IFLR 1000
The Guide to the World's Leading Financial Law Firms

	Allen & Overy Linklaters
	Clifford Chance Freshfields Bruckhaus Deringer
	Cleary Gottlieb Steen & Hamilton Sidley Austin Slaughter and May White & Case
	Ashurst Baker & McKenzie Herbert Smith Norton Rose Simmons & Simmons Skadden Arps Slate Meagher & Flom

As on the equity side of the capital markets divide there was a clear sense from debt practitioners that they are working within a volatile market. However with the spectre of the Basel III capital requirements looming over the banks, the debt markets can look forward to the dual promise of an increase in bond issuance as an alternative to straight lending and more mandates relating to liability management.

"There's little in the way of pure bank lending, capital markets issuance has taken up a lot of the slack." says one partner, while another takes the point further: "A lot of the banks are now doing everything they can to avoid bank lending and a lot of these banks are players in the bond markets anyway."

Although high-yield continues to be the big story in terms of growth, straight debt issuance is also looking at a substantial upturn in activity.

Uncertainties around the rate of the UK's economic recovery and macro-economic volatility in places like Greece, Portugal and Ireland have also contributed to an atmosphere of uncertainty which has seen banks and corporates alike turning to the bond markets to boost their reserves. "There are some corporates who are not convinced about the speed of the recovery," points out one partner, "so they are trying to build up their cash reserves."

Many practitioners had been predicting a return of volume in the convertible bond market, but there is still more promise than concrete deal flow. "The forecast this year was all about convertible bonds, that has not taken off," points out one practitioner, while another highlights a clear reason for this lack of activity. "Convertibles? Interest rates are still low. You need high interest rates."

Hybrid bond issuance and Coco (contingent convertible) bonds are also being seen and firms are hopeful of further issuance here in light of Basel III. "Everyone's talking Cocos," says one partner.

Practitioners were also keen to stress the continuing compartmentalising of the market, with people drawing on specific geographical strengths to drive their practices. "It's really tested the strength in depth of the law firms and that's really what's starting to distinguish the firms," explains one partner, "because we can all point to the firms who might be strong in Russian Eurobonds or Ukraine, or who might be strong in a particular product."

Key areas of growth, as in the equity markets, seem to be Russia, the CEE (Central & Eastern Europe) and Turkey. "There are some places which are around the European fringe which are showing good signs of growth," says one partner. "We've seen a lot of Polish bonds, a flood of Turkish bonds and some other countries which haven't come in yet."

"A&O I would rank them where they are because in addition to having a very good team, the market is in the right place for them in terms of restructuring work. They are going to continue to plough on in the next couple of years.... [more]

"A&O I would rank them where they are because in addition to having a very good team, the market is in the right place for them in terms of restructuring work. They are going to continue to plough on in the next couple of years."

This comment by one peer sums up how Allen & Overy continues to be seen in this market. A strong and deep bench and excellent client relationships within the bank lending sphere provides the firm with a solid base which backs up its tier one ranking.

Where weaknesses arguably lie are in the firm's underwriter capacity and in its Russian offering. The second point is balanced by its extremely strong pedigree in the Middle East (boosted by a recent office opening in Qatar). However with Russia presently producing a strong pipeline for London firms, peers suggest that closest rivals Linklaters have the edge. "Allen & Overy, who really aren't strong in Russia, are very strong in the Middle East, otherwise I think on other products they [tier one firms] are probably evenly matched I would say," says one partner.

A clear example of the firm's strength in the Middle East was its advice to Qatar Holdings on its purchase of $1.7 billion and SFr2.5 billion Tier 1 Buffer Capital Notes (BCN) in the form of Coco bonds from Credit Suisse.

Leading that deal were Jonathan Mellor and Stephen Miller and the latter also assisted Bank of Ireland on its latest rights issue and debt for equity exchange offer.

Miller was praised widely by clients: "One of the best in the business for UK capital security, he is second to none," says one, "very commercial and user friendly," and it seems this ability is reflected by the team around him with one client describing them as "very strong, best in their field in terms of what we work on".

A key element of any firm's Middle East offering is the ability to handle Islamic finance and A&O demonstrated this last year advising Etisalat on its $1 billion asset-based sukuk (Islamic bond) programme. The innovative structure contains both an ijarah (capital leasing) element and an airtime-based structure that uses minutes used on a phone network as the asset base.

With Turkey a keen area of interest for UK firms at the moment, Allen & Overy enhanced its reputation last year as it advised the joint lead managers (Bank of America Securities, Citigroup Global Markets, JPMorgan Securities and Standard Chartered) on Akbank's Rule144A/RegS $1 billion bond issue, the first ever international bond issue by a Turkish bank.

Matthew Hartley was another individual that impressed, with one client describing him as "a really safe pair of hands, he's got a very considered and mellow style. He doesn't rant or throw his toys out of the pram and is absolutely on top of his products".

Though reports over the health of the convertible market have been mixed, the firm got one notable deal in the last year as partners Max Aaron and Jonathan Mellor advised Barclays Capital as bookrunner on a $200 million dollar convertible issued by the Sea Trucks Group. The deal forms part of the company's preparation for its proposed IPO.

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Linklaters remains alongside Allen & Overy in tier one, with both firms drawing on expertise in different areas.For Linklaters, underwriter mandates remains a strength and with a good combination of solid bank links and a notable corporate client base, the firm is well positioned to tap different areas of the market.... [more]

Linklaters remains alongside Allen & Overy in tier one, with both firms drawing on expertise in different areas.

For Linklaters, underwriter mandates remains a strength and with a good combination of solid bank links and a notable corporate client base, the firm is well positioned to tap different areas of the market.

A sign of a market-leading outfit is its ability to take advantage of new trends as they emerge and Linklaters has done just that this year in terms of hybrid bonds. The first example of this saw Carson Welsh lead a team advising Credit Suisse Securities, Merrill Lynch, Morgan Stanley and Rabobank as the joint lead managers and bookrunners on an issue of $2 billion 8.375% perpetual non-cumulative capital securities issue by Rabobank Nederland. The deal was structured with one eye on the Basel III capital requirements and was the first hybrid issuance, counting towards the issuers tier one capital, placed after the announcement.

The firm is positioning itself as a market leader in this space and has also been engaged on several mandates involving Coco (contingent convertible) bonds. An example saw Carson Welsh again engaged acting for the Credit Suisse Group on an $8 billion issuance of buffer capital notes (BCN) consisting of a $6 billion private placement and a $2 billion issue. In line with Basel III the deal is designed to meet the new Swiss requirements around buffer capital.

"I don't think there's any doubt that these are the leading firms across the DCM space," says one peer about the top tier firms. "There are only a few firms who have that sort of strength in depth geographically and across a number of different products."

Clients were effusive in their praise for the team's quality, though most noted that it came at a premium: "We have got very good partner support there, they have talented lawyers, they are slightly less value for money [than some rivals]."

Like most firms in the market, liability management has been a major source of mandates in the past 12 months for Linklaters and one key example of the firm's work was Richard Levy's advice to RBS, the wider RBS group and National Westminster Bank (NatWest) on the buy back and exchange of £15.9 billion of capital in tier one shares and tier two notes as part of a process to increase RBS's core capital. After tax this deal produced a gain of £2 billion.

In geographical terms the firm is starting to make waves in the east. "I think from a broad depth perception Linklaters are clearly very very strong in Russia," says one partner, "Russia is a very very big market for London based firms and we see Linklaters on the vast majority of Russian deals," says another. Clients also view this as a strength: "They have an exceptionally strong team and the fact that they cover a lot of work in Moscow with English and Russian lawyers is a bonus," says one.

This reputation is backed up by two key mandates from the last year. In the first, a team led by Cecil Quillen acted for Barclays, Citigroup Global Markets, Credit Suisse Securities and VTB Capital as the joint lead managers on the Russian Federation's $5.5 billion dual-tranche bond: a $2 billion 3.62% issue due in 2015 and a $3.3 billion 5% issue due in 2020. This was the first by the Federation since 1998.

Quillen's team also advised Morgan Stanley, UBS and VTB Capital as underwriters on a $412.5 million issue of conditional convertible bonds by Russian Steel company TMK. The first convertible by a Russian corporate since 2002, the deal eased the company's debt burden accrued through acquisitions done before the collapse of the steel market in 2008.

Moving south across the border, the team acted in unison with its Frankfurt office for the Government of the Ukraine as issuer on a $2 billion sovereign bond issue. Consisting of $500 million 6.75 % notes due in 2015 and $1.5 billion 7.75% notes due in 2020. Francis Kucera led the deal, the first since the country's IMF bailout in 2008 and another step in the firm's long standing relationship with the government which has seen them advise on all such issuances since 2004.

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"They are going to continue to be strong, they have such a strong and universal team they can do everything," says one peer. Although the market noted that the firm is still a step behind the tier one firms, there remained plenty of respect for the practice.... [more]

"They are going to continue to be strong, they have such a strong and universal team they can do everything," says one peer. Although the market noted that the firm is still a step behind the tier one firms, there remained plenty of respect for the practice.

Clients were particularly keen on David Dunnigan: "Excellent, absolutely excellent, very happy with the service provided, he's very good on the speed of response," says one, "He's very very sharp, very very good and he's got good manners in negotiations." Others pointed out that his skill lies in establishing relationships: "He's not a pure technical lawyer, his skill is handling the client and the relationship," says one, "He's business driven, he can understand and always see what the client is driving at and is trying to achieve."

However a number of clients pointed out that though the firm had good capacity – with one of the biggest teams in the market - sometimes communication it was felt could be improved: "We don't see the same continuity of junior support," says one client with experience of numerous firms in the market, "The juniors don't have the same links to certain partners."

A dominant highlight for the firm last year saw a team drawn from its London, Paris, Frankfurt and Luxembourg offices act on the €27 billion debt issuance programme for the European Financial Stability Fund (EFSF) and the subsequent initial €5 billion issue. In addition to being structured using a number of different legal systems, the transaction had the added complication of needing to abide by the laws of each Eurozone member state. The negotiations and structuring also had to take into account the potential dual roles of the member states both as guarantors and borrowers. In London, David Dunnigan, Robert Trefny, Simon James, George Georgiev and Patrick Dougherty were all involved.

With the debt markets being used as a tool for refinancing there are many companies looking at the markets to ease their burden as their debt reaches maturity. In one such deal a team led by David Bickerton, on the capital markets side, acted for Angel Trains on its refinancing of bank debt due in June 2011. This was achieved through the establishment of a £4 billion programme for the issuance of secured guaranteed covenanted notes and the subsequent issues of £300 million ten year bullet notes and £500 million 25-year amortising notes. The bond provides for a switch to a hardwired intercreditor agreement following the full refinancing of the current senior facility.

Further refinancing work was undertaken for AerCap with the team assisting Goldman Sachs and Credit Agricole as the joint book runners and structuring agents of a $150 million issuance of 3.7% bonds due in 2021.

In the equity linked area, a team featuring Simon Sinclair and Chris Walton worked opposite Allen & Overy advising Nigerian oil and gas contractor Sea Trucks on an issue of $200 million convertible bonds due in 2015. The deal forms part of the firm's preparation for its IPO, with the bonds set to convert to shares in that situation. [hide]

There is a sense in the market that Freshfields Bruckhaus Deringer's capital markets practice is, as you'd expect from a corporate powerhouse, tilted more towards the equity sphere. "Freshfields are immensely strong on the equity side and that's clearly a huge strength and they are still reasonably strong on securitisation, but if you take that out and look at the debt side it's not so clear," says one partner.... [more]

There is a sense in the market that Freshfields Bruckhaus Deringer's capital markets practice is, as you'd expect from a corporate powerhouse, tilted more towards the equity sphere. "Freshfields are immensely strong on the equity side and that's clearly a huge strength and they are still reasonably strong on securitisation, but if you take that out and look at the debt side it's not so clear," says one partner.

There was less doubt in regard to the firm's overall ability in this area, but rather that it is not a clear area of focus. "I don't think Freshfields is a debt capital markets firm, they have made a push here but I don't see them as a firm with a dedicated practice like Clifford Chance or Allen Overy," explains another peer.

However, it seems that the firm is moving to address this perception. A clear statement was made in January 2011 with the hires of Peter Allen and Duncan Kellaway from fellow magic circle firms Linklaters and Clifford Chance respectively. The new partners have been brought in to establish stronger relationships with underwriters and Freshfields will be hoping this can lead to a more balanced practice. "They have taken on a couple of partners," notes one partner, "they're probably going to concentrate on the CEE (Central & Eastern Europe) but they are popping up more often."

Clients have already taken note of the hires: "By recruiting Peter Allen and Duncan Kellaway, Freshfields shows its intention to grow within the banks and issuers, it is an exciting development in the London markets, it will increase competition which we welcome," says one client, who adds however: "We would like to see the expertise of the partners developed in their junior associates."

Allen came in for personal praise: "Very knowledgeable in the business area, where there was a knowledge gap he came up with solutions. A wealth of experience behind them, deal was very well executed," says one.

One of the firm's largest deals last year, led by Don Guiney, saw the team act for the issuer ABN AMRO on a $2 billion debt issuance as part of its wider $25 billion MTN programme. This first issuance from the programme marked the Dutch banks reentry into the US market.

Drawing on its current strengths does give the firm a good platform in equity-linked transactions and last year a number of convertible bond issuances backed this reputation. On one, a team led by Andreas Konig and co-capital markets head Sarah Murphy advised Citi Global Markets and Merrill Lynch International as joint bookrunners on German tourism operator TUI's €338 million convertible bond offering. In a similar deal JPMorgan Securities and Merrill Lynch also called in the firm when they acted as joint bookrunners and underwriters on a €200 million convertible by the Talvivaara Mining Company. Mark Trapnell and David Cotton led this last deal and both partners were again involved, this time on the issuer side, advising Essar Energy on its $550 convertible in January 2011.

With interest being shown in terms of hybrid issuance recently, Freshfields acted for Scottish and Southern Energy in September 2010 on its issue of £750 million and £500 million hybrid capital securities, the first of its type by a UK listed company.

The strength of the firm's corporate relationships was again highlighted last year with advice on two notable retail bonds. In the first the team advised the John Lewis Partnership on the issuance of a partnership bond to holders of the company's Partnership and Account holders cards and to members of the partnership itself. The team also acted for Tesco Personal Finance on the issue of bonds under its Euro note programme in January 2011. Mark Trapnell led both deals.

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Although not best known for their work on the debt side of the capital markets divide, Cleary Gottlieb Steen & Hamilton maintains its tier three position this year and is seen to be quite effective in relation to its size, "Cleary are always punching above their weight," says one peer."I think in terms of quality Cleary perform very very highly, they are selective, they're small of course in Europe so they are not interested in the broad spread, but when they take on something they do it very very well," says another peer.... [more]

Although not best known for their work on the debt side of the capital markets divide, Cleary Gottlieb Steen & Hamilton maintains its tier three position this year and is seen to be quite effective in relation to its size, "Cleary are always punching above their weight," says one peer.

"I think in terms of quality Cleary perform very very highly, they are selective, they're small of course in Europe so they are not interested in the broad spread, but when they take on something they do it very very well," says another peer. "They have high quality partners and senior associates and whenever you see them they do a very very good job."

In October 2010 the London team increased its capacity relocating David Gottlieb from the firm's Moscow office.

Sovereign bonds were high on the agenda last year and the team worked on two substantial mandates in this field. In one, Gottlieb advised the Russian ministry of finance on its R40 billion (£1.2 billion) issuance on the LSE. Meanwhile Simon Ovenden led a team acting for the underwriters Citigroup Global Markets and Deutsche Bank on Nigeria's first every Eurobond issuance, valued at $500 million and placed on the LSE.

Other bank side mandates again saw Ovenden involved acting for VTB Bank on the issuance of Rmb1 billion ($156 million) in renminbi bonds. HSBC also called in both Ovenden and Gottlieb to act for it on a $3.8 billion 8% perpetual subordinated capital securities.

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Slaughter and May's debt capital markets team continues to receive a steady stream of work on the corporate side, "They will continue to do well, they have such a strong stable of corporate clients," says one peer. There are still doubts about the firm's overall offering as bank side mandates are still few and far between.... [more]

Slaughter and May's debt capital markets team continues to receive a steady stream of work on the corporate side, "They will continue to do well, they have such a strong stable of corporate clients," says one peer. There are still doubts about the firm's overall offering as bank side mandates are still few and far between. "Slaughter and May are obviously very high quality but we wouldn't see them," says one peer. "They pop up some times on FTSE100 issuance because they act through their corporate clients, but a good test would be do you ever see them acting for investment banks and I never do."

However the firm did pick up some notable bank mandates last year, which went some way to dispelling the idea that they only act for corporates. One example saw the team advise Santander on $2.8 billion of 6.75% mandatorily exchangeable bonds due in 2013. The bonds are exchangeable for a 5% stake in Santander Brazil. Andrew Balfour also acted for Deutsche Bank on the issue by Conti Gummi Finance of €1 billion in 7.5% senior secured notes.

Clients were mainly impressed with the firm's overall standing and reputation: "We have a long standing relationship in number of areas and they have the efficiency to navigate through problematic areas that might arise. Market presence sets them aside from the rest," says one.

On the equity side one of the firm's largest mandates came from the Prudential who it advised on a substantial rights issue and the team also acted on the debt side advising on the $550 million issue of 7.75% tier notes

Another highlight saw a team led by Charles Harvey-Kelly acting for International Personal Finance on the set up of a €1 billion EMTN programme and a subsequent issuance of €225 million in 11.5% in senior unsecured fixed rate bonds due in 2015.

Another interesting mandate sees the firm acting for the Hong Kong Monetary Authority on its proposed retail bond issuance of the Hong Kong government with a capacity of HK$100 billion.

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White & Case's key focus across all areas of the capital markets is founded on the strength of its emerging markets practice. "White & Case we see in emerging markets, they are in that space, they have a strong Russian, Kazakh niche," says one partner and another agrees: "White & Case are pretty much emerging markets in debt capital markets with a bit of high-yield.... [more]

White & Case's key focus across all areas of the capital markets is founded on the strength of its emerging markets practice. "White & Case we see in emerging markets, they are in that space, they have a strong Russian, Kazakh niche," says one partner and another agrees: "White & Case are pretty much emerging markets in debt capital markets with a bit of high-yield."

Clients are also drawn in by this experience: "It's always good, I just think that because we specialise in emerging markets that for us is a big factor. We find White & Case a lot more pro-active in emerging markets. They don't seem too fazed," says one.

The Ukraine has been the source of a lot of the firm's work recently, with examples including advise to ING, RBS and Erste Group Bank as initial purchasers of energy company DTEK's $500 million in 9.5% senior notes, the largest ever Ukrainian Eurobond offering and acting for Credit Suisse, Citi and Deutsche Bank on the offer of $300 million in 11% deposit linked notes by Ukreximbank, the Ukrainian state import-export bank.

Clients picked out Michael Doran and Stuart Mathy for particular praise: "Stuart and Michael were always there when I needed them to be," says one. "Of all the law firms they are one of the best in terms of being there for pre-mandate and pre-appointment work, it's a vital step on the road." Another agrees: "They come across to me as a responsive very eager team and certainly when I have been dealing with them you do feel like you're getting the A-team offering, particularly in places like Kazakhstan, Russia, Ukraine, they have the background and the knowledge."

Africa also proved to be a good hunting ground and the team acted for HSBC and Standard Bank on the establishment of a $1 billion MTN programme by Eastern & Southern African Trade and Development Bank and the initial $300 million issuance under it on the Luxembourg Stock Exchange.

In addition the team acted for the Federal Republic of Nigeria on its debut Rule 144A/Reg S $500 million bond issue on the LSE, the first international issue ever completed by the country.

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Led by Anna Delgado, Ashurst's debt team maintains its positions with a good mix of bank and corporate side work.One such example saw the team acting for Merrill Lynch and its international branch on the update of the formers €15 billion note programme.... [more]

Led by Anna Delgado, Ashurst's debt team maintains its positions with a good mix of bank and corporate side work.

One such example saw the team acting for Merrill Lynch and its international branch on the update of the formers €15 billion note programme. Another bank side mandate saw the firm acting for JPMorgan Securities on its structured products programme for the issuance of Notes, warrants and certificates.

On the company side, one of the largest mandates saw the firm acting for the National Express Group on the establishment of a £1 billion EMTN programme and a debut issuance of £350 million in 6.25% notes due in 2017 and £225 million in 6.625% notes due in 2020.

Finally, another interesting deal on the corporate side saw the team acting for the Shanks Group in relation to a €50 million issue of 5% notes offered by the Kingdom of Belgium and Grand Duchy of Luxembourg.

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According to rivals, Baker & McKenzie's partners have a good reputation in the market but are perhaps under used in terms of the deals they have found themselves acting on. "Roy Pearce and Chris Hogan, Baker Mac have one or two good people, really good people who I think would get a lot more work if they were at other firms," says one peer.... [more]

According to rivals, Baker & McKenzie's partners have a good reputation in the market but are perhaps under used in terms of the deals they have found themselves acting on. "Roy Pearce and Chris Hogan, Baker Mac have one or two good people, really good people who I think would get a lot more work if they were at other firms," says one peer. "Baker Mac suffer from not having the reputation of not being perceived to be in that elite tier, but I can think of two partners who do a really good job."

The firm is building its stable though and the last year has seen the team take both a partner and an associate from Allen & Overy in the forms of Adam Farlow and Nick O'Donnell.

The firm has one of the widest networks of any international firm and the London office's mandates last year reflected this wide geographical reach. One example saw the team acting for Turkish bank Akbank on the issue of $1 billion Rule 144A/Reg S notes on the LSE.

Other issuer side mandates included acting for Banque Saudi Fransi on the issue of $650 million in 4.25% notes under its $2 billion MTN programme and Polkomtel, the Polish telecoms company on the establishment of a $1 billion EMTN programme and the first issues under that programme.

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Building on its Russian strength, one of the largest deals completed by Herbert Smith last year saw the team act for Alfa bank on a $1 billion bond issue, the largest ever by a private Russian bank. The deal saw London based Peter Epp act alongside Evgeny Zelensky in the Moscow office.... [more]

Building on its Russian strength, one of the largest deals completed by Herbert Smith last year saw the team act for Alfa bank on a $1 billion bond issue, the largest ever by a private Russian bank. The deal saw London based Peter Epp act alongside Evgeny Zelensky in the Moscow office. Both partners were also involved acting on Vnesheconombank's SFr500 million ($553.8 million) bond on the Swiss Stock Exchange.

Another busy partner was Dina Albagli who acted on a €300 million bond issuance by Italian construction company Impreglio in November 2010 and then for the lead manager Silverdale Capital Services on the $280 million foreign currency convertible bond by Essar Shipping Ports & Logistics on the Singapore Stock Exchange. A second team led by Martina Asmar also acted for the Trustee Deutsche Company Trustee.

Client were also impressed with Abigali: " Dina was very committed, and worked hard to ensure the transaction was executed successfully at all costs. Great at getting to solutions. Very knowledgeable of our business area couldn't have asked for a better counsel, very pleased to be working with them."

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Simmons & Simmons secured a good mix of issuer and underwriter mandates last year. The firm is better known for its funds work but the debt team also maintains a solid practice.... [more]

Simmons & Simmons secured a good mix of issuer and underwriter mandates last year. The firm is better known for its funds work but the debt team also maintains a solid practice.

Two key issuer mandates included acting for the Thomas Cook Group on the €400 million issue of 6.75% notes due in 2015 and £300 million in 7.75% notes due in 2017 on the LSE. In addition the team acted for Dong Energy on the €700 million of capital securities. The proceeds of this issuance were used by Dong to make a tender offer for previous bonds issued by the company.

Clients appreciated the firm's ability to work on deals with a more structured element and fund related mandates. "We have had a lot of transactions with them, a major firm, we rely on them extensively to provide high level legal input into complex structured trades," says one. "Very knowledgeable of the business area, I have worked with them over ten years. They are one of the small number of firms I consider centrally important to the products I support."

Others also pointed to the structure the firm puts in place to learn more about its clients: "They invest in their own learning, they send secondees to us and we have ongoing relationship throughout. We feel valued as clients," says another client.

On the arranger side, one highlight saw Charles Hawes lead a team advising JPMorgan on the establishment of a $65 billion EMTN programme on the LSE and the subsequent $500 million 4.25% issuance.

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Skadden Arps Slate Meagher & Flom's were kept busy last year mainly by sovereign bond issuances where they acted most commonly as underwriter counsel.Partner Rick Ely was involved in most of the firm's major mandates.... [more]

Skadden Arps Slate Meagher & Flom's were kept busy last year mainly by sovereign bond issuances where they acted most commonly as underwriter counsel.

Partner Rick Ely was involved in most of the firm's major mandates. Key examples include acting for BarCap, Citbank and Credit Suisse Securities on the $2.5 billion offering of 3.125% notes by the Republic of Italy. The firm acted for Morgan Stanley and HSBC Holdings on the Egyptian Ministry of Finance on a $1.5 billion dual tranche offering of Rule 144A/Reg S bonds. In a similar deal the team also acted for Qatari Diar Finance, the real estate development are of the state of Qatar on its $3.5 billion bond issue.

In addition the team acted for Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley and TT Hellenic Postbank on the National Bank of Greece's €1.8 billion offering of new shares to existing shareholders.

The firm also claimed some issuer side mandates most notably acting for QBE Insurance Group in regard to a $850 million Reg S offering of convertible bonds issue by a special purpose vehicle (SPV) of QBE, QBE Funding Trust V.

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The debt practice at Sidley Austin consolidated last year following the appointment of Stephen Roith to the position of head of capital markets in London. Roith, hired from Clifford Chance the previous year, will be hoping to drive the firm forward and keep it in touch with compatriots such as Cleary Gottlieb and White & Case in the European markets.... [more]

The debt practice at Sidley Austin consolidated last year following the appointment of Stephen Roith to the position of head of capital markets in London.

Roith, hired from Clifford Chance the previous year, will be hoping to drive the firm forward and keep it in touch with compatriots such as Cleary Gottlieb and White & Case in the European markets.

The firm also bid farewell to seasoned practitioner Mark Wiltshire who retired in March 2011.

Bank side mandates remain the firm's main source of work and last year the team acted for JPMorgan on the US securities aspects of Anglo-Irish's debt swap. The deal saw the Irish bank receive Government-guaranteed bonds in return for the $1.25 billion in subordinated debt. David Howe meanwhile was kept active advising Bank of America Merrill Lynch and JPMorgan on a Singapore stock exchange listed issue of non-call hybrid securities by the Macquarie group.

Another highlight saw the firm advise on the use of the topical contingent convertible (CoCo) bonds. Howe and fellow partner Matthew Dening acted for The Olavan Group on its involvement in Credit Suisse's issue of $6.2 billion tier 1 buffer notes, which were the first issued in line with the new Basel III regulations.

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