Debt Capital Markets
We have a leading international debt capital markets practice advising issuers, underwriters, trustees, service providers and market participants. We regularly act on transactions involving the full spectrum of debt capital markets products, from vanilla Eurobonds and high-yield bonds to highly structured products including convertible bonds and equity-linked and credit-linked notes, both on a standalone basis and under existing or newly established debt issuance programmes. We also support clients on liability management exercises, restructurings, and recapitalisations.
Our issuer clients are active in a wide range of sectors and include many household names, with business operations across the globe. Much of our work is highly cross-border in nature and we regularly advise on the impact of climate change and other ESG issues on the debt capital markets, including the issuance of green and other sustainable bonds.
We have particular expertise in transactions involving the issuance of regulatory capital securities by financial institutions.
- We are known for our technical excellence, commercial pragmatism, and attentive, client-focused service. We set ourselves apart by focussing on client relationships rather than on niche practice areas. This allows us to deploy smaller, but more versatile, teams, drawing on the expertise of our securitisation, banking, financial regulation, and tax specialists to deliver a seamless service that is carefully tailored to the needs of our clients and particular transactions.
- We act predominantly for issuer clients and have close relationships with, and act for, the full spectrum of DCM market participants, including arranging and underwriting banks, trustees and agents, ratings agencies, stock exchanges, listing authorities, regulators and clearing systems.
- We are actively involved with key trade associations, including the International Capital Markets Association, the Association for Corporate Treasurers and the Association for Financial Markets in Europe: together, we help to shape the legal and regulatory framework for the international debt capital markets.
Our offering brings together top-tier experts from across the firm who provide excellence in execution and commercially focused advice at the forefront of legal, regulatory and market developments impacting DCM.
We have been a leading legal adviser to participants in the international debt capital markets since their inception and continue to support our clients on market-leading transactions involving the full spectrum of DCM products throughout their lifecycle.
Key experience
We advised Centrica plc on the annual update of Centrica’s $10 billion Euro Medium-Term Note Programme as well as the issuance of £405 million hybrid notes and a related tender offer.
We advised Burberry Group plc on its issuance of £300 million 5.750 per cent. Guaranteed Notes due 2030, listed on the Main Market of the London Stock Exchange.
We advised Diageo plc on Diageo’s annual updates to its Programme for the Issuance of Debt Instruments and issuances thereunder, including €700 million Fixed Rate Notes due 2031, €700 million Fixed Rate Notes due 2035, €500 million Fixed Rate Notes due 2044, and €500 million Floating Rate Notes due 2026, each listed on the Main Market of the London Stock Exchange and issued by Diageo Finance plc.
We advised Drax Finco plc on its issuance of €350 million 5.875 per cent. Guaranteed Senior Secured Notes due 2029, listed on the Global Exchange Market of the Euronext Dublin
We advised ISS Global A/S on annual updates to its €3 billion Euro Medium Term Note programme and issuance thereunder including €500 million 3.875 per cent. Fixed Rate Guaranteed Notes due 2029, listed on the Regulated Market of the Luxembourg Stock Exchange
We advised ITV plc on the establishment of its €3 billion Euro Medium Term Note programme with issuance thereunder including €500 million 4.25 per cent. Notes due 2032, listed on the Main Market of the London Stock Exchange
We advised Dignity Group Holdings Limited in relation to a tender offer in respect of existing £238,904,000 Class A Secured 3.5456% Notes due 2034, listed on the Regulated Market of Euronext Dublin
We advised Direct Line Insurance Group plc on its issue of £260,000,000 4.000% Subordinated Tier 2 Notes due 2032.
We, working as an integrated team with Treasury Legal Advisers, advised H.M. Treasury on the Covid Corporate Financing Facility which was announced by the Chancellor of the Exchequer on 17 March 2020.
We advised Ocado Group PLC on a £600 million convertible bond offering.
We advised Sands China in relation to its issue of US$5.5 billion senior notes.
We advised Swire Properties on the first green bond issue by its wholly-owned subsidiary, Swire Properties MTN Financing Limited, of US$500 million 3.50% Guaranteed Notes due 2028
We advised Westpac Banking Corporation on the issue of AUD$ 2,760 million Class A Notes due August 2050.
Strong market knowledge. Excellent technical expertise. Responsiveness and commerciality. IFLR1000