Editorial: Capital Markets

01 October 2007

INTERNATIONAL CAPITAL MARKETS

The research for this chapter has once again uncovered a wealth of talent. A total of 438 lawyers from 47 jurisdictions come highly recommended, whether this is for debt, equity, securitisation or derivatives-related matters.

Once again Linklaters leads the voting with a total of 23 lawyers included from 11 separate jurisdictions. London is home to the firm's largest contingent - seven. According to sources, Nick Eastwell is "really quite exceptional" and the high levels of nominations he received backs this up. Eastwell currently serves as global head of the firm's capital markets department and has a strong emerging markets practice. Lachlan Burn was also consistently endorsed by some of the practice area's leading lights. Stephen Edlmann led the Linklaters team advising Citigroup Global Markets Limited and Credit Suisse as joint lead managers on the €2.3 billion guaranteed subordinated mandatory convertible bond by Bayer and he comes recommended by clients and competitors alike. The "outstanding" James Rice's securitisation expertise was noted and in June he advised Barclays Bank Plc as arrangers, and the programmed dealers, on the establishment of Norway's first covered bond. Keith Thomson boasts a strong emerging markets practice. Highlights include leading a team advising Lehman Brothers as sole manager on the issue of £80 million guaranteed convertible bonds by Pipex to fund the acquisition of Homecall. Charles Clark continues the firm's strong showing in London, which is completed by the inclusion of Jane Brown. Brown led a Linklaters team advising JP Morgan and HSBC on Dubai's largest ever listing of that time - the issue of three tranches of bonds by Dubai Holding Commercial Operations MTN Limited listed on the Dubai International Financial Exchange.

Frédéric Falla and François De Bauw afford the firm a presence in Brussels. With two of Belgium's leading lights, Linklaters is one of only two firms in the country with multiple recommendations. The firm also boasts two inclusions in Germany - Herbert Harrer and Berthold Franz Kusserow. Harrer led the Linklaters team advising a banking syndicate including Dresdner Bank AG, JP Morgan Securities Limited, Landesbank Baden-Württemberg (LBBW) and Cazenove AG on the IPO of Homag Group AG. Kusserow also advised LBBW and DEKA Bank on a risk-pooling transaction - the fifth such transaction in Germany and the third which has seen Linklaters involvement. Tom Loesch and Janine Biver both appear in the Luxembourg section and form a strong duo in the Grand Duchy. Biver's banking and capital markets practice was brought to the attention of researchers and among other matters she provided banking advice on the US$1 billion multi-currency revolving credit facility for Deutsche Börse AG and Clearstream Banking SA. The "excellent" Loesch boasts a broad based corporate practice and emerges as one of Luxembourg's most respected practitioners. Antonio Soares was labelled by one competitor as "top tier, without a shadow of a doubt" and he emerges from our Portuguese research with nothing but praise. Soares heads the firm's capital markets practice in Lisbon and led a team advising the banks on the €10.7 billion hostile takeover bid of Portugal Telecom by Sonacom Group, the largest ever hostile takeover in Portugal at the time. Linklaters is also strong in Italy where Rome-based Luigi Sensi was consistently endorsed. Sensi is a member of the New York and District of Columbia bars and specialises in US securities laws. Among other matters Sensi led the team acting on the IPO of Piaggio, the Italian scooter company.

Peter Högström heads the M&A and corporate department in Sweden and appears among a handful of highly rated capital markets lawyers in the country. Rated as "one of the best of the bunch", he led a team advising Smurfit Kappa Group on the divestment of Smurfit Packaging and Smurfit Neopac. Dmitry Dobatkin comes recommended as "number one in Moscow" and our findings confirm this. Dobatkin was consistently endorsed to researchers and he advised on Russia's largest and second-largest IPOs, those of Rosneft and Sberbank.

The firm also has a strong contingent in the Asian markets with two nominations apiece in Singapore, Japan and Hong Kong. Andrew Malcolm heads the firm's Asian capital markets practice from Hong Kong and was recommended by some of the practice area's leading lights. Consultant Mary Matson heads the Hong Kong securitisation team and her inclusion ensures that Linklaters is the only firm with two nominees in the administrative region. The firm was praised for its "strong Japanese law angle" and in Tony Grundy they boast "the king of convertible bonds in Tokyo" according to sources. Grundy serves as joint managing partner of the Tokyo office and is joined on the following pages by Paul Kruger, who comes recommended for his securitisation and derivatives practice. Singapore-based Kevin Wong was praised as "very good for debt capital markets" and in April 2007 he led the team advising on the first ever Islamic US dollar subordinated bank Sukuk. Dean Lockhart's work on convertible bonds was noted and he completes what is an outstanding performance by Linklaters in our latest research.

Clifford Chance LLP also continues on from the last edition with a strong showing in the research. A total of 17 lawyers from nine jurisdictions make the publication. Like Linklaters, its largest contingent features in London where six highly rated individuals make the grade. Peter Voisey enjoys an "excellent reputation" among clients and peers and consequently features prominently in our findings. Voisey's securitisation credentials were considered particularly noteworthy. Chris Oakley has a similar focus and like Voisey emerges as one of the City's most respected practitioners. David Bickerton's debt and equity capital markets expertise was noted while David Dunnigan comes recommended as "the go-to guy". Dunnigan heads the global capital markets practice and is said to have vast experience in emerging markets. Kevin Ingram comes recommended as "absolutely stellar" and Matthew Cahill's securitisation practice was noted by sources. Cahill was previously based in Tokyo and consequently has good first-hand knowledge of the Asian markets. The firm's sole inclusion in the region is in Singapore where Crawford Brickley's debt and equity work is said to be "well recognised".

Closer to London, the firm's Frankfurt office provides three individuals for the following pages. Markus Pfüller has advised on more than 60 capital markets transactions since 1994, with highlights including the IPOs of Deutsche Telekom AG, EADS AG and Infineon Technologies AG to name but a few. Sebastian Maerker's debt practice was noted while Kirti Vasu comes recommended for securitisation. Frank Graaf heads the securities and derivatives group in the Amsterdam finance department and like Vasu was endorsed for the strength of his securities practice. The inclusion of Paris-based Richard Parolai further strengthens the firm's European presence. Parolai enjoys an "excellent reputation" and received more nominations than any other practitioner in the French capital. Jaime de San Román in Madrid is Clifford Chance's sole inclusion in Spain and his practice has a strong banking flavour. He was also recommended to researchers for his knowledge of securities and structured finance. Nicholas Wrigley and Filippo Emanuele are included in the Italian section. Both are based in Milan with Wrigley currently serving as of-counsel to the firm. Christian Kremer in Luxembourg is another well regarded inclusion and he currently serves as managing partner at Kremer Associés & Clifford Chance. David Eatough is the firm's final inclusion in the publication and he recently relocated from London to Bucharest.

Freshfields Bruckhaus Deringer is yet another ‘Magic Circle' firm to impress, boasting 13 nominations from seven jurisdictions on the following pages. London and Frankfurt are the firm's dual centres, providing four lawyers apiece. London-based Stephen Revell enjoys a "nice reputation among clients" and from 1998 to 2002 was based in New York as US managing partner. Revell has been involved in many high-profile deals such as the IPO and listing of GDRs of KazMunaiGas, one of Kazakhstan's major oil and gas companies. He also advised Morgan Stanley and ABN Amro on the Ukranian chicken and meat producer MHP's debt-raising exercise. Ian Falconer's securitisation and repackaging work was noted and he is said to be "exceptionally experienced". Falconer worked on a mortgage securitisation for National Home Loans in 1987, one of the first UK securitisations, and continues to be active in the field today. David Trott's asset-backed and structured transactions were noted and he has advised the likes of CIBC, Cinven, Deutsche Bank and CSFB to name but a few. Ken Martin practises US corporate law from London and deals include advising Corporación Mapfre and Xstrata on their rights offerings as well as BorsodChem and SES GLOBAL on their secondary rights offerings. Andreas König is the "go-to guy in Germany" according to sources, with one prominent corporate counsel describing him as "brilliant" and "deal-experienced". Bernhard Kaiser is another high-flyer in our German research and Mark Strauch joins him on the following pages. Strauch represents German, US and international clients and previously worked for a New York firm. The "brilliant up-and-comer" Rick van Aerssen is also well regarded and both he and Strauch worked in the team advising a number of banks in connection with Europe's largest real estate equity capital markets transaction - European real estate company IMMOEAST AG's capital increase worth €2.835 billion.

Chris Sunt is Freshfields' sole inclusion in Belgium and aside from his capital markets expertise is also known for banking and M&A-related transactions. Hervé Touraine in Paris has a well regarded securitisation practice while Fernando Bautista gives the firm an important presence in the Spanish market. The firm's Asian offices are represented by Teresa Ko in Hong Kong, who comes recommended for her work on IPOs. Ko's work on international global offerings for PRC companies was also noted and she advised Morgan Stanley, CICC and CCB International Capital on the $9.2 billion IPO and global offering of China Construction Bank on the Hong Kong Stock Exchange. Brian Rance is Freshfields' sole repesentative in the United States. Rance in based in New York and currently serves as the firm's US managing partner. A vastly experienced pair of hands, Rance has represented the likes of CIBC World Markets Corp, CSFB, Lehman Brothers, Merrill Lynch International and Teachers Insurance to name but a few.

Allen & Overy LLP's contingent in the publication has risen from 13 in the previous edition to 15 in this year's book. According to Thomson Financial the firm advised on over half a trillion dollars worth of issuance into the debt capital markets in 2006. London provides the greatest concentration with seven featured practitioners. Boyan Wells once again emerges as one of the practice area's most recognised experts. Wells has been involved in many high-profile deals including advising BAA plc in relation to its multi-tranche €3 billion offering. He also advised Doha Bank on its $1 billion Euro Medium Term Note Programme - this was the first ever issue of subordinated debt in Qatar. Stephen Miller is rated by sources as "one of the main players in the market" and he worked in the A&O team advising Rexam PLC on its acquisition of O-I Plastics Products FTS Inc from Owens-Illinois Inc. Jeffrey Golden is another highly rated London partner and he co-heads the firm's US law and derivatives practices. Angela Clist comes recommended as "great for covered bonds", having worked on the first UK transaction of its kind for HBOS Services Plc. Roger Wedderburn-Day has "the nicest combination of presence and commercial and legal flair" according to sources. Wedderburn-Day's work on Shariah-compliant deals was noted and he led the A&O team advising the arranger, Standard Chartered Bank, and the dealers on the establishment of the $1 billion sukuk programme by Emirates Islamic Bank. Simon Haddock was a founding member of the derivative products group in London and respondents to our survey lauded his work in the area. Geoff Fuller completes the firm's London contingent and was consistently endorsed by some of the industry's most respected figures.

Johannes Bruski in Frankfurt was recommended as "one of the leading practitioners" for debt capital markets and he advised Deutsche Bank on the restructuring of a €3 billion issuance programme by the federal state of Hesse. Dirk Meeus heads the firm's corporate practice in Belgium and he emerges from our research as one of the country's most nominated individuals. Niels van de Vijver was consistently recommended in neighbouring the Netherlands, as was Dan Lauder in Paris. Recent highlights for Lauder include acting for ABN Amro, Citigroup and ING as joint lead managers on the international bond issue for MobiTel - the first of its kind for a Bulgarian corporate. Zoltán Lengyel comes recommended in Hungary and he was a member of the capital markets advisory board of the Hungarian Finance Minister in 2002. Henri Wagner is partner in charge of the banking and capital markets practice in Luxembourg and among other matters worked in an A&O team advising Citigroup on the Luxembourg law aspects of the issue of a state treasury note by the Federal State of Brandenberg. Like the previously mentioned firms, A&O is also strong in the Asian markets. Andrew Harrow is "well known" in Hong Kong and heads the firm's Asian capital markets practice. Harrow was previously partner in charge of the Singapore capital markets practice, a position now held by Kenneth Aboud. Aboud is New York-qualified and his knowledge of Islamic finance was noted during research.

Cleary Gottlieb Steen & Hamilton LLP is the first US firm to make it into our breakdown of global players. While the bulk of these reside in the New York office there are also significant inclusions in cities such as Washington, DC, London, Brussels, Paris, Frankfurt and Hong Kong. Sebastian Sperber is one of London's most respected practitioners and comes recommended for his US securities-related work. Ashar Qureshi joins Sperber of the following pages and together they put CGSH firmly on the map. The firm also has a dual listing in Belgium in the figures of Laurent Legein and Jan Meyers. Legein joined the firm in late 2006 and comes recommended by rivals as a "super all-round corporate lawyer". His equity capital markets practice is said to be particularly strong. Meyers is a "leader at the firm" according to sources and a leading capital markets practice is complemented by excellent credentials in the M&A and corporate governance arenas. Pierre-Yves Chabert resides in the firm's Paris office and, like Legein, has a strong public M&A practice. On the capital markets side Chabert has been involved in many high-profile IPOs such as those of Gaz de France, Crédit Agricole, Euronext, JC Decaux and Wanadoo. Christof von Dryander is one of the leading lights in the German market with one prominent corporate contact noting that he is "brilliant, deal-experienced, up-to-date, relaxed also in difficult negotiations, [and a] very good negotiator". Jinduk Han is the firm's sole representative in the Asian markets and resides in the Hong Kong office. As previously mentioned, New York is home to the greatest CGSH concentration on the following pages. Leslie Silverman leads in terms of nominations and was variously praised as "excellent", "outstanding" and a "stand-out practitioner". Silverman represents both issuers and underwriters on the domestic and international capital markets and is evidently one of the Big Apple's most respected practitioners. Nicolas Grabar is similarly well regarded, as is Jorge Juantorena whose Latin American expertise was deemed particularly noteworthy. Alan Beller served as director of the division of corporate finance of the US Securities and Exchange Commision and as senior counsellor to the Commission from 2002 to 2006 and during his time there helped implement the corporate provisions of the Sarbanes-Oxley Act. Beller is evidently well thought of by both clients and peers, and highlights include acting on the demutualisation and IPO of Prudential Insurance Company as well as the IPO of Goldman Sachs. Mitchell Dupler completes the firm's showing in the publication and is based in the Washington, DC office. Dupler's regulatory practice was recommened on a number of occasions.

Davis Polk & Wardwell is another US firm with a strong presence on the international markets. In 2006 the firm worked on the IPO of Industrial & Commercial Bank of China (ICBC), the largest IPO in history, as well as India's largest IPO, that of Reliance Petroleum. Richard Sandler co-heads the firm's global capital markets group and worked in the Davis Polk team advising Morgan Stanley, Goldman Sachs, Lehman Brothers and Merrill Lynch, Pierce Fenner & Smith as representatives of the underwriters on a $518 million SEC-registered global secondary offering of 20 million ordinary shares of Dutch foreign private issuer AerCap Holdings NV, by shareholders of AerCap controlled by Cerberus Capital Management LP. One corporate source noted that Michael Kaplan is "very knowledgeable, thorough, client-friendly and [offers] superior judgement". Kaplan has been primary capital markets partner for companies such as Verizon Wireless, MCI and Syngenta AG with recent highlights including working in the team advising on the IPO of Dice Holdings. Davis Polk is also strong in London where Paul Etienne Kumleben boasts an excellent reputation. Kumleben has worked on $14 billion in financings by STMicroelectonics, NXP's $5.75 billion high-yield offering and SABMiller's $4 billion bond offerings. Recent work includes advising various parties on biopharmaceuticals company deCODE genetics's senior convertible notes offering. Thomas Reid joins him in the London section and experience includes working on the floatation of Alstom as well as the privatisation of Swisscom in Switzerland. The firm is also strong in Toyko with both Theodore Paradise and Eugene Gregor appearing in the final publication. In late 2006 Paradise was part of the team that advised ORIX on a $1 billion note offering and comes recommended as "exceptional". Rivals noted of Eugene Gregor, "if you spoke to investment banks they would rate him highly", and our research serves to back this up. Gregor was consistently recommended to researchers and recent highlights include advising various parties as underwriters on the Korea Development Bank's notes offering. William Barron resides in Hong Kong where he emerges as one of the most respected figures. Barron has worked on a number of high-profile securities offerings in the region including the privatisation of ICBC.

Shearman & Sterling LLP occupies a similar position to Davis Polk in our publication, with eight lawyers featuring from five separate jurisdictions. The firm offers clients a truly global platform, with individuals in London, Frankfurt, Hong Kong, Rome, New York and Washington, DC appearing on the following pages. Highlights for the group include representing JP Morgan in connection with Ford Motor Company's $1 billion shelf takedown of high yield floating senior note convertible bonds. Outside the US, Shearman & Sterling's largest concentration is in London. Julian Tucker heads the office's structured finance practice and is said to be "right at the forefront" of the industry. David Beveridge enjoys an "awesome reputation" according to sources, with one rival noting that he "stands out by a mile". Highlights include working on the IPO of Yell Group Plc and he worked in a team representing Absa Capital and Barclays Capital in Africa's largest ever leveraged financing - Bain Capital's 26 billion rand acquisition of Edgars Consolidated Stores. Stephan Hutter in Germany also enjoys an excellent reputation among clients and peers. Hutter serves as managing partner of the Frankfurt office and advised Winterthur Technology on the acquisition of Wendt Group from 3i. The "quite outstanding" Robert Ellison gives the firm a presence in the Italian market where he currently serves as co-managing partner of the Rome office. Ellison has worked on the IPOs of Plynt and BioXell to name but two and recently worked in a team acting as Italian, English and US counsel to the underwriters in relation to the IPO offering by Lonza Group AG, and the listing on the Milan Stock Exchange of the shares of Polynt SpA, a subsidiary of the Lonza Group. Matthew
Bersani is Asia managing partner and co-head of capital markets in Asia and Europe. Bersani is resident in the firm's Hong Kong office and advised the underwriters on the $717 million IPO by Yangzijiang Shipbuilding (Holdings) Ltd - one of the PRC's leading shipbuilders. William Hirschberg and Antonia Stolper afford the firm a presence in the New York section of the publication. Hirschberg was nominated by some of the practice area's most respected figures, with one leading corporate source noting that he is a "pre-eminent bank capital markets attorney with [a] vast reservoir of knowledge", while they went on to praise his "creative, thoughtful, resourceful and responsive" approach. Stolper's emerging markets practice comes highly recommended, particularly in Latin America. She represented Citigroup and Accival in the $376 million IPO of Grupo Aeroportuario del Centro Norte, SAB de CV. Abigail Arms is based in the firm's Washington, DC office and prior to joining the firm held a number of positions within the division of corporation finance of the US SEC. Arms was recommended to researchers as "very experienced" and she completes what is a very strong showing by Shearman & Sterling on the following pages.

Simpson Thacher & Bartlett LLP is another US firm with an excellent global footprint in the publication. The firm "has the strongest US capital markets practice in Japan" according to sources, and in the figure of David Sneider it boasts a "very strong player in equity capital markets". Sneider heads the firm's Tokyo office and he has handled IPOs by SUMCO Corporation, Tokyo Star Bank and Shinsei Bank to name but a few. The "highly regarded" Alan Cannon also comes highly nominated, with sources noting he "should definitely be on the list" and that he's "the most recognised bank and equity lawyer" in the country. With two of Japan's leading individuals, therfore, it is unsurprising that one rival enthused, "I would recommend them as a leading foreign firm due to their reliable assistance and capable handling of transactions". Jin-Hyuk Park joined the Hong Kong office having spent several years in Tokyo. Park is said to be "particularly active in Korea" where he has represented Goldman Sachs private equity among others. Walter Looney recently moved from London to New York and continues to fare well in our research, as does the "exceptionally talented" Glenn Reiter. Reiter worked in the Simpson Thacher team representing the underwriters in the $1 billion offering of 6.75 per cent senior notes issued by CITIC Resources Finance (2007) Ltd, and guaranteed by CITIC Resources Holdings Ltd, the CITIC group's Hong Kong-listed subsidiary. This was the largest ever high-yield offering by an Asian issuer outside of Japan. John Lobrano is another well-known name and regularly represents investment banks such as JP Morgan Securities and Lehman Brothers. Palo Alto-based William Hinman was part of the Simpson Thacher team representing the board of Vmware in the company's $957 million carve-out IPO and he has a "huge reputation" in the field. With such a strong grouping, therefore, it is unsurprising that the firm emerges as one of the leading players in the capital markets arena.

Four of corporate powerhouse Skadden Arps Slate Meagher & Flom LLP's six partners listed on the following pages practise in the US. However, the firm is also represented in France and Hong Kong, where Pierre Servan-Schreiber and Jonathan Stone appear respectively. Servan-Schreiber, co-head of the Paris office, represented BNP Paribas as purchaser of Sanofi-Aventis's 7.98 per cent stake in Rhodia for a total consideration of €183 million. Other highlights include representing Morgan Stanley with regards to the €650 million IPO on the London Stock Exchange and international private placement of Trader Media East Limited. Stone is one of Hong Kong's leading lights and he represented Citigroup Global Markets Limited and Kotak Mahindra (UK) Limited as joint global coordinators in a $100 million Rule 144A/Regulation S offering of Global Depositary Shares by Kotak Mahindra Bank Limited (India). He also worked in the Skaddens team serving as sole international counsel to Citigroup Global Markets Limited and Merrill Lynch International, the joint lead managers in a $79 million Rule 144A/Regulation S offering of Global Depositary Receipts by The Federal Bank Limited (India). In the US, clients and competitors "think highly of" Rodd Schreiber in Chicago. Schreiber represented Chicago Mercantile Exchange Holdings Inc in its approximately $30 billion contested merger with CBOT Holdings Inc, to form CME Group Inc, the world's largest financial market. He also represented the timber REIT Longview Fibre Company in its hostile takeover defence, proxy fight, review of strategic alternatives and $2.2 billion acquisition of Canadian Brookfield Asset Management Inc. New York-based Matthew Mallow heads the firm's corporate finance group and according to our findings occupies a leading position within the marketplace. 2007 saw Mallow represent REIT Anthracite Capital on a number of occasions including a $75 million primary offering of 8.25 per cent Series D cumulative redeemable preferred stock. C Thomas Kunz is similarly well thought of and he works extensively in the fields of asset-backed securities transactions and credit-enhanced securities issuances. Significant transactions include acting for Morgan Stanley & Co Incorporated as the initial purchaser in a $1 billion rule 144A/Regulation S offering of guaranteed notes of Farmer Mac Guaranteed Notes Trust 2006-2. Paul Schnell cements Skadden's excellent reputation in New York and his Latin American practice was noted during the course of our research. Schnell represented Banco UBS Pactual SA as underwriter in the $210 million combined primary/secondary IPO of common shares by São Martinho SA, a Brazilian producer of sugar and ethanol.

Wolfgang Feuring, in Sullivan & Cromwell LLP's Frankfurt office, is considered one of the leading German practitioners in the field of equity and equity-linked products and kicks off what is a strong contingent from the firm on the following pages. Feuring also boasts the "strongest team of senior associates in the community" according to one corporate source. Izumi Akai comes recommended as "absolutely exceptional" and gives the firm a presence in the Japanese section. Akai co-heads the firm's Japanese practice and has worked on listings and securities offerings in the US by Japanese issuers. Examples of his work include serving as US counsel to Aeon Co Ltd in its $1.7 billion global equity offerings in 2004 and 2006. He also worked as US counsel to the underwriters in the $1.2 billion global equity offering of Japan Airlines Corp in 2006. Chun Wei coordinates the firm's Asian practice and heads the China practice from Hong Kong and Beijing. Wei further strenghtens the firm's credentials in Asia and her extensive experience includes advising Bank of China on its $11.2 billion IPO and Hong Kong listing. William Williams is of counsel in the New York office and was described to researchers as "vastly experienced". Williams has worked on a number of international securities offerings by Latin American, European and Japanese issuers and is joined on the following pages by John Bostelman, who coordinates the firm's securities law practice. Robert Risoleo's strong performance in our research gives the firm a presence in Washington, DC. Cravath Swaine & Moore LLP is another US firm with operations on both sides of the Atlantic. Kris Heinzelman in New York is, according to one prominent figure, "one of the best I've ever dealt with bar none", and he currently heads the firm's corporate department. Heinzelman spends a lot of time representing investment banks, and the "exceptionally talented" David Mercado also features prominently. William Rogers' heads the firm's London office and his work on international securities offerings was noted. Before joining the London office Gregory Shaw headed the firm's asset-backed securities group and he continues to maintain an excellent reputation in the field.

MAJOR US PLAYERS

Thus far our research has highlighted a number of firms boasting representation on an international scale. While Sidley Austin LLP is able to offer clients the benefit of its global footprint, all 11 listed lawyers in this publication practise in the US. In 2001 Chicago firm Sidley Austin merged with New York firm Brown & Wood and these two cities provide the majority of partners on the following pages. Recognised by one interviewee as "the top firm in Chicago for derivatives work", the firm's Chicago contingent is led by Thomas Albrecht, co-head of Sidley's global securitisation and structured finance practice group. Albrecht has been involved in the creation or restructuring of nearly 20 multi-seller commercial paper and medium-term note conduits, both in the US and abroad. Perry Shwachman comes recommended for his work on behalf of insurance companies, and partner Kevin Hochberg is said to be "consistently impressive". Gary Stern heads the banking and securitisation group in Chicago and was praised for his securitisation and structured finance work. He was especially well known for his "innovative and impressive" work using commercial paper conduits for asset classes such as film distribution revenues, and sports-related venues. Thomas Brown comes recommended as a "phenomenally talented lawyer", known for the international dimension to his securitisation practice, as well as for his conduit-related work.
Norman Slonaker is a senior partner in the firm's New York office and comes recommended for his corporate securities practice. Joseph McLaughlin is another of New York's heavy hitters and among other matters his practice encompasses public and private securities offerings on both a national and international scale. Edward Fine was nominated for his securitisation practice, and the "outstanding" Renwick Martin completes Sidley's quartet in the city, where he concentrates on a wide variety of mortgage-backed and asset-backed financings. Sidley's final two mentions are based in the San Francisco office. "Seasoned practitioner" Paul Pringle's work as underwriters' counsel on financings by Beverly Enterprises, Nike, Walt Disney and Occidental Petroleum is enhanced by a thriving practice representing REITs such as Bedford Property Investors and KKR Financial. Dale Lum's practice focuses on securitisations and structured financings. He led the Citigroup team in connection with providing a $10 billion committed funding facility in connection with Cerberus's acquisition of a majority interest in General Motors Acceptance Corporation.

Mayer Brown Rowe & Maw LLP is another Chicago firm with a noteworthy presence in the publication. Jason Kravitt divides his time between New York, the centre of US capital markets activity, and the Chicago office, and he is said to have "pioneered the concept of securitisation". He was responsible for the first partially enhanced, multi-seller, asset-backed commercial paper vehicle in 1989, as well as the first collateralised loan obligation, in 1988. The founder of the firm's securitisation practice, Kravitt is an "undoubted industry leader" and an "influential figure on the regulatory side". Co-head of the practice Stuart Litwin also received multiple recommendations and was said to be a "guru" in the area of auto loans in particular, known for his recent work advising a syndicate of banks led by West LB and BNP Paribas on the securitisation of €1 billion German auto-loan receivables originated by Volkswagen Bank through the German-based securitisation SPV Driver Two GmbH. Also recommended for auto-lease and equipment-lease work, he is said to have an "inexhaustible wealth of knowledge". Another inclusion from the firm's Chicago office is Edward Best - "aptly named as he's one of the best in town", according to one interviewee. A "stand-out debt and equity lawyer", Best was recommended for his work for issuers, underwriters and selling stockholders in both public and private offerings. George Pecoulas is seen as the "go-to guy for conduits" and a "star in the making", while Mary Fontaine was described by one of her colleagues as "the smartest lawyer we have", and is "strong on complex structured products, and CDOs in particular". Peter Darrow in New York represents issuers, underwriters and placement agents in cross-border securities offerings and Timothy Ryan, in Charlotte, completes the firm's listing. Ryan was recommended by one corporate source as an "up-and-comer with first-rate client skills. Creative and dilligent".

NATIONAL POWERHOUSES

England
A number of the firms already mentioned have exceptionally strong London practices and while Slaughter and May does not match them for international offices the firm is nonetheless right up there in its domestic market. David Frank's capital markets clients include both managers and issuers. Now practice partner at the firm, he previously spent eight years as head of Slaughter and May's capital markets practice. Sanjev Warna-kula-suriya is another of London's most respected practitioners and he advises clients on capital markets, derivatives, leveraged finance, securitisation and structured finance matters. Marc Hutchinson is a new inclusion in this year's edition and is rated by rivals as one of the "best people there". Hutchinson heads the firm's debt capital markets practice and has advised on securitisations by Abbey National and Bradford and Bingley, as well as debt financings and programmes for clients such as Britannia Building Society, 3i, Legal and General, and Unilever. Slaughter and May is also represented in the Hong Kong section thanks to the regard in which Benita Yu is held. Yu's experience includes advising Dongfeng Motor Group Company Limited, China National Building Material Company Limited and Semiconductor Manufacturing International on their IPOs and global offerings. Ashurst was another strong performer in the London research where Erica Handling has a "good name for structured finance and CDOs". Highlights include acting as English counsel for CVC Cordatus, the sub-manager, in relation to Cordatus CLO II Plc. Michael Smith once again puts in a strong performance in our research and, like Handling, he comes recommended as a "CDO expert". He led an Ashurst team advising Deutsche Bank AG, London Branch as arranger of a €371.5 million CDO.

Canada
Outside the US and England, the Canadian market is the best represented with 34 highly rated practitioners in the chapter. In terms of sheer numbers Stikeman Elliott LLP leads the field, boasting five prominent nominees from four separate provinces. The firm advised Air Canada and ACE Aviation Holdings Inc in connection with Air Canada's IPO for total gross proceeds of C$525 million, the largest Canadian corporate IPO in 2006. Senior partner William Braithwaite is one of the country's most respected practitioners and is joined in the publication by the "absolutely first-rate" Jonathan Drance. Vancouver-based Drance is said to be particularly strong in the securities arena and recent experience includes working on the spin-out by Canfor of its pulp business through the creation of the Canfor Pulp Income Fund. Edward Waitzer, like Braithwaite, is based in the firm's Toronto office. Waitzer is a former chair of the Ontario Securities Commission (OSC) and was recently appointed as the inaugural holder of the Jarislowsky Dimma Chair in Corporate Governance at the Osgoode Hall Law School and the Schulich School of Business of York University, Toronto. The "first-rate" Christopher Nixon in Calgary and "excellent" Jean Marc Huot in Montréal complete the firm's strong showing in our research. McCarthy Tétrault LLP's five featured lawyers is up one from last year and they are led in the voting by senior partner Garth Girvan. Rene Sorell, like Girvan, is based in Toronto and comes recommended as "one of the finest securities lawyers in the country". Sorell has a great deal of experience before the OSC and partner Graham Gow completes the firm's leading Toronto contingent. Richard Balfour and Richard Shaw QC afford the firm a presence in Vancouver and Calgary respectively. All four of Osler Hoskin & Harcourt LLP's nominees are based in Toronto. Jean Fraser, senior partner in the firm's business law department, is a member of the senior securities advisory group to the chairman of the OSC and leads the group in terms of nominations. Clay Horner is one of the country's most respected corporate lawyers and appears on the following pages thanks to the strength of his securities practice. Donald Ross and Mark DesLauriers were also consistently recommended. Goodmans LLP's three featured partners all reside in the upper echelons of this year's research. The "excellent" Jonathan Lampe co-chairs the firm's corporate securities practice and was consistently endorsed by some of the practice area's most influential names. Lampe is the former general counsel to the OSC and is joined in the publication by fellow co-chair of the practice group, Stephen Halperin. Halperin represented Gluskin Sheff & Associates in its IPO of Subordinate Voting Shares. Stephen Pincus is also included and heads the firm's REITs and income securities group and acted on the largest IPO in the income securities sector.

Germany, Austria and Switzerland
The presence of many corporate powerhouses in the German market highlights the role the country plays on the international capital markets. In terms of sheer market presence Hengeler Mueller is hard to better. With five high-profile nominations on the following pages the firm received more recommendations than its nearest rivals. Hendrik Haag received more endorsements than any other lawyer in the country and was rated by one rival as "hard to better". Haag is responsible for debt capital markets at the firm. Stefan Krauss comes recommended as "outstanding for securitisations" and Martin Geiger's structured finance practice in London was also brought to the attention of researchers. Torsten Busch drew admiring comment from a number of sources. One corporate respondent noted that he is one of "the two leading practitioners in Germany in the field of equity" and went on to recommend him as the "leading researcher and author of legal essays". Highlights for Busch include advising Merck KgaA on its approximately €2 billion capital increase, including rights offering and private placement. He also advised Deutsche Bank on the €1.8 billion capital increase of Linde. Thomas Cron's debt and equity work was praised and he is undoubtedly "one of the leading practitioners" according to sources. Cron advised KarstadtQuelle AG on the €600 million financing for the acquisition of Lufthansa's stake in Thomas Cook. He also advised Bear Stearns, Dresdner Kleinwort Wasserstein and Société Générale on the €11.5 billion financing of Merck KgaA's acquisition of a majority shareholding in Serono SA. Edith Hlawati of CHSH Cerha Hempel Spiegelfeld Hlawati in neighbouring Austria also fared particularly well in our research. Hlawati heads the firm's banking and corporate finance department and was praised by one rival as the "best known name" in the country. Her mainstream debt work is said to be particularly noteworthy. The Swiss market is also home to some of the practice area's leading lights. A total of 19 individuals make the following pages. A number of home-grown firms stand out, none more so than Niederer Kraft & Frey which fields four highly rated nominees in the final publication. Peter Isler, the firm's "eminence grise" according to one prominent source, received a raft of nominations and boasts a broad-based corporate practice. François Bianchi comes recommended as a "derivatives expert" and he is joined in the publication by "up-and-coming" Philippe Weber, who is said to be "very strong for IPOs". Urs Pulver completes the firm's contingent and comes recommeded as a "go-to person" and "experienced". René Bösch, head of the financial services practice group at Homburger, emerges as the country's most nominated individual and was praised as a "leading debt and capital markets practitioner". Daniel Daeniker is "one of the top lawyers [with] broad international experience" according to one high-profile source. Daeniker co-heads the firm's corporate/M&A group and his work on IPOs and equity offerings was noted. Benedikt Maurenbrecher completes the trio and is said to be "young [with] a high level of professional dilligence". Lenz & Staehelin also fields three lawyers on the following pages. Andreas von Planta is the the "strongest at the firm" according to one rival and a "major player in French-speaking Switzerland" according to another. Francois Rayroux in Geneva and Patrick Hünerwadel in Zurich also make the grade. Bär & Karrer AG is similarly well represented, with Ralph Malacrida, Rolf Watter and Thomas Reutter all consistently nominated for inclusion. Walder Wyss & Partners is the final Swiss firm with three nominees. Enrico Friz has considerable experience in the field following more than nine years in-house with UBS in Zurich and London and has extensive knowledge of public equity and debt offerings, corporate finance, banking and derivatives. Markus Pfenninger once again fares particularly well and is joined in the publication for the first time by Markus Kroll, who comes recommeded as a "structured finance specialist".

Italy, Spain and Portugal
Italian firms are also well represented on the following pages. Bonelli Erede Pappalardo Studio Legale leads the field with a total of three entries. Carlo Montagna is a well known name in the market with sources noting his practice in the area of securities regulation. Roberto Cera and Alberto Saravalle were also consistently recommended. Antonio Segni of Labruna Mazziotti Segni Studio Legale is another practitioner of note. Rated by one prominent source as "the best in Italy", he received more recommendations than any other practitioner in the country. Andrea Giannelli in the Milan offices of Gianni Origoni Grippo & Partners is also highly regarded and "great for bond offerings". Uría Menéndez dominates the Spanish research with three highly rated practitioners featuring in the final publication. Managing partner Luis de Carlos is the "leading lawyer in Spain without a doubt" according to one source. Rafael Sebastián opened the firm's New York office in 1990 where he headed the practice until 1996. Sebastián's capital markets and M&A practices were both mentioned in glowing terms. Emilio Díaz Ruiz is "highly respected by rating agencies and regulators", according to a corporate source who went on to add that he is "a real expert in securitisation matters". Morais Leitão Galvão Teles Soares da Silva & Associados boasts similar levels of expertise in the Portuguese section, where Carlos Osório de Castro, João Soares da Silva and Luis Branco all appear. Da Silva received more recommendations than any other lawyer in the country and worked in a team advising Millennium bcp in the structuring and submission of its €5.3 billion takeover offer for Banco BPI, Portugal's third-largest private bank. Osório de Castro also worked on this deal and was recommeded to researchers as a "specialist" and "number one in capital markets". Further highlights include advising Sonaecom SGPS SA on its takeover offer for Portugal Telecom. Luis Branco was also consistently praised by both clients and peers and worked in the team advising Sonaecom on its takeover offer for PT-Multimédia.

Benelux
As previously mentioned, the Belgian market is home to leading lawyers from a number of UK and US firms, the majority of which have already been profiled. Baker & McKenzie also boasts a presence thanks to the showing of Koen Vanhaerents in our research. Vanhaerents is based in Brussels where he heads the corporate finance group. Stibbe also features thanks to the high regard in which Jan Peeters and Pascal Vanden Borre are held. Vanden Borre "has a good name for domestic IPOs", and Peeters, one of Belgium's leading practitioners according to our research, comes recommended for his work as underwriter's counsel for banks. NautaDutilh tops our Dutch research with three nominations - Petra Zijp, Willem Ruys and Jan Paul Franx. Ruys is said to be "outstanding for securitisations" and co-heads the firm's team in this area. Franx is also said to be strong in this field and he and Zijp led the team advising Pan-European Hotel Acquisition Company NV on the listing and trading of its shares and warrants on Eurolist by Euronext, the regulated market of the NYSE Euronext. De Brauw Blackstone Westbroek also boasts an excellent name in the field. Dirk Meerburg is one of the most nominated practitioners in the Netherlands and was part of the De Brauw team advising Fortis and Banco Santander, as a consortium with Royal Bank of Scotland, on the €71 billion public offer to acquire ABM Amro. Francine Schlingmann also comes recommended for both equity and debt work. Elvinger Hoss & Prussen leads the field in Luxembourg with three highly rated practitioners making the publication. Philippe Hoss is "the main man" according to sources and his practice was consistently endorsed. André Elvinger and Pit Reckinger also come highly recommended.

Scandinavia
The "very good" Thomas Lindholm is the "stand-out practitioner" in Finland according to sources. Since 2001, Lindholm has served as managing partner of Roschier Attorneys Ltd, and colleague Dimitrios Himonas joins him on the following pages. Jorgen Kjergaard Madsen at Kromann Reumert in Denmark is "outstanding" according to one rival and the firm's position in the research is further bolstered by the inclusion of Marianne Philip. Gorrissen Federspiel Kierkegaard also fields two practitioners in the Danish section - Michael Steen Jensen and Klaus Søgaard. Ten practitioners make the cut in Sweden, three of whom practise at Mannheimer Swartling Advokatbyrå, making it the best represented firm in the country. The firm has a diverse client base drawn from both Swedish and international corporations, investment banks, unit trusts and other financial institutions. Tom Hård heads the firm's corporate finance department and his securities practice was praised. Prior to joining the firm, Hård worked in the Federation of Swedish Industries, the International Chamber of Commerce and the Stock Market Panel. Eva Hägg, head of the firm's securities practice group, is another respected Mannheimer partner and
Thomas Wallinder completes the firm's strong showing in our research. Vinge is another highly respected Swedish firm and it provides two individuals for the chapter - Hans Wibom and Göran Nyström. Wibom is one of the country's most respected corporate lawyers and Nyström worked in the Vinge team representing OMX on its recommended merger with NASDAQ that was announced in May 2007. Peder Hammarskiöld is one of two inclusions from Advokatfirman Hammarskiöld & Co. Rated by peers as "quite exceptional" he is joined by Per Gustaf Ekbom, whose debt practice was brought to the attention of researchers. Wiersholm Mellbye & Bech advokatfirma AS boasts three nominations in the Norwegian chapter, more than any other featured firm. Erling Lind leads the voting and partners Erik Thyness and Tone Østensen also come highly recommended.

South and Central America
A number of South American countries are also well represented on the following pages, none more so than Brazil, which provides a total of 11 highly rated practitioners. José Roberto Opice at Machado Meyer Sendacz e Opice Advogados remains one of the country's most respected practitioners with respondents noting that he is "practically unrivalled". However, Barbosa Müssnich & Aragão is the firm with the greatest presence in the Brazilian section. The "outstanding" Pedro Lanna Ribeiro has been involved in many of the country's most high-profile IPOs in recent years. Francisco Müssnich and Paulo Cezar Aragão are two of Brazil's most recognisable figures, with Aragão recommended to researchers as "the best lawyer in Brazil". Luis Nicolau at Ritch Mueller SC is the pick of the 10 inclusions from Mexico. Variously described as "outstanding", "top tier" and "extremely active", he received more nominations than any other individual in the country. Partner James Ritch was also consistently recommended. Mijares Angoitia Cortes y Fuentes SC is another firm with multiple inclusions in the final publication. José Raz-Guzmán leads in terms of nominations and his cross-border work on behalf of underwriters was noted. He is also said to be particularly good on asset-backed securities, particularly mortgage-backed securities, while partner Ricardo Maldonado-Yáñez is "excellent for IPOs, debt issuances and a leading player in equity" according to sources. Carlos Aiza at Creel Garcia-Cuellar y Müggenburg SC is also said to be "very active in the mortgage-backed securities market" and he is joined on the following pages by the "prominent" Jean Michel Enriques Dalhaus. The "terrific" José Maria Eyzaguirre Jr at Claro y Cia leads the Chilean research, while Enrique Bruchou at Bruchou Fernández Madero & Lombardi is, according to one corporate source, the "best capital markets lawyer in Buenos Aires by years of practice and experience, and transactions completed". Errecondo Salaverri Dellatorre González & Burgio Abogados "focuses on capital markets and they are very busy" according to one prominent respondent to our survey. Partners Diego Martín Salaverri and Javier Errecondo were both consistently recommended to researchers and emerge as two of Argentina's most respected practitioners.

Australia
Two firms stand out in our Australian research - Mallesons Stephen Jaques and Allens Arthur Robinson. Mallesons leads in terms of numbers with a total of seven partners included in the final publication. Greg Hammond received more nominations than any other lawyer in the country and his debt practice is said to be particularly strong. His clients include ABN Amro, ANZ Banking Group, Deutsche Bank and JP Morgan Chase, to name but a few. Greg Golding, Stuart Fuller and David Friedlander complete what is a strong team in the Sydney office. David Olsson and Berkeley Cox appear from Melbourne and Brisbane respectively. Adrienne Showering gives the firm a presence in Hong Kong. Mark Wormell heads AAR's securitisation team and is said to be a "strong performer in debt capital markets" and he acts for clients such as Allco Finance, Citigroup, Société Générale Australia Branch and Adelaide Bank on securitisation and CDO projects. Andrew Jinks was also consistently nominated and has advised Westpac on a number of securitisations. Jinks and Wormell are joined in the publication by Matthew Allchurch who is also Sydney-based. Stephen Spargo in Melbourne is the firm's principle relationship partner for Foster's Group and was involved in debt financings and capital raisings undertaken by Foster's to fund its acquisition of the US' Beringer wine group.

Japan
Japan is another country providing a number of highly rated indivuals for the publication. As previously mentioned, a large number of these practise at firms such as Davis Polk, Linklaters, Simpson Thacher and Sullivan & Cromwell. However, a number of domestic firms also fare particularly well in our findings. Nagashima Ohno & Tsunematsu is a case in point, with respondents to our survey noting the firm's "strong reputation" and "very tight team". Partner Fumihide Sugimoto is one of the country's most nominated practitioners with one source recommending him "for his capability of handling challenging issues". The firm's "great bench" is highlighted by the inclusion of Miyuki Ishiguro and Hidetaka Mihara, a "definite for inclusion" according to one leading practitioner. Mori Hamada & Matsumoto also provides three individuals for the following pages. Toru Ishiguro is rated as "one of the real stars" of the market and Masanori Sato is said to be particularly strong for securitisation. Satoshi Nakamura's work for underwriters and issuers on global and international offerings was noted and he completes the strong trio. Akiko Kimura is the sole representative from Anderson Mori & Tomotsune and was recommended for his "steady work and results".

Singapore
Allen & Gledhill LLP tops the research in Singapore with four of the country's leading pracititoners under its roof. Tan Tze Gay
is "smart and experienced" and "first choice for high-end complex work" according to sources. Highlights include working on Babcock & Brown Structured Finance Fund Limited's IPO and listing on the Singapore Exchange Securities Trading Limited. "Elder statesman" and managing partner Lucien Wong's debt and equity work was noted and he and Tan are joined in the final publication by Lim Teong Sit, a recent recruit from the Kuala Lumpur offices of Shearn Delamore & Co where he headed up the firm's financial services group. Andrew Lim also appears thanks to a large following in the research.

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