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Capital Markets

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The Capital Markets team advises issuers (public and private), financial institutions and other participants on all types of capital markets transactions, including in relation to equity and equity-linked products, debt offerings and derivatives.

Our Practice areas

Our team advises issuers, financial institutions and other participants on all types of capital markets transactions:
Equity and equity-linked products;

  • initial public offerings
  • secondary offerings
  • convertible and exchangeable bonds
  • preference shares
  • certificates
  • warrants

Debt offering

  • plain-vanilla and structured bonds
  • Euro Medium Term Notes (EMTN) programmes
  • hybrid instruments (including Tier 1 and Tier 2 for financial institutions and insurance companies)
  • covered bonds
  • obligations foncières
  • obligations de financement de l'habitat
  • high yield
  • commercial paper programmes (including French law titres de créance négociables) 
  • debt restructuring
  • liability management transactions

Derivatives

  • advice and assistance to clients on the regulation applicable to derivative instruments
  • structuring and documenting transactions, including for equity derivatives (including structured financing, hedging and monetization transactions involving forwards, options and swaps)
  • drafting and negotiating ISDA and FBF master agreements
  • securities lending and repo transactions
  • credit derivatives

The members of the Capital Markets team have been working for a long time with regulators such as the Autorité des marchés financiers, the Autorité de contrôle prudentiel,  the Banque de France, NYSE Euronext and Euroclear France, allowing an optimal and smooth treatment of the transactions by such authorities.

Our approach 

A great reactivity, very often essential for market transactions
Synergy of expertise: we call upon the skills of other experts in the firm to ensure that the matters to which we are entrusted are dealt with in the best possible manner and that every transaction is fully covered
Ability to deal with complex issues: our team works on innovative cross-border transactions along with our CMS network partners as necessary, including on US and English law aspects
Innovative, customised solutions: attentive to our clients, we respond in the best possible way to their present and future needs.

Quotes 2023

Chambers Global & Europe

Capital markets : Debt

Capital markets : Structured finance

CMS is particularly highly regarded for its debt and structured finance expertise. The law firm assists with the drafting of German or English law-governed security agreements. The team advises issuers or arrangers and dealers on a range of transactions involving Euro PPs, green bonds, the issuance of covered bonds and the establishment of EMTN programmes. The practice offers further experience in trade receivables securitisation, leveraging close ties with offices in the network to advise major French and international banks.

Legal 500 EMEA

Capital markets : Debt capital markets

The Paris debt and capital markets team at international law firm CMS Francis Lefebvre brings strength to high-value cross-border transactions involving major financial institutions, real estate investment trust companies, insurers, asset managers and corporates in such sectors as logistics and healthcare. Euro private placement market expert Marc-Etienne Sébire heads the practice, which assists with matters ranging from EMTN programmes and covered bonds to hybrid securities and liability management. Other key figures include Rosetta Ferrère, who has expertise in structured bond issues and debt restructuring, and senior associates Yaël Fitoussi and Myriam Issad.
13/10/2022
CMS Expert Guide to the private placement of equity securities
 One of the most common questions we are asked across CMS in our Equity Capital Market practice is what are the rules about approaching a limited number of investors in different jurisdictions, in relation to an offer or issue of shares. This can ran
Comparable
15/01/2019
Marchés de Capitaux
L'équipe Marchés de Capitaux de notre cabinet d'avocats vous accompagne dans vos émissions de titres de capital et de titres de dette, par placement privé ou offre au public, en France ou sur les...
06/09/2022
Vous accompagner dans vos émissions de titres de dette
Répondre à vos enjeux de titres de dette Les solutions de financement sur les marchés de capitaux sont nombreuses : titres de capital ou titres de dette, à court, moyen ou long terme, par placement...

Feed

07/03/2024
Euro PP Observatory – Septembre 2021
You can access the December 2020 edition of the Euro PP Observatory from CMS Francis Lefebvre Avocats via the link below. Our Observatory includes both listed Euro PPs (part 1) and unlisted Euro PPs...
15/02/2024
Chambers Global 2024
Our law firm rankings The Global edition gathers the best law firms and lawyers around the world. Our appearance allows our firm to continue to affirm the excellence of our know-how at a global level...
16/03/2023
Chambers Europe 2023
The 2023 edition of Chambers & Partners Europe guide has been published. We would particularly like to thank our clients for putting their trust in us! Our firm’s rankings Banking & Finance: Financial...
14/03/2023
Chambers Europe 2024
The 2024 edition of Chambers & Partners Europe guide has been published. We would particularly like to thank our clients for putting their trust in us! Our firm’s rankings Banking & Finance: Financial...
16/02/2023
Chambers Global 2023
Our law firm rankings The Global edition gathers the best law firms and lawyers around the world. Our appearance allows our firm to continue to affirm the excellence of our know-how at a global level...
04/01/2023
Euro PP Observatory – Septembre 2021
You can access the December 2020 edition of the Euro PP Observatory from CMS Francis Lefebvre Avocats via the link below. Our Observatory includes both listed Euro PPs (part 1) and unlisted Euro PPs...
13/10/2022
Law and regulation of private placement of common stock in France
1. Prospectus requirement Offer to the public. Admission to trading of securities on a regulated market. 2. Prospectus exemptions Key exemptions Offer to the publicQualified Investors. Less than 150...
Comparable
17/03/2022
Chambers Europe 2022
The 2021 edition of Chambers & Partners Europe guide has been published. We would particularly like to thank our clients for putting their trust in us! Our lawyers’ rankings Banking & Finance: Financial...
07/03/2022
EU and UK Sanctions against Russia: a focus on the Financial Sector
In recent days the EU and the UK have adopted and expanded a number of sanctions measures against Russian and Belarusian individuals and companies. This article focuses on restrictive measures directed...
17/02/2022
Chambers Global 2022
Our law firm rankings The Global edition gathers the best law firms and lawyers around the world. Our appearance allows our firm to continue to affirm the excellence of our know-how at a global level...
16/09/2021
CMS European Outlook 2022: Road to Recovery
We are pleased to provide you with this year’s edition of the “European M&A Outlook”, published in co-operation with Mergermarket 71% of dealmakers agree that private equity (PE) firms are better...
01/06/2021
Some leaks can't be fixed
“Confidential information is like an ice cube... give it to the party who has no refrigerator or will not agree to keep it in one, and by the time of the trial you have just a pool of water.” This...