Arnold & Porter remains at the forefront of sovereign finance, representing a range of sovereign governments in Latin America, along with the Republic of Turkey and Hungary. The firm also represents sub-sovereigns and state-owned enterprises, along with a number of financial institutions in global offerings. Although much of the practice centres on debt offerings, it also crosses into the structured finance and derivatives domains. Washington DC partners Whitney Debevoise and Gregory Harrington are leaders in Latin America sovereign offerings, while New York-based Christopher Peterson is a regular adviser to the Republic of Turkey.

Cleary Gottlieb Steen & Hamilton is a dominant force in global offerings, for both sovereign and corporate issuers. The firm represents a number of Latin American states in their capital markets offerings, along with other countries in Africa, Europe and Asia. It also advises a multitude of Latin American corporate issuers, along bulge-bracket investment banks. The firm houses a team of former regulators, making it especially adept at advising foreign issuers looking to tap the US capital markets. Sustainability linked offerings continue to be a forte for the department. Jeffrey Karpf has outstanding client relationships and has led a series of headline and immensely challenging deals over recent years. David Lopez is a leader in liability management, including for Latin America issuers. Mexico capital markets specialist Jorge Juantorena and Francesca Odell are also at the forefront of Latin America capital markets offerings. Adam Fleisher  and Duane McLaughlin are key partners too. All named individuals are based in New York.

Cooley LLP is a market leader in life sciences and technology offerings, including for a growing number of European, Asian and Latin American issuers. A new office in Miami has increased its connection to the Latin American market. In 2023, it continued to work on a series of IPOs and follow-on offerings by issuers in Europe and Asia. The firm has a wide-ranging and impressive client base from start-ups to growth businesses and established public companies. It is also close to key financial institutions. A force in equity offerings, it has a further presence in equity-linked transactions. San Diego-based Charlie Kim heads the capital markets team alongside David Peinsipp in San Francisco. New York’s Div Gupta and Richard Segal are also leading names.

Cravath, Swaine & Moore LLP‘s international reputation sees it act for a large number of foreign issuers, including those from Canada, Europe and Latin America. It represented AerCap Holdings in three equity offerings and two debt offerings in 2023 with a total value of $8.81bn. It also advised Nestlé Holdings on two 144A/Reg S notes offerings, worth $4.5bn. Craig Arcella has a strong reputation for global deals, as do Andrew Pitts and Nicholas Dorsey . Kelly Smercina and Ryan Patrone were promoted to the partnership in January 2023. All are based in New York.

Davis Polk & Wardwell LLP is a global leader in capital markets, right across the equity and debt spheres, including both investment grade and high-yield debt. The firm’s connections to major investment banks and international issuers brings it a wealth of top engagements. In 2023, it advised on the largest US IPO by a European issuer, the largest US IPO by a Latin American issuer and the largest US IPO by an Israeli issuer. Michael Kaplan and Richard Truesdell are global giants in capital markets offerings, while Maurice Blanco and Manuel Garciadiaz are leaders in Latin America transactions, splitting their time between New York and Sao Paulo. Pedro Bermeo is another emerging talent for Latin America offerings. All named individuals are based in New York unless stated otherwise.

Debevoise & Plimpton LLP is best known for offerings by financial institutions and insurance companies, along with having a strong record in representing private equity firms and their portfolio businesses. Headline deals include acting for Westpac Banking Corporation in substantial debt and equity offerings. Chair of the corporate department Matthew Kaplan is an experienced figure in cross-border offerings, as are co-heads of the capital markets group Paul Rodel and Steven Slutzky . All are based in New York.

Dechert LLP has a fine record in cross-border debt and equity offerings, along with international de-SPAC transactions. It is noted for deals involving permanent capital vehicles (including business development companies) and life sciences companies. Boston's Thomas Friedmann co-heads the capital markets group alongside life sciences specialist David Rosenthal in New York. Stephen Leitzell is another key figure in Philadelphia with particular experience in healthcare and technology.

Fried, Frank, Harris, Shriver & Jacobson LLP represents a number of major international issuers that frequently tap the US capital markets. It is also frequently chosen as underwriters’ counsel in headline transactions, and is noted for its work on consumer products, life sciences and financial services deals. Daniel Bursky  leads the capital markets team, which includes senior names Andrew Barkan and Mark Hayek, along with Joshua Wechsler and Lee Barnum . All are based in New York.

Hogan Lovells US LLP has a prolific record in global offerings, especially those involving emerging markets. It routinely represents a range of overseas-based banks, sovereigns, and sub-sovereigns. Richard Aftanas continues to play a pivotal role in developing the firm’s standing in capital markets offerings, including global issuances. Emil Arca is a prominent figure in debt offerings and structured finance transactions, including those originating in Latin America; he is a leader in diversified payments rights (DPR) securitisations. Evan Koster also specialises in Latin America debt offerings, along with sovereign and quasi-sovereign issuances from Latin America, Africa and elsewhere. Sina Hekmat is noted for European offerings, including those by financial institutions. All individuals are based in New York.

Latham & Watkins LLP routinely handles high-profile and headline deals in the market, including IPOs, investment grade debt and high-yield debt offerings. Its geographical reach and global reputation provides it with a wealth of clients and top engagements. It has continued to advise on headline offerings from around the world, including from Europe, Israel, Asia and Canada. It remains actively involved in the Israeli market, representing a number of issuers and underwriters on headline offerings. Marc Jaffe and global head of capital markets Ian Schuman are leaders in international offerings. Key figures also include Nathan Ajiashvili , who has a fine record in the life sciences sector, and Stelios Saffos. All are based in New York.

Mayer Brown is a major force in global offerings, drawing on its profile in Israel, the Nordic countries, Canada and Latin American jurisdictions. It is consistently recognised for its presence in investment grade debt offerings. It has continued to work on large 144A offerings and institutional private placements from Latin America; it has a presence in Brazil through Tauil & Chequer Advogados and has an office in Mexico City. The firm also remains close to a range of Nordic banks along with Canadian banks and pension funds; it is at the forefront of covered bond issuances by Canadian banks. Anna Pinedo is a recognised name in global offerings with a collection of issuer and underwriter clients in the Israeli, Nordic and Canadian markets. Jerry Marlatt specialises in the Canadian market, including covered bond programs. David Bakst  and Chicago partner Edward Best  are also key partners. Named individuals are based in New York unless stated otherwise.

Milbank has a major presence in global offerings, particularly those that originate from Latin America. It remains noted for investment grade and high-yield debt, along with project bonds, liability management transactions and equity offerings. The firm is close to major banks and Latin American issuers with much of its recent practice focusing on managers, underwriters and initial purchasers. Energy, oil and gas, infrastructure, financial services and aviation are key sectors for the capital markets group. Marcelo Mottesi is chairman of the corporate finance and securities group, while also co-heading the Latin America team. Carlos Albarracin is another key partner on Latin America capital markets offerings. Both are based in New York.

Paul Hastings LLP has continued to build out its capital markets practice in New York with a further degree of success in cross-border investment grade debt offerings. The firm also added to its Latin America capital markets expertise with the hire of Grissel Mercado and of counsel Maria Larsen from A&O Shearman in 2023. Green, social and sustainability-linked bonds are another growing part of the international practice. It continues to represent a large number of Latin American and Caribbean issuers, including sovereign governments, along with many of the leading investment banks in global offerings. Alex Herman is another key member of the Latin America capital markets team. Michael Fitzgerald, Joy Gallup and Arturo Carrillo have left the firm and Cathleen McLaughlin  has retired.

Paul, Weiss, Rifkind, Wharton & Garrison LLP has a particular focus on the Canadian market, along with offerings by overseas-based private-equity backed companies; the firm’s close links to Apollo Global Management and other private equity houses, brings it a wealth of issuer clients. Deals range from IPOs to investment grade and high yield debt. Bond offerings linked to acquisitions around the world are another forte for the capital markets team. Christopher Cummings and Adam Givertz  are key names for Canada offerings, splitting their time between New York and Toronto.

A&O Shearman has a strong record in global offerings, advising a vast array of issuers and underwriters; it has particularly close connections to bulge-bracket investment banks. It continues to be amongst the leading firms in global bonds. For Canadian offerings, Jason Lehner is a key capital markets practitioner in New York, is head of the metals and mining practice, and also managing partner of the Toronto office. Hired from Linklaters LLP in August 2023, Alejandro Gordano is noted for ESG-related offerings across Latin America, including sustainability-linked bonds issued by sovereign states. Former partner and now of counsel Antonia Stolper remains active in Latin America deals. Grissel Mercado has left the firm.

Simpson Thacher & Bartlett LLP îs a major force in global offerings, particularly deals originating in Latin America. The firm has outstanding connections to issuers and underwriters, also counting sovereign bond offerings as a key area of business; the firm represented the initial purchaser in the Republic of Guatemala’s $565m sovereign debt offering and the initial purchasers in the Dominican Republic’s $1.8bn sovereign bond offering in 2023. The firm is also active in equity offerings and IPOs for Latin American issuers and has also worked on debt offerings by Canadian and European companies. Juan Francisco Méndez is a senior name for Latin America offerings, along with further colleagues in São Paulo. Mark Brod is another key name for global offerings. Both lawyers are based in New York.

Skadden, Arps, Slate, Meagher & Flom LLP has an outstanding record in global offerings, most notably in deals originating from Canada, Latin America and Israel. The firm’s global coverage and presence in all the world’s premier financial centres, gives it enormous credibility in international offerings. It is also at the forefront of green and sustainability-linked bonds in multiple regions. Michael Zeidel is head of Americas capital markets and David Goldschmidt  leads the global team, while Ryan Dzierniejko continues to make a further impression in global offerings, including Canadian transactions. Gregory Fernicola is another key name for global deals, especially Latin America offerings. Michael Hong and Laura Kaufmann Belkhayat are also prominent partners.

White & Case LLP‘s global presence and commitment to Latin America sees it remain highly active on high-profile global mandates. The firm has substantial offices in Sao Paulo and Mexico City that have cemented relationships with key issuers and underwriters, while it is also especially active in Peru and Chile. The New York office frequently advises on investment grade offerings by European issuers. The large new York team features a wealth of partners that frequently advise on global offerings, including Jessica Chen, Rafael Roberti, Daniel Nam , Jonathan Michels and Andrew Weisberg. John Vetterli has a long track record in Latin America offerings and Joel Rubinstein is a key name for cross-border SPAC deals. Colin Diamond has left the firm.