Germany: Capital Markets
The year started off promisingly for the German capital markets with some record-breaking IPOs, but the second half of this year has seen activity hit a low due to the eurozone debt crisis and resulting volatile markets. Our research found that many lawyers saw a sudden decline in work as planned transactions were put on hold until early 2012, including the high-profile IPO of German chemicals maker Evonik. With uncertain times ahead, German lawyers expect to see more capital raising and refinancing. In this demanding sector we select 29 lawyers to feature.
Hengeler Mueller puts on a “stellar” performance in this chapter, with six lawyers recognised for their expertise: a testament to the strong capital markets capabilities of the firm. Hendrik Haag has a “long-standing reputation” in the field and is one of the “leading individuals” in the field. Stefan Krauss is a “talented lawyer” and his knowledge of the markets is “second to none”. Reinhold Ernst focuses on equity capital markets and is considered “first class” for private equity and Torsten Busch is “vastly knowledgeable” in public takeovers. Wolfgang Groß is “renowned” for his recapitalisation work and Thomas Cron is “highly recommended”.
At Sullivan & Cromwell LLP, four lawyers receive praise for their capital markets practices. Managing partner of the Frankfurt office, Wolfgang Feuring, is an “established lawyer” with “considerable expertise” in the capital markets field and he represents issuers and underwriters in transactions. Konstantin Technau has a broad range of experience and notable cases include acting on behalf of the underwriters in the IPO of Tom Tailor and of Sky Deutschland AG in their IPO and subsequent capital raising. Carsten Berrar is praised for his high-profile work representing the underwriters in the IPO of Brenntag: the second largest German IPO in 2010. Krystian Czerniecki is experienced in both equity and debt capital markets and his expertise covers exempt offerings such as US-registered and Rule 144A.
At Clifford Chance LLP, three lawyers are selected for inclusion. Sebastian Maerker, with his experience in debt and equity capital markets, advises issuers and underwriters on securities offerings, stock exchange listings and securities law. Markus Pfüller is “highly proficient” in capital raisings and his significant previous transactions include advising on the IPO of Deutsche Telekom AG. Michael Weller predominantly represents financial institutions on a variety of structured financings.
Freshfields Bruckhaus Deringer LLP also fields three lawyers. Rick van Aerssen is a “first-rate lawyer” in the field who advises banks and insurance companies on structured finance transactions. Andreas König specialises in equity capital markets transactions and has “extensive experience” in advising issuers, banks and selling shareholders with IPOs of both domestic and international companies. Christoph Gleske is a “top-notch” lawyer with experience in share offerings and convertible and exchangeable bond offerings.
Three lawyers earn recognition from Linklaters LLP. Herbert Harrer focuses on IPOs and capital increases and is “highly recommended” in the field. Peter Waltz has a particular niche for advising issuers and underwriters in relation to corporate bonds and Berthold Franz Kusserow is “well known” for his expertise in debt issuance programmes and bonds issues.
Head of the equity capital markets group in Germany at Allen & Overy LLP, Oliver Seiler is “well known” in the market for his expertise in IPOs, capital increases, convertible and exchangeable bonds and block trade transactions. Gernot Wagner is head of the US law group and has a broad practice covering equity and debt transactions including high-yield bonds.
At Cleary Gottlieb Steen & Hamilton LLP, Thomas Kopp has an international focus to his capital markets practice and advises issuers and investment banks in debt, equity and equity-linked offerings. Also at the firm, Gabriele Apfelbacher recently advised Postbank on their capital increase and is a “top name” among lawyers in this sector.
Hogan Lovells features two lawyers. Head of the firm’s capital markets practice in Germany, Michael Schlitt is a “leading practitioner” in capital markets transactions and advised SoFFin on the placement of contingent mandatory exchangeable bonds, which were issued by Commerzbank AG at a value of ¤4.3 billion. Susanne Schäfer is a “great lawyer” with expertise covering debt and equity capital markets including IPOs, rights issues and bonds.
Stephan Hutter is head of the capital markets practice in Europe at Shearman & Sterling LLP and his international practice includes IPOs and capital increases with international securities offerings. Stephan Aubel at Gleiss Lutz is a “great talent” in the sector and Christoph Vaupel, who has recently moved to Taylor Wessing is a “leading individual”. Head of the corporate and capital markets practice at White & Case LLP, Lutz Krämer is a “gifted lawyer” specialising in IPOs, capital increases, takeovers and convertible bonds.