Linklaters LLP has 'a market-leading debt capital markets practice with deep knowledge and expertise across all areas', and clients note that the firm is 'accessible, responsive and approaches everything with a commercial and solution-focused mindset'. The firm is particularly well known for equity-linked transactions, but it handles the full spectrum of DCM work. 'Highly trusted collaborator' Ben Dulieu leads the practice and is 'renowned by the market for being fair'. Richard O’Callaghan is highly recommended for equity-linked transactions and is 'a good man to have on your side in emerging markets deals'. He worked with Cecil Quillen (who is 'among the very best US capital markets partners and can always be relied on for his well-calibrated advice') to advise The OPEC Fund for International Development on a $1bn GMTN programme. Quillen and Carson Welsh to assist HSBC Securities (USA) Inc. with a $6.7bn SEC-registered exchange offer. Up-and-coming partners Arjun Muddu (who is 'professional, personable and always calm in his approach') and Yaroslav Alekseyev, who advised numerous Ukrainian issuers on debt issues following the invasion by Russia, are central to the practice. Richard Levy , who is a key adviser to Standard Chartered Bank, and Elaine Keats, who is 'very focused on understanding clients and their needs', are among the firm's standout partners, while Andrew Chaplin is among the many talented managing associates.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
'Linklaters has acted on our debt issuance programmes over a number of years. The advice and support received has been of consistently high quality, relevant to our requirements, and in every case has contributed to the success of our transactions. The team offer top-class capabilities in advising on each of the elements of debt issuance transactions, including on a cross jurisdictional basis.'
'The Linklaters DCM team have an acute appreciation for our business priorities. In particular, the team understand that sustainable finance is a key focus for our business and has reliably supported us in implementing our sustainability agenda.'
'Arjun Muddu has invested significant time and energy learning about the business, objectives and values of our organisation. He is professional, very personable and always calm in his approach. His ability to get to grips with the business requirement and provide a detailed assessment of the implications of a given scenario has made him a valued advisor and someone that we trust to provide reliable support and practical advice.'
'Declan McGrath is professional and has a very positive and approachable manner. His responsiveness, attention to detail and pragmatic approach have been vital in identifying legal risks and his ability to collaborate effectively has made him an asset to our transactions.'
‘Elaine Keats manages a market leading team while still finding time to be very focused on understanding clients and their needs. Cecil Quillen is among the very best US capital markets partners and can always be relied on for his extensive knowledge and well calibrated advice.'
‘Linklaters are by some distance the most knowledgeable firm for equity-linked products (convertible and exchangeable bonds) – so much so that every underwriter bank on the street will always want them on their side, but also are happy to see them represent issuers as they understand the product and will focus on getting the deal done, not on arguing about points that do not matter.'
‘Ben Dulieu has solidified his leading market reputation, which is borne out of doing more deals than anyone else and being more knowledgeable about the product than anyone else, but also because he is extremely user-friendly and focused on getting the deal done in a collegiate manner.'
'Richard O’Callaghan is tenacious and a good man to have on your side in emerging markets deals in particular.'
Key clients
- NatWest Markets
- Citi
- UBS
- HSBC
- BNP Paribas
- The World Bank
- Anglo American
- Unilever
- Vodafone
- Marex Group
Work highlights
- Advised Credit Suisse International as sole conservation bond structurer and Credit Suisse International and Citigroup Global Markets Limited as joint bookrunners in relation to the World Bank’s Wildlife Conservation Bond, the first-of-its-kind, outcome-based, financial instrument that channels private sector investments to achieve conservation outcomes.
- Acted for Anglo American Capital plc in connection with its issue of €745,000,000 4.750% Guaranteed Sustainability-Linked Notes due 21 September 2032 under its US$15bn Euro Medium Term Note Programme, guaranteed by Anglo American plc, the first euro denominated SLB by an investment grade corporate issuer and the first SLB to include a performance target relating to job creation.
- Provided advice to BofA Securities, Goldman Sachs International and Morgan Stanley, as joint bookrunners, on FEMSA's offering of €500 million 2.625% Senior Unsecured Exchangeable Bonds due 2026 exchangeable initially into ordinary shares of Heineken Holding N.V. by Fomento Económico Mexicano, S.A.B. de C.V., a Mexican multinational beverage and retail company. This is one of the largest equity-linked transactions so far in 2023.
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.
Hall of fameLinklaters LLP
Richard has a broad range of experience in international capital markets transactions, including debt, equity-linked and equity offerings, issues of regulatory capital instruments, liability management transactions and structured note issues. He advises both investment banking and corporate clients.
Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Next Generation Partners
Junior partners with significant recognition from clients and peers in the market and key roles on multiple matters.
Practice head
The lawyer(s) leading their teams.
Ben Dulieu