Europe - Germany • Capital markets

Latham & Watkins LLP

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Latham & Watkins LLP regularly applies its expertise in German and US law in high-yield bonds matters - particularly in the real estate sector; this is considered a particular strength of the team and frequently leads to instructions relating to the set-up of high-yield products. Here, the group primarily acts on the issuer side, but is also instructed by banks. Recent market conditions further contributed to an increasing number of restructuring-related instructions, while sustainable financing, including green bonds and sustainability-linked bonds, also frequently increase the workload. Dedicated to this range of topics, both Alexander Lentz and practice head Rüdiger Malaun focus on high-yield bonds, but are also adept at assisting with investment-grade bonds. Jan Penselin (high-yield, cross-over bonds, liability management transactions) made partner in January 2023.

Legal 500 Editorial commentary

Testimonials

Collated independently by Legal 500 research team.

  • 'Strong team right down to the details and eventualities.'

  • 'Very good understanding of the economic context and effects, always keeping an eye on the big picture.'

  • 'Alexander Lentz is a great holistic consultant with very deep detailed knowledge and an eye for connections that go beyond the legal.'

  • 'Rüdiger Malaun has an extremely strong network within the financial and banking sectors. He makes the difference.'

Key clients

  • ACCENTRO Real Estate AG
  • BayWa AG
  • CECONOMY AG
  • Cheplapharm
  • Deutsche Bank
  • DIC Asset AG
  • Grünenthal
  • Löwenplay / Safari Holding Verwaltungs GmbH
  • Morgan Stanley
  • RENK GmbH
  • Safari Holding Verwaltungs GmbH
  • TUI Cruises

Work highlights

  • Advising ACCENTRO Real Estate AG, an investor in residential real estate and Germany's leading housing privatisation company, on a comprehensive refinancing (Amend & Extend).
  • Advising the banking consortium on the placement of a secured sustainability-linked PIK Toggle high-yield bond from IHO Holding with a volume of €500 million and a term of five years.
  • Advising CHEPLAPHARM Arzneimittel GmbH on the issue of senior secured bonds under New York law (144A/Reg S) with a total nominal amount of €750 million due in May 2030.

Lawyers

Hall of Fame

The lawyers at the very top of the profession, widely known and respected by peers and clients for their longstanding involvement in market-leading work.

Rüdiger Malaun

Rüdiger Malaun

Hall of fameLatham & Watkins LLP

Dr. Rüdiger Malaun, a highly regarded German capital markets lawyer and former Global Co-Chair of the firm’s Capital Markets Practice, advises clients on strategic financing transactions, with a particular focus on high-yield bond offerings and other debt instruments. He draws on more than 20 years of experience, handling a remarkable volume of the largest and most sophisticated offerings in Europe, among them more than 60 high-yield bond transactions. Dr. Malaun has earned widespread recognition for his work. JUVE notes he is the “clear leader on high-yield bonds” who “plays in a league of his own” and Chambers interviewees describe him as “the biggest name for high-yield work in Germany” and “highly skilled, very effective and technically brilliant.” Dr. Malaun advises corporates, sponsors, and investment banks on: Complex high-yield bond transactions (both under US and German law), including related liability management transactions Equity and equity-linked financings Large corporate bonds Commitment papers for bridge-to-bond financing transactions P2P financing transactions ‘Cross-over’ bonds (e.g. in the real estate sector in the DACH Region) High yield bond advise in restructuring context

Leading individuals

Alexander Lentz

Alexander Lentz

Latham & Watkins LLP

Dr. Alexander Lentz is a member of the corporate finance team focusing on capital market transactions, with particular expertise in high-yield bond offerings and leveraged finance deals. In the last several years, Mr. Lentz has advised corporate (in various industries), sponsor, and investment banking clients on various high-yield bond, leveraged, and other financing transactions with particular focus on the DACH region. Prior to joining the firm in 2010, Mr. Lentz was an associate for three years at another US law firm. Mr. Lentz advises on: Complex high-yield bond transactions (both under US and German law), including related liability management transactions Commitment papers for bridge-to-bond financing transactions P2P financing transactions ‘Cross-over’ bonds (e.g., in the real estate sector in the DACH region) High-yield bond advise in restructuring context Green bonds and sustainable finance

Practice head

The lawyer(s) leading their teams.

Rüdiger Malaun

Other key lawyers

Alexander Lentz, Jan Penselin