Comment: This practice is recommended for structured finance and highly recommended for debt issues and has consolidated its market position. The debt practice thus continues to lay claim to a large market share in advice on issues programs. Its constant and extensive program work provides it with a solid flow of transactions. Beyond that, it was also involved in a flagship instruction for Schaeffler Verwaltung Zwei concerning a €3.6bn high-yield bond. In its advice on structured finance, A&O is increasingly leaving its mark. Alongside classic securitization work, it has also had the chance to work on a synthetic securitization and a CMBS transaction. In addition, advice on (securitized) derivatives is a hallmark of the practice, in which it is now winning more instructions from major banks than was the case a few years ago.
Recommended: Christoph Enderstein (“one of the most knowledgeable advisors in this area, outstanding content quality, a huge wealth of experience”, client), Dr. Stefan Henkelmann (“outstanding”, competitor), Marc Plepelits, Kai Schaffelhuber (“enormously good in his field”, competitor), Martin Scharnke.
Practice: Debt issues: advice on EMTN/debt issuance programs, but also on Pfandbrief bond and debenture/CP programs. Often stand-alone bonds, equity-linked and high-yield. Structured finance: securitizable covered bond programs. Often products with derivative elements. Derivatives: advice on various certificate programs, also on credit derivatives. (Entire team: 7 partners, 2 counsel, 16 associates)
Clients: ?? Schaeffler Verwaltung Zwei, Deutsche Bank, Tui respectively on bonds; Sixt on bonded loans and bonds; Deutsche Bank, BNP Paribas, Citigroup, HSBC, JPMorgan, RBS on $7.5bn Siemens Yankee bond.
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