Capital Markets

We have a leading international capital markets practice, handling offerings and issues throughout the world. Our clients include issuers (corporate, sovereigns and others), underwriters and managers, trustees, investors and rating agencies.

Our experience in capital raisings includes advising on:

  • bond issues, from "plain vanilla" to highly structured products
  • sovereign debt
  • initial public offerings
  • rights issues
  • convertible and exchangeable securities
  • placings
  • equity derivatives
  • hedging and stabilisation of equity and equity-related products

Many of our transactions involve offerings in overseas stock exchanges and we work closely on these with leading local counsel.

Partner Contacts

They are proactive, responsive and collaborative Chambers UK, 2016

View all Capital Markets media comments

Our key experience includes advising:

Royal Mail, the leading provider of postal and delivery services in the UK and the UK's designated universal service provider, on an initial public offering of its ordinary shares and listing of these shares on the London Stock Exchange.

esure Group, a UK motor and home insurer, on an initial public offering of its ordinary shares and listing of these shares on the London Stock Exchange.

Direct Line Insurance Group, a leading retail general insurer, on its initial public offering of ordinary shares and the listing of these shares on the London Stock Exchange and its separation from RBS Group.

PRADA, one of the world's most prestigious fashion and luxury brand groups, on its initial public offering to raise US$2.4 billion and the listing of its shares on the Hong Kong Stock Exchange.

Standard Life plc on its initial public offering on the London Stock Exchange which raised approximately £2.2 billion.

The UK Government on a large number of privatisation share offerings.

Prudential on a proposed rights issue to raise US$ 20 billion and the issuance of US$ 5 billion senior debt to finance the cash component of the combination with AIA Group.

Standard Chartered, as international counsel, on a public issue and listing in India of Indian Depository Receipts. Standard Chartered is the first overseas company to list in India.

Unilever on its first issuance of Renminbi denominated notes (known in the market as dim sum bonds). Unilever's Renminbi notes are the first issued by a European multinational and the first by a company in the FMCG sector.

IFFIm as the Issuer in connection with the issue of ZAR 1.7 billion notes (with a maturity of 2 years) under its Global Debt Issuance Programme to Japanese retail investors in Japan (uridashi), arranged by Daiwa Securities SMBC Co. Ltd. At the time of issuance the notes were the largest South African Rand denominated uridashi ever issued. The bonds were sold out within the one week selling period.

Abbey National Treasury Services plc on the establishment of US$5 billion SEC Registered US Shelf Facility, and on its issue of US$1.5 billion fixed rate senior notes and US$1 billion floating rate senior notes under it.

Banco Santander on its issue of US$2.8 billion 6.75% mandatorily exchangeable bonds due 2013. The bonds are exchangeable for a 5% stake in Banco Santander Brasil.

British Airways on its issue of £350 million 5.8% senior unsecured convertible bonds.

Government of Romania on its issue of EUR1 billion 5% notes due 2015.