Comment: A firm respected for debt issues and structured finance that has been present in the market for years with a broad, partner-centered approach. Recently, the work on registered bonds in particular has increased. One example is the advice to Citibank as a trustee on the restructuring of a financial transaction via the issuance of N bonds. That the practice knows how to take advantage of its Europe-wide firm network is evident from its cooperation with the Paris office for UniCredit on the refinancing of ECA-covered export credits via German covered bonds. A partner active at the interface with ECM was able to benefit from his good relationship with Adler Real Estate, which he advised on the issuance of a convertible bond.
Recommended: Dr. Rüdiger Litten (“the cooperation proved a success, management is very impressed”, client), Dr. Martin Krause.
Practice: Debt-related program work. Also individual bonds (esp. Mittelstand market). Structured products, frequently also issues with derivative elements. Also NPL advice and Islamic finance. (3 partners, 1 counsel, 6 associates)
Clients: ?? National Bank of Canada on update of euro note program of German registered bonds; PrimeRevenue Trade Assets as a securitization vehicle on $10bn debt instruments program, bond and revolving debt instrument facility; Adler Real Estate on €150m increase of a €350m high-yield bond and €138m convertible bond; Royal Bank of Canada on registered bonds, structuring of an issues program for certificates and warrants, update of various European issues programs; Golfino on bond.
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