Firms To Watch: Capital markets: debt

Capital markets: debt in Netherlands

Norton Rose Fulbright

Norton Rose Fulbright built up its debt capital markets offering with the hire of Peter Voorhees from Simmons & Simmons, who possesses significant experience advising both issuers and underwriters on multi-jurisdictional debt transactions. Voorhees was joined in January 2026 by bond and note issuances expert Christopher Sanderson.

A&O Shearman

A&O Shearman boasts a capital markets team with considerable experience handling multi-jurisdictional, high-value mandates, including debt issuance programmes, equity-linked instruments and high-yield structures. At the helm of the practice is Jonathan Heeringa who is entrusted by prominent blue-chip issuers and globally established underwriters to assist on a range of matters including EMTN programmes, subordinated bonds, hybrid bonds and asset-backed financing. The ‘pragmatic, highly capable, very responsive’ Sophia Evenhuis is a seasoned capital markets expert and demonstrates a notable track-record regarding EMTN programmes, regulatory capital and ESG bonds.

Praxisleiter:

Jonathan Heeringa


Weitere Kernanwälte:

Sophia Evenhuis


Referenzen

‘Jonathan Heeringa and Sophia Evenhuis are enthusiastic knowledgeable lawyers, who have broad experience in the Dutch market. We collaborate very easily with the team.‘

‘Jonathan Heeringa is very experienced and highly capable, remains personally involved and steps in where needed.‘

‚Sophia Evenhuis is a pragmatic, highly capable, very responsive lawyer, pleasant to work with and she maintains a solid network. ’

Kernmandanten

KPN N.V


Ahold Delhaize


Amvest RCF Custodian B.V.


Alliander N.V


NN Group


ASR Nederland N.V


DSM B.V


Athora Netherlands N.V.


Credit Europe Group N.V.


Achmea B.V.


NIBC BANK N.V.


Koninklijke FrieslandCampina


IMCD Finance B.V.


Triodos Bank N.V.


Highlight-Mandate


  • Assisting Amvest RCF Custodian B.V. on the establishment of their EMTN Programme and the inaugural issuance of €300m under their EMTN Programme.
  • Assisting Triodos Bank N.V. on the establishment of a debt issuance program and in connection with their inaugural issue of €350m MREL eligible senior preferred notes under their EMTN programme.
  • Advising Credit Europe Group N.V. in connection with the issuance of $150m Tier 2 notes and tender of its $150m 7.25 per cent Subordinated Notes due 2027.

Clifford Chance

Led by Jurgen van der Meer, the practice at Clifford Chance advises corporate issuers and institutional investors across a range of sectors, including automotive, oil and gas and real estate. The team is well-equipped to advise on novel debt capital mandates, including tokenised commercial paper issuances. Additionally, the team has demonstrable skills in sustainable bond issues, medium-term note and commercial paper issuances, as well as hybrid and regulatory capital matters. Dewi Walian is highly regarded for her expertise in digital bonds transactions as well as high-yield, hybrid and regulatory-driven debt offerings. Marina Sarkisjan is a further key contact.

Praxisleiter:

Jurgen van der Meer


Weitere Kernanwälte:

Dewi Walian; Marina Sarkisjan


Referenzen

‘Top of the bill DCM team: they cover the full range of products and transactions. The go-to firm for DCM transactions and programmes.’

‘Very knowledgeable and always happy and available to discuss.’

‘The team is very knowledgeable, professional and hands-on. Pleasant communication and efficient transaction management makes the team a great partner to work with. ’

Kernmandanten

ABN AMRO


Rabobank


ING


Morgan Stanley


Natwest Markets


PostNL


Stedin


BNP PARIBAS


Deutsche Bank


Alliander


Harbour Energy


Highlight-Mandate


  • Advised ABN AMRO on issuances of nearly €4bn across a series of trades, including its €750m European Green Bond (EuGB) labelled bonds.
  • Advised ABN AMRO as transaction counsel in relation to its inaugural tokenised commercial paper issuance on a private blockchain.
  • Advised Coöperatieve Rabobank U.A. (Rabobank) on several notes issues under its €160bn global medium-term notes programme and its $30bn bond programme.

NautaDutilh

NautaDutilh is particularly proficient in handling high-yield bond issuances as well as ESG bonds matters and regulatory-driven debt offerings. The team is regularly relied upon by clients from a range of sectors, including pharmaceutical, telecoms, energy and manufacturing. Practice co-head Petra Zijp advises established underwriters and blue-chip corporate issuers on matters including the update of EMTN programmes and the issuance of senior notes and green bonds. Fellow department co-head Antonia Netiv is well-versed in navigating the issuance of large cap euro-denominated notes and senior secured notes.

Praxisleiter:

Petra Zijp; Antonia Netiv


Referenzen

‘Deep knowledge and experience, both domestic and international.‘

‚Very clear, pragmatic advice that also takes consideration business, strategic and other relevant aspects, access to a valuable international network.‘

‚Hands-on, always available.‘

Kernmandanten

EnBW Energie Baden-Württemberg AG & EnBW International Finance B.V.


Pfizer Inc.


GlaxoSmithKline plc


De Volksbank N.V.


Nederlandse Waterschapsbank N.V.


Mercedes Benz International Finance B.V.


IHS Netherlands Holdco B.V.


Arcos Dorados Holdings Inc,


Usina Coruripe Netherlands B.V.


H&M Hennes & Maurits AB (publ) & H&M Finance B.V.


Unibail Rodamco Westfield S.E.


Triodos Bank N.V.


Continental AG


Citycon Treasury B.V.


Louis Dreyfus Company Finance B.V.


Avolta AG / Dufry One B.V.


E.ON International Finane B.V.


Highlight-Mandate


  • Advised Pfizer Inc. with its issuance of euro-denominated notes, raising €3.3bn.
  • Advised a leading international bank and Citibank on the $2.925bn refinancing and note issue of Trivium Packaging B.V.
  • Advised Mercedes-Benz International Finance B.V. with the issuances of tranche 1 medium-term notes under their RMB40bn debt programme.

De Brauw Blackstone Westbroek

De Brauw Blackstone Westbroek handles the full gamut of debt capital mandates, from standalone bond issuances to complex multi-jurisdictional bond programmes and strategically structured convertible bonds. Practice co-head Bas Boutellier is well-regarded for his skills in handling offerings with sustainability-linked features and high-value euro bond issuances. Fellow team co-head Ferdinand Hengst is regularly called upon by a range of borrower-side clients across the oil and gas, technology and telecoms sectors. The 'very knowledgeable' and 'very skilled' Lisa de Boer is a further key contact. Rosa Temminghoff joined the firm from Simmons & Simmons in December 2025.

Praxisleiter:

Bas Boutellier; Ferdinand Hengst


Weitere Kernanwälte:

Lisa de Boer; Rosa Temminghoff


Referenzen

‘Besides deep expertise, the team feels like an extension of our own. Working with this team is far beyond just hiring expertise.’

‘Always available, deep expertise, strong demonstration of resilience.‘

‚They continue moving fast when things are under pressure.’

Kernmandanten

TenneT


Gasunie


Just Eat Takeaway


Akzo Nobel


CTP


NXP


LyondellBasell


CM.com


Signify


Digital Realty


Highlight-Mandate


  • Advised TenneT on a new funding structure, including the envisaged transfer of over €60bn debt portfolio, €16bn consent solicitation and Dutch State guarantee
  • Assisted CM.com on the tender offer and consent solicitation for its convertible bonds.
  • Assisted TenneT on the issuance of €1.1bn green hybrid bonds.

Linklaters

Linklaters is particularly sought-after by underwriters and financial institutions on high-value domestic and global debt and regulatory capital issuances. The practice is spearheaded by Hugo van der Molen, who possesses extensive experience advising on EMTN programmes, corporate hybrid bond offerings and securitisations. Van der Molen is also particularly proficient in advising on sustainability-linked bond issuances. Tom van Steenbrugge supports the team on high-value and cross-border bond and securities issuances. Christopher Sanderson left the firm in January 2026.

Praxisleiter:

Hugo van der Molen


Weitere Kernanwälte:

Tom van Steenbrugge


Kernmandanten

ABN AMRO


Bank of America Securities Europe SA


Barclays


BNP PARIBAS


Citigroup


Deutsche Bank


Goldman Sachs Bank Europe SE


HSBC


ING


J.P. Morgan


Morgan Stanley


NatWest Markets


Rabobank


UBS


Highlight-Mandate


  • Advised ABN AMRO and Deutsche Bank as solicitation agents on TenneT Holding B.V.’s €16.2bn liability management transaction.
  • Advised JP Morgan in its role as joint lead manager on the issuance of €1bn Perpetual Restricted Tier 1 Temporary Write-Down Securities by NN Group N.V.

Hogan Lovells International LLP

Hogan Lovells International LLP offers a 'highly experienced and knowledgeable' team which advises both corporate issuers and international banks across a range of debt issuance mandates, including updates to and issuances from EMTN programmes as well as sustainability-linked debt offerings. Practice head Robert Masman is well-regarded for his expertise in sustainability-linked mortgage-backed securitisation mandates. A further key contact is Dylan Goedegebuure, who supports the team across a range of securitisation issues.

Praxisleiter:

Robert Masman


Weitere Kernanwälte:

Dylan Goedegebuure


Referenzen

‘Highly experienced and knowledgeable Dutch team with strong execution capabilities.’

‘Robert Masman and Dylan Goedegebuure both stand out on their ABS expertise and execution capabilities.’

Kernmandanten

Enel group


Royal Schiphol Group N.V


Fastned


UBS AG


ABN AMRO Bank N.V.


Deutsche Bank


Coöperatieve Rabobank U.A.


BNP Paribas


Redcare Pharmacy N.V.


ING Bank N.V.


Axus Nederland N.V.


Lloyds Bank Corporate Markets


Highlight-Mandate


Loyens & Loeff

Loyens & Loeff is well-equipped to handle complex multi-jurisdictional debt issuance programmes. Co-headed by Martijn Schoonewille and Menno Baks, the team demonstrates particular capabilities in handling matters concerning senior and secured debt instruments. Schoonewille is regularly instructed by corporate and financial sector clients in the aerospace and technology sectors to advise on cross-border matters, while Baks is particularly skilled at handling debt issuances with sustainability-linked features.

Praxisleiter:

Martijn Schoonewille; Menno Baks


Kernmandanten

Ardonagh Finco B.V.


Vivendi SE


Ferrari N.V.


Givaudan Finance Europe B.V.


Heineken Holding N.V.


Wallbox N.V.


Infopro Digital


Hyatt Hotel Corporation


Merck & Co. Inc.


Morgan Stanley


OI European Group B.V.


BioNTech SE


Robert Bosch Investment Nederland B.V.


Embraer


JBS SA


HAVAS N.V.


Ferrari Group plc


ASM International N.V.


Goldman Sachs


Diageo Capital B.V.


Highlight-Mandate


  • Advised Ferrari N.V. on Dutch corporate and securities laws aspects of its participation in the accelerated bookbuild offering by its major shareholder Exor N.V.
  • Advised Vivendi SE on the €2bn margin loan entered into by Vivendi SE with five different financial institutions as counterparties comprising inter alia an equity swap and a prepaid forward sale, respectively over shares it holds in Universal Music Group N.V.
  • Acted as Dutch counsel to Infopro Digital in connection with a €520m Senior Secured Floating Rate Notes due 2031 and a tap issuance €90m 8.000% Senior Secured Notes due 2028.

Stibbe B.V. and Business Development

Stibbe B.V. and Business Development is experienced in handling a broad range of debt capital mandates, acting for major domestic and multinational clients regarding private securitisation financing, green bonds and regulatory capital instruments. Practice co-head Maarten de Bruin has notable experience advising on EMTN and commercial paper programmes. Fellow co-head Marieke Driessen is regularly called upon by banks and financial institutions to advise on debt issuance programmes, regulatory capital notes and green bonds.

Praxisleiter:

Maarten de Bruin; Marieke Driessen


Kernmandanten

Q-Park


NIBC


British American Tobacco


Frigoglass


Highlight-Mandate


  • Advised Apollo and Beequip on the private securitisation financing of Apollo’s acquisition of Beequip.
  • Advised Dutch Bank NIBC Bank on its Dutch law governed EMTN programme and ECP programme.