Debt Capital Markets

Clients turn to the team’s comprehensive expertise in equity-linked products, regulatory capital work, liability management, retail bonds, Islamic financing and high yield offerings.

We offer clients an integrated global transactional practice, which includes over 170 US-qualified lawyers, located in London, New York and eight other offices worldwide. The team is renowned for its expertise in the US aspects of all debt and equity-linked issues, and has strong contacts with listing authorities and regulators around the globe.

A pre-eminent transactional track record across the established markets of the Americas, Asia, Europe and the Middle East is further enhanced by Linklaters’ unmatched experience of high profile deals in the world’s most important emerging economies.

Linklaters’ debt practice is flexible and has a history of adapting to meet its clients’ needs. Recently it has been extremely active assisting clients across its global network in connection with current market conditions, and has assisted clients around the world in structuring novel securities and other responses to address their funding requirements in rapidly changing market conditions.

In close co-operation with the firm’s market-leading banking and acquisition finance teams, Linklaters has advised on high yield issues in the US, Latin America and Asia and has pioneered covenant-intensive debt securities transactions across Russia and Central & Eastern Europe.

Recent debt capital markets transactions include advising:

  • Oxford University on its £750m debut eurobond issue which was the longest dated eurobond ever issued by a UK issuer with a 100 year maturity and the biggest eurobond ever issued by a UK university
  • the joint lead managers on the $4bn bond issue by The Arab Republic of Egypt
  • British American Tobacco on their US$17.25bn Rule 144A bond issue (the largest ever non SEC registered US$ bond issue, the largest ever single bond issuance by a European company and the eighth largest ever bond issue by any issuer in any market), and associated €3.1bn and £450m bond issuances under their £25bn euro medium term note programme
  • the World Health Organization (WHO) in relation to The World Bank’s issue of the first-ever pandemic bond, which raised US$320m in notes and US$105m in swaps supporting the notes
  • the curator of African Bank Limited on its exchange offer and consent solicitations for seven years of notes as part of a restructuring involving the creation of a new banking entity
  • Turkey’s Turkiye Sinai Kalkinma Bankasi on its issue of the world’s first sustainable tier two bond
  • the lead manager on the £750m 2.517% century bond issued by Wellcome Trust
  • Reckitt Benckiser Treasury Services plc and Reckitt Benckiser Group plc on their US$7.75bn issue of senior notes in four tranches