At Allen & Overy LLP, 'the team is incredibly professional, knowledgeable, agile, pragmatic and solution-driven', with one client remarking that 'they strive to find a solution satisfactory to all parties, have a fantastic helicopter view of the market, and the breadth of their business is amazing'. The firm has an outstanding track record in all aspects of debt capital markets work. Jonathan Melton leads the practice, and he excels in EMTN programmes, straight debt and equity-linked issues, and statutory covered bonds. Theo Trayhurn frequently advises on regulatory capital issuance by financial institutions and high-profile blue chip corporate bond issues. Jamie Durham's works spans regulatory capital, emerging markets, Islamic finance and equity-linked and liability management transactions. US-qualified partner Sachin Davé specialises in advising foreign governments, issuers and investment banks in connection with equity and debt offerings, including Rule 144A, Regulation S and other private placement transactions as well as U.S. SEC- registered offerings. Tom Grant has a particular emphasis on the raising of regulatory capital, while Peter Crossan's work includes green bonds, corporate debt restructurings and liability management. Daniel Fletcher and head of international capital markets Amanda Thomas also excel in the DCM space.

Clifford Chance LLP has 'a top-quality DCM team with an excellent set of hands-on partners'. The firm is a trusted adviser to many of the world's leading financial institutions, corporates, governments, supranational organisations and multilaterals on high-value and high-profile deals, among them many market firsts. Simon Sinclair, who leads the practice, and key partner Kate Vyvyan are 'good technically and they stay involved in their deals'. Vyvyan and Michael Dakin advised CBRE Global Investors' on its issue of €500 million of bonds. Vyvyan also acted for the UK government on its inaugural green gilt issue of £10bn. Paul Deakins, who frequently acts for both underwriters and issuers, is 'the partner of reference in liability management and his excellent technical knowledge and expertise are second to none'. Deborah Zandstra, who leads the firm's sovereign debt advisory practice, is 'superbly creative, smart, and responsive'. Clare Burgess, who handles a wide range of infrastructure transactions including project bonds, private placements, corporate bonds and multi-source financings, and Andrew Coats, who handles  both privately placed and listed or publicly offered securities, are key figures in the practice. Long-serving partner David Dunnigan retired in 2022.

Linklaters LLP is 'at the cutting edge of DCM, providing strong technical advice in tune with legal and market developments, and smooth transaction management', according to one client. 'Having been there at the inception of the debt capital markets decades ago, they have always had a leading position and a high level of expertise', remarks another. The 'level-headed, technically spot on' Ben Dulieu leads the practice. Cecil Quillen is 'a top US partner with so much experience, he has seen everything'. Elaine Keats, who handles both ECM and DCM transactions, is 'extremely experienced and knowledgeable, as well as super responsive'. Senior capital markets partner Richard Levy and his team of associates 'really care about the relationship and always try to make sure the client is comfortable'. The 'tenacious and thorough' Richard O’Callaghan is highly recommended for equity-linked transactions. Carson Welsh is a key partner in the practice. The firm has a strong team of emerging partner talent, among them Arjun Muddu, and managing associates including the 'meticulous' Andrew Chaplin.

White & Case LLP has 'hardworking partners and associates who make a very experienced and solution-driven team'. The firm is a leading player in emerging markets debt issuances, and also has a market-leading sovereign debt practice. Its combination of US and English law capability in London has helped it to extend the scope of its work in recent years, giving it a strong presence in key areas including regulatory capital trades, green and ESG-related bonds, inaugural investment grade debt issues, and liability management transactions. The standout practitioners are Melissa Butler, whose recent work includes $3.25bn of issuance by the Republic of Ghana under its GMTN programme; Ian Clark, who assisted Qatar Energy with a $12.5bn offering of notes, which was the largest emerging markets debt transaction of 2021; Stuart Matty, who is 'a fine operator' and who advised Ukrenergo on its $825m sustainability-linked bond; Richard Pogrel (who has 'a pragmatic approach to solving any issues arising and a wealth of experience in complex situations') and newly promoted partner Neha Saran. Associate Anna Soroka also plays a key role in the practice.

At Ashurst, ‘the team is strong at all levels from the partner at the top to the trainees, and the work is done with the correct gearing at all times‘. Another client remarks that the firm is ‘the most responsive external legal team I have ever worked with and they quickly deliver well reasoned, clear and commercially savvy advice at all times‘. The firm has strong institutional relationships with the likes of BP, ANZ and HSBC, and also acts for numerous clients in the infrastructure sector. It is highly regarded for both new bond issuance and debt restructurings. Head of capital markets Anna Delgado ‘has all the attributes which from a client perspective one would expect in a partner providing complex legal services – experience, legal skills, diligence, competence and a calm manner‘. Key partner Alexander Biles acted for Santander UK plc in the update of its  $10bn Euro Commercial Paper Programme and its $30bn US Commercial Paper Programme. Helen Jones , who joined from Freshfields Bruckhaus Deringer LLP, brings extensive expertise in infrastructure and project finance matters.

The capital markets practice lies at the heard of Davis Polk & Wardwell LLP‘s London office, which acts for many of the world’s leading corporate issuers. In London, the firm has both English and US-qualified lawyers, who work across the DCM and ECM markets. Lead partner Reuven Young acted for NatWest Group plc and NatWest Markets Plc in a string of deals, among them an update of its $10bn Rule 144A medium-term notes programme and its offering of $1.25bn in senior notes. He advises on a wide range of public and private cross-border investment grade and high yield debt offerings and equity offerings for international companies, particularly those in the metals and mining, financial services and technology sectors. Up-and-coming partner Leo Borchardt acted for the underwriters of Oesterreichische Kontrollbank Aktiengesellschaft’s two SEC-registered global notes offerings with a combined value of $3.25bn. Borchardt and counsel Connie Milonakis also acted for Indian multinational conglomerate Reliance Industries Limited in a $4bn Rule 144A/Regulation S senior notes offering.

Herbert Smith Freehills LLP has an active issuer and manager side DCM practice advising on the full spectrum of products. Its work spans standalone bonds, regulatory capital instruments, MTN programmes, private placements, equity-linked transactions and liability management deals, whether on a conventional or ESG basis. Global head of debt capital markets Amy Geddes is active on many of the firm's key mandates. Recent examples include a €250m secured exchangeable bonds issue for Glanbia Co-operative Society Limited for the purpose of acquisition funding. Senior associate Omar Shafi also played a key role. US securities partner Dinesh Banani handles Rule 144A securities offerings of both equity and debt and worked with Gabrielle Wong to advise mining technology company Weir Group on its debut issuance of $800m in sustainability-linked notes - the first bond issue in the company's 150-year history. Jake Jackaman, who also handled ESG-related bond issues in 2021, and US-qualified Tom O’Neill also play pivotal roles in the practice.

Renowned for its market-leading high yield debt practice, Latham & Watkins has an increasingly broad debt capital markets offering in London. It is particularly active in debt issuance in emerging markets, and is also highly regarded for its work on liability management transactions. Its work includes a number of market firsts, one recent example being its advice to EQT on a €500m offering that represented the first sustainability-linked bond issued by a private equity firm. Key partner Jennifer Engelhardt led that transaction and also worked with up-and-coming Manoj Tulsiani to assist Goldman Sachs with the establishment of a £400m EMTN programme for Annington Funding. Tulsani leads the practice with the vastly experienced David Stewart, who frequently works from the Moscow office and is a key adviser on deals in Russia and the CIS, as well as the broader CEMEA region. He acted for JP Morgan Chase in a $1.25bn sovereign debt offering by Ukraine. Lene Malthasen retired.

The debt capital markets practice at Norton Rose Fulbright is 'up-to-date with market trends and practices' with one client remarking that the practice is 'highly organised, professional and responsive'. The firm has a broad practice that encompasses investment grade and emerging markets debt, transactions for sovereign and supranational issuers, project bonds, debt restructuring, corporate trust matters, Islamic finance and a niche Canadian debt issuance practice. Practice head Peter Young handles debt offerings under both English and New York law. Farmida Bi is now global chair of the firm, and focuses on sustainability and corporate social responsibility. In the DCM space, her work is predominantly concerned with corporate trustee advice, sovereign debt, project bonds and restructurings. Peter Noble is best known for advising Canadian issuers and their dealers in the international debt markets, though he has a broader European DCM practice. Emerging partner talent Kirstin Russell acts for corporate trustees and agents in the UK, US and Asia on a wide range of debt instruments.

Shearman & Sterling LLP has 'an extremely experienced debt capital markets team'. The firm assists issuers, underwriters and sponsors with the full spectrum of debt capital markets transactions, both public and private, including equity-linked notes, investment grade offerings and liability management transactions. Trevor Ingram is the firm's EMEA capital markets team leader, and he focuses on international transactions including US federal law securities. He specialises in high yield and investment grade issuances and frequently works for clients in emerging markets including the Middle East and South Africa. Leveraged finance and capital markets specialists Marwa Elborai and Pawel Szaja are 'exceptional partners with excellent sector knowledge, skills and commercial acumen'.

Sidley Austin LLP is viewed by one client as 'the standout UK debt capital markets practice — seamlessly integrating US and UK issues'. Another remarks that the firm is 'exceptional in terms of understanding the client's needs'. The European capital markets group is best known for its work with US and Asia-Pacific issuers accessing European markets, as well as European issuers accessing US markets. It handles a strong flow of investment grade debt issuance, as well as liability management deals and debt restructuring. David Howe, who 'has a keen eye for assessing legal risk, deep technical experience, market knowledge and the ability to come up with highly innovative solutions', leads the practice along with Mark Walsh, who leads the US law practice in London. Howe and counsel Benedetta Pacifico acted for joint bookrunners and joint lead managers, among them Citigroup Global Markets Singapore and Deutsche Bank, in the $850m issuance of green subordinated perpetual non-call 5-year securities by global investment manager GLP Pte, proceeds from which will refinance eligible green projects.

At Skadden, Arps, Slate, Meagher & Flom (UK) LLP, clients appreciate ‘the expertise, business approach and availability‘ of partners. The DCM practice is active in the UK, European and US debt markets on behalf of issuers, underwriters and other market participants. The majority of its work is cross-border and from London it is active in debt deals in the greater European region, the CIS and  the Middle East, as well as offering a wealth of experience in many emerging markets. Its focus is on Eurobonds, sovereign debt, convertible bonds, regulatory capital trades, EMTN and other debt programmes, as well green and sustainability-linked bonds. European head of capital markets Danny Tricot ‘provides excellent service and strong engagement‘, while head of the London office Pranav Trivedi is a key adviser on corporate finance transactions. Tricot acted for Citigroup, JPMorgan and other lenders in a $12.5bn Rule 144A/Regulation S offering of bonds by Qatar Petroleum, the state energy company of Qatar, which is now known as Qatar Energy. US capital markets partner James McDonald handles corporate finance transactions, focusing on international offerings of securities. Associate Andrew Hurwitz ‘has very good technical skills, is very responsive to queries and pushes matters forward‘.

‘The team is responsive, and knowledgeable’, say clients of Slaughter and May.   Another notes that the firm has 'an extreme breath of knowledge across all debt capital market transactions, providing useful insight that helps the client with important decision-making'. The firm is a key adviser on UK public company debt issuance, though it is also increasingly active for underwriters. Lead partner Matthew Tobin who is 'able to provide solutions to unexpected challenges and is very responsive to queries',  acted for AerCap Holdings N.V., the world's largest aircraft leasing company, in the establishment of a new EMTN programme that is now listed on the GEM market of Euronext Dublin. Key partner Edward Fife assisted online fashion retailer ASOS with the issuance of £500m in unsecured convertible bonds. Guy O’Keefe and newly promoted partner Kevin Howes advised Cineworld Group plc on an issuance of $213m of convertible bonds that were privately placed with a select group of leading institutional investors. Caroline Phillips also plays a key role in DCM transactions and handled a €500m bond issue by INEOS Quattro Finance.

Sullivan & Cromwell LLP has a strong track record in novel and high-profile debt capital markets transactions, whether under English or US law, and its London office is a key hub in a global network that enables it to act for both issuers and underwriters in business-critical bond offerings. Vanessa Blackmore leads the practice and frequently assists clients with international debt, equity and equity-linked financings, debt advisory matters and liability management. Evan Simpson represents a range of European corporate clients in connection with both SEC-registered and exempt offerings to US investors. He advised Bank of Ireland Group on its $1bn issuance of notes, the bank’s first offering to US investors in four years. Key partner Chris Beatty has a broad finance practice, as part of which he handles distressed debt transactions and secured and unsecured debt finance transactions. John Horsfield-Bradbury acted for BP Capital Markets America Inc. on its $1.5bn SEC-registered offering of guaranteed notes. 

Addleshaw Goddard climbs the ranking having expanded the scope of its DCM work beyond its core area of social housing finance. The firm has also recruited to bolster its skillset. Carl Posern, who joined from Pinsent Masons LLP, brings extensive experience advising on European covered bond transactions. Jacqueline Heng, formerly of Norton Rose Fulbright, frequently advises dealers and issuers on international transactions, among them EMTN programmes, standalone bonds, ECP and CD programmes, convertible bonds, structured notes and private placements. They join practice head Beth Collett, who is 'a class above' and works closely with key partner Steve Mackie on social housing finance. Collett acted for BNP Paribas, HSBC Bank plc and Lloyds Bank Corporate Markets plc in a £350m issuance by Onward Homes Ltd. One client sees the firm as 'the market -leading franchise in debt capital markets issuance for the social housing sector - dependable, clear and reliable'.

Akin has 'a deep bench of knowledgeable partners and associates that understand the debt product very well, specifically the private debt product' with one client noting that it is 'easily the go-to firm for private debt and restructurings'. The firm's key areas of focus are the representation of institutional investors in new issuances of debt in cross-border private placements and acting for issuers in emerging markets transactions. Robert Aulsebrook leads the issuer and emerging markets side of the practice, while Tom O’Connor is head of the newly reorganised London finance group and leads on cross-border private placements. O'Connor acted for PGIM on the purchase of €40m in unsecured notes issued by Antares Vision.  Key partners Barry Russell and Michael Gustafson are 'excellent and great to work with - reliable, available and super on-point'.

Baker McKenzie has 'a very good team with many years of experience in the capital markets'. In the sovereign and emerging markets debt space, the firm frequently handles high-profile and complex transactions, among them the $500m issuance by Pakistan Water and Power Development Authority under its green bond framework. Key partner Roy Pearce, who 'has extensive experience in the emerging markets, great understanding of the clients, clients' needs, culture and potential requirements of local laws', handled that deal along with private placements expert Megan Schellinger. He also worked with Schellinger to assist the Ministry of Finance of Georgia with a $550m offering of debt. Adam Farlow, who is qualified in both New York and English law, leads the practice and, though he is primarily focused on high yield transactions, has a broad DCM practice. He worked with Schellinger on the $75m issuance of Tier 1 capital by JSC TBC Bank in Georgia. Senior associate Maxim Khrapov is also a key adviser on standalone Eurobonds, debt programmes, liability management and restructuring transactions.

‘The team providing legal advice is very responsive', say clients of Cravath, Swaine & Moore LLP, adding that 'the approach taken is to develop practical solutions following the question'. Co-head of the EMEA capital markets practice Philip Boeckman has a broad ECM and DCM practice. Counsel Lawrence Verhelst acts for corporate and sovereign issuers and financial institutions in US and international capital markets transactions, including high yield and investment grade debt. Both are 'very knowledgable and they listen and develop legal solutions that are practical'. In 2021, Boeckman represented the European Investment Bank in four registered notes offerings with a total value of $15bn. George Stephanakis  , who co-leads the EMEA finance practice, acted for AngloGold Ashanti in a $750m registered notes offering, and assisted Casino Group with a cash tender offer for its 2025 and 2026 EMTN notes.

Dechert LLP ‘shows extended knowledge of capital markets and provides timely and competent advice with a view to client’s needs and intentions‘. The firm is best known for emerging markets sovereign debt offerings. In 2021, it handled issuances by the Kingdom of Bahrain and the Republic of Albania, among others. Head of international capital markets Patrick Lyons is a key adviser to banks, sovereigns and quasi-sovereign issuers. He acted for Arab Republic of Egypt in combined issuance of $3.75bn in notes, including $1bn under its GMTN programme. Key partner Jennifer Rees handles cross-border transactions involving emerging market issuers. She handled a $500m notes offering for JSC Georgian Railway. Lyons and senior associate Amy Rees are ‘extremely diligent, professional and hardworking, and they anticipate potential problems before they actually develop‘.

Dentons provides 'timely deliverables and good visibility of the process', with one client remarking that the firm 'always comes up with required solutions and is very professional in dealing with other parties'. The firm is best known for its emerging markets debt practice, and lead partner David Cohen assisted Republic of Kenya with its offering of $1bn in amortising notes to institutional investors in the US. Nick Hayday, who is 'very client-oriented and has excellent relationship skills', has a diverse practice that sees him act for underwriters and issuers in connection with eurobonds, private placements, MTN programmes, and loan participation notes, as well as Islamic finance securities. Hayday and Cameron Half, who leads the US Securities practice in EMEA, acted for Georgian telecommunications company JSC Silknet in its $300m debut Rule 144A/Reg S bond issue. Catriona ’Kitty’ Lloyd is a key adviser to corporate trustees and security agents. Senior associate Victoria Wyer is 'great at coordinating different work flows'.

The capital markets group at DLA Piper in London works closely with the firm’s corporate, restructuring and projects practices to handle DCM transactions across the UK, Europe, APAC and North America. It acts for both issuers and investment banks in debt securities offerings, among which are eurobonds, commercial paper and MTN programmes, social and green investment bonds and Masala bonds. UK head of capital markets and structured investments Tony Lopez and global co-chair of financial services Mark Dwyer are the lead practitioners. Dwyer assisted Neqsol Holding and VF Ukraine with a consent solicitation for $500m in notes. Lopez acted for London-listed aircraft leasing company Avation PLC in negotiations to secure a maturity extension for its $350m in senior notes. Joywin Mathew frequently assists international banks, funds and corporates with complex, multi-jurisdictional finance transactions, including equity-linked debt offerings and private placements. Ronan Mellon is recommended for project bonds.

The London office of Hogan Lovells International LLP works closely with other offices in the firm's international network to handle cross-border matters, drawing on expertise in both English and US law. It has niche expertise in advising bondholders on distressed debt situations, and it is one of the few firms to have a dedicated trust and agency practice. Practice head Kit Johnson is a vastly experienced partner who acts for corporate trustees on the full spectrum of capital markets transactions, both new issuances and in regard to post-issuance issues. He is particularly recommended for advice on distressed debt situations and inter-creditor disputes. Andrew Carey frequently handles international debt offerings, including securities programmes, corporate issuance and sovereign bonds. He also acts for trustees and other stakeholders in bond restructurings, and is co-head of the firm's sustainable finance and investment practice group.

The practice at Mayer Brown International LLP is 'technically very good, extremely reliable, and truly focuses on their clients' best interests'. The firm continues to broaden the scope of its DCM work, which spans commercial paper and MTN programmes, regulatory and hybrid capital issues, equity-linked securities, high yield bonds, and project bonds. Peter Pears, who joined from Clifford Chance LLP, brings considerable experience advising issuers and underwriters on complex domestic and international debt capital market offerings, including a emerging markets issuance. 'He is always responsive and happy to talk through any query, offering clear and pragmatic solutions to often complex issues', notes one client. He joins experienced partner James Taylor, Bernd Bohr, Rob Flanigan and emerging markets specialist Jim Patti.

Morgan, Lewis & Bockius UK LLP is ‘highly professional, very responsive to the client’s needs and has real experts in this field‘. The firm does not target commoditised capital markets work but instead handles innovative and complex deals. Its recent work includes investment grade programmes, debt offerings by FTSE 100 UK plcs, debut bond transactions by emerging markets issuers, private placements, convertible bonds, liability management transactions and a range of structured DCM deals. Head of debt capital markets Carter Brod , who is ‘extremely patient and gives exceptional advice‘ and head of international finance Bruce Johnston are the lead partners in London. Both acted for Turkish bank Aktif Bank on the update of its €390m note issuance programme and an initial offering of $148.5m in notes.  Tim Corbett has ‘a great breadth and depth of US corporate law for both equity and debt transactions, so you feel you’re in safe hands'.

Simmons & Simmons acts for major investment banks, global corporates and institutional investors in capital markets transactions. Though the practice does not handle a large volume of transactions, it is capable of handling the most complex, cross-border deals. Practice head Piers Summerfield, who has notable expertise in equity-linked transactions, and key partner Charles Hawes, who is dual-qualified in New York and English law, are the principal practitioners. Summerfield acted for global entertainment company Eros STX Global Corporation in a consent solicitation for £50m in UK-listed retail bonds. Managing associate Leon Yap, who has extensive experience in European commercial paper programmes for major UK corporates, assisted with that transaction.

Willkie Farr & Gallagher (UK) LLP climbs the rankings on the strength of its presence in key market niches. The practice acts for private equity sponsors, corporate issuers and financial institutions on the full spectrum of capital markets transactions in the UK, Europe and the US, but it is particularly strong in Rule 144A and Regulation S debt transactions, liability management transactions and insurance-linked debt instruments. The firm's deep knowledge of regulatory and rating agency capital adequacy criteria and capital markets structures and processes make it a prominent adviser on complex insurance industry capital raisings involving Solvency II and BMA Tier 1, 2, and 3 regulatory capital requirements. London head of capital markets Jennifer Tait and head of corporate insurance capital markets Joseph Ferraro are the key practitioners. They acted for Lancashire Holdings Limited in its $450m offering of notes listed on the London Stock Exchange. Associate David Griffiths in the insurance transactional and regulatory practice is a key adviser on insurance-linked securities.

Alston & Bird LLP stands out for its work on corporate trust and agency matters, which is now a firmly established practice in London. The firm advises clients across the US, UK and Europe on a broad range of cross-border and domestic transactions, among them investment grade bonds, solar bonds, MTN programmes, sovereign debt and high yield bond issuances. The key partner in London is James Fisher, who counts The Bank of New York Mellon, US Bank and Wilmington Trust among his key clients. Fisher is also an integral part of the ESG advisory group, which helps clients understand the growing prominence of ESG investing, as well as environmental and social risk and compliance. He advises corporate trustee clients on the development of their own ESG policies, as well as helping clients develop ESG-related products and services. 

Arnold & Porter is a leading adviser on sovereign debt issuance, and it continues to build on its extensive track record with a string of deals for governments in both emerging and developed markets. Lead partner Jeremy Willcocks leads the London practice, working closely with Whitney Debevoise, who works in both Washington DC and London and frequently handles deals in Latin America. Willcocks advised the Republic of Turkey on several offering in 2021, including the issuance of $2.25bn in lease certificates and $1.75bn in bonds. Associate Kardia Leung plays an increasingly important role in the practice.

The DCM practice at Fried, Frank, Harris, Shriver & Jacobson LLP is ‘very friendly and knowledgeable, and it has great knowledge of the Nordic markets'. The firm frequently advises sponsors, issuers, advisers, underwriters, investors and shareholders, thanks to its London-based team of US, UK and internationally qualified lawyers. The team focuses predominantly on more sophisticated and complex deals across all levels of the capital structure, rather than handling a large volume of transactions. Head of EMEA transactions Ashar Qureshi and John Satory, who has significant experience in the Nordics, Benelux and the UK, are the key partners.  Special counsel Aseet Dalvi, who joined from Cleary Gottlieb Steen & Hamilton, handles investment-grade and sub-investment grade debt capital markets transactions.

Greenberg Traurig, LLP joins the ranking this year having become more active in debt capital markets transactions. Andrew Caunt leads the securities practice, which covers both ECM and DCM transactions. Dorothee Fischer-Appelt, who is dual-qualified in English and US law, is a key adviser on DCM transactions. The firm has an active debt private placement practice and is also a key adviser on social housing bonds. Helena Nathanson, who focuses predominantly on structured finance, is a key adviser on trustee matters in the DCM space.

Morrison Foerster has a market-leading practice for US private placements, for which practice head Scott Ashton is 'one of the best lawyers on the street'. Ashton acted for Eastlight Community Homes Ltd in a £120m private placement funding deal with four North American investors. He also leads the firm's Nordic desk, which continues to generate DCM work. For example, Matthew Dunlap acted for a syndicate of 15 banks, among them BNP Paribas and Deutsche Bank, in the inaugural $2bn offering of senior notes by Lundin Energy Finance. Brian Bates, who is 'fantastic with clients and incredibly knowledgeable', also plays a pivotal role in the practice and acted for Bellway Homes Ltd in a £130m USPP.

Pinsent Masons LLP is known for 'very efficient transaction management and excellent collaboration with all stakeholders'. The firm frequently advises UK clearing banks, among them HSBC Bank, Banco Santander and NatWest Markets, but is rapidly developing its issuer-side practice. Head of banking and restructuring Edward Sunderland, who is 'pragmatic and reliable', focuses predominantly on private bonds or asset-backed structures. Newly promoted partner Alexis Hayworth has a broad practice includes public bond issuance, commercial paper finance and liability management. Both are active in the social housing bond market and also handle issues in the education sector. Hayworth acted for King's College London in the private placement of a £125m sustainability bond. Sunderland assisted Pension Insurance Corporation plc with a £67m private placement for the London Borough of Bromley, which will be used to purchase up to 300 affordable homes.