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.

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.

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.

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.

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.

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).

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.

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.

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).

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.