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 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 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

Burberry Group plc

We advised Burberry Group plc in relation to its inaugural issuance of £300,000,000 1.125% guaranteed Sustainability notes due 2025. The Sustainability Bond is listed on both the Main Market and the Sustainability Bond Market of the London Stock Exchange.

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.

Direct Line

We advised Direct Line Insurance Group plc on its issue of £260,000,000 4.000% Subordinated Tier 2 Notes due 2032.

H.M. Treasury

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.

International Finance Facility For Immunisation

We advised the International Finance Facility For Immunisation Company on its issuance of U.S.$500,000,000 0.375% Fixed Rate Notes due 2023. The Notes will be issued under the Debt Issuance Programme established by IFFIm in 2006.

Ocado Group PLC

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

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

Westpac Banking Corporation

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

Key contacts
The team is flexible and covers a wide range of projects with great competence and clarity. They never miss a deadline and always get the deal done, no matter what complexities arise. Legal500