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

  • on two of the four Greek bank restructurings in 2015, in line with bank recapitalisation requirements in Greece:
        • €1.085bn Exchange Offers by Alpha Bank to the holders of 27 series of its existing senior, subordinated and hybrid securities
        • €877m discounted Debt for Equity Exchange offers by Eurobank relating to 20 Series of Senior and Subordinated Bonds
  • 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
  • on the €3bn exchangeable bond for América Móvil into shares of KPN - the largest equity-linked deal in EMEA since 2008, and the largest ever exchangeable bond by a non-financial corporate
  • Industrial and Commercial Bank of China Limited as issuer on its US$10bn Medium Term Note Programme and first issue thereunder, the first MTN programme of a mainland Chinese bank to be listed on the Main Market of the LSE
  • on the US$2bn Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities issued by Standard Chartered PLC, where we provided English and New York law advice. This was the inaugural offering of CRD IV compliant Additional Tier 1 securities by Standard Chartered Plc
  • Vodafone on its issue of £600m equity neutral convertible bonds, the first equity neutral convertible bond issued by a UK plc
  • on the restructuring of the outstanding US$500m bond issued by DTEK, the largest Ukrainian energy group, through an English-law scheme of arrangement
  • on Merck KGaA's debut US$4bn Yankee bond
  • the United Kingdom Government on its issue of a £200m sukuk (Islamic bond). The transaction represents the first sovereign sukuk to be issued by a European government and the first to be issued by a country outside the Muslim world; it also demonstrates the remarkable success of the enabling environment that has been created in the United Kingdom for Islamic finance
  • on the £1.5bn recapitalisation plan in respect of The Co-op Bank plc and Co-operative Group Limited
  • on the inaugural issuance by The Republic of Cameroon of US$750m Amortising Notes