Latham & Watkins was the top legal adviser on green bond issuances last year, advising on more deals than any other firm.
The research, compiled by The Lawyer‘s sister title Clean Energy Pipeline, reveals Latham worked on eight green bond issuances over 2015. The eight, issued by companies such as TerraForm Power, Paprec Group and KfW Bankengruppe, were the highest valued deals in the market, amounting to $3.8bn (£2.6bn).
Latham was one of a number of US firms to win big green bond mandates last year, with Sullivan & Cromwell and Simpson Thacher & Bartlett also working on the largest deals over 2015. The pair advised on two deals each, worth $2.3bn and $1.6bn respectively.
Allen & Overy (A&O) was the highest ranked magic circle firm, advising on four green bond issuances last year worth $1.3bn. Its closest rival was Clifford Chance, which was involved in three green transactions with a total deal value of $1.1bn.
However Linklaters’ two green bond issuances did not make it one of the top 20 legal advisers by deal value, with the combined worth totalling $419m.
Despite Norton Rose Fulbright matching Latham’s eight deals in quantity, the firm advised on green bond issuances worth a total of $1.2bn. Their combined value ranked Norton Rose Fulbright lower than Sullivan, Simpson Thacher and A&O which all advised on fewer deals of a higher value.
| Rank | Legal adviser | Number of deals | Deal value ($bn) |
| 1 | Latham & Watkins | 8 | 3.8 |
| 2 | Sullivan & Cromwell | 2 | 2.3 |
| 3 | Simpson Thacher & Bartlett | 2 | 1.5 |
| 4 | Allen & Overy | 4 | 1.3 |
| 5 | Norton Rose Fulbright | 8 | 1.3 |
| 6 | Skadden | 3 | 1.16 |
| 7 | Watson Farley & Williams | 4 | 1.14 |
| 8 | Kirkland & Ellis | 2 | 1.1 |
| 9 | Clifford Chance | 3 | 1.08 |
| 10= | Chrysses Demetriades & Co | 1 | 1.06 |
| 10= | Loyens & Loeff | 1 | 1.06 |
For the executive summary of Clean Energy Pipeline’s Global Green Bonds 2016 report, click here. To buy a full copy of the report, contact Munir Bello at: munir.bello@cleanenergypipeline.com.
