Allen & Overy LLP

Associate - Capital Markets

London (Central), London (Greater)
05 Aug 2021
04 Oct 2021
Role Classification
Practice Area
Banking & Finance
Contract Type
Experience Level
0-2yrs PQE

Allen & Overy

Allen & Overy is a leading global law firm operating in over thirty countries all over the world. We’re built on the work of talented and motivated people, in a supportive and collaborative environment, dedicated to delivering an exceptional standard of work for our clients. We operate at the forefront of the legal industry, and our deals and cases often make headline business news. With many of our partners acknowledged as leaders in their field, and with all our people demonstrating the highest levels of professionalism, we have a reputation for delivering excellence in all that we do.

We’re thoughtful and inventive, and we’ve developed a culture in which difference and openness is positively valued, where people are free to be themselves. We’re one global team, supportive and collaborative but also ambitious and driven. Our capacity to combine these qualities and provide a setting in which our people can thrive is what makes us different.

Department purpose

As a top-ranking practice, we advise on the entire spectrum of debt and equity-linked capital markets instruments. The practice covers fixed income capital markets products as well as international equity-linked securities.

The team is renowned for acting on innovative and complex deals and has secured a number of market firsts following new legislation. We have been instrumental in nearly all the major developments in the modern financial markets and our excellence is reflected through our top tier position in all major legal directories for over ten years.

With capabilities in all the key financial centres throughout Europe, Asia and the US, the team is well positioned to act on multi-jurisdictional offerings and regularly acts on issuances involving a cross-jurisdictional team.

This core team within GSG consists of two partners, eight associates and two trainees.  During the last year, we have worked on some of the most high profile DCM transactions, including the following (NB. only one example of each category is provided): 

  • Debut corporate bonds (e.g. Sage Group)
  • ESG bonds (e.g. Burberry)
  • Insurance capital (e.g. Swiss Re)
  • Bank capital and MREL (e.g. NatWest)
  • Issues by frequent corporate issuers (e.g. Coca-Cola European Partners)
  • Sustainability-linked bonds (e.g. EQT)
  • Supranationals (e.g. EIB)
  • Sovereigns (e.g. Ireland)
  • Charities (e.g. Retail Charity Bonds)

The team covers the full spectrum of DCM transactions, including: 

  • Standalone bonds
  • EMTN Programmes/trades
  • Tender offers
  • Exchange offers
  • Consent solicitations
  • Covered bonds
  • Commercial paper
  • Public offers

The General Securities Group advises on:

  • New issues of government and corporate securities on a stand-alone basis or under programmes (including emerging market bonds.

  • Funding programme establishment and use (Medium Term Notes, Euro Commercial Paper and Global Commercial Paper).

  • Liability management, including exchange offers, tender offers and consent solicitations.

  • Regulatory capital issues for financial institutions

  • Equity-linked issues – typically convertible or exchangeable bonds.

  • Clients include governments, supranationals, corporates and financial institutions.

Key relationships

  • GSG Partners and other fee-earners

  • GSG/ICM Know-How and PSL team

  • Wider A&O Know-how and PSL community

Role and responsibilities

  • Drafting and negotiating the documents for new issues of stand-alone bonds.

  • Drafting and negotiating the Programme Documents for updating or establishing Euro Medium Term Note Programmes or Euro Commercial Paper Programmes, including Offering Circulars, Programme Agreements, Agency Agreements and Deeds of Covenant.

  • Providing descriptions of issuers, guarantors and third parties, using offering circulars, the internet, direct contact and initiative.

  • Primary client contact on international transactions and often dealing with queries from foreign issuers and foreign counsel.

  • Participating in and possibly leading conference calls with multiple participants.

  • Drafting legal opinions and reviewing foreign legal opinions.

  • Reviewing auditors’ arrangement letters and comfort letters.

  • Liaising with the relevant stock exchange in respect of issues of Notes.

  • Handling signing and closings, involving the collating of conditions precedents and co-ordinating tasks among the various parties involved.

  • Drafting or reviewing documents.

Key requirements

  • Qualified lawyer NQ - 2 years PQE

  • Strong commercial/business acumen with the ability to deliver creative and pragmatic solutions and advice

  • Self-starter with the desire and ability to acquire, build upon and share knowledge

  • Sound experience of operating at the applicant’s level of experience within a complex international organisation

Who we are looking for

  • Strong legal and analytical skills

  • Proven prioritisation, organisational and project management skills

  • Excellent communication, professionalism and interpersonal skills

  • Organised and methodical approach to work

  • High level of accuracy and attention to detail

  • Ability to work within a fast paced environment and meet deadlines

  • Positive attitude and style with both clients and fee-earners

  • Proactive and confident with a high level of initiative

Allen & Overy LLP is committed to being an inclusive employer and we are happy to consider flexible working arrangements.

Additional information - External

Allen & Overy is a leading global law firm operating in over thirty countries. Embracing new trends and harnessing decades of experience, we’ve earned our place at the forefront of the legal industry. Our partners are recognised as leaders in their field and our deals and cases often make headline business news. As a result, we’ve developed a reputation for delivering exceptional legal solutions that not only solve our clients’ challenges but exceed their expectations. By embracing new ways of thinking, integrating technology into our everyday work and putting our people first, we’ve become known for leading by example.

Join our team and you’ll be part of a flexible, inclusive culture underpinned by openness and consistent support for one another. Our culture enables people to define their own career path based on their strengths, while our ambitious outlook ensures we continue to provide each person with opportunities to thrive. We’re also committed to supporting a culture that drives diversity and inclusion. Every day, we’re working hard to create an environment where you feel you can bring your authentic self to work. To be comfortable and confident to be who you are in the workplace. To feel like you belong. If you’re ready to play your part in defining the future of law: It’s Time.

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