WHITE & CASE

Comment: A highly recommended firm for debt issues that has esp. made a name for itself in the market with its advice on high-yield bonds. Competitors now speak of this practice in the same breath as Latham & Watkins, even if the latter still lays claim to a much larger share of the market. The driver of this positive development has been Wagner, who works at the interface of ECM and DCM. In addition, a lawyer who works closely with him was appointed an equity partner. The competence of the team is evident, e.g. in the work for Hapag-Lloyd and Gategroup. The team’s advice to Evonik on a billion-euro bond in the context of the DIP was also a significant success for the practice. The market presence of the recommended team for structured finance derives primarily from its extensive program work. Beyond that, it was also entrusted with a complex instruction in its work for HSH Nordbank on the synthetic securitization of loans worth €3bn.
Recommended: Jochen Artzinger-Bolten, Dr. Dennis Heuer (“long-time, intensive and faithful cooperation”, client), Karsten Wöckener, Gernot Wagner (“busy”, “strong on high-yield bonds”, clients).
Practice: Advice on both MTN/CP programs (formation, updates, drawdowns) and stand-alones as well as structured debentures (esp. equity-, index-, credit-linked), and high-yield bonds. Structured finance: true sale securitizations (esp. MBS), as well as synthetic securitizations (financial guarantees, CDS, CLNs) and asset-based funding. Also securitization of leasing receivables and NPL transactions. (Debt issues: 4 equity partners, 8 associates; structured finance: 1 equity partner, 2 salary partners, 1 associate)
Clients: ?? Evonik on €1.9bn bond; Société Générale, Deutsche Bank, JP Morgan, PKO Bank Polski, LBBW on issues program for Polish mortgage bonds (€4bn); Consolidated Energy, Hapag-Lloyd, Gategroup respectively on high-yield bonds; HSH Nordbank on synthetic €3bn loan securitization; Barclays on €6bn DIP from OMV.
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