Capital markets in Austria

Cerha Hempel

Jointly steered by Volker Glas, Peter Knobl, and Thomas Zivny, Cerha Hempel excels in both regulatory and transactional work, with areas of expertise including stock exchange law, market abuse prevention, and bond issuances, with a particular emerging focus on green bonds. Glas handles the full range of corporate finance transactions, with notable experience in debt and equity transactions, while Knobl’s focus includes compliance matters and stock exchange services. Described as an ‘excellent lawyer’, Thomas Zivny’s recent workload includes advice regarding a €2bn medium-term note programme, while Christian Aichinger combines knowledge of capital markets, banking and finance, and corporate law to provide comprehensive advice to the firm’s clients.

Responsables de la pratique:

Volker Glas; Peter Knobl; Thomas Zivny


Autres avocats clés:

Andrea Harrich; Christian Aichinger


Les références

‘Thomas Zivny is an excellent lawyer with practicable advice. ’

‘Thomas Zivny – professionally excellent, very pleasant to work with, pragmatic approach.’

Principaux clients

Vienna Insurance Group


J.P. Morgan


voestalpine


S Immo AG


Raiffeisenlandesbank Niederösterreich-Wien AG


SPAR Österreichische Warenhandels-AG


Kommunalkredit Austria AG


Bank Burgenland


Polar Capital Funds PLC


MFS Meridian Funds


MFS Investment Management Fonds commun de placement


ING Groep NV


Principaux dossiers


  • Advised the joint lead managers – J.P. Morgan SE, Morgan Stanley Europe SE, BNP PARIBAS and UniCredit Bank AG – on the capital increase of Lenzing AG in an offer made at a 26% discount to the closing price of the shares on the day before launch, leading to a take-up of 99.5% by the existing shareholders.
  • Advised voestalpine AG in connection with its €250m convertible bond issue.
  • Advised Vienna Insurance Group on the updates of its programmes for the issuance of up to €500m each of restricted Tier 1 capital and Tier 2 capital.

Schoenherr (Schönherr Rechtsanwälte)

Providing ‘extraordinary support with a deep knowledge of markets and clients’ needs’, Schoenherr (Schönherr Rechtsanwälte) demonstrates strength in debt and equity-linked transactions, regulatory capital-related matters, and issuances of covered bonds, green bonds and sovereign debt. Handling domestic as well as cross-border transactions, offerings, stock exchange listings, and bond issuances, Ursula Rath maintains close relationships with a roster of clients encompassing issuers, selling shareholders, financial institutions, and investors. Rath leads the department alongside the ‘highly experienced’ Christoph Moser, who specialises in debt and equity capital market transactions, corporate finance and securities law. Contributing to most of the team’s transactions, Angelika Fischer is another key name in the team.

Responsables de la pratique:

Ursula Rath; Christoph Moser


Autres avocats clés:

Angelika Fischer


Les références

‘Impressive track record, hands-on lawyers, open minded and economically thinking. Good reputation ’

‘Christoph Moser combines know-how and accessibility, and is very approachable. His exceptional qualities, such as adaptability, creativity, and a strong work ethic, are invaluable for us.’

‘Very experienced team, great expertise, very pleasant to work with.’

Principaux clients

ASFINAG AG


Barclays Bank Ireland


BAWAG Group


BAWAG P.S.K.


Bayerische Landesbank


BNY Mellon


BofA Securities Europe


Commerzbank


Crédit Agricole


DekaBank


Deutsche Bank


DZ BANK


Erste Group Bank


Goldman Sachs Bank Europe


ING Bank


J.P. Morgan


Kontron AG


Marinomed AG


NOVOMATIC


OMV


Raiffeisen Bank International


Scotiabank


UNIQA Insurance Group AG


UniCredit Bank


Wienerberger


Principaux dossiers


  • Advised Porsche AG as sole Austrian counsel in connection with a major, high-value IPO.
  • Advised the joint lead managers Barclays Bank Ireland PLC, BofA Securities Europe SA, Deutsche Bank Aktiengesellschaft, Goldman Sachs Bank Europe SE, J.P. Morgan SE and UniCredit Bank AG on the Republic of Austria’s first 1.85% €4bn green bond with an approximately 27-year tenor.
  • Advised Autobahnen- und Schnellstraßen-Finanzierungs-Aktiengesellschaft as issuer’s counsel on its annual update of its guaranteed €12bn EMTN programme as well as on the issuance of its 2.125 % €600m senior notes due 2028.

Wolf Theiss Rechtsanwälte GmbH & Co KG

Predominantly instructed by banks and other financial institutions, Wolf Theiss Rechtsanwälte GmbH & Co KG offers well-rounded experience handling debt capital markets-related matters, with clients appreciating the team’s ‘perfect market overview’. Regularly acting in a range of cross-border matters, the group comfortably handles advice on the digitalisation of bond and debt issuances programmes, especially in relation to green bonds. Practice head Claus Schneider‘s expertise includes debt, hybrid and structured capital market matters, while Christine Siegl is described as an ‘outstanding lawyer for regulatory matters’. Richard Wolf is another key contact. Alexander Haas left the firm in 2023.

Responsables de la pratique:

Claus Schneider


Autres avocats clés:

Nikolaus Paul; Alexander Haas; Richard Wolf; Matthias Schimka; Christine Siegl


Les références

‘Unique standing in Austria in debt capital market business, perfect market overview. Great responsiveness and very reliable legal analysis which hold true towards regulators.’

‘Claus Schneider: excellent lawyer, very supportive. Christine Siegl: outstanding lawyer for regulatory matters.’

Principaux clients

UniCredit Bank Austria AG


Copenhagen Infrastructure Partners P/S


Raiffeisen Bank International AG


TotalEnergies SE


Raiffeisenlandesbank Oberösterreich AG


HYPO Vorarlberg Bank AG


Raiffeisenbank Austria d.d.


HYPO NOE Landesbank für Niederösterreichund Wien AG


Crédit Agricole Corporate & Institutional Banking


Erste Group Bank AG


Volksbank Wien AG


Volksbank Vorarlberg reg.Gen


Raiffeisen Bank Bosna i Hercegovina


s Wohnbaubank


Bank Austria Wohnbaubank


Principaux dossiers


  • Advised Raiffeisen Bank in several jurisdictions on the establishment and update of its €25bn bond issuance programme.
  • Advised Erste Bank Group on numerous issuance programmes.
  • Advised Wohnbaubank and Bank Austria Wohnbaubank on the preparation of a prospectus for the issuance of bonds.

Binder Grösswang

Operating across the full range of capital market transactions, Binder Grösswang has a particularly strong track record of advising on capital increases and bond issuances. Praised for his ‘high level of technical knowledge’, Florian Khol is sought out by national and international issuers, banks, listed companies and investment funds, with his areas of expertise including cross-border equity as well as debt and hybrid capital markets transactions. The latter also represents a specialism of Austria and New York-qualified expert Stephan Heckenthaler, while Tibor Fabian focuses primarily on debt capital markets, as does Stefan Frank, who also offers proficiency in fund-related issues.

Autres avocats clés:

Florian Khol; Stephan Heckenthaler; Stefan Frank; Tibor Fabian


Les références

‘High experience in the Austrian capital market, highly structured and transparent advisory approach. Very reliable partners,  super-efficient collaboration culture within the law firm and the partnership.’

‘Florian Khol: Available and approachable, high level of technical knowledge, always tries to really understand the fact pattern and the incentives behind a particular setting. Good people management, extremely friendly, top lawyer who is really down to earth.’

Principaux clients

Lenzing Aktiengesellschaft


BKS Bank AG


Bank für Tirol und Vorarlberg AG


Hypo-Wohnbaubank AG


Sparkasse Oberösterreich


ChargePoint Holdings


Cryoshelter LH2 GmbH


Bankhaus Carl Spängler & Co. Aktiengesellschaft


Raiffeisen Bank International AG


Steiermärkische Bank und Sparkassen AG


Principaux dossiers


  • Advised Lenzing Aktiengesellschaft on its approximately €400.2m capital increase.
  • Advised BKS Bank AG on its capital increase.
  • Advised BTV Bank für Tirol und Vorarlberg Aktiengesellschaft on an issuance program for bonds and on the issuance of a €250m sub-benchmark bond.

bpv Hügel

Equity and equity linked products are at the core of bpv Hügel‘s offering, with the team’s expertise extending to structuring topics, share acquisition, public takeovers, which are a specialism of lead Christoph Nauer, and cross-border mergers. Roland Juill‘s recent work highlights include advising STRABAG on capital measures to reduce MKAO Rasperia Trading Limited’s shareholding as an effect of EU sanctions, while Barbara Valente specialises in capital markets transactions and compliance. Daniel Reiter left the firm in March 2023.

Responsables de la pratique:

Christoph Nauer


Autres avocats clés:

Roland Juill; Barbara Valente


Les références

‘The team focuses on the client’s needs, advises with a clear focus, and delivers solutions.’

‘Christoph Nauer helped me a lot to manage difficulties and solve issues in an open and business orientated approach and dialogue.’

‘Christoph Nauer is an excellent lawyer with practicable advice.’

Principaux clients

IMMOFINANZ


STRABAG


Valneva


BAWAG P.S.K.


BP plc


Raiffeisen Holding Noe-Wien


Raiffeisen Landesbank Noe-Wien


Unternehmensgruppe Theo Müller


CMC Markets


Weilburg Family Office


Principaux dossiers


  • Advised Weilburg Family Office on the launch of a new private equity module with private equity funds of funds.
  • Advised VSE-listed STRABAG SE as target company on the €580m public takeover bid by its Austrian core shareholders, including a potential €400m treasury share acquisition in the course of the takeover bid.
  • Advised ATX and Warsaw listed IMMOFINANZ as target company on competing takeover bids by CPI Property Group (€3.1bn) and S IMMO (€300m).

DORDA Rechtsanwälte GmbH

Described by international clients as ‘go-to firm for capital markets law in Austria’, DORDA Rechtsanwälte GmbH focuses on equity capital market transactions with notable expertise in acting for issuers in the banking, real estate and automotive industries, and the team is also increasingly instructed by clients to advise on capital markets compliance matters as well as public takeovers. Andreas Mayr is well-versed in both equity and debt capital markets-related matters, while corporate law expert Christoph Brogyányi, Andreas Zahradnik, and Tibor Varga are also important members of the team.

Autres avocats clés:

Christoph Brogyányi; Andreas Mayr; Tibor Varga; Andreas Zahradnik


Les références

‘Excellent legal expertise. Leading equity capital market team.’

‘Andreas Mayr is the best equity capital markets lawyer in Austria. Legal expertise on the highest level and pragmatic. ’

‘My go-to firm for capital markets law in Austria. ’

Principaux clients

Croma-Pharma


Petrus Advisers


Morgan Stanley


HSBC


Erste Group


Principaux dossiers


  • Advised Croma-Pharma on its IPO on Euronext Amsterdam.
  • Advised HSBC, Morgan Stanley and Erste Group as joint bookrunners on the issuance of €350m notes and on a liquidity exercise for outstanding hybrid notes.
  • Advised Petrus Advisers on the sale of shares in IMMOFINANZ AG to CPI PropertyGroup.

CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH

Leveraging the firm’s international network, CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH is a one-stop shop for matters related to initial public offerings, corporate bond and debt issuance programs, and promissory notes. Regulatory advice is one of the team’s noted strengths and a focus area of practice head Martin Zuffer as well as of Walter Gapp, who also offers clients a specialism in securitization transactions. Philipp Mark is highlighted by clients for delivering ‘best-in-class results’.

Responsables de la pratique:

Martin Zuffer


Autres avocats clés:

Walter Gapp; Philipp Mark


Les références

‘With its offices in 34 countries, the CMS capital markets team is able to handle highly complex global capital market transactions.’

‘Standout partners: Martin Zuffer and Philipp Mark – both are extremely client orientated, highly qualified on advice with an eye for pragmatic solutions. ’

‘CMS Reich-Rohrwig Hainz is one the outstanding legal firms in Vienna. The team is overall very responsive, can provide a broad range of legal services and has gained lots of experience in capital markets transactions over the last few years. ’

Principaux clients

Telekom Austria AG


A1 Towers Holding GmbH


Breitender Immobilien Parking AG


Erste Group Bank AG


Enry’s Island


Dankse Bank


DZ Bank


Landesbank Baden-Württemberg LBBW


Natixis


J.P. Morgan


Morgan Stanley


Société Générale


Atrium European Real Estate


BNP Paribas Reim


HSBC Continental Europe


ING Bank


UBS Europe Group


Principaux dossiers


  • Advising Tower Holding GmbH on the issuance of €500m, 5.25% notes due 2028.
  • Advised an international banking syndicate comprising Danske Bank, DZ Bank, INGGroup, Landesbank Baden-Württemberg LBBW, and Natixis on the issuance of €750m MREL-eligible green preferred senior notes by Vienna-based Erste Group Bank AG.
  • Advised an international banking syndicate comprised of BVA, Citigroup GlobalMarkets Europe, Commerzbank, Société Générale, and UniCredit on the issuance of €500m MREL-eligible preferred senior notes by Vienna based Erste Group Bank AG.

Weber & Co. Attorneys-at-Law

Weber & Co. Attorneys-at-Law specialises in sustainable finance, DCM and ECM transactions as well as handling regulatory structures and has recently acted on capital increases, debt issuance programmes and compliance matters. The team is headed by Stefan Weber, whose practice encompasses restructurings of stock exchange listed companies, cross-border transactions and regulatory matters, and Philipp Baubin, who deals alongside Weber with the firm’s most significant transactions and is recommended by clients for his ‘capacity to bring different and creative solutions’.

Responsables de la pratique:

Stefan Weber; Philipp Baubin


Les références

They are a highly recommended law firm due to the knowledge of the team’s lawyers in aspectes related to Austrian Law and their responsiveness to clients needs.’

‘Phillip Baubin stands out due to his kindness with the clients and his capacity to bring different and creative solutions for the transactions he is involved in.’

 

Principaux clients

Wiener Städtische


Suzano S.A.


Wolford AG


American Tower Corporation


FACC AG


HSBC


UBS


Principaux dossiers


  • Advised VIG as issuer counsel on debt issuance programs in 2022, issuances under the Tier 2 Notes program, as well as on the listing at the official market of the Vienna Stock Exchange.
  • Advised Wolford AG in connection with its capital increase in early 2023.

Baker McKenzie Rechtsanwälte LLP & Co KG

Baker McKenzie Rechtsanwälte LLP & Co KG‘s team is embedded in the firm’s EMEA-wide capital markets practice and is noted for its ability to advise on cross-border transactions. The team also has particular experience handling regulatory and due diligence questions in relation to ESG matters. Exemplifying this focus in particular is practice head Eva-Maria Ségur-Cabanac, who has a special focus on the energy sector.

Responsables de la pratique:

Eva-Maria Ségur-Cabanac


DLA Piper Weiss-Tessbach Rechtsanwälte GmbH

DLA Piper Weiss-Tessbach Rechtsanwälte GmbH operates across equity and debt capital markets as well as related corporate and M&A matters, with recent activities including an emerging focus on green bond issuances. Christian Temmel leads the team and offers expertise in transactions with listed securities and regulatory aspects, while Maria Doralt combines a broad knowledge of corporate finance and capital markets instruments.

Responsables de la pratique:

Christian Temmel


Autres avocats clés:

Maria Doralt; Christian Knauder-Sima


Les références

‘Very competent and friendly people, fast and qualified response.’

 

Principaux clients

Vienna Airport Corporation


PORR AG


Warimpex Finanz- und Beteiligungs Aktiengesellschaft


UBM Development AG


Schoeller-Bleckman Oilfield Equipment AG


Petrus Advisers


S IMMO AG and Erste Group Bank AG


Principaux dossiers


  • Advised Vienna Airport Corporation on IFM subsidiary Airports Group Europe’s increased stake in the corporation.
  • Advised UBM Development on the issuance of its first ever green bond.
  • Advised PORR AG on the preliminary termination and refinancing of various tranches of its €160m promissory note loan portfolio.

E+H Rechtsanwälte GmbH

Led by Peter Winkler, E+H Rechtsanwälte GmbH advises clients with an interdisciplinary approach, working seamlessly with the firm’s corporate, M&A, banking and finance, and regulatory practice groups to handle both debt and equity capital markets transactions. ‘Stand-out lawyer’ Dominik Juster joined the team in November 2022 from Simpson Thacher & Bartlett LLP and is dual-qualified in Austria and New York, as is Josef Schmidt, whose multi-faceted practice includes an emerging focus on private equity-related matters.

Responsables de la pratique:

Peter Winker


Autres avocats clés:

Dominik Juster; Josef Schmidt; Philipp Schrader


Les références

‘The E&H team are responsive and provided clear advice that makes sense. It was great working with Dominik Juster and the team. ’

‘Dominik Juster really impressed us. He was always available when needed. He navigated complicated matters and provided solutions that worked for the business. ’

‘Responsive, precise and able to work constructively alongside others.’

Principaux clients

IFM


KA Finanz AG


Aventa AG


Principaux dossiers


  • Advised Airports Group Europe S.à r.l., an indirect subsidiary of IFM Global Infrastructure Fund, on the increase of its stake in Flughafen Wien Aktiengesellschaft.
  • Advised AVENTA AG on a capital increase for an investment by a strategic investor.
  • Advised Citibank NA as agent in connection with the Republic of Austria’s €30bn MTN programme.

Herbst Kinsky Rechtsanwalte GmbH

Herbst Kinsky Rechtsanwalte GmbH is capable of handling public takeovers, public offerings through crowd investing platforms, and alternative financial offerings, and the team also regularly advises on bond issuances, public offerings and shareholding matters. Practice head Philipp Kinsky is described as ‘one of the most experienced and best lawyers in Austria when it comes to start-ups’. Johannes Frank has been promoted to partner in January 2023 and is a key contact for alternative investment fund-related work.

Responsables de la pratique:

Philipp Kinsky


Autres avocats clés:

Phillip Dubsky; Johannes Frank


Les références

‘For me, Herbst Kinsky is one of the leading law firms in the field of start-up and venture capital both in Austria, but also beyond its borders.’

‘Philipp Kinsky is definitely one of the most experienced and best lawyers in Austria when it comes to start-ups – both in the field of fund investments and direct investments. Due to his extensive experience he is able to assess difficult situations very well, and to get the best out of them for his clients without loss of face for any of the parties involved.’

‘The entrepreneurial approach is unique.’

Principaux clients

Uniqa Insurance Group


Biogena GmbH & Co KG


Illwerke vkw AG


dagobertinvest AG


handcheque GmbH


Marinomed Biotech AG


Neoh AG Group


NÖ Landes-Beteiligungs GmbH


United Benefits Holding


Wolftank – Adisa Holding AG


Principaux dossiers


  • Advised UNIQA Insurance Group as shareholder of STRABAG SE on the new syndicate with Haselsteiner Group and the mandatory tender offer.
  • Advised Biogena on the issuance of a €10m bond, including cross-border transactions with Switzerland and Germany, and a capital market prospectus.
  • Advised dagobertinvest AG in connection with capital increase under the ESCP Regulation on European Crowdfunding Service Providers, with a total volume of €2m.

Müller Partner Rechtsanwälte

Müller Partner Rechtsanwälte exhibits proficiency and ‘exceptionally high expertise’ across bond issuances, regulatory matters, and stock exchange law for listed companies. Team lead Gernot Wilfling covers the full spectrum of capital market transactions in addition to handling compliance and litigation work. Sebastian Sieder has a track record of representing clients in administrative criminal proceedings of the FMA.

Responsables de la pratique:

Gernot Wilfling


Autres avocats clés:

Sebastian Sieber


Les références

‘High-quality output.’

‘Gernot Wilfling: always up to date with changes in case law, great availability and flexibility.’

‘Very professional. They understand their client needs.’

Principaux clients

oekostrom AG für Energieerzeugung und -handel


Frauenthal Holding AG


CMTA AG


Raiffeisen Bank International AG


Erste Group Bank AG


KELAG-Kärntner Elektrizitäts-Aktiengesellschaft


EVN AG


CASINOS Austria AG


Österreichische Lotterien Gesellschaft m.b.H.


JugendEineWelt


Don Bosco


Rockets Group


ado new Media GmbH


EPH Group AG


Marblelution GmbH


Principaux dossiers


  • Advised Marblelution GmbH on the structuring and issuance of a series of bonds with a planned total volume of €20m.
  • Advised CMTA AG on a €5m equity financing.
  • Advised oekostrom AG on unilaterally eliminating hundreds of outstanding global bonds by means of §67AktG.