private cross-border investment-grade debt and equity offerings for international companies across diverse industries. Leo Borchardt represents major corporations, boards of directors, special committees, and investment banks in a wide range of high-profile capital markets and strategic corporate transactions; while Connie Milonakis focuses on multi-jurisdictional debt and equity offerings, with significant experience spanning the EMEA and North American markets.

Dentons- recognised for its ‘exceptional professionalism and expertise’- advises underwriters and issuers on a range of matters involving standalone bond offerings, Rule 144A/Regulation S drawdowns, green and sustainability bonds, regulatory and hybrid capital, and liability management. The ‘highly knowledgeable’ David Cohen leads the team, with a practice spanning public and listed Eurobonds, private placements, EMTN programmes, CP programmes, loan participation notes, project bonds, and structured products. Nick Hayday counsels on securities matters, including debt issuances, equity-linked instruments, and Islamic finance securities in international markets; while Victoria Wyer brings experience in sovereign and supranational bond offerings, regulatory capital, and convertible and exchangeable bonds.

Herbert Smith Freehills Kramer LLP advises issuers and managers on a wide range of transactions, including standalone bonds, regulatory capital instruments, private placements, equity-linked instruments, and liability management, across both conventional and ESG products. Team head Amy Geddes has extensive experience in international debt and equity-linked capital markets, guiding clients through complex or cross-border transactions. She is supported by Dinesh Banani, who assists on IPOs, secondary and follow-on equity offerings, as well as Rule 144A debt and asset-backed securities. Tom O’Neill complements the team with expertise in corporate governance and compliance matters for foreign private issuers with SEC-registered securities listed on US stock exchanges.

Mayer Brown International LLP is noted for its strong advisory work with financial institutions, with growing expertise in emerging areas such as ESG, debt-for-nature swaps, complex liability management transactions, and digital notes. The practice is jointly led by James Taylor, Robert Flanigan, and Peter Pears. Taylor advises on high-level capital markets transactions and co-leads the firm’s Turkish capital markets group, representing both major state-owned and private banks in Turkey. Flanigan brings particular expertise in the Spanish market, covering everything from high-profile benchmark issuances to green bonds and regulatory capital offerings; while Pears advises on a broad range of complex international deals, including Eurobonds, medium term notes, regulatory capital, and repackaging programmes.

Norton Rose Fulbright offers a comprehensive capital markets practice, with a particularly strong track record in emerging market debt, sovereign and supranational bonds, project bonds, and debt restructurings. The team is highly regarded for its work on investment-grade issuances, especially for Canadian issuers listing in the UK and Europe. The practice is led by Peter Young, who advises on US offerings under Rule 144A and international offerings under Regulation S. He is supported by the ‘extremely knowledgeable’ Peter Noble, who frequently acts for Canadian sovereigns, corporates, and financial institutions, as well as international dealers involved in cross-border debt transactions, including offerings into Canada; and Kirstin Russell, who contributes her expertise in general debt, securitisation, and repackaging matters. Farmida Bi is noted for her work in Islamic finance and ethical funding, particularly in support of ESG initiatives aligned with the UN Sustainable Development Goals.

Sidley Austin LLP is highly regarded by clients for having ‘the most experience working with US Private Placements and DCM of anyone in the market’, alongside maintaining a strong focus on advising investment-grade corporates and financial institutions. Practice leader David Howe has extensive experience acting for issuers, underwriters, and trustees on a wide range of European and Asia Pacific-focused capital markets transactions, including regulatory and hybrid capital instruments, equity-linked products, and other liability management transactions. David Stewart has a diverse cross-border debt and equity capital market practice, including complex transactions involving publicly traded securities, both in the US and internationally; and Omar Shafi- renowned for his ‘excellent legal skills’- supports lead managers and issuers in relation to bonds issued by financial institutions, corporates, and sovereigns. Todd Gilbert is another key member of the practice.

Slaughter and May‘s practice is recognised for its ‘strong business understanding’ and its ability to support both UK and international clients across the full range of DCM products. These include regulatory and hybrid capital, liability management, EMTN programmes and subsequent issuances, US private placements, and sustainability linked bonds. Team head Caroline Phillips is noted for her extensive work with financial institution issuers, advising on both new debt issuances and liability management transactions. Matthew Tobin counsels on a broad range of debt capital markets and financing matters, alongside heading the firm’s Sustainable Finance practice. His work includes advising banks and multinational corporations on green bonds and sustainability linked loans. The ‘technically excellent’ Ed Fife is a name to note in relation to highly structured leveraged lending transactions.

Sullivan & Cromwell LLP- praised by clients as ‘trusted advisor on all things DCM’- supports issuers and underwriters through every stage of debt transactions, whether involving national, regional, or cross-border elements. Over the past year, the firm has advised on numerous complex debt capital markets deals across Europe, including acting for the European Investment Bank on multiple offerings with a combined value of $27 billion. Co-head John Horsfield-Bradbury has extensive experience in both public and private offerings of debt and equity securities, and regularly assists US-listed issuers on a broad range of corporate governance matters. He is supported by Vanessa Blackmore, who brings over three decades of experience in debt, equity-linked, and equity capital markets, counselling clients across all levels of the capital structure. Co-head Oderisio De Vito Piscicelli focuses on the Italian market, where his capital markets work includes equity offerings for issuers representing more than a third of the total capitalisation of the Italian stock exchange, including high-profile names such as Ferrari; while co-lead Evan Simpson covers a wide range of European corporate clients on SEC-registered and exempt offerings to US investors.

Addleshaw Goddard is well-versed within publicly offered listed issues and privately placed transactions, acting for major UK banks such as Barclays, HSBC, Lloyds, and NatWest Markets in their roles as arrangers, bookrunners, and dealers. Led by Beth Collett, the practice is also recognised as a leader in the social housing bond sector. Collett brings over two decades of market experience, advising issuers, managers, investors, and trustees on a wide range of public listed bonds and private placements.

Baker McKenzie LLP provides issuers, investment banks, financial sponsors, and selling shareholders with expert legal advice across the full range of equity, debt, and public market solutions. The practice offers both English and US law capabilities, with particular expertise in US securities law and transaction management. Team head Adam Farlow specialises in international debt offerings and other forms of financing. Megan Schellinger is recognised as a ‘standout partner’, advising corporate and investment banking clients on Rule 144A and SEC-registered offerings, as well as private placements of international debt.

Cravath, Swaine & Moore LLP assists corporate issuers, investment banks, and financial sponsors on a broad spectrum of offerings, including investment-grade, sovereign, and supranational debt issuances, privatisations, and asset-backed securities. Jointly led by Philip Boeckman and George Stephanakis, the practice handles transactions aimed at both global and US investor bases, including SEC-registered offerings, Rule 144A and Regulation S transactions, as well as traditional private placements.

Renowned as ‘technically excellent, very smooth, and efficient’, Fried, Frank, Harris, Shriver & Jacobson LLP assists issuers and underwriting banks on a wide range of complex market transactions, including bond offerings, private placements, structured and bespoke debt products, and liability management transactions, alongside expanding its expertise in emerging markets debt transactions. Team leader Ashar Qureshi specialises in debt and equity transactions, rights offerings, and related restructurings and privatisation matters, with a broad geographic focus spanning Europe, Africa, and the Middle East. He is supported by the ‘fantastic’ Aseet Dalvi, who advises on a wide array of matters including SEC-registered programs and issuances, European MTN programs, preferred share offerings, hybrid bonds, and sovereign debt.

Over the past year, Morgan, Lewis & Bockius UK LLP has supported a spectrum of transactions, including investment-grade programmes and offerings by FTSE 100 UK companies, debt private placements, convertible bonds, and liability management transactions. Team leader Carter Brod stands out for his work on several landmark transactions in the emerging markets, including the first international securities offering by a Ukrainian company. He is supported by TatFu Wong, who focuses on bond offerings by Chinese and EMEA issuers.

Pinsent Masons LLP continues to strengthen its expertise in bond issuances for the housing and higher education sectors, while also broadening its experience across a diverse range of industries, including gas, technology, public services, charities, and emerging markets. Led by Edward Sunderland, the team regularly advises on standalone bonds, EMTN and ECP programmes, private placements, and liability management exercises. Sunderland regularly acts for institutional investors, showcasing his specialism in privately placed note issuances. He is supported by key partners Marcus Mackenzie and Alexis Hayworth, with Mackenzie focusing on infrastructure sector financing; and Hayworth assisting clients with sustainability bond issues.

 

Simmons & Simmons is praised for ‘excellent legal and industry knowledge’ and acts for corporate issuers, institutional investors, and major banks, with a particularly strong relationship with Barclays, NatWest Markets, and HSBC. Practice head Piers Summerfield brings over 20 years of experience, with focus on equity-linked bonds and EMTN programmes. He is supported by Charles Hawes, who is noted for his compliance work with US securities laws in the context of cross-border transactions, and Rory Renshaw, who is renowned for his expertise in a wide range of debt and equity-linked products.

In addition to its well-known insurance expertise, Willkie Farr & Gallagher (UK) LLP also handles a variety of debt, equities, investment grade, and private placement matters. Over the past year, the practice has particularly stood out for its work in the catastrophe bond sector. Dual-qualified in English and New York law, team leader Jennifer Tait acts for issuers and underwriters in capital markets transactions in the US and in Europe, whether related to public and private bond offerings, or to liability management transactions. She is supported by David Griffiths, who is a name to note in relation to insurance-linked securities, as well as capital raising in the reinsurance sector.

Alston & Bird LLP advises clients on securitisation transactions across the US, UK, and wider Europe. The team is led by James Fisher, who specialises in debt capital markets, structured finance, and derivatives, with a strong emphasis on representing corporate trust, agency, and issuer clients in both cross-border and domestic financings. He is supported by senior associate Natalia Souza, who plays a key role in advising corporate trust and agency clients on a wide range of US and UK cross-border transactions, including project finance and structured debt deals.

Arnold & Porter is widely recognised for its sovereign finance practice, advising governments and state-owned entities on all aspects of public debt. This includes new issuances, liability management, infrastructure finance, and matters involving social and sustainable sovereign bonds. Practice head Jeremy Willcocks brings two decades of experience, notably representing Nigeria on its landmark diaspora bond issuance.

 

Debevoise & Plimpton LLP regularly represents issuers and underwriters on registered and private debt offerings, including investment grade debt, convertible debt, secured debt and insurance company surplus notes. The practice is jointly led by Nicholas Pellicani and Alan Davies, with the former focusing on securities laws and capital markets transactions; and the latter handling matters related to structured financing.

Dechert LLP’s practice advises on all types of international debt securities transactions, with a strong emphasis on emerging markets and expertise in both English and U.S. law-governed deals. The team head Patrick Lyons and key partner Jennifer Rees left the firm to join Baker Botts in June 2025.

Greenberg Traurig, LLP assists clients with a range of debt capital markets and US securities-related transactions, including Rule 144A offerings, private placements, liability management, green and sustainability-linked bonds, and stand-alone debt issuances. Team head Dorothee Fischer-Appelt brings over 25 years of experience in US and English law debt capital markets; while the ‘strong new addition to the team’, Fritz Ernemann, handles public and private offerings of debt and equity securities, with particular focus on issuances of high yield debt securities.

Morrison Foerster, recognised for its ‘deep market experience in US private placements’, handles a diverse range of work, including 144A and Reg S offerings, as well as continuous issuance programs such as MTN, CP programmes, and structured products. The ‘stand-out’ Scott Ashton leads the team, and specialises in advising issuers on private placements of securities to institutional investors.

 

The ‘knowledgeable’ O'Melveny is renowned for its issuer-side private placement practice, assisting clients throughout the lifecycle of their existing USPP deals, including on complex amendments, waivers, guarantor accessions, and transfer processes. Team leader Andrew Weiler brings over 25 years of experience in the cross-border USPP market and stands out for advising more than 100 non-US issuers on traditional 4(a)(2) debt private placements.