The activity of Hengeler Mueller's broad DCM group extends from MTN programs and restructurings to hybrid bonds and matters relating to the implementation of the Electronic Securities Act. Clients such as dealers, issuers and issuing banks also regularly rely on the group's expertise when issuing ESG bonds, which has become one of the practice's mainstays. Key contact Dirk Bliesener advises on debt issuance programs, covered bonds and registered bonds, among other matters. Equity-linked instruments and block trades form part of Alexander Rang's advisory portfolio, while Julia Weidner, who made counsel in January 2023, has comprehensive expertise in capital market matters as well as in banking supervision and investment law.

Hybrid, convertible and exchangeable bonds as well as straight debt and EMTN programs form the core business of Linklaters‘ practice, while it is also frequently instructed to assist with ESG-related bonds issues. Thanks to its broad set-up, the group is further experienced in advising on matters at the interface of ECM and DCM, including hybrid instruments. International transactions are frequently handled by Alexander Schlee, who is experienced in block trades as well as convertible and exchangeable bonds, among other matters; Peter Waltz also specialises in the latter, with his wealth of experience further spanning regulatory matters and structured financing. Counsel Martin Rojahn is another key contact for hybrid bonds and ESG-related transactions.

Clifford Chance's team of German and US lawyers advises issuers, shareholders, banks, regulators and guarantors on a variety of transactions and products, including convertible and hybrid bonds as well as EMTN and ECP programs. Its advice on the restructuring of investments in alternative investment funds through listed securities solutions for institutional investors represents a particular strength, while ESG matters also increasingly contribute to the practice's workload. Most recently, Sebastian Maerker frequently assisted with the issuing of green and sustainability-linked bonds, while Gregor Evenkamp focused on the interface of structured debt securities and fund products and subsequently advises on fund bond issues and listings; he recently handled projects for the retailization of private funds and assisted with structured product programs as well as associated regulatory requirements, among other matters.

Latham & Watkins LLP regularly applies its expertise in German and US law in high-yield bonds matters - particularly in the real estate sector; this is considered a particular strength of the team and frequently leads to instructions relating to the set-up of high-yield products. Here, the group primarily acts on the issuer side, but is also instructed by banks. Recent market conditions further contributed to an increasing number of restructuring-related instructions, while sustainable financing, including green bonds and sustainability-linked bonds, also frequently increase the workload. Dedicated to this range of topics, both Alexander Lentz and practice head Rüdiger Malaun focus on high-yield bonds, but are also adept at assisting with investment-grade bonds. Jan Penselin (high-yield, cross-over bonds, liability management transactions) made partner in January 2023.

With a focus on advising issuers and medium-sized banks, Norton Rose Fulbright's holistic approach to capital markets advice leads to regular instructions on issuance programs (EMTN programs, debt issuance programs, commercial paper programs) and issuance platforms as well as on the issuance of various secured and structured bonds; here, the practice recently experienced an increased demand for assistance with ESG-related bonds, such as green bonds and social bonds. Christoph Enderstein complements this with expertise in capital market-related supervisory law and, most recently, often advised on alternative provisions for reference interest rates related to floating rate notes. He jointly leads the practice with Frank Regelin, who, in addition to capital market transactions, also handles public takeovers and M&A deals.

Dentons primarily assists banks and financial services providers and is experienced in bond issues, often linked to ESG criteria, as well as in program matters. Due to the close cooperation between the DCM and restructuring practice, the group possesses further expertise in advising on financial restructurings, including promissory note financing. Oliver Dreher leads the team and focuses on structured issuance programs, registered bonds and structured products.

Gleiss Lutz' advice is particularly tailored to corporates, including assistance with issuing bonds - especially those with conversion and ESG components - as well as with bond restructuring and EMTN programs; however, the practice acts for banks as well. Thanks to its collaboration with the London office, which opened at the beginning of 2022, the practice is also well equipped for high-yield advice. Kai Arne Birke leads the team and has expertise in syndicated financing transactions and bond restructuring.

Banks and issuers particularly turn to Simmons & Simmons' DCM team to seek advice on promissory note loans and registered bonds, including hybrid, exchangeable, convertible and ESG bonds, on the restructuring of such bonds as well as on the creation of debt issuance and commercial paper programs. The team is jointly led by Thomas Scharfenberg, whose expertise also includes structured products, and Felix Biedermann (capital market and banking supervisory law).