A&O Shearman is widely recognised as one of the deepest, most experienced and most innovative firms in the debt capital markets space, and clients report ‘top-class service and unparalleled technical knowledge and market intelligence‘. Tom Grant leads the practice, in which US-qualified partner Sachin Davé ‘can always be trusted to be commercial and deliver the desired outcomes‘. The ‘very user-friendly‘ Jamie Durham focuses on standalone bond issues, MTN programme establishments, updates and drawdowns, and liability management transactions. Daniel Fletcher is a key adviser to lead managers and issuers on a range of DCM work. Theo Trayhurn has ‘very good commercial sense and works pragmatically to find solutions‘, notably in regulatory capital matters for financial institutions. Jonathan Melton‘s work spans investment grade MTN programmes and issuances, as well as emerging market transactions in Africa and CEE. Peter Crossan stands out for his work for corporates, financial institutions and sovereigns, which includes senior and subordinated bonds, ESG-related bonds, sustainability-linked bonds and liability management transactions. He has particular expertise in the Nordic DCM market. Up-and-coming partners Pawel Szaja and Andrew Enga, and senior associate Evangelia Andronikou also play pivotal roles in the practice.

Clifford Chance LLP has an 'incredibly deep practice that is very knowledgeable, responsive, and creative'. Clients report that the firm 'has been behind some of the most creative and innovative structures in the market'. A key example of an innovative deal is the issuance of the first bond linked to the generation of voluntary carbon units, on which the firm acted for the arranger. 'Responsive and dedicated' UK regional practice area leader for global financial markets Matthew Fairclough is well versed in debt, hybrid and equity-linked capital markets transactions. Paul Deakins is 'a pre-eminent force on liability management transactions - always available to help brainstorm and comes up with creative solutions at a moment's notice'. Clients praise the 'exceptional client focus and technical skills' of Simon Sinclair , who excels in convertible and exchangeable bonds, regulatory capital issues, and liability management. Kate Vyvyan 'will stick her neck out to negotiate a favourable outcome'. The 'incredibly knowledgeable, nuanced, thoughtful' Deborah Zandstra is a leading adviser on sovereign debt transactions. US capital markets partner Johannes Juette and global head of capital markets Michael Dakin also play central roles in the practice.

White & Case LLP 'puts in the work and resources required to find solutions and get the job done'. Sought after by financial institutions, corporates, governments and supranational organisations for advice on debt matters across developed and emerging markets, the firm is adept in the full spectrum of DCM deals, including standalone and MTN programmes, sovereign bonds, investment grade issuance, bank regulatory capital and corporate hybrids, private placements, project and green bonds, liability management, equity-linked instruments and more. Melissa Butler (who is 'a people person who pays close attention to her clients') and Ian Clark are the standout US-qualified partners in London. Butler recently assisted a leading hydro power operator with its €300m notes offering. On the English law side, Stuart Matty (who is 'honest and forthright, willing to go the extra mile for his clients') and Richard Pogrel are the most prominent practitioners, though the firm has a deep bench of talent that includes partner Neha Saran and counsel James Clarke.

The broad capital markets practice at Ashurst comprises 'true subject matter experts and trusted advisors'. The firm's work encompasses the full spectrum of international DCM transactions, including EMTN programmes and standalone bonds, covered bonds, hybrid bonds and regulatory capital trades, equity-linked bonds, project bonds, private placements and more. Head of DCM Anna Delgado is 'a market leader with excellent technical knowledge'.  Delgado and newly promoted head of global markets Alex Biles lead a 'measured, thoughtful and client-focused' group of lawyers, in which Malcolm Charles and Ciaran Vinaccia excel in corporate trust and agency matters, and Helen Jones has a particular focus on corporate secured bank/bond financing transactions with specialist expertise in the infrastructure sector. At counsel level,  Scott Chatterton is a key adviser to both issuers and underwriters. The firm's work in innovative transactions is typified by its work for a major southern hemisphere banking group on the issuance of €1bn in SDG bonds, which is a landmark transaction in sustainable finance.

Cleary Gottlieb Steen & Hamilton has 'a strong team with excellent technical knowledge and grasp of market practice'. The London DCM team focuses on complex cross-border capital markets transactions, often for financial institutions as both underwriters and issuers. Practice head Sebastian Sperber is sought after for his skills in SEC-registered debt offerings, Rule 144A/Reg S private placements, tender offers, exchange offers and consent solicitations and offerings of convertible and exchangeable bonds. He recently assisted a major international bank with its $1.25bn offering of fixed rate notes. Up-and-coming partners Chrishan Raja and Sarah Lewis are adept in transaction with a UK, European and US nexus. David Gottlieb and Jim Ho are active advisers to sovereign issuers, and their recent work included a €13bn offering for the Hellenic Republic.

Davis Polk & Wardwell LLP is regarded as one of the most innovative US firms in the London debt capital markets arena, with bond issuance part of a broad offering that encompasses ECM, corporate finance, high yield and structured finance matters. Its work for corporate issuers is outstanding, and its 2023 its London DCM group advised on more than $100bn aggregate in debt transactions by European issuers, including notable transactions for first-time issuers, European issuers returning to the US-dollar market, and debut 144A deals. Practice head Reuven Young handles public and private cross-border investment-grade and high-yield debt offerings and equity offerings for international companies. Corporate partner Leo Borchardt recently assisted a Swiss multinational healthcare company with a $9.4bn Rule 144A/Regulation S notes offering. Emerging partner talent Connie Milonakis also plays a key role in complex cross-border debt and equity offerings.

At Dentons, the team is ‘extremely responsive and excellent technically with strong commercial acumen‘. The firm handles the full range of DCM work, but is particularly highly regarded for advice on GMTN and EMTN programmes, debut Rule 144A and Regulation S offerings, emerging markets transactions, green and sustainability-linked bonds, and corporate trustee matters. It also handles liability management for issuers and dealer managers in, and regulatory capital trades for bank, insurance and asset manager issuers. David Cohen leads the practice. He recently assisted a UK building society with its £5bn EMTN programme. Nick Hayday and emerging partner talent Victoria Wyer assisted an Indian private sector mortgage lender with issues concerning its $2.8bn MTN programme in light of the company’s merger. Cameron Half leads the US Securities practice in EMEA, focusing on SEC-registered, Rule 144A and Regulation S debt and equity offerings. Neil Dixon‘s broad practice includes insurance regulatory capital, hybrid bonds, and equity-linked debt deals. Specialist trustee lawyer Catriona ’Kitty’ Lloyd  ‘really goes into bat for her clients‘.

At Herbert Smith Freehills LLP, the team is 'very quick, experienced and kind, and provides  services very efficiently'. A key adviser to issuer and manager clients, the firm excels in US and Euro private placement transactions, African debt issuance, regulatory capital trades, MTN programmes, commercial paper programmes, equity-linked transactions, and liability management deals. It is also carving out a prominent role in ESG and sustainability-linked products. Global head of debt capital markets Amy Geddes is 'very hands-on and an excellent listener, who always tries to understand client's needs'. She recently assisted a global supplier of packaging solutions on the UK aspects of a $500m offering on senior notes under its US shelf programme. Head of US securities Tom O’Neill and US-qualified partners Dinesh Banani and Gabrielle Wong are sought after for Rule 144A and SEC-registered securities transactions. Jake Jackaman, who handles EMTN programmes, ESG-related bond issues and trustee matters, also plays a pivotal role in the practice.

Latham & Watkins has 'one of the strongest DCM practices in the market', and clients remark that 'the lawyers are commercial, responsive and can always be trusted to do a good job, especially on complex transactions or bespoke structures'. The firm has one of the largest and most experienced US capital markets teams in Europe, coupled with significant English law capability in London. The group is a leader in emerging markets debt, as well as having a significant presence in sovereign debt issuance, liability management, debt restructuring, sustainable finance, and private placements. David Stewart is 'one of the strongest US securities lawyers in the market', and he focuses on emerging markets work. Vladimir Mikhailovsky handles complex cross-border matters, and Manoj Tulsiani is a key adviser to corporates, governments, and financial institutions across the full range of debt and equity-linked capital markets products.

Mayer Brown International LLP in London blends extensive US law capability with strong financial institution relationships and in-depth knowledge of key markets, notably Canada and Turkey, to deliver a broad-based and highly experienced debt capital markets practice. James Taylor 'can give insights to clients that go beyond the legal perspective'. He specialises in European debt and equity-linked capital markets, including convertible and exchangeable bonds. He worked closely with key partner Rob Flanigan to assist an Icelandic bank with the maintenance of its $2.5bn EMTN programme, and the issuance of green and social bonds under the banks' sustainable funding framework. The 'highly intelligent, motivated and personable' Peter Pears is a key adviser to issuers and underwriters on complex domestic and international DCM offerings, including ESG-related transactions. He frequently acts for investment banks across Europe and North America, and has a significant base of issuer clients in Canada, the US, Turkey and Chile. Bernd Bohr moved to Norton Rose Fulbright in 2024.

Norton Rose Fulbright is highly regarded for the breadth of its DCM practice, which handles project bonds, debt restructuring, corporate trust matters, Islamic Finance,  Canadian issuance, and sovereign bond offerings. The group led by Peter Young, who handles debt transactions under both English and New York law, is 'technically strong and pragmatic, and provides real-time practical advice'.  Young recently acted for a major development finance institution as the initial purchaser of two large emerging market ESG-linked bonds, showing the firm's prominent position in the sustainable finance market. EMEA chair Farmida Bi is a key adviser on Islamic finance, while Peter Noble is best known for advising Canadian issuers and their dealers in the international debt markets. He recently acted for a Canadian bank on $25bn in issuance its EMTN and global covered bonds programmes. Corporate trust specialist Kirstin Russell and Andrew Coote, whose work includes project bonds and sukuk, also play key roles in the practice.

Sidley Austin LLP is known for its ‘customer focus, tailor-made solutions and attention to client-specific needs and circumstances‘. The practice led by David Howe is adept in investment-grade deals for corporate and financial institution issuers, though it is increasingly active in non-investment grade for private equity sponsors, and debt restructurings. Todd Gilbert is the firm’s lynchpin for issuer-side US private placement transactions in Europe. Though predominantly active in high yield debt, Alan Grinceri handles a broad range of New York law, European and Asian debt offerings. Gilbert and Grinceri recently handled a $760m restructuring exercise for a global customer relationship management and business process outsourcing service provider. The ‘sharp-witted‘ Omar Shafi is a key adviser to some of the firm’s flagship corporate and bank clients. He worked with Howe to assist a global soft drinks company with English and New York law issues concerning  the issuance of €700m in notes. Nigel D.J. Wilson retired in 2023.

The London DCM practice at Skadden, Arps, Slate, Meagher & Flom (UK) LLP is 'very strong and has a broad range of skills'. Highly regarded for its advice to issuers, underwriters and many other market participants on complex, cross-border deals, particularly Yankee bonds, the firm benefits from extensive English and US law capability in its London office. 'First-class' European head of capital markets Danny Tricot is the lead partner, and his recent work includes high-value pre-IPO bonds for a large social media business of €500m sustainability-linked bond issue for major telecom company, and a multibillion-dollar commercial paper programme for a medical technology company. Tricot is ably supported by James Michelson, and new partner hire Noel Hughes, who joined  from Linklaters LLP in late 2023, and has notable expertise in debt liability management.

The 'prompt and attentive' debt capital markets practice at Slaughter and May is best known for advising blue-chip corporate issuers on regulatory capital and liability management transactions, equity-linked deals, EMTN programmes, US private placements, green and sustainably-linked bonds, and more. Nevertheless, the firm increasingly acts for financial institutions including major banks and insurance companies, as well as trustees. Practice head Caroline Phillips and key partner Guy O'Keefe are 'great problem solvers and solutions providers'. Phillips has a strong financial institution issuer client base, and she recently assisted a Chinese bank with its $300m offering of green notes. Matthew Tobin is 'readily accessible, providing prompt, clear and commercial advice'. He leads the broader finance practice, and is also head of sustainable finance. Ed Fife, who acted for an energy company in the update of its $10bn EMTN programme, Robert Byk, and up-an-coming partners Kevin Howes and Charlie McGarel-Groves are also active in the DCM arena.

Sullivan & Cromwell LLP has both English and US law capability in London. Practice head Vanessa Blackmore is vastly experienced in the DCM and equity-linked securities space. She recently acted for a global mining company in a $4.75bn offering of fixed-rate notes, and handled high-value sovereign debt issuance for state entities in Scandinavia and South America. Key partner Evan Simpson  is a key adviser to major corporates in key industries such as pharmaceuticals, food and beverage, and financial services. He recently acted for a development finance institution in its $5bn offering of Climate Awareness Bonds. John Horsfield-Bradbury is the preferred counsel for the world’s largest beer company, and recently assisted it with its $1bn SEC-registered debt offering. He also acts for leading companies in the energy and banking sectors. Oderisio De Vito Piscicelli handles DCM work as part of a broad capital markets and M&A practice.

Addleshaw Goddard frequently acts for the UK’s largest banks and bookrunners, notably on private placement transactions, though it also handles public debt issuance. The firm is a market leader in social housing bonds, in which lead partner Beth Collett is ‘very experienced and knowledgeable, and ensures that transactions are handled smoothly and in a timely manner‘. The team is ‘responsive and always willing to discuss potential transactions‘, and among its key members are emerging partner talent Jacqueline Heng, who handles EMTN programmes, standalone bonds, ECP and CD programmes, and structured finance and DCM specialist Kerry Pettigrew.

Akin has one of the foremost cross-border debt private placement practices in London. The team is led by the vastly experienced Barry Russell, who recently advised the largest lessor of regional aircraft in the world on its $6bn debt restructuring. The firm also has a strong  issuer-side practice, led by Robert Aulsebrook, who oversees a group of US- and English-qualified lawyers. The experienced Mark Mansell also plays a key role in the team.

Baker McKenzie acts as both issuer and underwriter counsel in cross-border transactions, frequently involving emerging markets. Its work in Africa, Turkey and Eastern Europe stands out. Chair of the global capital markets group Adam Farlow provides 'clear advice on challenging and complex situations'. He recently acted for a Polish bank in the establishment of a €5bn EMTN programme. Megan Schellinger, who focuses on US private placements, trustee specialist Simon Porter, and US-qualified Charles Farnsworth, who 'fights the client's corner when other lawyers have different views', are key members of the practice. Roy Pearce left the firm in late 2023.

Cravath, Swaine & Moore LLP is best known for its high yield bond practice, but its work for corporate issuers, investment banks and financial sponsors encompasses investment grade and sovereign debt. Philip Boeckman and George Stephanakis co-lead the capital markets group for EMEA, which comprises 'a high-quality team from the partner all the way down to the most junior associate'. Alyssa Caples 'has tremendous experience and delivers measured and commercial advice'. She recently acted for a major tobacco company in a $5bn notes offering. European counsel Lawrence Verhelst is another key member of the team.

Dechert LLP has an ‘experienced, proactive, flexible , dedicated, fully available‘ DCM group in London, where it is regarded as a key adviser on emerging market sovereign debt capital market transactions, including Shariah-compliant transactions. Practice head Patrick Lyons, Jennifer Rees and Amy Rees constitute ‘a formidable team that is available around the clock to advise clients with complex structuring of both bonds and sukuk‘. As well as new issuance for sovereigns and state-owned entities, the firm also handles significant liability management exercises, including buy backs, consent solicitations, exchange offers and tender offers.

The London capital markets group at DLA Piper has 'broad expertise and a willingness to get to know its clients' industries in detail'. Global co-chair of financial services Mark Dwyer and US securities specialist Tony Lopez are the standout practitioners, along with Michael Doran, who is 'a senior statesman for European capital markets who can turn his hand and vast expertise to almost any transaction with ease'. Doran and Dwyer recently assisted a British-based international financial services company with the update to its €1bn MTN programme. In late 2023, the firm hired Louise Hennessey from A&O Shearman, who focuses on social housing bond finance and emerging markets deals.

The DCM practice at Fried, Frank, Harris, Shriver & Jacobson LLP, which climbs the ranking this year, is ‘very smart, thorough, hardworking and always on to get the deal done‘. The firm acts for both issuers and underwriters on structured and bespoke debt products including hybrid bonds, equity-linked convertible and exchangeable offerings, regulatory capital transactions, as well as in complex liability management deals. Head of EMEA transactions Ashar Qureshi and key partner John Satory are skilled in both ECM and DCM transactions. Newly promoted partner Aseet Dalvi has extensive experience in SEC-registered programs and issuances, as well as EMTN programmes.

Hogan Lovells International LLP is best known in the DCM area for its dedicated trust and agency practice. Head of capital markets Kit Johnson is acknowledged to be a market-leading advisers to corporate trustees on debt and structured finance instruments. Andrew Carey's work on international debt offerings includes securities programmes, and both corporate and sovereign bond issuance. He is also in major bond restructurings. He recently assisted a major automotive safety supplier with the update of its €1bn EMTN programme.

McDermott Will & Emery UK LLP is particularly active on the trustee side, though it also has a broad issuer and underwriter practice. Head of structured finance and capital markets Ranajoy Basu, who also leads the firm’s India desk, ‘easily understands and interprets challenging information‘. Siddhartha Sivaramakrishnan, who works in both London and Singapore, acts for APAC and EMEA investment bank underwriters, issuers, and vendors in capital markets transactions. Newly promoted Priya Taneja has ‘great knowledge of the industry, and makes things easy and clear to understand‘. ESG and social impact financings are also the firm’s forte.

Morgan, Lewis & Bockius UK LLP and its lead DCM partner Carter Brod are known for 'reliable and practical advice, always timely delivered'. The practice focuses on complex transactions rather than commoditised capital markets work, which sees it act for FTSE 100 UK plcs on investment grade deals, emerging markets issuers in debut bond issuance, and a range of private placements, convertible bonds, and liability management transactions. Brod assisted a US bank with the innovative $500m offering of Blue Loan Revenue Notes. TatFu Wong, who joined from Fangda Partners in Hong Kong, focuses on Chinese DCM transactions under English law.

Pinsent Masons LLP handles the full spectrum of debt capital markets work, including standalone bond issuance, EMTN programmes, ECP programmes, private placements, and liability management exercises, most notably in the social housing and higher education sectors. Its industry focus continues to broaden under the management of Edward Sunderland, though the bulk of the day-to-day work is handled by Alexis Hayworth and senior associate Jennifer Courey. Hayworth is helping the firm to carve out a strong position in sustainability bonds, having recently advised bookrunners and trustees on a £400m offering by a social housing provider.

At Simmons & Simmons, 'the team is commercial whilst maintaining Magic Circle standards of legal advice'. Acting for banks, corporate issuers, funds, and institutional investors, the firm is known for its expertise in key market areas, notably sukuks, convertible bonds, and equity-linked deals. Practice head Piers Summerfield is a key adviser on equity-linked bonds. Charles Hawes, who is dual-qualified in New York and English law, frequently assists for issuers, sponsors and investment banks with compliance issues concerning US securities laws. The firm is investing in its DCM capability, having hired Rory Renshaw from Linklaters LLP in early 2024 to add depth in debt and equity-linked products.

Willkie Farr & Gallagher (UK) LLP has a three-partner capital markets practice in London that handles debt, equity, investment grade and high yield bonds, and private placement. The firm has a strong niche in insurance-linked securities, and it frequently acts for its large roster of private equity clients in the DCM space. London head of capital markets Jennifer Tait is dual-qualified in English and New York law. She recently worked with newly promoted partner David Griffiths, who is a key adviser on insurance-linked securities, on a multibillion-dollar financing for a private equity sponsor. Head of corporate insurance capital markets Joseph Ferraro also plays a key role in the practice.

Alston & Bird LLP has a market-leading corporate trust and agency practice in the US, which has an outpost in London thanks to the experienced James Fisher, whose 'range of experience, knowledge and intellect stand him out from the crowd'. Providing both US and English law capability in London, the firm now plays a key role in cross-border and domestic transactions, including 144A/Reg S notes offerings, liability management, MTN programs, sovereign bonds, and investment grade offerings.

Arnold & Porter has a pre-eminent sovereign debt practice that acts for governments, states and state-owned entities throughout Latin America, the Caribbean, Europe, Africa, and Asia. Its work spans new bond issuance, liability management, swaps, guarantees of sub-sovereign issues, infrastructure finance, and restructuring. Jeremy Willcocks is the lead partner in London, backed by a strong team in New York. 'The team has extensive experience in direct issuances of states and intensive knowledge of current practices'.

CMS handles high-value DCM work as part of a broad finance practice in London, in which key partners also handle derivatives, structured products, and securitisation. Practice head Michael Cavers and key partner Chris Clark  advise corporate issuers on a range of treasury matters. Cavers recently assisted a UK energy infrastructure company on the update of its £10bn MTN programme. The partners are ably supported by Kirsty Templar, who acts for issuers and lead managers in EMTN programmes, standalone debt offerings, regulatory capital instruments and liability management exercises.

Debevoise & Plimpton LLP has a broad capital markets practice that acts for both issuers and underwriters in registered and private debt offerings, including investment grade debt, convertible and high-yield bonds, secured debt, and insurance company surplus notes. The firm has 'a strong insurance debt capital markets practice, which is adept at working collaboratively'. Nicholas Pellicani, who is 'a strong US capital markets lawyer with deep knowledge of the ins and outs of stand-alone and programme issuances', and London co-managing partner Alan Davies are the lead finance partners.

Duane Morris joins the ranking as it continues to advise large corporate issuers on a range of debt and loan transactions from London. Head of the firm’s UK capital markets group Drew Salvest is a market veteran who is well versed in complex, big-ticket transactions. He recently worked closely with Natalie Stewart to advise a major global trading house on the update of a $3bn EMTN programme.

Greenberg Traurig, LLP continues to advise both arrangers, issuers, and investors on cross-border debt capital markets and bond liability management transactions. Its work spans Rule 144A offerings, US private placements, restructurings, green and sustainability-linked bonds, and standalone debt issuances in both developed and emerging markets. Dorothee Fischer-Appelt is the sole DCM partner. Helena Nathanson joined McCarthy Denning in 2024. She recently advised a hotel operator on an exchange offer for its outstanding $147m convertible bonds.

Morrison Foerster is a premier firm for US private placement transactions, though it also handles MTN and commercial paper  programmes. Clients praise the firm's 'client focus with a good eye for practical solutions'. Practice head Scott Ashton also takes the lead on the firm's work on Nordic transactions. Ashton and Brian Bates recently acted for a Finnish energy utility company in its private placement of €280m Green Notes. Jacob Mendoza provides 'incredibly clear and thorough advice' on private secured and unsecured debt placements.

O'Melveny has a prominent issuer-side private placement practice, which advised on 15 debt deals in 2023 from London for both debut and repeat issuers. The work of partners Andrew Weiler and Sevda Staykova also spans complex amendments and waivers to, and other guarantor accession and transfer processes under, existing USPP deals. The firm's work spans many key sectors, among them real estate, consumer goods, manufacturing, utilities, aviation, and technology. Weiler assisted a major UK distributor of building materials with a £100m deal.