Debt capital markets

The firm combines market leading DCM product knowhow with a hefty geographical footprint and in-depth sectoral expertise to provide clients with a really unique package.
  • Profile
  • Experience
  • Key contacts

We assist underwriters, issuers, trustees and investors across the full spectrum of debt products and in all major markets:

  • listed bonds and MTNs
  • private placements
  • high yield bonds
  • growth markets issuances
  • green bonds and sustainable bonds
  • hybrid and regulatory capital instruments
  • equity-linked products
  • collateralized notes
  • securitisations
  • project bonds
  • repackagings
  • derivative instruments.

When it comes to helping clients navigate the legal and technical challenges involved in developing and realising new ideas and structures, we pride ourselves on our forward thinking and agility. Members of our team have long been at the forefront of innovations in the international capital markets, from assisting European issuers in accessing the Asian markets via the first Dim Sum and Panda bonds, to aiding CIS issuers in structuring the first local currency internationally clearable bonds and MTNs. More recently, we have been helping to develop new eligible regulatory capital and hybrid instruments for banks and insurance companies and spearheading technology in sustainable and “green” debt products.

We can provide advice at all stages of the pre-issuance, issuance and post-issuance process including:

  • due diligence
  • prospectus preparation
  • negotiation of terms and conditions and bond documentation
  • security packages and trustee issues
  • stock exchange and listing rules
  • securities regulation
  • continuing obligations for listed debt
  • bond restructuring and liability management.

With core capital markets hubs in our European, Middle Eastern and Asian offices, we can accompany clients in their varied funding requirements in all of the main global marketplaces.

Our lawyers are qualified to practise in the key jurisdictions for international securities work, and we can assist issuers with the admission of their debt to listing and trading on London and the principal European exchanges such as Luxembourg, Dublin and Paris, as well as the major Asian venues in Singapore, Hong Kong and mainland China.

European manufacturing company

Advising the lead managers on the issue of €1,000,000,000 2.375%. Notes due 2024 for a European manufacturing company (Euronext listing).

French leasing company “Green” Bonds

Advising a leasing company on their €500,000,000 Senior Unsecured 0.375% “Green” Bonds due 2023 (Luxembourg listing).

Luxembourg retail company

Advising the underwriters on the issue of €500 million 4.75%. bonds due 2019 (Luxembourg listing).

International food company

Advising the lead managers on the dual tranche bond issuances of €1,100,000,000 in total for a food company (Euronext listing).

French bank

Advising a French bank as issuer on its €45 billion medium term notes and other debt instruments program (Luxembourg listing).

Netherlands servicing company

Advising the underwriters on an issue of 1.50% Notes for a Netherlands servicing company (Luxembourg listing).

Luxembourg manufacturing company

Advising the issuer on two Luxembourg-listed bond issues by a Luxembourg-based manufacturing company (Luxembourg listing).

State-guaranteed bank

Advising the arranger on the establishment of an EMTN program guaranteed by the states of Luxembourg, France and Belgium (Luxembourg listing).

Greek bank

Advising the lead managers on a €750,000,000 Eurobond issue for a Greek bank (Luxembourg listing).

Cypriot bank

Advising the arranger on a €4,000,000,000 Euro Medium Term Note Program for a Cypriot bank (London listing).

SCOR SE

Advising SCOR SE as issuer on their US$750,000,000 Perpetual Fixed Rate Resettable Restricted Tier 1 Notes (Luxembourg listing).

French bank

Advising a French bank as issuer on its €1,750 million issue of Undated Deeply Subordinated Resettable Interest Rate Notes (Tier 1 Capital) and €1,000m issue of Subordinated 5.00% Notes due 2024 due (Tier 2 Capital). (Euronext listing).

Lavendon Group plc

Advising Lavendon Group as issuer in relation to 3 US private placements with a combined issued note value of €95 million.

European medical company

Advising a US based fund in its investment by way of privately placed secured notes in a European medical company.

Fairhold

Advising the note trustee on the restructuring of the £413 million Fairhold sheltered housing securitisation.

Railtrack

Advising the trustee of seven bond issues by Railtrack aggregating £2 billion in connection with Railtrack’s transfer of liabilities to Network Rail.

British Energy

Advising the bond trustee on the corporate debt restructuring of the British Energy group, advising on the restructuring of three Eurobond issues aggregating £400 million.

Marconi

Advising the bond trustee on the corporate debt restructuring of the Marconi group, advising on the restructuring of two Eurobond issues aggregating £1.5 billion.

Steel producer

Advising the underwriters on a debut issue of Regulation S/Rule 144A loan participation notes by a Russian steel producer (Dublin listing).

Mineral company

Advising the underwriters on three stand-alone guaranteed Regulation S/Rule 144A notes issuances by a Russian mineral company (London listing).

Mineral company

Advising the underwriters on the first Kazakhstan bond to be done using a direct-issuance structure issued by a mining company (Regulation S/Rule 144A) (London listing).

Engineering company

Advising the managers on the debut issue by an engineering company of US$200,000,000 4.55% Notes (London listing).

Lawyer

Jeremy Grant Partner

T:  +33 1 44 15 82 69
M:  +33 6 85 06 66 46 Email Jeremy Office:  London, Paris

Lawyer

Jayesh Patel Partner

T:  +44 20 7809 2238
M:  +44 7739 826 379 Email Jayesh | Vcard Office:  London

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© Stephenson Harwood LLP 2016. Any reference to Stephenson Harwood in this document means Stephenson Harwood LLP and/or its affiliated undertakings. Any reference to a partner is used to refer to a member of Stephenson Harwood LLP.