Next Generation Partners

Firms To Watch: Capital markets: debt capital markets

Eversheds Sutherland (France) LLP launched its DCM practice in Autumn 2022 through the hiring as counsel of Manaf Triqui, who was previously with Kramer Levin Naftalis & Frankel LLP and is particularly active in the field of EuroPP, acting for issuers and underwriters.

Capital markets: debt capital markets in France

A&O Shearman

A&O Shearman is mandated by the largest French and international banks to assist with large debt issuance undertaken by leading corporations or banks, including inaugural and sustainable ones. The highly experienced Paris practice also stands out for its top internal US capabilities through Diana Billik, who advises banks on their US securities issuances. Hervé Ekué is the other top name in the practice, which also includes the strong Julien Sébastien, of counsel Dan Lauder and senior associate Quentin Herry.

Responsables de la pratique:

Diana Billik; Hervé Ekué

Autres avocats clés:

Dan Lauder; Julien Sébastien; Quentin Herry

Les références

‘Availability, agile.’

‘It is always very pleasant to work with the team; it stands out for its efficiency, in-depth expertise and availability. The team is also extremely friendly.’

‘Solid and professional team. Always very good advice. It is a responsive team that knows how to get to the bottom of very complex subjects. ’

Principaux clients









Bpifrance Investissement

Bpifrance Participations

Caisse des dépôts et consignations

CEA Investissement

CNP Assurances

Covivio/ Covivio Hotels

Crédit Agricole CIB

Crédit Mutuel (formerly CM-CIC)

DNB Bank



Euroxx Securities



Fonds Stratégique de Participations

KBC Group NV

Kepler Cheuvreux


La Banque Postale

La Mondiale


Groupe Arnault

PAI Partners


RCI Banque


Skandinaviska Enskilda Banken


Principaux dossiers

  • Advised the banking syndicate including BNP Paribas and J.P. Morgan as global coordinators and joint bookrunners in relation to L’Oréal’s inaugural public bond offering for an aggregate nominal amount of EUR 3 billion, including a sustainability-linked tranche.
  • Advised the banks syndicate led by Goldman Sachs, HSBC, Natixis and Société Générale on the sustainability linked bonds for a total amount of €500M.
  • Advised the issuer, KBC Group NV, in connection with the establishment of its USD 10,000,000,000 US MTN program, and its USD 1,000,000,000 debut issuance thereunder.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton's Paris practice combines high-level French and US expertise that serves leading banks and issuers with large DCM programme updates and issuances. The team regularly handles international DCM work ( notably in relation to North America and Asia), spanning investment grade and high-yield debt offerings, bank capital securities, USMTN and EMTN programmes and liability management transactions. Senior counsel Andrew BernsteinValérie Lemaitre  and US expert John Brinitzer are expert advisers. Also involved are Barthélemy Faye, who advises African sovereign entities on DCM and derivatives transactions, and counsel Laura Birene.

Responsables de la pratique:

Andrew Bernstein; Valérie Lemaitre; John Brinitzer; Barthélemy Faye

Autres avocats clés:

Laura Birene

Les références

‘The team led by Valérie Lemaitre is very responsive and innovative; it does not lock itself within the shackles of precedents or market practice, because it is made up of diverse people who do not only practice financing law. This characteristic is essential in a field where balances are constantly upset.’

‘Valérie Lemaitre shows great analytical finesse. Valérie does not spare her efforts to defend the interests of her clients: she demonstrates great commitment and great creativity. Great spirit of synthesis and great efficiency with a very broad knowledge of other areas of business law.’

Principaux clients

BNP Paribas

Crédit Agricole S.A. (CASA)


Banque Fédérative du Crédit Mutuel (BFCM)

Compagnie de Saint Gobain

The Council of Europe Development Bank


Principaux dossiers

  • Advising BNP Paribas in connection with an offering by BNP Paribas of $1,500,000,000 Perpetual Fixed Rate Resettable Additional Tier 1 Contingent Convertible Notes.
  • Advising Crédit Agricole in its MREL/TLAC-eligible and prudential capital issuances.
  • Advising Edenred on its dual-tranche offering for a total amount of €1.2 billion, consisting of €500 million bonds maturing on December 13, 2026, and €700 million bonds maturing on June 13, 2031, each tranche bearing interest at 3.625%.

Clifford Chance

Clifford Chance's powerhouse Paris DCM practice combines UK, US and French law expertise that serves both leading corporations and financial institutions. The team advises on the largest DCM bond issuance, from the most standard to the most complex ones and encompassing hybrid bonds, liability management, exchange offers and sustainable linked transactions. It is regularly seen at the forefront of market innovations, including advising in 2023 on the issuance of a digital Climate Awareness Bond. The Paris office’s workload is very often of an international nature (pan-European, emerging markets) and its members regularly collaborate with the firm's other European offices. Cédric Burford is the standout name within the practice, co-heading the team alongside the experienced Alex Bafi and Jonathan Lewis. They are supported by a solid bench of counsels including Auriane Bijon and Andrew McCann.

Responsables de la pratique:

Alex Bafi; Cedric Burford; Jonathan Lewis

Autres avocats clés:

Auriane Bijon;  Andrew McCann; Alexander Tollast

Les références

‘Excellent team, completely bilingual and qualified in French and UK law, which is unusual in Paris.’

‘Cédric Burford,  Andrew Mc Cann, Alexander Tollast: excellent advice, responsive, competitive and all 3 bilingual French English and qualified in French law and UK law’

‘Very responsive team, made up of complementary profiles, with extensive experience in capital markets allowing it to respond positively to all types of financial products. The reputation of the Clifford Chance firm lives up to the level of services provided by Cédric Burford’s team, which is excellent.’

Principaux clients

RCI Banque

Société Générale


Crédit Agricole CIB

BNP Paribas

International Banks

Goldman Sachs

Bank of America Merrill Lynch

Bank of China International Holdings Ltd


European Investment Bank


J.P. Morgan

Morgan Stanley

National Bank of Abu Dhabi

Standard Chartered Bank






Dassault Systèmes



Pernod Ricard

Technip Energies





Investment Management

Tikehau Capital

Government Authorities

The Government of Sultanate of Oman

Caisse des Dépôts et Consignations

Agence Française de Développement

Principaux dossiers

  • Advised the European Investment Bank (EIB) on the issuance of its first GBP-denominated natively digital bond and on the issuance of its first euro-denominated digital bond on a private blockchain.
  • Advised L’Oréal in the context of the bond financing of the acquisition of Aēsop.
  • Advised Unibail-Rodamco-Westfield SE (“URW”) in the context of its exchange offer.

Gide Loyrette Nouel A.A.R.P.I.

Gide Loyrette Nouel A.A.R.P.I.’s capital markets team is well known for its high-end DCM expertise and ability to handle large and sophisticated transactions, including subordinated and hybrid issuances, liability management and consent solicitation transactions and sustainability-linked transactions. With offices in London and New York, the firm also has the ability to cover US private placement and international work, and assists French banks and insurers while also handling work for French corporations and public sector entities. Key names in the Paris team includes the highly experienced Hubert Merveilleux du Vignaux, Laurent Vincent and US securities expert Melinda Stege-Arsouze. Counsel Bastien Raisse provides additional support.

Responsables de la pratique:

Hubert Merveilleux du Vignaux; Melinda Stege Arsouze; Laurent Vincent; Arnaud Duhamel; Guilhem Richard

Autres avocats clés:

Bastien Raisse

Les références

‘Young, dynamic and proactive team.’

‘Laurent Vincent listens and shows great availability.’

‘Responsive and pro-active team. Relevant advice. Very good knowledge of regulations’.

‘This team is very available and knows the market very well. The answers provided are always precise, informed and pragmatic.’

‘Hubert Merveilleux du Vignaux: very pragmatic and available.’

‘One of the standout features of this firm is their multilingual capabilities. Whether it’s French or English, the quality of service remains consistent. This bilingual proficiency has been particularly useful for me in navigating complex legal landscapes. They’re equally adept at dealing with English, French and New York law, which is a testament to their versatility and depth of expertise. Solution-driven and commercially minded’.

 ‘The team is extremely efficient, responsive and competent. The team’s lawyers are dedicated and always available. The partners are very accessible and precise in their analysis.’

‘Laurent Vincent is a very complete lawyer who has very good interpersonal skills and great technical skills. He is a trusted lawyer on whom we can rely.’

Principaux clients


Autoroutes Paris Rhin Rhone

Crédit Mutuel Arkéa

Ville de Paris

Crédit Logement


Spie Batignolles

Axa Group

Air France KLM

BNP Paribas

Crédit Agricole CIB

Veolia Environnement

Ile de France Mobilités

Principaux dossiers

  • Advised the banks syndicate in connection with the issuance of hybrid notes  by Orange for an amount of EUR 1 billion and the concurrent tender offer transaction by Orange for the repurchase of existing hybrid notes for an amount of EUR800 million.
  • Advised the banks syndicates in connection with an inaugural issuance of sustainability linked notes for EUR 500 million for a European mining company.
  • Assisted Société Générale Forge with the structuring and execution of its refinancing of covered bonds in the form of security tokens via MakerDAO.


Linklaters fields a team in Paris with both French and US capabilities and is routinely sought out by leading financial institutions and issuers. The firm has particular experience assisting clients with large bond debt issuance including ESG-linked ones. The group's workload also includes liability management and US issuances. Practice head  Véronique Delaittre is a key name for French DCM work, and Luis Roth and Cheri De Luca are experts in US-related DCM work.

Responsables de la pratique:

Véronique Delaittre

Autres avocats clés:

Luis Roth; Cheri De Luca

Les références

‘One of the best teams in the market, with extensive experience and market knowledge. Véronique Delaittre is the local expert.’

‘Véronique Delaittre, best bond practitioner in the area, an in-depth vision of the bond market, and an impressive ability to work under pressure and on numerous files, in addition to listening to the customer.’

‘Super responsive team, very attentive to customers, offers innovative products including ESG criteria. Without a doubt the most experienced team in Paris.’

Principaux clients

Banco Bilbao Vizcaya Argentaria

Banco Santander

Bank of America Securities

Barclays Bank

Bel Group


Crédit Agricole Corporate and Investment Bank



Iliad SA





Société Générale

Principaux dossiers

  • Advised Nexans on the issuance of its inaugural sustainability-linked bond for an aggregate nominal amount of 400 million euros with a 5-year maturity and an annual coupon of 5.50 per cent.
  • Advised Eramet on the issuance of its inaugural sustainability-linked bonds in a principal amount of €500 million, with a 5-year maturity and an annual interest rate of 7 per cent. and, concurrently, on its tender offer to repurchase for cash its outstanding bonds due February 2024.

CMS Francis Lefebvre

CMS Francis Lefebvre is kept busy acting for banking institutions and arrangers on a large array of transactions including updates of EMTN programmes and subsequent issuances, covered bonds, as well as sustainable finance and Euro PP loan issuances. The Paris team, which also handles work for issuers, is also able to manage international work including recently advising advising on Schuldschein loans and on Turkish- and Czech-related issuances. The team is jointly headed by experienced duo Marc-Etienne Sébire and Rosetta Ferrère.

Responsables de la pratique:

Marc-Etienne Sébire; Rosetta Ferrère

Les références

‘Rigor and availability.’


Principaux clients

BNP Paribas

Crédit Agricole CIB

Crédit Mutuel Arkéa





Agence Française de Développement (AFD)




Principaux dossiers

  • Advising Crédit Agricole Corporate and Investment Bank and Crédit Agricole S.A. on the establishment of the €82 billion covered bonds retail format programme of Crédit Agricole Financement de l’Habitat SFH.
  • Advising Bel on its €195 million (including €20 million Namensschuldverschreibung) and $120 million multi-tranche sustainability-linked Schuldschein loans.
  • Advising SFIL Group (SFIL and its refinancing entity, CAFFIL) on the update of their retail format programmes.

Hogan Lovells (Paris) LLP

Hogan Lovells (Paris) LLP has a sizeable team, combining French and UK law capabilities, which has a track record advising on the set up of large debt programmes and corresponding bond issuances. The team's diverse workload also sees it act for French and international banks, leading financial institutions and large corporations, including longstanding clients notably in the energy sector. The Paris practice is co-headed by Sharon Lewis, who is also the firm’s global head of financial institutions and insurance, Vincent Fidelle and Katia Merlini. Counsel Reza Mulligan is another key member.

Responsables de la pratique:

Sharon Lewis; Vincent Fidelle; Laura Asbati; Katia Merlini

Autres avocats clés:

Reza Mulligan

Les références

‘ An available and competent team ’.

‘Katia Merlini: always available, competent, friendly, very hardworking; she delivers work on time and shows excellent understanding of issues. Vincent Fidelle is accessible, friendly and delivers quality work on time’.

‘Responsive and educational team.’

‘Responsive and professional.’

‘Katia Merlini is very attentive, very professional, very available and has in-depth knowledge of the world of capital markets. It’s a real pleasure to talk with her, she always manages to find a pragmatic approach.’

Principaux clients


AXA Bank Europe SCF

British International Investment plc

Credit Agricole Corporate and Investment Bank


Edmond de Rothschild France

RTE Réseau de transport d’électricité

Principaux dossiers

  • Advised EDF in relation to the update of its €50bn EMTN programme and  multiple bond issuances listed on the Euronext Paris stock exchange.
  • Advised ALD in relation to the update of its €12bn EMTN programme and its bond issuance listed on the Euronext Paris stock exchange.
  • Advised Crédit Agricole and Investment Bank in relation to their structured debt issuance programme governed by French law.

Latham & Watkins

Latham & Watkins stands out for its combined French-US capabilities. Thomas Margenet-Baudry and  Roberto Reyes Gaskin are the key names in a team that has established itself as a reference in France for high-yield transactions, assisting issuers as well as financial advisers. It is also active advising on US private placement and also handles liability management, sustainable-linked and more standard bond issuance work. Counsel Michael Ettannani also provides support.

Responsables de la pratique:

Thomas Margenet-Baudry

Autres avocats clés:

Roberto Reyes Gaskin; Michael Ettannani

Les références

‘Well knowledgeable partners with great experience on debt capital markets. ’

‘Roberto Reyes Gaskin is amazing, not only because of his impressive knowledge of the debt capital markets and products but also for his knowledge and interest in his clients’ business and industry sector. Complete and extremely reliable professional.’

Principaux clients

Loxam SAS

Société Générale

BNP Paribas

Alain Afflelou SA

Briarwood Chase Management LLC


Burger King France

Kingspan Group PLC



TotalEnergies SE

Lagardère SA

JP Morgan Chase

White & Case LLP

White & Case LLP's has the scale to handle a diverse portfolio of work. The team is notably retained by leading banks as well as issuers to assist with large transactions, including the issuance of green and charitable sustainable bonds. The Paris team, alongside its London counterparts, also advised the Ukrainian finance minister on a strategic liability management deal. Séverin Robillard directs the practice, which also includes Grégoire Karila and Olga Fedosova.

Responsables de la pratique:

Séverin Robillard

Autres avocats clés:

Grégoire Karila; Olga Fedosova

Les références

‘Grégoire Karila is a dedicated lawyer who is attentive to the needs and specificities of the client. He is a kind and very competent individual. ’

‘Dynamic, available, attentive team.’

‘Grégoire Karila: good mastery of subjects, availability, fluid exchanges’.

‘Expert guidance. Great insights and work well together with peers across different disciplines.. Always available, always reactive. Highly commercial. Experts in their fields.’

Principaux clients


Belfius Bank

BofA Merrill Lynch


BNP Paribas

BNP Paribas Personal Finance


Crédit Agricole SA

Crédit Agricole CIB

CA Consumer Finance

PSA Banque Finance/Credipar

Credit Mutuel Arkea

Credit Suisse

Deutsche Bank

Goldman Sachs


J.P. Morgan



Société Générale


Air France-KLM

Air Liquide







Plastic Omnium












Principaux dossiers

  • Advised Faurecia S.E. (FORVIA) on FORVIA’s €700 million sustainability-linked bond offering and €705 million rights issue to partially refinance the acquisition of HELLA.
  • Advised SNCF on the issue of its first green bond with a shared coupon for the benefit of the Child Brain Robert-Debré Institute.
  • Advised the Ministry of Finance of Ukraine on a comprehensive liability management transaction delaying for two years Ukraine’s contractual obligation to make payments under approximately US$25 billion of its international bonds, GDP-linked warrants and sovereign-guaranteed debt obligations.

Addleshaw Goddard

Addleshaw Goddard advises a mix of financial institutions, public entities and issuers on small- to medium-size DCM transactions including EuroPPs. The firm is also able to assist with more complex work including public bond offerings on various European securities exchanges as well as US private placement deals. The practice is led by Julien Bacus; he is supported by counsel Charles Tissier.

Responsables de la pratique:

Julien Bacus

Autres avocats clés:

Charles Tissier

Les références

‘High quality of services and responsiveness. Respect deadlines and fluid communication’.

‘Charles Tissier is creative and has great listening skills. He is dynamic and a highly promising adviser’.

‘The team is very involved, responsive and defends its clients’ interests to the end. They always look for the best solutions’.

‘Charles Tissier is extremely involved, creative, responsive and able to anticipate other parties’ positions.’

Principaux clients

UniCredit Bank AG

Bred Banque Populaire

Remy Cointreau


Kepler Cheuvreux

Les Mousquetaires

European Bank for Reconstruction and Development (EBRD)

Département de la Savoie


EPC Groupe

Morgan Stanley




Principaux dossiers

  • Advised UniCredit Bank AG on the issue by Vilogia SA of 40 years, €100,000,000, fixed rate bonds and 25 years, 74,000,000 floating rate bonds to international investors and 15 years, 58,000,000 fixed rate notes.
  • Advised Rémy Cointreau on the public offering of bonds in Belgium and Luxembourg listed on Euronext Belgium.
  • Advised Les Mousquetaires on the issuance of Euro PP bonds for a total of €210,000,000 maturing from 5Y to 10Y.

Herbert Smith Freehills LLP

At Herbert Smith Freehills LLP, practice head Louis De Longeaux has a strong following among leading French and CAC 40 companies. He leads a practice that solely advises issuers and handles a range of matters including the set up of EMTN and Neu CP programmes and subsequent issuances, ESG and sustainability linked and green bonds issuances, as well as liability management.  Senior associate Dylan Shields provides key support.

Responsables de la pratique:

Louis de Longeaux

Autres avocats clés:

Dylan Shields

Les références

‘Louis de Longeaux is a very competent and available financing professional. The fact that he focuses solely on advising borrower/issuer clients constitutes an asset in discussions and a guarantee of independence to best defend his clients and allows him to think “differently”.’

‘The team is very available, pleasant and very responsive. ’

‘Louis De Longeaux: educator, available, responsive, very good interpersonal skills and excellent knowledge of market practices.’

Principaux clients

Aéroport de Paris (ADP)




Tarkett S.A



African Local Currency Bond Fund – ALCB Fund





BNP Paribas

Bureau Veritas

Compagnie des Alpes




Groupe Soufflet

Indigo Group







Schneider Electric

Société Foncière Lyonnaise

Société Générale



Principaux dossiers

  • Advised Schneider Electric on the Issuance of EUR 600,000,000 fixed rate notes due April 2034 and EUR 600,000,000 fixed rate notes due October 2029 to refinance the takeover bid on Aveva,
  • Advised ADP Group on the setting up of its EUR 10 billion EMTN programme registered with the French market authorities (AMF).
  • Advised Worldline on the launch of a tender offer for repurchase for cash on its €600,000,000 1.625% bonds due September 2024 issued in 2017 and on its €500,000,000 0.25% bonds due September 2024 issued in 2019.

Jones Day

Jones Day assists issuers and arrangers with the set up of EMTN programmes and subsequent issuances, as well as with covered bonds, convertibles and ESG bond work. The team handles a steady stream of hybrid and non-standard work requiring the input of the firm’s derivatives and structured finance experts. The group also shows good ability to handle innovative work such as advising on digital token and bonds issuances through the blockchain. Of counsel Natalia Sauszyn is the key figure in the team and co-heads the DCM practice alongside US capital markets specialist Linda A Hesse.

Responsables de la pratique:

Linda A. Hesse; Natalia Sauszyn

Les références

‘Natalia Sauszyn is able to perfectly combine her knowledge in the field of “traditional” finance and new blockchain concepts to help us innovate in the field of security tokens.’

‘Perfect mastery of subjects. Listening skills. Good organization.’

‘Efficient team, attentive to the customer and very responsive. ’

Principaux clients

BNP Paribas

Crédit Agricole S.A.


Groupe BPCE

AXA Home Loan SFH

BNP Paribas Fortis SA/NV

Crédit Agricole Corporate and Investment Bank

JP Morgan SE


European Bank for Reconstruction and Development

International Finance Corporation (World Bank Group)

Principaux dossiers

  • Advised Crédit Agricole Home Loan SFH as issuer, on the issuances of EUR 7.5 billion and CHF 280 million covered bonds listed on Euronext Paris and on SIX Swiss Exchange since August 2022.
  • Represented BNP Paribas, as issuer and sole bookrunner, in the offering by BNP Paribas of EUR 75 million non-dilutive cash-settled zero coupon convertible bonds.
  • Advised Crédit Foncier de France on the restructuring and bondholders’ consultation of two series of French law governed bonds, and one series of US law governed bonds.

Stephenson Harwood

Headed by French and UK qualified Jeremy Grant, Stephenson Harwood’s Paris practice handles a cross-border and international work, regularly working alongside colleagues from the firm’s international offices. The team assists issuers and several financial institutions with mid-cap and complex transactions, spanning sustainability-linked bonds, eurobonds, hybrid offerings, secured notes and liability management work.

Responsables de la pratique:

Jeremy Grant

Les références

‘Quality work. The firm seeks to adapt standards to the needs of their clients, even if it means having to explain and negotiate these changes for the rest of the transaction.’

‘Jeremy Grant demonstrates ingenuity, pragmatism and rigor.’

‘Jeremy Grant and his team are incredibly commercial. He provides good advice, works efficiently and is overall a pleasure to work with. His commercial attitude is excellent. He is able to boil down difficult issues.’

‘Very good technique, reasonable billing and adapted to mid-sized companies, high availability.’

‘Jeremy Grant: available, very technical ‘.

‘Team with excellent market knowledge. efficient and pleasant collaboration.’

‘Jeremy Grant is particularly available and proactive; the issues are clearly identified. Responses are also always given within deadlines. Clement Leung also has precise knowledge of his field of derivatives activities.’

Principaux clients

Touax SCA


Grit Real Estate Income Group Limited

Halyk Bank

Louis Dreyfus Commodities

Fleetscape Capital Limited

Société du Grand Paris

Principaux dossiers

  • Advising GRIT Real Estate Income Group Ltd. (GRIT) on a US$306 million debt refinancing and syndication, with Standard Bank as the sole mandated lead arranger.
  • Advising SCOR SE on its new contingent capital programme.
  • Advising Louis Dreyfus Commodities on its five-year JPY 10 billion of 0.89% per cent sustainability-linked bonds.