Debt Capital Market Lawyers

Debt Capital Markets: Exceptional delivery of publicly offered listed bonds and privately placed deals

All the major banks operating across the UK, Europe and the Middle East and major pension funds (including in North America) - in their capacity as arrangers/bookrunners and investors – plus trustees and issuers (both established and debut) from around the world, have relied on our expert lawyers to deliver hundreds of major debt capital market transactions in recent years, with a cumulative debt value of many billions across different currencies.

They have sought and received our advice on secured and unsecured debt across the credit spectrum; structured and plain vanilla issues; and initial issuance, liability management and ongoing obligations. Clients have chosen us to support them across all sectors, but we have a particular specialism in public and quasi-public issuers, including providers of social housing, education, local authorities and healthcare, and financial institutions, consumer and retail, and projects and infrastructure. Our specialist debt capital markets team works closely with other key colleagues, including in our structured finance, derivatives and tax practices, to deliver a full service to clients on their transactions. We also have London-based US securities law colleagues who work alongside us on all transactions involving US investors or New York law.

Recently, many clients have relied on our team to navigate ESG requirements and questions, comply with post-Brexit regulatory changes, navigate market volatility, and manage bond liabilities.

We promise our clients excellent service with a collaborative approach and an understanding of the commercial needs and expectations of all stakeholders.

Testimonials

'A market-leading, well-resourced, and exceptionally reliable team that manages matters in a transparent, efficient, and streamlined manner. It is consistently very responsive to requests and queries. The individuals are all very capable and experienced'. (Legal 500)

Clients

Example clients include: the UK's major retail and investment banks, Assura, aberdeen, Aviva, Bred Banque Populaire, Canada Life, Co-op, Deutsche Bank, Leeds Building Society, LGIM, M&G, Macquarie, MetLife, MUFG, Phoenix Life, Rothesay Life, Sun Life and UniCredit Bank AG.

Experience

Our recent experience includes:

Advising the arrangers/bookrunners, bond trustee and security trustee on the issue of over £10bn of publicly offered listed bonds by providers of social housing, including issues by Catalyst Housing, Citizen Housing, Futures Housing Group, GreenSquareAccord, Housing 21, Home Group, Karbon Homes, LiveWest, London & Quadrant, Peabody, Southern Housing Group and Wrekin.
Advising the arrangers/dealers, bond trustee and security trustee on the establishment and update of MTN programmes, including for A2Dominion, bLEND Funding, GB Social Housing, LiveWest, MTVH, Notting Hill Genesis, Peabody Trust, Platform, Sanctuary Housing, Southern Housing, Stonewater and THFC Sustainable Finance.
Advising building societies such as Leeds Building Society and Saffron Building Society on the issue of MREL and Tier 2 notes.
Advising Bred Banque Populaire as lead manager on bonds issued by Assistance Publique–Hôpitaux de Paris (AP-HP) listed on Euronext Paris.
Advising Groupement Mousquetaires on its inaugural €500,000,000 Rated Eurobond listed on the Euro MTF operated by the Luxembourg Stock Exchange.
Advising investors such as aberdeen, Aviva, Canada Life, LGIM, M&G, Macquarie, MetLife, Phoenix Life, Rothesay Life, Sun Life and other major asset managers and institutional investors on numerous private placements by providers of social housing, property companies and corporates.
Advising a range of UK issuers on numerous US private placements, agented and non-agented, secured and unsecured.
Advising Rémy Cointreau on its €380,000,000 Euro Private Placement Fixed Rate Notes arranged by Crédit Agricole Corporate and Investment Bank.
Advising UniCredit Bank AG as arranger and lead manager in respect of several Euro Private Placement bond issues of French corporates.
Advising Franklin Templeton as arranger in respect of a US$30mn privately placed structured Shariah-compliant note for Moove for the financing of a fleet of electric vehicles.
Advising the Falkland Islands Government on its debut issue of privately placed notes.
Advising the issuer of the first issue of privately placed notes by an NHS Foundation Trust.
Advising capital markets investors in funding UK local authorities, including the City of Westminster, Barnsley, Brent, Hartlepool, Maidstone and Redbridge councils, and universities and schools, including Trinity College Cambridge, Lucy Cavendish College Cambridge and United Westminster and Grey Coat Foundation.
Advising on consent solicitations and tender offers for existing bonds issues of Co-op, LiveWest, Peel, Swan Housing, Semperian and the University of Greenwich.
Advising trustees, such as M&G Trustee and GLAS, including on the exercise of trustee discretions and bond defaults.
Advising investors in promissory notes (Schuldscheine) issued by various German corporates and real estate companies.
Advising issuers of structured real estate secured promissory notes and privately placed notes in Germany on the structuring and issue of the relevant instruments including the granting of the necessary real estate and asset security packages.
Advising the European Bank for Reconstruction and Development on issuance of 1.5bn PLN additional Tier I bonds by mBank S.A.
Advising the joint lead managers on the issue of notes under the €15bn Medium Term Note Programme, guaranteed by The State Treasury of the Republic of Poland.
Advising the bookrunners on the issue of US$5bn dual-tranche SEC registered notes by The State Treasury of Poland, represented by the Minister of Finance.