Image of Carson Welsh

Carson Welsh

Capital Markets Partner, London

“I advise on a wide range of debt capital markets transactions with a particular focus on innovative instruments and structures that enable banks and insurance companies to comply with changing UK, European and global regulatory capital requirements.


Professional experience

Education and qualifications


Carson is widely acknowledged as a leading debt capital markets lawyer, advising on the full range of debt capital markets transactions, including issues of senior debt, regulatory capital, corporate hybrid debt, equity-related debt and liability management and restructuring exercises.

Carson has extensive experience of acting for issuers and underwriters on major bank recapitalisations and issues of loss-absorbing instruments by bank and insurance companies. He worked on the development of all of the post-CRD IV bank, and Solvency II insurance, capital products, often advising on the first such products in countries across Europe.

Carson is a member of the firm’s Partnership Board, the governance body responsible for strategic and core decisions, and led the firm’s Equity and Debt Markets Group from 2007 to 2012.

Earlier in his career, Carson worked in the firm’s Hong Kong office, working on a range of emerging markets matters.

Work highlights

Carson has led on many of the market’s groundbreaking debt capital markets transactions. These include advising:

  • Lloyds Banking Group on its major 2009 recapitalisation
  • the financial advisers on the 2013 and 2017 Cooperative Bank recapitalisations
  • the underwriters on perpetual AT1 contingent temporary write-down and other capital securities issued by Rabobank
  • the structurers on Credit Suisse's first contingent conversion capital instruments  designed to comply with the Tier 1 and Tier 2 eligibility requirements under Basel III
  • the underwriters on the first mutual CET1 instruments issued by Rabobank and Nationwide
  • the dealer managers on the 2012 Hellenic Republic sovereign exchange offer

Professional experience

Carson is a key member of the Linklaters team engaged in dialogue with many regulators and trade bodies around the world.


Carson regularly speaks on debt capital instruments and changing regulation at conferences and seminars.

Education and qualifications

Carson studied law at Brasenose College, University of Oxford.