High yield

Baker McKenzie

Baker McKenzie is 'an emerging franchise in high yield and leveraged finance, and it is very dedicated to clients'. Long known for its work for trustees and securities agents, the firm continues to build out a full-service high yield practice that counts top-tier investment banks, private equity sponsors and FTSE-500 global corporates among its clients. High yield specialist Rob Mathews leads the 'client-focused and commercial' team. He works with the promising Benjamin Bierwirth, who exhibits 'great client focus and enthusiasm', on million-euro financings, acting for the initial purchasers and agents. Global chair of capital markets Adam Farlow and leveraged finance specialist David Becker also stand out.

Legal 500 Editorial commentary

Testimonials

Collated independently by Legal 500 research team.

‘David Becker is one of the smartest lawyers I have ever worked with. He works across different products and is exceptional at working on cross-over or non-standard transactions. David is simply the person you want to be your adviser on any transaction. Rob Matthews has exceptional high yield bond experience having been one of the key players in the London market for many years. While being one of the most experienced lawyers one can find in the HY market, he is also one of the most pleasant people to work with – whether he is on your side or on the other side.'
‘Rob Mathews knows everything there is to know about the high yield product. He is solution-oriented and commercial. And a pleasure to work with – always positive and there to help no matter how complex or difficult the deal is. Benjamin Bierwirth is a smart attorney who spots issues and finds solutions in a commercial and client-focused manner. In addition, Ben is a French speaker which is often helpful when dealing with French clients.’
'Ben Bierwirth is a rising star of the London high yield market. He has learned from the best and now he is building his own practice. Ben is a young and highly motivated lawyer who is available for clients at all times of the day!’
‘Great lawyers to work with. An emerging franchise in HY and leveraged finance, very dedicated to clients. Very knowledgeable.’
'Very experienced US capital markets team which knows the EMEA space well – not a given in the London market.'
'Partners actively look to help clients beyond specific mandates – for example – by introducing potential new business.'
‘Fantastic team with great commercial flexibility, superb market knowledge and client engagement.’
‘The team has complimented its high yield practice with some decent loan-side partners to be able to offer the bank/bond approach for transactions. They have key experienced partners, particularly Rob Mathews, as well as new and very capable partners such as Ben Bierwirth.’

Key clients

Bank of America
Barclays
Biocartis Group NV
BofA Securities
BNP PARIBAS
Citibank
Credit Suisse
Deutsche Bank
Deutsche Trustee Company Limited
EquipmentShare.com Inc.
Georgia Global Utilities JSC
GLAS Trust Company
Goldman Sachs
HSBC
HT Troplast / Profine
ING
J.P. Morgan
Jain Irrigation Systems Limited
Morgan Stanley
Scotiabank

Work highlights

Advised a syndicate of ten underwriters on the multi-tranche US$2.5bn (equivalent) (upsized from US$2.06bn) sustainability-linked four tranche high yield bond offering by certain subsidiaries of Teva Pharmaceutical Industries Ltd. The notes were SEC registered.
Advised EquipmentShare.com Inc on its debut US$640m senior secured second lien notes offering, while Goldman Sachs led the syndicate of 12 underwriters. This was one of the largest first-time high-yield bond offerings of the year.
Advised the initial purchasers Morgan Stanley, DNB Markets, ING, Citizens Capital Markets, Fifth Third Securities, HSBC, MUFG, Truist Securities, UBS Investment Bank and Zions Capital Markets in connection with the issuance by Encore Capital Group, Inc. (NASDAQ: ECPG) of a €100m aggregate principal amount of senior secured floating rate notes due 2028. The syndicate was led by Morgan Stanley.