As capital markets have developed and diversified, we have helped our clients navigate these important changes and take advantage of opportunities. Over the years, our lawyers have had a prominent role in many of the developments that have transformed the capital markets, most notably the growth of the high yield market, the globalization of capital markets and the increase in worldwide privatizations.
Providing U.S., English, French, German, and Hong Kong law advice from our offices in many of the world’s major financial centers, we have the knowledge and skills to counsel clients on complex, multi-jurisdictional transactions as well as important local transactions. Both issuer and underwriter clients rely on us for sophisticated advice on the full range of international securities offerings, regulatory compliance and corporate governance issues. We also regularly advise business enterprises, management, boards of directors and board committees on matters relating to regulatory compliance, Dodd-Frank, Sarbanes-Oxley and corporate law. This breadth of experience has enabled us to assist clients with complex and innovative securities offerings.
We advise on public and private securities offerings, including global offerings, initial public offerings, follow-on equity offerings, convertible and other equity-linked offerings, spinoffs and split-offs, liability management, acquisition finance and leveraged buyouts, investment-grade debt offerings, high yield debt offerings and securitizations. We also advise on securities law and corporate governance issues, including periodic disclosure for domestic and international companies of all sizes, corporate governance advice to boards of directors and their committees, compliance by non-U.S. multinationals subject to U.S. regulatory standards, and advice to trustees and corporate trust intermediaries.
Our Capital Markets Group was among the most active of all law firms in 2019 advising issuers and underwriters on the full range of capital markets transactions, including offerings of equity, high-yield and investment-grade debt, hybrid securities and liability management transactions. Our year-end 2019 Bloomberg capital markets law firm league table rankings include the following highlights:
According to Refinitiv Thomson One Banker, Shearman & Sterling advised on over 200 global capital markets offerings in 2019, with an aggregate U.S. dollar value of almost $170 billion.
This included advising on debt, equity and hybrid offerings by issuers based in 38 different countries spanning a wide variety of industries, including aerospace and defense, automotive, banks and financial services, biotechnology, building and construction, chemicals, consumer and retail, containers and packaging, educational services, energy and power, food and beverage, government, healthcare, infrastructure, machinery, media and entertainment, oil and gas, real estate, software and internet technology, telecommunications and transportation, among others.
We have a global capital markets practice that is recognized among those of leading law firms in jurisdictions throughout the world. In the various current regional editions of Chambers & Partners, our practice is recognized in one or more capital markets categories among the top three bands of law firms in the following countries/jurisdictions:
“Acts for both issuers and underwriters on a range of corporate and securities matters. Able to advise on a wide variety of capital markets deals, ranging from high-yield debt offerings to IPOs. Utilizes its notable cross-border capability in advising international banks on their most complex transactions.”
- Chambers USA 2019
“Enjoys a respected global reputation across all areas of capital markets, recognised as a good-quality team which remains active and visible in numerous markets across all regions. Represents a range of FTSE 100 and Fortune 500 companies, hedge funds, asset managers and large financial institutions. Benefits from highly integrated London and New York practices and is effective in conducting complex cross-border transactions smoothly from its offices in key hubs and financial centres.”
- Chambers Global 2020
“Shearman & Sterling has built an enviable reputation for advising companies and financial institutions on some of their most important transactions and cases in Europe and internationally. In addition to working on local and pan-European matters, the firm’s London office has deep experience in cross-border work, advising European clients as they expand their business operations globally, as well as clients from all parts of the world looking to invest in Europe.”
- Chambers UK 2020
“Extremely strong high-yield debt team with a stellar reputation for its work on complex cross-border offerings, including activity in South-East Asia. Also well respected for its efforts in the investment-grade space, regularly representing blue-chip issuers and international banks in Singapore and China. Additionally very skilled at working on IPOs and secondary share issuances, with recent big-ticket deals in Japan, Hong Kong and Indonesia.”
- Chambers Asia-Pacific 2020
“Prestigious firm boasting an impressive portfolio of corporate and banking clients engaged in a broad range of debt and equity securities transactions throughout the region. Recognised for its experience acting for both issuers and underwriters on high-value notes and corporate bond issuances, IPOs and follow-on offerings, in addition to major sovereign debt offerings and liability management deals.”
- Chambers Latin America 2020
“It's a very professional firm," says a client, who notes: “I like the fact that the firm can always provide expertise our primary partner may not have. They can always organize Shearman's resources to address our needs.”
- Chambers USA 2019
We advise boards and senior management on a broad range of governance matters, including crisis management, shareholder activism, proxy access, shareholder engagement, anti-takeover defenses, board structure and operations, shareholder proposals, executive and director compensation and director self-evaluations. Our lawyers include former SEC directors, former public company general counsel and board members and former federal prosecutors and senior government officials. Since 2003 we have published an annual Corporate Governance and Executive Compensation Survey, which examines the key governance structures and practices of 100 of the largest U.S. public companies.
Shearman & Sterling’s Leveraged Finance lawyers are leaders in the high yield and leveraged bank market. Noted for their in-depth understanding of the business and legal considerations involved in leveraged credits, our lawyers offer a combination of market experience and a broad range of capabilities in the capital markets and the syndicated lending marketplace. We represent commercial banks, investment banks, mezzanine and second-lien providers, private equity sponsors and corporate borrowers. Our team includes lawyers from the global Capital Markets and global Finance teams based in New York, London, Paris, Frankfurt, Milan, Singapore, Hong Kong and Abu Dhabi, working in close collaboration with members of the Financial Restructuring & Insolvency and Project Development & Finance teams when needed.
Clients rely on us for sophisticated, market-recognized advice and deal management for acquisition and other leveraged financings across a wide range of industries, financial sectors and jurisdictions. We provide innovative and creative approaches that anticipate the requirements of all parties to complex, multi-jurisdictional transactions, including: