Capital markets in Austria

Binder Grösswang

Well-versed across the full spectrum of capital market transactions and highlighted by clients for ‘outstanding legal know-how’, Binder Grösswang is also equipped to comfortably handle regulatory proceedings and has recently noted a significant uptick in bonds-related work, where the team is experienced acting as external trustees.  Frequently advising on capital increase matters, Florian Khol is particularly experienced in cross-border transactions and leads the team alongside Stephan Heckenthaler, who handles both debt and equity transactions, and Stefan Frank, whose areas of expertise include fund registrations and fund distributions. Tibor Fabian retired in January 2024.

Praxisleiter:

Florian Khol; Stephan Heckenthaler; Stefan Frank


Referenzen

‘Outstanding legal know-how, excellent approach to legal challenges, providing clear and well-structured solutions.’

‘Florian Khol is an excellent partner for finding well-thought, clear structured and business oriented legal solutions. Very responsive, understands client’s needs very fast, effectively works with client to find ideal business solutions.’

‘Result and solution driven mindset.’

Kernmandanten

Lenzing AG


BKS Bank AG


VERBUND AG


Unicredit Bank Austria AG


Erste Group Bank AG


Volksbank Wien AG


HYPO NOE Landesbank für Niederösterreich und Wien AG


Austrian Anadi Bank AG


Bank für Tirol und Vorarlberg Aktiengesellschaft, BKS Bank AG, Lenzing AG, Mayr Melnhof Karton AG, Österreichische Bundesbahnen-Holding Aktiengesellschaft, Rosenbauer International AG, Semperit AG Holding


Ampega Investment GmbH


Bank für Tirol und Vorarlberg Aktiengesellschaft


Hypo-Wohnbaubank AG


BKS Bank AG


Raiffeisen Bank International AG, Raiffeisenlandesbank Niederösterreich-Wien AG


Allgemeine Sparkasse Oberösterreich AG, Bausparkasse der österreichischen Sparkassen AG, Bank für Tirol und Vorarlberg AG, Kommunalkredit Austria AG


Highlight-Mandate


  • Advised VERBUND AG on the placement of a green bond including biodiversity in the amount of €500m.
  • Advised Lenzing on a €400.2m capital increase by way of a public offering in Austria and international private placements.
  • Advised listed BKS Bank on a €38 m capital increase.

Cerha Hempel

Cerha Hempel is recommended for a wealth of experience in advising on green bonds, financial services regulations and an array capital market transactions, including post-transactional topics. The structuring of MTN programs and their terms and conditions is another focus area of the team and a specialism of Thomas Zivny, who head the team alongside the expert for debt and equity capital market transactions Volker Glas, and Peter Knobl, who is a name to note for regulatory topics and clearing procedures on stock exchanges. ‘Sharp-minded attorney’ Christian Aichinger is adept at acquisition matters in the real estate segment and frequently advises on the issuance of corporate bonds.

Praxisleiter:

Volker Glas; Peter Knobl; Thomas Zivny


Weitere Kernanwälte:

Christian Aichinger


Referenzen

‘Very professional team with fast response times and competent advice.’

‘Expertise, practical experience, solution-oriented thinking, forward planning and responsiveness are very pronounced in this team and leave nothing to be desired.The seamless collaboration with our in-house team deserves special mention.’

‘Volker Glas is our go-to partner for capital market transactions. Christian Aichinger is an equally sharp-minded attorney we can always count on.’

Kernmandanten

J.P. Morgan SE


Agri Europe Cyprus Ltd


voestalpine AG


Deutsche Telekom AG


S Immo AG


Kommunalkredit Austria AG


MFS Investment Management FCP


Raiffeisenlandesbank Niederösterreich-Wien AG


ING Bank N.V.,|ING Bank N.V. Sidney Branch


Polar Capital Funds PLC, MFS Meridian Funds


SPAR Österreichische Warenhandels AG


Highlight-Mandate


  • Advised the joint lead managers, J.P. Morgan SE, Morgan Stanley Europe SE, BNP PARIBAS and UniCredit Bank AG in the capital increase of Lenzing AG.
  • Advised Agri Europe Cyprus Ltd on submitting a voluntary public takeover offer for a block of 17% in Austrian-listed Addiko Bank AG’s share capital.
  • Advised Raiffeisenlandesbank Niederösterreich-Wien AG on tapping the international capital markets in January 2024 for €500m with benchmark bonds.

Schoenherr (Schönherr Rechtsanwälte)

Operating across the whole CEE region, Schoenherr (Schönherr Rechtsanwälte)‘s comprehensive offering encompasses advice on equity transactions, regulatory capital issuances such as MREL transactions, and sustainability bonds. With vast experience in the banking and finance segment, the team is also equipped to advise on capital market compliance matters, and is recommended for experience at the intersection of capital markets law and corporate restructuring. Co-head Ursula Rath‘s specialisms include combined bank debt and high-yield bond issuances, initial public and secondary offerings as well as capital market compliance, whereas co-head Christoph Moser combines expertise across the full spectrum of capital markets law with capabilities in securities law and corporate finance. Angelika Fischer focuses on covered bond transactions and debt issuance programs.

Praxisleiter:

Ursula Rath; Christoph Moser


Weitere Kernanwälte:

Angelika Fischer


Referenzen

‘Very strong network over all SE Europe.’

‘Ursula Rath is great to work with.’

‘Great team, pleasant to work with. Great deal of expertise’

Kernmandanten

ASFINAG AG


Barclays Bank Ireland


BAWAG Group


BAWAG P.S.K. Bank für Arbeit und Wirtschaft Österreichische Postsparkasse


Bayerische Landesbank


BNY Mellon


BofA Securities Europe


Commerzbank


Crédit Agricole


DekaBank


Deutsche Bank


DZ BANK


Erste Group Bank


Goldman Sachs Bank Europe


ING Bank


J.P. Morgan


Kontron AG


Morgan Stanley


Marinomed AG


NOVOMATIC


OMV


Raiffeisen Bank International


Royal Bank of Scotland


Scotiabank


UNIQA Insurance Group AG


UniCredit Bank


Wienerberger


Highlight-Mandate


  • Advised the joint lead managers J.P. Morgan SE, Barclays Bank Ireland PLC, BofA Securities Europe S.A., Citigroup Global Markets Europe AG, Goldman Sachs Bank Europe SE, Raiffeisen Bank International AG alongside Clifford Chance LLP on the Republic of Austria’s €7bn triple tranche notes issuance.
  • Advised the majority shareholder of both A1 Telekom Austria AG and EuroTeleSites AG in relation to the listing IPO of EuroTeleSites AG on the Vienna Stock Exchange.

Wolf Theiss Rechtsanwälte GmbH & Co KG

Sought out by a variety of domestic and international banks, Wolf Theiss Rechtsanwälte GmbH & Co KG demonstrates prowess in advice on debt issuance programmes, sustainability-linked bonds and regulatory topics, in particular those related to ESG themes and is well known for a strong presence across the CEE markets. Recent work highlights include advice on a multi-issuer EMTN programme, and the listing of a client on the Vienna Stock Exchange. Leading on the firm’s most complex capital market transactions, practice Claus Schneider is an expert in structured finance and hybrid securities, while Richard Wolf is renowned for experience in cross-border transactions.

Praxisleiter:

Claus Schneider


Weitere Kernanwälte:

Richard Wolf; Matthias Schimka; Christine Siegl


Referenzen

‘The team acts as a one stop shop. The work delivered was great and on the point. ’

 

Kernmandanten

ams OSRAM


Raiffeisen Bank International


Landwirtschaftliche Rentenbank Anstalt des öffentlichenRechtsno


Raiffeisen-Landesbank Tirol


Raiffeisen Landesbank Vorarlberg


Raiffeisenverband Salzburg


Erste Group Bank


Danske Bank


Commerzbank


UniCredit Bank


DeXentra


Banca Comerciala Romana (BCR)


NOVA KREDITNA BANKA MARIBOR d.d.


Slovenská sporiteľňa


Česká spořitelna


Erste & Steiermärkische Bank


Bulgarian-American Credit Bank AD


Erste Bank Hungary


Volksbank Wien


Highlight-Mandate


  • Advised ams-OSRAM AG on the comprehensive refinancing of close to  €2.2bn, including the preparation and publication of the prospectuses in connection with the capital increase and debt financings, as well as all corporate law aspects governed by Austrian law.
  • Advised Erste Group Bank AG and several subsidiaries on the update of the multi-issuer EMTN programme for the issuance of notes for MREL and own funds purposes.
  • Advised Raiffeisen Bank International as lead arranger on a true sales securitisation.

CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH

With clients benefiting from the firm’s international network, CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH is noted for a comprehensive offering, which includes capabilities in corporate bonds, debt issuance programs, stock options, and capital market regulatory law. Martin Zuffer leads the department with his multifaceted practice encompassing domestic and foreign IPOs, as well as advice on bond issues. Walter Gapp is a port of call for the intersection of banking and capital markets law, while Philipp Mark‘s specialisms include derivates and structured finance.

Praxisleiter:

Martin Zuffer


Weitere Kernanwälte:

Walter Gapp; Philipp Mark


Referenzen

‘Great team.’

‘Direct, open, clear, and always available.’

 

Kernmandanten

EuroTeleSites AG


Telekom Austria AG


Banking syndicate consisting of: BNP Paribas, HSBC Continental Europe, Morgan Stanley Europe, UBS


Banking syndicate consisting of: BBVA, Citigroup Global Markets Europe, Commerzbank, Société Générale, UniCredit


Banking syndicate consisting of: Citigroup Global Markets Europe, Goldman Sachs Bank Europe, NATIXIS, Société Générale and UBS Europe


Breiteneder Immobilien Parking Konzernfinanzierungs GmbH


Arte Investment GmbH


ARTE Finanzierung


AGORA Immobilien


hep global GmbH


Oikocredit


Highlight-Mandate


  • Advised Telekom Austria on the carve out of its mobile tower network in Austria, Bulgaria, Slovenia, Serbia, Croatia and North Macedonia by a spin-off into newly established EuroTeleSites, and the listing of the EuroTeleSites´ shares on the Vienna Stock Exchange.
  • Advissed Telekom Austria´s financing subsidiary A1 Towers Holding on its issuance of a €500m travel bond.
  • Advised Citigroup Global Markets Europe, Goldman Sachs Bank Europe, NATIXIS, Société Générale and UBS on the cash tender offer made by Erste Group Bank.

DORDA Rechtsanwälte GmbH

DORDA Rechtsanwälte GmbH is engaged by domestic and international investment banks, issuers and investors, with the team’s broad portfolio straddling capital increases, stock option programmes and initial public offerings. Important team members include Andreas Zahradnik, who excels at the intersection of banking and capital markets law, finance expert Tibor Varga, Christoph Brogyányi, who specialises in takeover law, and the ‘highly experienced’ Andreas Mayr, who advises on public M&A, investigations by regulators and shareholders, and corporate governance for listed companies.

Weitere Kernanwälte:

Andreas Zahradnik; Tibor Varga; Christoph Brogyányi; Andreas Mayr


Referenzen

‘One of the preeminent capital market practices in Austria with a strong, dedicated and experienced team. ’

‘Andreas Mayr is highly experienced and has been involved in many of the largest Austrian equity and debt capital markets transactions over the years. He is proactive and always available and provides sound and practical advice. ’

‘Strong execution, high reliability.’

Kernmandanten

Forsea


Citigroup


Highlight-Mandate


  • Advised Citigroup as Austrian counsel on the demerger of the towers business of listed Telekom Austria into a separate listed entity, EuroTeleSites AG, and the listingof EuroTeleSites AG on the Official Market of the Vienna Stock Exchange.
  • Advised FRANKSTAHL & SC STEELCOIN on the EEA-wide public offering of STEELCOINS.
  • Advised on a total refinancing of Benteler group to get out of a restructuring agreement made in 2019, involving €1,06m syndicated facilities and the issuance of €525m and $500m high-yield notes

E+H Rechtsanwälte GmbH

E+H Rechtsanwälte GmbH‘s interdisciplinary offerin works with the team's with practice groups such as corporate, regulatory, and banking and finance. Led by Peter Winkler, the team demonstrates particular strength in cross-border DCM and ECM transactions, and has a track record in advice on refinancing of capital structures, takeover financings, and share sales. Christian Jöllinger joined the group in January 2024 from Freshfields Bruckhaus Deringer and advises on regulatory capital instruments, covered bonds regulation, and derivative financial instruments.

Praxisleiter:

Peter Winkler


Weitere Kernanwälte:

Dominik Juster; Philip Schrader; Christian Jöllinger


Referenzen

‘Deep bench of sophisticated and experienced lawyers. Dominik Juster and his team have an extremely fast reaction time and provide creative solutions in demanding situations. The team is very easy to work with, and they know the relevant players in the market well. ’

‘Dominik Juster is very creative and hands-on. He is able to handle challenging situations on high-pressure matters very well and remains calm in any such situations. ’

‘Very good and engaged team, always delivers highest quality of work.’

Kernmandanten

Takko Group


AVENTA AG


Highlight-Mandate


  • Advised the Takko Group on its €700m refinancing and restructuring transactions, including in respect of its senior secured notes.
  • Advised the financing providers on the financing for Cinven’s takeover offer to acquire German-listed company Synlab.
  • Advised the ad-hoc group of bondholders of SIGNA Development’s €300m senior notes in relation to SIGNA Development’s crisis and insolvency proceedings.

Weber & Co. Attorneys-at-Law

Weber & Co. Attorneys-at-Law specialises in the full gamut of capital markets, banking, and finance law. The team demonstrates proficiency in both debt and equity capital market transactions. Praised by clients for their ‘profound expertise and strategic insight in the field’, Stefan Weber and Philipp Baubin are jointly steering the team, with Weber’s varied caseload including advice on restructuring of stock exchange listed companies, and Baubin frequently acting for issuers and underwriters.

Praxisleiter:

Stefan Weber; Philipp Baubin


Referenzen

‘Very hands-on and pragmatic approach. Easy to work with.’

‘Stefan Weber and Philipp Baubin have profound expertise and strategic insight in the field. Their unique approach combines deep legal knowledge with a keen understanding of market dynamics, making them invaluable to clients navigating complex transactions.

Potential clients are interested in their proven track record, particularly their innovative solutions and commitment to achieving optimal outcomes. Compared to other firms, Stephan and Philipp emphasize a collaborative approach, leveraging their experiences and their contacts in the Austrian market.

Kernmandanten

Vienna Insurance Group (Wiener Städtische)


Suzano S.A. / Suzano Austria GmbH


Wolford AG


American Tower Corporation


FACC AG


HSBC


UBS


Raiffeisen Bank International AG


Highlight-Mandate


  • Advised the banks on the issuance of a $400m and a €625 high yield bond by ams OSRAM AG as part of the comprehensive €2.2 bn refinancing of ams OSRAM AG.
  • Advised the banks on a €800m underwritten rights issue regarding ams OSRAM AG.
  • Advised listed Wolford AG on its recent capital increase and other financing measures, in particular shareholder loan.

Akela Law

Founded in 2022, Akela Law has since gone from strength to strength, with the team’s focus areas encompassing advice on Digital Global Certificates, financial clearing, and the placement of financial instruments on the primary market. Heading the practice alongside Martin Pichler, Michael Kollik‘s broad portfolio includes a specialism in supervisory law and proficiency in handling matters which require knowledge of both banking and capital markets law, while Pichler excels in securities regulatory law.

Praxisleiter:

Michael Kollik; Martin Pichler


Referenzen

‘High level of expertise, excellent cooperation and coordination within the entire team, very good availability and flexibility.’

‘Pragmatic and customer-oriented approach and solution-oriented skills.’

 

Kernmandanten

Wiener Börse AG


OeKB CSD GmbH


CCP Austria Abwicklungsstelle für Börsegeschäfte GmbH (CCP.A)


CMTA AG


Whitestone Group


KKA Partners


Venionaire Capital


Österreichisches Konferenzzentrum


EXAA Abwicklungsstelle für Energieprodukte AG (EXAA)


CMTA Invest GmbH


WhatAVentures Group


Highlight-Mandate


  • Advised the Austrian Central Securities Depository OeKB CSD on the legal concept and implementation of the newly introduced Digital Global Certificates (DGC) for debt securities and UCITS certificates.
  • Advised the Austrian investment firm CMTA on the structuring of the redemption of debt securities in the total amount of €500m for which a specific license approval from the U.S. Office of Foreign Assets Control (OFAC) will be required due to the issuer being subject to U.S. sanctions law.
  • Advised an Austrian holding company on the structuring of its refinancing in the total amount of  €350m by means of various loan agreements.

DLA Piper Weiss-Tessbach Rechtsanwälte GmbH

DLA Piper Weiss-Tessbach Rechtsanwälte GmbH leverages connections to the firm’s wider network to assist clients with multi-jurisdictional transactions, with the team’s capabilities extending to advice on regulatory aspects such as notification requirements, as well as tokenisation, and ESG-linked bonds. Practice head Christian Temmel is well-versed in matters related to listed securities, and frequently cooperates with the firm’s corporate department to support clients in the M&A field.

Praxisleiter:

Christian Temmel


Weitere Kernanwälte:

Christian Knauder-Sima


Referenzen

‘The teams strength is how they work together in international cases, their know-how and professionality. ’

‘Chrsitian Temmel gives extensive, precise and purposeful legal support, which save us a lot of time.’

 

Kernmandanten

PORR AG


UBM Development AG


S IMMO AG and Erste Group Bank AG


Crédit Agricole Corporate and Investment Bank


Highlight-Mandate


  • Advised Crédit Agricole Corporate and Investment Bank in their capacity as sole arranger and original dealer in voestalpine AG’s debt issuance program of €1bn.
  • Advised Porr AG on the issuance of a €135m hybrid bond, including a buyback offer for outstanding bonds.
  • Advised S IMMO AG and Erste Group Bank AG on a €75m green bond by way of a public offering.

DSC Doralt Seist Csoklich Rechtsanwälte GmbH

DSC Doralt Seist Csoklich Rechtsanwälte GmbH offers comprehensive advisory services spanning transactions, regulatory matters, corporate governance, and dispute resolution, including proceedings before the Financial Market Authority. Practice head Christoph Diregger, described by clients as an ‘outstanding lawyer with deep knowledge of capital markets and corporate law’, demonstrates notable expertise in takeover law and frequently represents clients before the Austrian Takeover Commission.

Praxisleiter:

Christoph Diregger


Referenzen

‘Christoph Diregger is an outstanding lawyer with deep knowledge of capital markets and corporate law and truly able finding suitable solutions for his clients.’

‘Outstanding practice led by Christoph Diregger. Christoph combines capital markets and corporate law in an outstanding manner.

‘Christoph Diregger is an outstanding corporate and capital markets lawyer with an excellent knowledge of takeover law. He is a brilliant expert, business driven and to the point.’

Kernmandanten

Ottakringer Holding AG


Kerbler Holding GmbH


CA Immobilien Anlagen AG


BAWAG Group AG


S IMMO AG


Highlight-Mandate


  • Advised Ottakringer Holding AG and the legal entities acting in concert with it on the submission of a public delisting offer to terminate the trading of the shares of Ottakringer Getränke AG on the Vienna Stock Exchange.
  • Advised a real estate company in connection with the issuance of a corporate bond for the development of various real estate properties as well as the expansion of existing holdings in the sustainability sector.
  • Advised our client, a listed holding company, in connection with a two-year share buyback program with a total volume of EUR 500m and the subsequent redemption of the shares.

Herbst Kinsky Rechtsanwalte GmbH

Praised by clients for ‘above-average commitment and know-how’, Herbst Kinsky Rechtsanwalte GmbH‘s areas of expertise include public offerings and takeovers, private placements of public listed companies and employee stock option programs for public listed companies. Leading the team, Philipp Kinsky combines vast knowledge of capital markets law with strength in corporate law and M&A.

Praxisleiter:

Philipp Kinsky


Weitere Kernanwälte:

Christoph Renner; Johannes Frank


Referenzen

‘The attorneys at Herbst Kinsky always impress with their above-average commitment and know-how. Especially in time-critical matters, their willingness to really do their best for their clients is evident.’

‘Johannes Frank and Christoph Renner impress with their high level of empathy and professional competence, and go the extra mile for their clients.’

‘Young motivated team with extensive understanding across a variety of topics.’

Kernmandanten

Uniqa Österreich Versicherungen AG


Wolftank Adisa


Biogena Group Invest AG


Round2


C&P Immobilien AG


NEOH Invest AG


dagobertinvest


Marinomed Biotech


Rendity


XISTA


Highlight-Mandate


  • Advises UNIQA Versicherungs AG as shareholder of the listed STRABAG SE in connection with capital cut measures of STRABAG for the intended dilution of RASPERIA’s shareholding below 25%.
  • Advised Biogena on its own issue of a bond in the amount of up to €6m.
  • Advised xista science ventures II regarding the foundation and structuring of an EuVECA-Fund which will invest primarily in start-up companies within Austria and the EU.

Müller Partner Rechtsanwälte

Known for a strong presence in the banking and finance segment, Müller Partner Rechtsanwälte is equipped to handle M&A matters, clearing member trade agreements, and disputes with the ECM space for listed clients. The team is headed by Gernot Wilfling, who is adept at both capital markets transactions and compliance, including advice on market abuse regulation and the Austrian Stock Exchange Act.

Praxisleiter:

Gernot Wilfling


Weitere Kernanwälte:

Sebastian Sieder


Kernmandanten

Frauenthal Holding AG


CMTA AG


Raiffeisen Bank International


Erste Group Bank AG


KELAG-Kärntner Elektrizitäts-Aktiengesellschaft


EVN AG


CASINOS Austria AG


Österreichische Lotterien Gesellschaft m.b.H.


JugendEineWelt/Don Bosco


EPH Group AG


Rockets Group


Highlight-Mandate


  • Advised a foreign entrepreneur on the planned takeover of a stock exchange listed Austrian bank.
  • AdvisedPro Fepp on the listing on the Vienna MTF of the Vienna Stock Exchange and the follow-up obligations.
  • Advised a Dutch issuer on the intended listing of its shares on the Vienna MTF of the Vienna Stock Exchange.