High yield

A&O has a market-leading high yield practice and has been involved in the European high yield market since its inception. 

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High yield - A&O Shearman

Our lawyers have led on many of the deals that have shaped and continue to influence the direction of the European high yield market.

Our high yield practice is integrated within our pre-eminent leveraged finance practice, and supported by corporate, capital markets, private equity and restructuring teams. This allows us to provide clients, including major banks, financial sponsors, corporates and private credit funds, with a full service finance offering. Our combined bank/bond team can service all requirements in relation to high yield debt offerings, senior, second-lien, mezzanine and PIK debt, bridge-to-bond financings, bank/bond financings, securitisation take-outs, debt buy-backs and restructurings. This collective expertise, combined with in-depth sector insights, makes us one of the very few law firms with the ability to cover all aspects of high yield transactions.

With more than 30 dedicated partners, we are the largest leveraged finance practice in Europe and operate across all major European centers. We hold a market-leading position on both the issuer and bank side, giving us excellent visibility of both sides of the market. As a result of our breadth of expertise, we are well placed to advise our clients on the latest terms and structures in the marketplace.

Our position as one of the top high yield practices is supported by consistently working on the biggest, most significant deals for our clients and in the market, as evidenced by independently researched, top tier rankings.

Top-ranked high yield practice with standout track record

Advised on 4 of the largest deals of 2025

  • Largest Yankee bond: Genmab
  • Largest dividend: Froneri
  • Largest holdco PIK: Verisure
  • Largest 1L/2L bond: Trivium

Advised on 4 of the largest deals of 2024

  • Largest refinancing: Stonegate
  • Largest LBO: Vodafone Spain
  • Largest sterling bond: ASDA
  • Largest sustainability-linked bond: IHO

Leading league table rankings

Debtwire 2025:

  • No. 1 Yankee High Yield Issuer's Legal Counsel
  • No. 1 DACH High Yield Issuer’s Legal Counsel
  • No. 2 Western Europe High Yield Issuer's Legal Counsel
  • No. 2 Western Europe High Yield Manager’s Legal Counsel
  • No. 2 Western Europe Sponsor-Backed High Yield Manager’s Legal Counsel

Bloomberg 2025:

  • No. 1 European Bonds – Issuer and Manager Counsel
  • No. 1 European Corporate Investment Grade Bonds – Issuer and Manager Counsel
  • No. 2 European Corporate High Yield Bonds – Issuer and Manager Counsel 

Representative matters

  • Froneri, a joint venture between Nestlé and PAI Partners, on its EUR4.25 billion debut bond and incremental loan financing.
  • A consortium of 15 banks on Verisure’s financing package, including a EUR3.415bn in loans and EUR1bn senior secured PIK toggle notes. This was the largest IPO in Europe since 2022 and largest-ever European private equity-backed IPO.
  • Ardagh and a crown corporation on the financing for the acquisition of Trivium, including its USD2.85bn debut bond issuance, as well as Trivium’s subsequent USD2.93bn-equivalent cross-border bond and loan refinancing.
  • The underwriters on the EUR400 million bond issuance by Rexel.
  • Boels Rental on its debut EUR400m and subsequent EUR600m bond issuances
  • The underwriters on the GBP2bn-equivalent bond issuance by Stonegate Group.
  • Genmab A/S on its USD6bn combined bank/bond financing in connection with its USD8bn acquisition of Merus N.V.
  • The underwriters on the EUR2.7bn loan and bond refinancing and subsequent EUR1.15bn bond issuance by Techem.
  • Brookfield on the EUR2.75bn loan and bond financing in connection with the acquisition of Modulaire Group and subsequent EUR1.9bn loan and bond refinancing. 
  • The underwriters on the EUR430m and subsequent EUR550m and EUR300m bond issuances by Q-Park
  • Providence on the EUR920m and EUR200m bond issuances of Bite Lietuva.
  • The underwriters on the financing, including EUR3.9bn-equivalent loans and bonds, in connection with Zegona’s acquisition of Vodafone Spain.
  • IHO Holding on its EUR2.1bn equivalent and subsequent EUR2.2bn equivalent bond issuances.
  • The underwriters on the EUR990m bond issuance by DOC Pharma.
  • Ardagh on its USD2.8bn green bond, USD3.1bn equivalent and subsequent USD1.8bn bonds issuances.
  • The underwriters on the GBP1.75bn and subsequent EUR700m bond issuances by ASDA.
  • CVC Capital Partners in connection with the acquisition of Multiversity, including its EUR765m debut and subsequent EUR1.1bn bond issuances
  • The underwriters on the GBP640m-equivalent bond issuance by Punch Pubs. 

Meet our team

Our lawyers have the skills and experience to handle our clients' most complex challenges. Meet them below.
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Awards and accolades

Tier 1 for High Yield

IFLR1000

High Yield Team of the Year and High Yield Deal of the Year

 IFLR Europe Awards 2022

“A&O Shearman is a leveraged finance and high yield powerhouse with the best integrated bank/bond practice in the market.”

Legal 500

“They are a market leader and have real depth of knowledge... stratospheric in terms of their quality.”

Chambers

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