Allen & Overy

Expertise covering a wide range of finance

The International Capital Markets (ICM) practice comprises one of the world’s leading and most respected groups of lawyers advising on debt, equity, equity-linked and asset-backed securities, derivatives and structured products. With over 60 partners and some 250 associates based in each of our 25 offices, we have one of the largest teams of Capital Markets lawyers anywhere in the world.

Our expertise covers a wide range of financial products including debt issuance and commercial paper programmes, debt issues, initial public offerings (IPOs) and other international equity offerings, equity-linked issues, over-the-counter and primary market derivative products, re-packagings and collateralised debt obligations (CDOs), securitisations, tiered capital issues.  Our clients include many of the major international financial institutions, the trustees of securities issues, issuers (debt or equity) and selling shareholders.

Trainees play an important role within the ICM department and will typically be involved in drafting and helping to negotiate legal documents, liaising with clients, foreign lawyers and various stock exchanges, managing transactions and handling signings and closings. Our team is often seen as the market leader within the industry and this brings the opportunity to work on major high-profile deals, widely regarded as benchmarks in the industry.

Recent ICM highlights include having advised the Emirate of Abu Dhabi on its US$1 billion bond issue; Citigroup, Deutsche Bank and HSBC as underwriters on a US$750 million bond issue for the Islamic Republic of Pakistan; Banco Espirito Santo, Merrill Lynch and Morgan Stanley as underwriters on a Euro 750 million exchangeable bond issue by Portugal Telecom; and Morgan Stanley as arranger on the BlueOrchard Loans For Development microfinance securitisations which provide funding for low-income borrowers in a number of developing countries (in light of the benefits of these transactions, we provided our advice on a part pro bono basis).  We have also advised on a number of innovative structured products including having acted for Barclays Bank as arranger of the world's first Collateralised Commodity Obligation (CCO), Belo plc.

You can find more information about the Finance: ICM practice area on the main Allen & Overy website.