Sullivan & Cromwell

Comment: A firm recommended for debt issues that, on the basis of its unmissable work in ECM, is now also making regular appearances in DCM advice. That it is a force to be reckoned with when it comes to high-volume bonds, esp. equity-linked bonds or those with a connection to the US, the firm demonstrated with its advice to LEG as an issuer, as well as its banking work on Deutsche Telekom’s Yankee bonds. It was also involved in further billion-euro issues at the same time. This is not surprising, as its advice on ECM and public takeovers has in the meantime established it as an outfit predestined for high-volume, complex transactions. Contributing still further to its development are its excellent contacts, incl. to the real estate branch and to banks.
Strengths: Equity-linked products (convertibles and exchangeables). In Frankfurt, one of the top firms in US-German legal relations.
Practice: Advice on bonds of all kinds, esp. experienced on issues in accordance with Rule 144A/Regulation S, SEC registration. Program work, but also stand-alones. (3 partners, 1 counsel, 6 associates)
Clients: ?? LEG on €500m bond; Bayer on €4bn mandatory convertible bond; bank consortia respectively on Deutsche Telekom $2.75bn and $3.5bn bonds; FMS Wertmanagement on $1.5bn bond; ongoing advice to KfW on SEC-registered bonds.
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