Capital markets
Our team
Our capital markets team advises investment banks, issuers and other market participants on the structuring, issuing and distribution of all kinds of equity and debt instruments as well as on complex capital markets transactions. This includes share and bond issues, certificates, equity-linked and derivative products. We also have extensive experience in the area of securitisation - both true sale and synthetic structures - and we have acted in a number of (non-performing) loan portfolio transactions.
Through our international securities and corporate finance groups and our international network of offices we advise our clients on transactions in the international context, involving all relevant securities markets in Europe, the Asia Pacific region (in particular Hong Kong and Singapore), the Middle East and the United States. In addition, we are one of the few firms with an integrated US securities practice which comprises 20 lawyers worldwide and enables us to offer cross-border US securities law advice throughout our international offices.
Bonds and equity-linked instruments
Arrangers and issuers trust our experience on all types of bond issues. This includes bonds of governments, banks and corporates (investment grade and high yield bonds), MTN-programmes and commercial papers. We also advise on structured products, e.g. credit linked notes, certificates, options as well as on complex equity-linked products such as convertible and exchangeable bonds or equity-linked notes. Our particular strength includes both specific “German” products (Pfandbriefe, Genussscheine and Schuldscheine), as well as exotic forms, such as financial products structured according to the Islamic Shari’ah. With regard to all these products, we closely collaborate with our tax and regulatory law teams.
Securitisation
We advise arrangers, originators, managers, sponsors, investors, trustees and rating agencies on both, true sale and synthetic structures. Our clients can rely on our experience with various types of receivables (consumer loans, mortgage loans, trade receivables and utility receipts) and, in particular, our special expertise regarding CMBS.
Derivatives
With respect to derivatives, we advise on the documentation (ISDA and deutscher Rahmenvertrag) of all types of OTC-transactions, such as currency and interest swaps, credit default swaps, options and forward contracts. In addition, we apply derivative techniques in connection with the documentation of capital markets products, such as credit linked notes or repackaging. We also advise clients on securities loans and repurchase agreements.
Loan Portfolio Transactions
We regularly act as legal adviser on performing as well as non-performing loan transactions.
Equity capital markets and public takeovers
We advise banks, issuers and investors on IPOs, rights issues and listings (including secondary and dual listings) as well as on share placements, such as secondary placements and placements in the course of public takeovers and company mergers. Furthermore, we give ongoing advice to listed companies, including with respect to corporate governance, securities trading law, general meetings, compliance and share option schemes, and we regularly advise foreign and German companies on public takeovers as well as on block trades, PIPE financings and trade sales.
Our German capital markets team has strong expertise in cross-border and international transactions, in particular Rule 144A placements and AIM listings. We operate across the spectrum of industry sectors with particular expertise in technology, energy and infrastructure, financial institutions, aviation and transport, mining and metals as well as media. Our range of services includes the structuring, preparation, implementation and settlement of transactions. We also cover the tax aspects of the transactions.
See also our global capital markets expertise page.