Leading Associates

Debt capital markets in Germany

Linklaters

Linklaters' DCM team is led by Christian Storck, who advises on DCM, structured finance and derivatives under German and English law, and is renowned among clients - including leading financial institutions and companies - for its broad range of advice. In addition to issuing bonds, which regularly include green, social and sustainability-linked bonds as well as hybrid, convertible and exchangeable bonds, the group is experienced in the restructuring of outstanding bonds and in updating debt issuance, commercial paper, deposit and EMTN programs. Peter Waltz (focus on convertible and exchangeable bonds as well as hybrid issues; also structured finance and derivatives) as well as Alexander Schlee and counsel Martin Rojahn, who are both extensively active in the DCM and ECM areas, form part of the core team alongside Storck. In October 2024, Wolfgang Ettengruber (bond issues, convertible and exchangeable bonds, promissory notes and registered bonds) joined from Clifford Chance as managing associate.

Praxisleiter:

Christian Storck


Weitere Kernanwälte:

Peter Waltz; Alexander Schlee; Martin Rojahn; Wolfgang Ettengruber


Referenzen

‘Peter Waltz, Alexander Schlee, Martin Rojahn: Excellent team for debt capital market transactions.’

‘Extremely experienced dealers, extensive market knowledge of approaches and solutions, legally secure and goal-oriented, strong resources: quality remains the same despite high workload.’

‘Martin Rojahn: Very supportive / procedurally sound / reliable / legally to the point, a real relief.’

Highlight-Mandate


  • Advising Sartorius AG on the issuance of a €3 billion debut bond.

  • Advising Deutsche Börse AG on the issuance of a €3 billion digital corporate bond.

  • Advised Daimler Truck Finance North America on the issuance of $1.6 billion of guaranteed notes.

White & Case LLP

White & Case LLP's combined German, English and US capital markets expertise is sought after not only by investment banks but also increasingly by issuers, who also benefit from the team's cross-practice capacities. Notably, the Frankfurt office's US expertise has resulted in the team's strong presence in the high-yield area, which is led by Rebecca Emory. Karsten Wöckener (also Head of Germany) usually advises on classic debt transactions; most recently these have included various green bonds and securities backed by digital assets. Cristina Freudenberger (DCM, ECM, hybrid corporate finance products) joined Clifford Chance in June 2024. However, the following month, Felix Biedermann (DCM as well as banking regulatory law) joined from Simmons & Simmons.

Weitere Kernanwälte:

Karsten Wöckener; Rebecca Emory; Gernot Wagner; Felix Biedermann


Referenzen

‘The DCM team at White & Case LLP is a market leader in capital markets law, particularly through its comprehensive expertise in ​​digital asset backed products and ETPs. The practice is characterised by fast response times and application-oriented solutions.’

‘A particular strength is their ability to seamlessly handle complex transactions involving multiple legal areas.’

‘Technological innovations, such as the integration of advanced legaltech tools and the proactive application of interdisciplinary know-how, enable the team to deliver efficient and precise advice. The above-average diversity in the team promotes innovative approaches and contributes to the high quality of its advice.’

Clifford Chance

As an integral part of its international global financial markets group, Clifford Chance's German capital markets team advises banks and companies on transactions, frequently of cross-border nature, and recently particularly handled instructions in the context of Eurobonds, EMTN and ECP programs, as well as buyback offers (liability management). Its assistance with ESG products is another key pillar of its practice, as is mirrored by recent advice on sustainability-linked bonds and green bonds in particular. These matters are often led by Sebastian Maerker, while Gregor Evenkamp is also an expert in structured products and digital securities. The two jointly lead the practice, which welcomed Cristina Freudenberger, who has extensive experience in the DCM area (including digital assets), from White & Case LLP in June 2024. A month previously, Axel Wittmann, who is well versed in high-yield issues, made partner.

Praxisleiter:

Sebastian Maerker; Gregor Evenkamp


Weitere Kernanwälte:

Cristina Freudenberger; Axel Wittmann


Referenzen

‘Excellent market knowledge, consistently practical solutions, very good time management and transparency.’

‘Gregor Evenkamp: Excellent product and industry knowledge, especially in the area of ​​digital asset-backed products and ETNs.’

‘Personal and directly accessible. Market-oriented and practice-oriented. Projects are pursued in a targeted manner.’

Kernmandanten

Volkswagen AG


Volkswagen International Finance N.V.


Citigroup Global Markets Europe AG


Santander


UniCredit


tectrex AG


EnBW Energie Baden-Württemberg AG


Commerzbank


HSBC


ING


SEB


Siemens Energy Finance B.V.


Nova Ljubljanska banka d.d., Ljubljana


Citigroup Global Markets Europe AG


Raiffeisen Bank International AG


Banco Santander, S.A.


Barclays Bank Ireland PLC


NatWest Markets N.V


Hörmann Industries GmbH


Highlight-Mandate


  • Advising energy supplier EnBW Energie Baden-Württemberg AG on the issuance of a green bond with a total volume of €500 million.

  • Advising a banking consortium consisting of Commerzbank, HSBC, ING and SEB on the issuance of a sustainability-linked bond by Deutsche Post AG in accordance with its new Sustainability-linked Finance Framework.

  • Advising Siemens Energy on the issuance of its €1.5 billion first green bond. In January 2023, Siemens Energy launched its Green Bond Framework.

Hengeler Mueller

Hengeler Mueller is considered an experienced advisor to issuers and underwriters on the issuance of bonds, which recently included green bonds and other bonds tied to sustainability criteria. The team is usually led by Dirk Bliesener, who, in addition to DCM, also covers banking and financial supervisory law and advises on financial market regulation. Other key contacts include Alexander Rang, who, alongside DCM, primarily acts in the ECM sphere, as well as counsel Martin Peters (capital market law and supervisory law) and counsel Julia Weidner (capital market, investment, banking supervisory and payment services law). This offering is complemented by cross-practice expertise in the finance, corporate and restructuring areas.

Weitere Kernanwälte:

Dirk Bliesener; Alexander Rang; Martin Peters; Julia Weidner


Kernmandanten

Robert Bosch GmbH


Porsche Automobil Holding SE


BAWAG Group AG


HeidelbergCement AG


BASF SE


EON SE


Amprion GmbH


Grenke Finance plc


Linde AG


Deutsche Bank AG


BNP Paribas


Citigroup Global Markets Europe AG


Mizuho Bank


UniCredit Bank AG


Bank of America


Crédit Agricole


MUFG Securities


Santander and Société Générale


BBVA


Barclays Bank Ireland


NatWest Markets


Commerzbank AG


Latham & Watkins LLP

High-yield advice represents a particular strength of Latham & Watkins LLP's practice, especially in the real estate sector the DACH region. This partly due to its integrated corporate finance approach as well as its extensive expertise under German, English and US law. This skill set is also called upon for the set up of high-yield products in the European market as well as in the context of innovative financing solutions, including sustainable financing such as green bonds and sustainability-linked bonds. Led by Rüdiger Malaun, the team primarily acts for corporates and sponsors, although its client base also includes banks. Malaun is supported by, among others, Alexander Lentz, who also comprehensively covers the high-yield and leveraged finance areas.

Praxisleiter:

Rüdiger Malaun


Weitere Kernanwälte:

Alexander Lentz; Jan Penselin; Rainer Adlhart


Referenzen

‘One of the leading hybrid bond law firms with good market knowledge.’

‘Hardworking, pleasant to work with, experienced, fully committed.’

‘Providing complementary teams that cover all aspects necessary for a HYB transaction in a highly professional manner, while at the same time efficiently managing the process and ensuring a main contact person for the client.’

Kernmandanten

ACCENTRO Real Estate AG


BayWa AG


Cheplapharm Arzneimittel GmbH


Peach Property


profine GmbH


RENK Group AG


Löwenplay / Safari Holding Verwaltungs GmbH


Summit Properties


TUI AG


TUI Cruises


A&O Shearman

Banks in particular, but also companies, rely on A&O Shearman's capital market expertise in bond transactions, bond restructurings and other restructurings in the capital market sector as well as in updating issuance programs and market entry issues. Recently, there has also been increased demand for equity instruments such as AT1 bonds, bonds with ESG references and digital bonds. Cross-border transactions with an Austrian connection are usually led by Marc Plepelits, who also heads the US corporate finance team and subsequently also is the key contact for high-yield bonds and US matters, among other issues. He is part of the team led by Martin Scharnke (debt capital markets, derivatives, securitisation).

Praxisleiter:

Martin Scharnke


Weitere Kernanwälte:

Stefan Henkelmann; Marc Plepelits; Christian Klöpfer; Jens Nollmann


Referenzen

‘We work with Marc Plepelits on a regular basis. The collaboration runs smoothly.’

‘Marc Plepelits: Excellent product and market knowledge, very good advice and excellent availability.’

‘The team has a high level of experience and is able to offer an extremely pragmatic and tailored implementation taking into account the client’s wishes.’

‘Martin Scharnke: Very strong technical expertise and extremely pragmatic and constructive solutions. Very trustworthy.’

Kernmandanten

European Investment Bank


Banco Santander


Goldman Sachs


Helaba


The Bank of New York Mellon


M&G Investments


Highlight-Mandate


  • Advising Corestate Capital Holding SA on a cross-border restructuring and secured refinancing of several listed bonds/convertible bonds valued at over €500 million.

  • Advice on an issue of high-yield bonds by ams-OSRAM AG with a volume equivalent to €1 billion.

  • Advising a banking consortium led by Citigroup, Deutsche Bank and Société Generale on the issuance of a high-yield sustainability-linked bond with a total volume of €500 million by TUI AG.

Hogan Lovells International LLP

Hogan Lovells International LLP's DCM team is part of the finance practice and particularly impresses with expertise in advising national and international banks, although it also acts for companies; the practice assists with bond issues and their restructuring, the updating of debt issuance programs and on issuances within the framework of these programs. These are often related to green bonds and are led by Jochen Seitz, while Sina Hekmat, who divides her time between Frankfurt and New York, is an expert for US-related matters. For instructions in a restructuring context, clients routinely draw on Julian Fischer's expertise; most recently, he also handled regulatory issues arising from financing platform set ups. The team is led by Sven Brandt (DCM, structured finance and securitisation, derivatives).

Praxisleiter:

Sven Brandt


Weitere Kernanwälte:

Michael Schlitt; Jochen Seitz; Sina Hekmat; Julian Fischer; Dietmar Helms


Referenzen

‘Michael Schlitt and his team are always available and always respond immediately. The service is reliable, fast and practical.’

‘They answered all relevant questions to our complete satisfaction and were able to handle complex legal issues for us in a short space of time.’

‘Very good response times, always sound and reliable feedback, perfect time management.’

Kernmandanten

BOC Aviation


Bayerische Landesbank


Commerzbank AG


Deutsche Bank


Deutsche Kreditbank AG


Katjes International GmbH & Co. KG


Nord/LB Norddeutsche Girozentrale


Taulia


Tilta Fintech GmbH


UniCredit Bank GmbH


Highlight-Mandate


  • Advising UniCredit Bank GmbH on the updating of issuance programs of Volkswagen Financial Services AG (€50 billion) and Volkswagen Bank (€10 billion) as dealer counsel.

  • Advising Commerzbank AG on the annual update of the €50 billion debt issuance program of Deutsche Pfandbriefbank AG (dealer counsel).

  • Advising on the annual update of Bayerische Landesbank’s €60 billion debt issuance programme (dealer counsel).

Noerr

Recently, Noerr's DCM practice often advised banks on the launch and updating of bond issuance programs as well as companies on the exchange, increase and issuance of bonds, including sustainable bonds and Nordic bonds. The group further assisted corporate clients with the set-up of commercial paper and EMTN programs. Through cooperation with US law firms, US aspects of capital market transactions can also be covered. The team is jointly headed by Julian Schulze De la Cruz (DCM, ECM, M&A, Corporate) and Holger Alfes (M&A, capital market and financing transactions, Corporate).

Praxisleiter:

Julian Schulze De la Cruz; Holger Alfes


Weitere Kernanwälte:

Laurenz Wieneke; Dominik Kloka


Kernmandanten

TAG Immobilien AG


ABO Wind AG


Corestate Capital Holding S.A. (ODDO BHF AG)


Daimler Truck AG


Demire Deutsche Mittelstand Real Estate AG


Frankfurter Volksbank Rhein/Main eG


Fresenius Medical Care AG & Co. KGaA


Hertha BSC GmbH & Co. KGaA


ING-DiBa AG


LHI Gruppe


Mutares SE & Co. KGaA


Schwarz Gruppe


Sparkasse Bremen


Vereinigte VR Bank Kur- und Rheinpfalz eG


Highlight-Mandate


  • Advising MDAX group TAG Immobilien AG on setting up a €3 billion EMTN program and the issuance of a €500 million bond.

  • Advising the issuer ING-DiBa AG on the updating of an EMTN program for bonds and covered bonds with a volume of up to €20 billion and the issuance of covered bonds with a volume of €1 billion.

  • Advising DAX40 group Daimler Truck on the first-time setting up of a €2 billion commercial paper program.

Norton Rose Fulbright

Banks in particular instruct Norton Rose Fulbright in the DCM area and seek advice on the issuance and restructuring of bonds as well as the launch and updating of issuance programs, such as EMTN programs, debt issuance programs and commercial paper programs. Christoph Enderstein, who often takes the lead in these matters, is also an expert in related regulatory issues as well as ESG-related matters and jointly heads the capital markets practice with Frank Regelin, who focuses on ECM. Alongside banks, the firm also assists issuers, most recently particularly often in the automotive sector.

Referenzen

‘In addition to the rapid and excellent implementation of updates and supplements, the expertise also includes the inclusion of new developments in the legal and regulatory environment and the emerging market standards.’

‘Thanks to NRF, necessary measures can be implemented without extensive internal resources. Problems that arise out of the ordinary or due to our special legal nature are solved by NRF in our interests. The team’s exceptionally good network in the capital market helps with this.’

‘Our contacts are characterised by extensive knowledge, the highest level of commitment and first-class service.’

Kernmandanten

Bank of Montreal


Citigroup Global Markets


Commerzbank


DekaBank


Deutsche Bank


HSBC


Landesbank Baden-Württemberg


Landeskreditbank Baden-Württemberg – Förderbank


Mercedes-Benz Group (ehemals Daimler)


National Bank of Canada


NatWest


Nomura


Sixt


Stadtsparkasse Düsseldorf


The Toronto-Dominion Bank


UniCredit Bank


Highlight-Mandate


  • Advising Deutsche Bank AG on its €80 billion debt issuance program.

  • Advising Mercedes-Benz Group AG (formerly Daimler AG) and five other Mercedes-Benz group companies on their €70 billion EMTN program and their €15 billion commercial paper program.

  • Advising Deutsche Bank AG as issuer to several international banking syndicates on the successful issuance of three Panda Bonds with a volume of Renminbi €7 billion.

Dentons

In addition to advising banks and, to a lesser extent, companies on the placement of secured and unsecured securities, issuing activity expansion and program work, Dentons covers various interface areas through close cross-practice collaboration. Particular attention is paid to financial restructuring and the restructuring of promissory note financing and bonds. This is complemented by ESG expertise. The team is led by Oliver Dreher, whose advice mirrors these practice mainstays and also assists with derivatives.

Praxisleiter:

Oliver Dreher


Referenzen

‘In-depth knowledge. Gets to the heart of the matter very quickly, even with specific topics.’

‘Oliver Dreher and his team impress with their excellent knowledge of the market and economic context.’

‘Oliver Dreher: Always available and responsive.’

Kernmandanten

Accentro


Adler


Bayerische Landesbank


BNP Paribas


Deutsche Bank


UniCredit


Bundesrepublik Deutschland – Finanzagentur GmbH


CEC Bank


Commerzbank


Corestate


Deutsche Bank


European Bank for Reconstruction and Development (EBRD)


HSBC


J.P. Morgan SE


SEB


UniCredit


Highlight-Mandate


  • Advising the Federal Republic of Germany – Finance Agency on the placement of several federal bonds with a total issue volume of over €26 billion.

  • Representing Romanian CEC Bank in the expansion of its issuance activity under its €600 million medium-term note program.

  • Advising the Joint Lead Managers in connection with the successful placement of SIXT SE’s first rated €500 million benchmark bond and a further bond issue by the company; the total issue volume of the two bonds amounts to €800 million.

Gleiss Lutz

Gleiss Lutz' client base primarily consists of companies and bondholders, whom it advises on matters such as bonds issuances, including high-interest bonds. Its close links with the banking and finance practice are evident in practice head Kai Arne Birke's focus (banking, finance and capital market law) and are also reflected in regular advice on promissory note loans.

Praxisleiter:

Kai Arne Birke


Weitere Kernanwälte:

Stephan Aubel; Helge Kortz


Referenzen

‘We have been working reliably and excellently with Kai Arne Birke for years. He is available 24/7 and provides practical and excellent advice, including at the interface to restructuring advice.’

Kernmandanten

Aareal Bank AG


Anleihegläubiger von Adler Group S.A.


Greenoaks Capital Partners


SLM Solutions Group AG


Schaltbau Holding AG


Bausch & Lomb


e. Anleihe GmbH


Finpair


MAHLE GmbH


Robert Bosch GmbH


Q-Park


Northern Data AG


PUMA SE


Shinhan Asset Management


Highlight-Mandate


  • Advising Q-Park on German aspects of an issue of high-yield bonds with a volume of €430 million and other related issues.

  • Advising an ad hoc group of bondholders of Luxembourg listed real estate company Adler Group SA. The bondholders collectively hold more than 34% of the €800 million 2.250% bonds due 2029 issued by Adler Group SA.

  • Advising an industrial company on the conclusion of a US note purchase agreement from a German law perspective.

Mayer Brown LLP

Mayer Brown LLP's team is led by Patrick Scholl, who counts advice on debt capital markets as well as regulatory issues among his strengths. This advisory focus corresponds to the team-wide approach,  resulting in frequent instructions concerning base prospectus updates and debt issuance programs, bond restructuring, the establishment of issuance platforms for the issuance of bonds as well as structured products. The group also assists with ESG; here, it provides guidance on sustainable financial products and the implementation of the EU Taxonomy Regulation; this offering is primarily called upon by financial institutions.

Praxisleiter:

Patrick Scholl


Weitere Kernanwälte:

Marcel Hörauf; Alexei Döhl


Referenzen

‘Very good support in documentation issues for structured products including ESG.’

‘Broad, industry-specific knowledge.’

‘Patrick Scholl has deep, comprehensive knowledge.’

‘A well-coordinated team in a consistent constellation, fast reaction times, always solution-oriented, 100% reliable.’

‘Patrick Scholl: Strong product knowledge, down-to-earth personality, pragmatic solutions, realistic quotes and fair billing.’

Ashurst LLP

Ashurst LLP's Global Markets practice particularly offers banks a wide range of expertise in ​​structured finance, including regulatory experience. Most recently, the practice advised on basic and registered bond programs as well as on the refinancing of bonds. The team is led by Tobias Krug (structured finance and banking regulatory law) and Martin Kaiser (securitisation).

Praxisleiter:

Tobias Krug; Martin Kaiser


Kernmandanten

Commerzbank


Société Générale


LBBW


LeasePlan


FINN Auto


Barclays


Patrimonium


Deutsche Bank


Jefferies


MEAG MUNICH ERGO AssetManagement GmbH


Heuking

Heuking 's team is particularly known for its expertise in SMEs and covers the design, issuance and restructuring of bonds, including numerous Nordic bonds and green bonds, as well as creditors' meetings and various related corporate issues. The team is led by Mirko Sickinger in Cologne and Anne de Boer in Stuttgart.

Weitere Kernanwälte:

Thorsten Kuthe


Luther Rechtsanwaltsgesellschaft mbH

Luther Rechtsanwaltsgesellschaft mbH stands out for its expertise in advising medium-sized companies on capital market financing, resulting in frequent assistance with bonds issuances, for instance as part of crowdfunding with a prospectus or without a prospectus with a securities information sheet, offered to the public. It also advises financial institutions on supervisory issues, base prospectus updates and securities descriptions. Practice head Ingo Wegerich left the firm at the start of 2025 to work independently.

Weitere Kernanwälte:

Rolf Kobabe


Referenzen

‘Excellent law firm with outstanding lawyers. Timelines are met, the best solutions are shown and the best possible coordination is guaranteed at all times.’

‘Fast response times. Competent and solution-oriented project support.’

‘Very good communication skills and close ties to financial regulators.’

‘Extremely strong expertise – pragmatic action – hands-on mentality – good accessibility – cooperation on an equal footing.’

Kernmandanten

Deutsche Bank AG


SV Werder Bremen GmbH & Co KGaA


Contracts for Difference Verband


SUNfarming GmbH


Nordex SE


STADT UND LAND Wohnbauten-Gesellschaft mbH


e.quikk Technologies N.V.


Dr. Peters GmbH & Co. KG


Flughafenhotel Düsseldorf Management GmbH


Highlight-Mandate


  • Advising Deutsche Bank AG on updating its base prospectuses and securities descriptions, in particular on incorporating the optional possibility of issuing securities in the form of so-called electronic securities.

  • Advising Nordex SE on the issuance of a €333 million convertible bond.

  • Advising EPH Group AG on the issuance and public offering of a corporate bond with a volume of €50 million.

Simmons & Simmons

Since co-head Felix Biedermann joined White & Case LLP in summer 2024, Thomas Scharfenberg has been the sole head of Simmons & Simmons' DCM practice. Most recently, he advised on registered bonds, the issuance of (green) promissory notes and the updating of issuance programs, while his focus remains on assisting banks with structured products.

Praxisleiter:

Thomas Scharfenberg


Kernmandanten

AustriaEnergy


Deutsche Bank Aktiengesellschaft


ING


J.P. Morgan


Münchener Hypothekenbank eG


Prime Capital AG


BayernLB


LIGA Bank eG


NatWest Markets


Barclays


Highlight-Mandate


  • Advising the banking consortium led by Deutsche Bank on the issue of bonds with a nominal volume of €4.5 billion by Robert Bosch GmbH.

  • Advising BayernLB as arranger of a green promissory note loan from the city of Cologne.

  • Advice on cooperation with DekaBank in the area of ​​structured products.