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Clifford Chance

  • Capital Markets
  • Debt
  • Equity
  • High Yield
  • Regulatory Capital
  • Structured Debt
  • Trusts
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Capital Markets

Debt

Global market leaders, meeting the most complex and diverse funding requirements across the whole spectrum of debt capital markets products.

More about Debt

Noted for the depth and breadth of our practice, we bring the necessary expertise to meet the continuously evolving and diverse funding requirements of the world's largest institutions. We have market-leading experience advising both issuers and underwriters across the whole spectrum of debt capital markets products including: investment grade bonds; regulatory capital and hybrid transactions; liability management; Eurobonds and EMTN programmes; equity-linked products; sovereign issues emerging markets issuances and high yield bonds.

We have one of the largest London-based US Securities practices. And can provide advice on all aspects of US securities laws and regulations.

Our global network of regulatory and capital markets lawyers are at the forefront of developments that are shaping the market and are working closely with our clients to navigate the sea of regulatory changes.

Capital Markets

Equity

Cutting edge advice and execution on the legal, regulatory and practical aspects of domestic and cross-border equity and equity-linked offerings.

More about Equity

Widely acknowledged as the market leaders, our Equity Capital Markets practice has advised on some of the most high profile transactions and a number of market firsts, including the IPO of Glencore International – the largest ever IPO in London. Our clients include some of the world's most sophisticated companies, investment banks, securities markets, underwriters, hedge funds, insurance companies, private equity houses and fund managers.

Our global reach enables us to advise on international offerings of shares and depositary receipts and equity-linked instruments listed on the major exchanges in Europe, the US and Asia.  One of our major differentiators is that we have one of the largest London-based US Securities practices. The London team works seamlessly with our large SEC registered capital markets practice in New York to advise on all aspects of US securities laws and regulations.

Our experts also regularly advise on matters arising out of continuing regulatory securities compliance requirements including OFAC and FCPA issues. In public market facing matters, it is essential that listed companies, investors and financial institutions in their various capacities have access to the most cutting edge thinking and experience and our corporate and equity capital markets lawyers provide this expertise.

We have substantial experience of working in multi-disciplinary teams and can draw on tax, regulatory, employment/incentives and other areas of expertise as required. 

Capital Markets

High Yield

Cutting edge, commercially focused high yield expertise

More about High Yield

We are driving the development of the high yield market advising on some of the most complex, often first-of-a-kind transactions. We have a proven track-record of advising underwriters, issuers and sponsors across the globe.

Working closely with our leading practices across leverage finance, private equity, banking, capital markets and corporate, we provide commercially-focused expertise, delivering high yield financing solutions in the context of wider refinancing, acquisition financing or other commercial transactions. We are also regularly involved in complex transactions in the context of restructuring.

We bring unrivalled cross-border coverage with a strong presence in all major high yield centres – London, New York and Hong Kong.

Through our board membership of European High Yield Association (now part of the AFME/EHYA) we are able to be at the forefront of developments that are shaping the market.

Capital Markets

Regulatory Capital

Leading advisers to financial institutions on meeting the challenges of current and proposed regulatory capital requirements.

More about Regulatory Capital

We work alongside the world’s largest financial institutions on their regulatory capital structures, meeting the challenges of a dramatically changing regulatory landscape.

We are at the forefront of regulatory capital changes. Our global network of regulatory and capital markets lawyers brings commercially-focused expertise in navigating Basel III, EU Directives and wider regulatory issues.

We play a significant role in working with regulators and associations such as the BBA and ISDA to shape current and proposed frameworks.

Clients benefit from our sophisticated understanding of the interpretation of capital rules, the concerns of regulators and the way in which regulators’ discretions are exercised.

Capital Markets

Structured Debt

Global leaders in securitisation and structured debt, providing highly sophisticated and innovative solutions across a wide range of products and jurisdictions.

More about Structured Debt

We are recognised as the pre-eminent global securitisation and structured debt practice with market leading teams in the United Kingdom, Europe, Asia and the United States.

We provide sophisticated, often highly innovative financing solutions in all key product areas including:

  • real estate securitisation, both residential and commercial
  • whole business/corporate securitisation including information and utilisation
  • financial institutions including consumer credit and auto loans
  • asset backed commercial paper, conduits and conduits trades
  • structured products including CDOs, and funds based structures

We also provide full service US advice as an integrated part of any cross-border or global structured debt transaction.

Our range of clients covers all types of market participants, including banks, investment firms and the top originators in many sectors of the market.

Capital Markets

Trusts

The Corporate Finance Trusts Group (CFTG) provides specialist advice to clients providing corporate trust and agency services.

More about Trusts

The group is widely acknowledged to be a market leader and is the largest dedicated trustee group of any City law firm. The focus of the CFTG is in the Capital Markets Group in London but other lawyers with trusts specialism are located in Hong Kong, Singapore, New York, Italy and Germany.

We advise our clients in their various roles, including note trustee; security trustee; paying/ calculation/exchange/collateral and escrow agent, cash manager and standby cash manager, and custodian.

We act in respect of all types of transactions involving corporate trust and agency services, including:

  • Debt and equity capital markets (including straight eurobonds and MTNs) 
  • Securitisations (including whole-business securitisations, CMBS, RMBS, and asset-backed commercial paper conduits) 
  • Repackagings 
  • Collateralised bond obligations (CBOs), collateralised debt obligations (CDOs) and collateralised loan obligations (CLOs) 
  • Banking products and structured financings (including tax structures, acquisition finance and high yield debt) 
  • Asset finance (including aircraft, rolling stock and defeasance structures) 
  • Public private partnership (PPP) / private finance initiative (PFI) 
  • Project finance 
  • Restructurings and refinancings 
  • Noteholder meetings 
  • Trustee start-up and regulatory management 

Responding to the current economic environment

Alongside our general transactional work, we advise on flagship transactions involving new types of assets and structures and can quickly and efficiently call upon the depth of expertise from other parts of the firm (such as tax and regulatory) where necessary. We put together the most appropriate legal team to service the particular needs and requirements of each client, whether involving pre-closing, closing or post-closing representation.

We have separate expertise that becomes directly relevant if transactions go wrong when we can field teams in dispute resolution, insolvency, restructuring and litigation. In the current economic environment, we recognise the importance of responding to our clients' needs quickly and effectively. The group is widely acknowleged to be a market leader and is the largest dedicated trustee group of any City law firm.  

Our global practice provides legal advice on capital markets transactions across Europe, the US, Latin America, the Middle East, Africa, Asia and Australia.

Our lawyers cover the whole spectrum of capital markets work including debt and equity transactions, structured debt, high yield and trusts. Alongside mainstream capital markets issuances in the major economies we work on benchmark and other innovative transactions including in new frontier markets. We advise major market participants including leading financial institutions, corporates, governments and supranational organisations across the world as well as first time issuers and other new players in the capital markets.

With over 120 partners and a further 400 lawyers dedicated to capital markets, as well as close links with our Finance, Corporate and Tax practices, we can quickly assemble cross-border teams who combine local and industry focus with international perspective to provide practical, integrated legal advice for all our clients' capital markets activities.

Our lawyers are also actively involved in developments that shape the market – we regularly work with industry bodies alongside regulators, government departments and supranational organisations – as well as providing Thought Leadership through our client briefings and published articles. Our market leading position is consistently confirmed by top-tier rankings in all of the major legal directories.