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Debt capital markets

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Meet the team

Our London debt capital markets team advises market-leading managers, issuers and other notable clients on the full range of debt transactions in the UK and throughout the world.

“At Norton Rose Fulbright, ‘the service is outstanding, with excellent sector knowledge, negotiation skills and execution discipline’” Legal 500 2016 (Debt capital markets - ranked: tier 2)

We provide integrated cross-border advice, working closely with our colleagues throughout Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia.

We advise issuers and international dealers in the European debt market, including European debt issuance programmes, stand-alone Eurobonds, global bond offers, Euro commercial paper programmes and covered bond programmes.

We have particular experience across our key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare.  

With our outstanding reputation in Islamic finance, we also advise on Shariah compliant securitised derivatives and sukuks.

Our areas of work include

  • bond restructuring transactions
  • convertible and exchangeable bonds
  • Islamic finance
  • liability management
  • MTN, CP and CD programmes
  • pre-IPO bonds
  • sovereign debt
  • US corporate finance (including Rule 144A offerings, Regulation S issues and private placements).

Our recent work

  • Advising the Republic of Angola on its inaugural US$1.5bn bond issuance, listed on the regulated Irish Stock Exchange and offered into the United States under Rule 144A and internationally pursuant to Regulation S.
  • Advising the Government of Pakistan on a US$500m sovereign bond issuance, listed on the Luxembourg Stock Exchange and offered into the United States under Rule 144A and internationally pursuant to Regulation S. This is the third capital markets issuance on which we have advised Pakistan in the past 18 months, following its US$2bn bond and US$1bn sukuk in 2014.
  • Advising Sequa Petroleum N.V. on its issuance of up to US$300 million of convertible bonds by way of a private placement.
  • Advising IDCM Limited on a listed solar bond issue and placement with Legal & General Investment Management Infrastructure, who acted on behalf of an external institutional investor. The proceeds of the bonds were used for the refinancing of construction and development costs incurred in connection with a portfolio of UK PV installations with a combined capacity of 45.27MW. We advised IDCM in connection with listing and subscription documents for the listed notes, as well as the refinancing of the PV installations, and the notes were placed on behalf of an external institutional investor.
  • Advising (through our London and Sydney offices) Royal Bank of Canada on its five-year A$1.1 billion fixed and floating notes issued under its Australian Debt Issuance Programme. The Notes form part of RBC’s US$40 billion global Programme for the Issuance of Securities and are settled in Australia’s domestic clearing system, Austraclear, and indirectly in Euroclear and Clearstream.