Image of Elaine Keats

Elaine Keats

Capital Markets Partner, London

"My practice focusses on international debt capital markets, advising both investment banks and issuer clients on a broad range of products. I established the firm’s Liability Management practice over 10 years ago and I specialise in large, complex liability management transactions."


Education and qualifications


Elaine is a partner in the firm’s Equity & Debt Markets Group in the Capital Markets department in London. She has extensive experience in the full range of debt capital markets products, including standalone debt offerings, retail bonds, euro medium term note programmes, regulatory capital, hybrid bonds and liability management transactions.

Elaine founded the firm’s Liability Management practice in 2005 and has spearheaded its development ever since throughout Europe and Asia and also leads the firm’s relationship with a major US investment bank. 

In addition to fee earning work, Elaine is a mentor as part of Linklaters’ Women’s Leadership Programme, developed in conjunction with Cranfield School of Management to help managing associates maximise their potential with a greater proportion of women to reach partner level.

Elaine has won the Euromoney LMG Europe Women in Business individual award for Best in Debt Capital Markets for six consecutive years from 2013 to 2018.

Work Highlights

Elaine has led on many of the market’s most complex and significant debt capital transactions. Highlights include advising

  • Oxford University on its debut eurobond issue which was the longest dated eurobond ever issued by a UK issuer with a 100 year maturity. Oxford raised £750,000,000 which meant that it was also the biggest eurobond ever issued by a UK university 
  • National Grid on all its debt capital markets issues including its significant liability management transactions in 2016 following the disposal of its gas distribution business
  • the UK government on its £200m Sukuk (Islamic bond) issue which was the first sovereign Sukuk to be issued by a European government and the first to be issued by a country outside the Muslim world
  • Deutsche Bank and HSBC on the restructuring of the Greek government’s €206bn outstanding debt in 2012, implemented in accordance with the Eurozone's second bail-out package for Greece, the world’s largest-ever debt restructuring exercise as well as the world’s largest-ever liability management transaction 

Education and qualifications

Elaine studied law at the University of Edinburgh.