Western Europe High-Yield Bonds Legal Advisors’ Rankings: 1Q-3Q23

Data Insight 19 October

Western Europe High-Yield Bonds Legal Advisors’ Rankings: 1Q-3Q23

  • HY bond issuance in 1Q-3Q23 totaled USD 62.2bn via 154 transactions.
  • Latham & Watkins ranked No.1 in the 1Q-3Q23 Western Europe Issuer’s Legal Counsel League Table, whereas Allen & Overy was placed in 2nd position.
  • Allen & Overy topped the 1Q-3Q23 Western Europe Manager’s Legal Counsel League Table, obtaining around 27% market share by volume.

The full rankings are available to download on the right.

All rankings are based on data submitted to Debtwire Par. Corporate High Yield Bonds: are below investment grade issues at the designated time of pricing. If the issue is not rated, inclusion of the following covenant may determine High Yield status: 1) restricted payment test; 2) debt incurrence test. Unrated issuers without such covenants may be excluded from High Yield volume and league tables. Unrated Nordic* issues, greater than approximately €50m-equivalent, priced above 300 bps for floating-rate notes and 5% for fixed-rate notes, shall be considered high-yield if issued under normal market conditions. For more details on our criteria or any other query please contact us at bonds@iongroup.com.

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