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 securities, from vanilla Eurobonds 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.

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 closely follows current market trends, including green finance.

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 ECM, 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 for many issuer clients as part of their wider treasury activities 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

Cathay Pacific Airways Limited

We advised Cathay Pacific Airways Limited on the issuance by its wholly-owned subsidiary, Cathay Pacific MTN Financing (HK) Limited, of S$175 million 3.375% Guaranteed Notes due 2023 under its US$2 billion Medium Term Note Programme.

Ocado Group PLC

We advised Ocado Group PLC on a £600 million convertible bond offering.

Just Group plc

We advised Just Group plc on its debt issuance of Tier 2 capital and tender offer.

M&G plc

We advised M&G plc on the establishment of its £10 billion Medium Term Note Programme.

Pension Insurance Corporation plc

We advised Pension Insurance Corporation plc on its debut issuance of Restricted Tier 1 capital.

Westpac Banking Corporation

We advised Westpac Banking Corporation on the issue of AUD$ 2,760 million Class A Notes due August 2050.

Wessex Water

We advised Wessex Water on its £250 million bond issuance.

Sands China

We advised Sands China in relation to its issue of US$5.5 billion senior notes.

Swire Properties

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

Key contacts
Slaughters are a class act on capital markets issues. Chambers UK