Den finansielle sektor

Vi er eksperter inden for:

  • Fremskaffelse af kapital, herunder prospekter, programetablering- og opdatering og obligationsudstedelser
  • Syndikerede lån
  • Projektfinansiering
  • Kontakt til tilsynsmyndighederne
  • Omstrukturering af nødlidende engagementer  
  • Garantier og sikkerhedsstillelse
  • Strukturerede produkter
  • Derivattransaktioner
  • Sekuritisation-transaktioner
  • Ansøgning om medlemskaber af børser og clearing-houses
  • Whistleblower-ordninger
  • Skatteforhold.

Hvordan kan vi hjælpe?
Vi rådgiver både store og mindre finansielle institutioner om at fremskaffe kapital og andre regulatoriske forhold. Vi har desuden mange års erfaring med at rådgive udenlandske finansielle institutioner om forholdene på det danske finansielle marked og om opfølgning på danske engagementer.

Vi har medvirket til at etablere finansierings- og sikkerhedsstrukturer i en række komplicerede engagementer og rådgivet i mange købs- og salgsprocesser.

I forbindelse med problematiske engagementer hjælper vi med at tilrettelægge og gennemføre den kommercielt bedst mulige løsning gennem salg, rekonstruktion eller afvikling.

Branchens udfordringer
Vilkårene for drift af pengeinstitutter og andre finansielle institutioner har gennemgået store forandringer. Finanskrisen har betydet, at finanssektoren gennemgår en konsolideringsproces og er blevet underlagt tættere regulering. Det gælder både i forhold til samfundet, herunder krav til soliditet og solvens, og i relation til kunderne, hvor kravene til dokumentation for kundekendskab og -rådgivning er øget.

Det har resulteret i en intensiveret dialog med tilsynsmyndighederne, øget fokus på mulighederne for at fremskaffe kapital og skærpede krav til, hvordan større engagementer tilrettelægges og til opfølgning på problematiske kundeforhold. Sektoren oplever derfor typisk et behov for rådgivning om både regulatoriske og kommercielle forhold.

Emneord

Vores ratings

Chambers and partners

Chambers Europe Rating 2016
-  Banking and finance

What the team is known for Respected finance team advising banks, private equity houses and large corporates on all aspects of acquisition financing. Expertise includes loan agreements, bond issuances and financial restructuring. Acts on asset financing mandates and assists clients with regulatory issues.

Strengths (Quotes mainly from clients)

"When we are operating within tight deadlines, the team is always willing and able to help us."

"We work quite a lot with the team so its lawyers know exactly what we need. They have a very pragmatic approach."

Work highlights Advised on the Danish aspects of the financing of CVC Capital Partners' acquisition of Sysnam Nordic from Alipes.

Acted for Crédit Suisse on the structuring of a USD50 million royalty bond issued by Zealand Pharma.

Notable practitioners  

Morten Krogsgaard is an experienced finance lawyer who advises lenders and borrowers on commercial lending, as well as syndicated agreements, bond issuances and structured products. Clients say: "He is a very smart guy with solid legal skills and good commercial awareness."

Significant clients BNP Paribas, DnB Bank, Handelsbanken, Jyske Bank, Nordea Bank. 

Chambers and Partners Europe, Banking and Finance

Chambers and partners

Chambers Europe Rating 2016
-  Capital Markets

What the team is known for Assists issuers and underwriters with a broad range of transactional and regulatory capital markets mandates. Acts for domestic and international corporates and banks on rights issues, share buy-backs and public tender offers. Also acts on DCM mandates, including convertible, high-yield and royalty bond issuances.

Work highlights Advised Onxeo on the Danish aspects of its merger with TopoTarget and subsequent secondary listing on NASDAQ OMX Copenhagen.

Assisted Credit Suisse with the Danish law issues relating to the structuring of Zealand Pharma's USD50 million royalty bond issuance.

Notable practitioners  

Head of department Steen Jensen acts for both international and domestic clients on regulatory and securities mandates, offering particular expertise in ECM. He recently advised Jyske Bank on its DKK7.4 billion acquisition of BRFkredit using a combination of cash and shares.

David Moalem is a well-regarded capital markets lawyer whose practice covers regulatory, transactional and contentious mandates. He receives praise from clients, with one interviewee stating: "He is responsive, knowledgeable, pragmatic and has a high level of integrity." Recent highlights include acting for Admiral Capital on the DKK61 million public tender offer by Kvalitena Danmark.

Regina Andersen assists corporates with both initial and secondary public offerings, as well as share acquisition and disposal transactions and regulatory mandates. She recently advised Onxeo on its EUR40.7 million rights issue in both Denmark and France.

Significant clients Carlsberg, Exiqon, Handelsbanken, Maj Invest, SEB. 

Chambers and Partners Europe, Capital Markets

IFLR1000

IFLR1000 Rating 2016
-  Banking and finance

"Bech-Bruun are very professional,” says one client. “They are always doing a solid, thorough job, reverting quickly back to us.” Another adds: “Excellent. They are solution-oriented and pragmatic."

The banking and finance team bolstered its ranks this year with addition of partner Steen Puch Holm-Larsen to the line-up. This helped boost the practice, which is especially known for its work in acquisition finance and bond financing.

One example of this saw the firm advising the Solix Group on the financing for its acquisition of the Cembrit Group. Led by partner Morten Krogsgaard, this work was especially notable as the deal was structured to be paid in three tranches. Krogsgaard was again the key partner involved when the team assisted Credit Suisse on the Danish aspects of the $50 million royalty bond issuance by Zealand. This was the first ever royalty bond issued by a Danish company and involved a non-dilutive and non-recourse bond financing backed by 86.5% of the future annual royalties - and other payments which the company is entitled to - on lixisenatide – a drug used to treat diabetes – as a stand-alone product under its license agreement with Sanofi.

IFLR 1000, Banking and finance

IFLR1000

IFLR1000 Rating 2016
-  Capital Markets

That deal was demonstrative of a general improvement in the capital markets in Denmark this year, which the team at Bech-Bruun was able to capitalise on. Other examples saw (Morten) Krogsgaard take the lead in acting for the PWT Group on the Danish law issues relating to PWT Holding’s placement of a kr300 million (€40 million) high-yield bond on the Nasdaq OMX Stockholm and in assisting SAS on the Danish aspects of its kr1.6 billion (€169 million) issuance of convertible bonds.

(...)

“A very competent and always in-touch full service provider,” is the way one general counsel describes the capital markets practice.

IFLR 1000, Capital Markets

IFLR1000

IFLR1000 Rating 2016
-  Insolvency and restructuring

On the restructuring and insolvency side the team again had a busy year. Ole Borch, for example, led a team in acting as the administrator in an in-court restructuring process for Da’core, utilising a new model of in-court restructuring. Borch was again in the lead as the team assisted MSE, with Tryg and Nordea as the major creditors, on its multi-million euro bankruptcy which managed to continue construction projects the company was working as it was being restructured and sold to new owners.


Clients were also very pleased with the work of this team. “We are very satisfied with Bech-Bruun and Carsten Ceutz and his team and have no complaints,” says one banking client. “They showed very high levels of professionalism and offered serious treatment with quick responses and answers to our questions.”

IFLR1000, Restructuring and insolvency

Bech-Bruun Recommended by Legal500

Legal500 Rating 2016
-  Banking and finance

Morten Krogsgaard heads Bech-Bruun’s practice, which has seen an increase in a broad range of matters, including acquisition financing, asset financing and complex debt restructuring. The firm assisted Solix with the financing of its DKK1.1bn acquisition of Cembrit. Lender-side clients include Credit Suisse, BNP Paribas and Royal Bank of Scotland. Thomas Thordal Sevelsted’s experience includes asset finance, as well as leaseback transactions. Steen Jensen and David Moalem are recommended for their regulatory expertise.

Legal 500, Banking and Finance

Bech-Bruun Recommended by Legal500

Legal500 Rating 2016
-  Capital Markets

Steen Jensen’s group at Bech-Bruun has recently seen an increase in regulatory, compliance and investigation matters for Danish and international clients. Jensen advised Danske Bank on a DKK5bn share buy-back programme. David Moalem and the team acted for Admiral Capital through all stages of Kvalitena Danmark’s takeover of the listed company.

Legal 500, Capital markets

Bech-Bruun Recommended by Legal500

Legal500 Rating 2016
-  Insolvency and restructuring

Headed by Troels Tuxen, Bech-Bruun’s restructuring group has ‘a high level of knowledge in insolvency’. In 2015, Ole Borch led advice to MSE in bankruptcy proceedings, as well as the transfer of the company’s operations. Carsten Ceutz is ‘always ready to assist whenever needed’.

Legal 500, Insolvency

  • København

    Langelinie Allé 35
    2100 København Ø

  • Aarhus

    Værkmestergade 2
    8000 Aarhus C

  • Shanghai, repræsentationskontor

    No.1440 Yan'an Middle Road, Suite 2H08
    Jing'an District, 200040 Shanghai

  • T +45 72270000
    F +45 72270027
    E info@bechbruun.com
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