Matthew Cahill of Sidley Austin, London and Cathy Kaplan of Sidley Austin, New York, discuss the drastic changes that the structured finance market has undergone since the financial crisis.
Eui Jong Chung of Bae Kim & Lee, Seoul and David Goldschmidt of Skadden Arps Slate Meagher & Flom, New York, discuss the current features of the debt and equity markets.
"By transforming illiquid assets into tradable securities, securitisation has helped channel cash flow to borrowers and fund significant economic development. Securitisation has also helped issuers and investors diversify risk across asset classes and across the globe."
The 2016 edition of Who’s Who Legal: Capital Markets includes an impressive 804 listings across 56 jurisdictions in the areas of debt and equity, Islamic finance, and structured finance.
Capital markets powerhouses Clifford Chance and Allen & Overy lead the research this year. Both firms achieve 30 listings, and demonstrate the depth and breadth of their offerings across all three areas throughout Europe, Asia, the US and the Middle East.
They are closely followed by fellow full-service firms Sidley Austin, Linklaters, Baker & McKenzie and Latham & Watkins.
The most highly regarded individuals in the debt and equity, structured finance, and Islamic finance chapters are also recognised in this edition.
According to lawyers 2015 was a year of uncertainty, with the unsettled state of the current market largely attributed to the slowdown in the Chinese economy, the drop in oil prices, the Brexit debate and ongoing US elections. While the global debt markets have remained buoyant, albeit with a slight downturn, the equity side has witnessed a slowdown in activity, with companies reluctant to participate until the market becomes less sceptical. Furthermore, the practice area has seen a boom in the fin-tech sector over the past year, as alternative sources of funding, such as online and peer-to-peer lending, continue to diversify the market and broaden the options available for those seeking access to capital.
The 11th edition comprises 574 practitioners from 214 law firms across 57 jurisdictions, divided between three distinct areas within capital markets law: debt and equity, Islamic finance and structured finance.
This year, our listings comprise of 609 practitioners recognised across three distinct areas within capital markets law; debt and equity, Islamic finance and structured finance. Clifford Chance leads the way in our research with individuals recognised in all three sections. Following closely behind is Allen & Overy, which has practitioners from its offices across the Middle East, Asia-Pacific and Europe singled out. Four further firms also stand out; Linklaters, Latham & Watkins, Freshfields Bruckhaus Deringer and Sidley Austin.
We also recognise the leading individuals in the world for debt and equity, Islamic finance and structured finance.
By summer 2013, the financial media worldwide was speaking as if the post-recession era had reached a turning point. Although widespread economic revival and extremely low interest rates have recently inspired the growth of capital raising, this position has been widely viewed as unsustainable. As a result, observers are concerned with how the market will cope with rising interest rates and the quantitative easing policy of central banks, as they try to navigate their way out of crisis management.
This year’s research into the leading capital markets lawyers focused on three distinct areas of specialism: debt and equity; structured finance; and Islamic finance. Through extensive conversations with lawyers and corporate counsel, we have identified the firms and practitioners that stand out worldwide. Allen & Overy leads this year's research with an impressive 22 inclusions, followed very closely by Clifford Chance which boasts 21 listings.
The majority of the lawyers we spoke to this year mentioned that 2012 and the first part of 2013 have been slow for traditional debt and equity capital markets transactions, mostly due to market conditions. In contrast the "niche" area of Islamic finance is enjoying a "boom", with Islamic products and transactions being seen not only in the Middle East, but also the US and UK.
With the benefit of over 15 years of research and tens of thousands of votes from clients and private practitioners, Who’s Who Legal takes a closer look at developing trends in the capital markets legal marketplace worldwide.
This year we recognise the leading capital markets practices and firms, selected for their experience and reputation.
With the benefit of over 14 years of research and tens of thousands of votes from clients and private practitioners, Who’s Who Legal takes a closer look at developing trends in the capital market legal marketplace worldwide.
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Nominees have been selected based upon comprehensive, independent survey work with both general counsel and private practice lawyers worldwide. Only specialists who have met independent international research criteria are listed.