Financial Sector

Our expertise includes:

  • Raising of capital, including prospectuses and the establishment and update of programmes, and bond issues
  • Syndicated loans and other financial planning
  • Contact with financial supervisory authorities 
  • Reorganisation of non-performing loan agreements 
  • Tax matters 
  • Guarantees and collateral security 
  • Structured products 
  • Derivative transactions 
  • Application for stock exchange and clearing-house memberships 
  • Project financing 
  • Whisteblower programmes
  • Securitisation transactions

How can we help?
We assist large and small financial institutions in raising capital and meeting regulatory requirements. We also have extensive experience in advising foreign financial institutions on Danish financial market conditions and on following up on Danish exposures.

We have assisted in the establishment of finance and security structures in complex debt issues, and we have been involved in numerous acquisition and sales processes.

Whenever our clients meet with challenging exposures we help them reach the best possible business solutions through sale, restructuring or winding-up.

Sector challenges
The conditions for operating banks and other financial institutions have changed radically in recent years. The financial crisis has resulted in the sector being required to strengthen its capital base and subjecting to stricter regulation, that is, tighter solvency and capital requirements in relation to society and identification requirements in relation to clients and business relationships

As a result, the dialogue with supervisory authorities has intensified, and the focus on capital funding options has increased, and so have the demands made in respect of the planning of large exposures and the follow-up on problematic customer relations. Accordingly, advice is increasingly sought on regulatory and commercial matters.

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Our ratings

Chambers and partners

Chambers Europe Rating 2017
-  Banking and finance

What the team is known for Highly regarded finance team acting on behalf of banks, private equity houses and large corporates, including international companies on all aspects of acquisition finance. Recognised for its expertise on financing in the energy sector, including projects and restructurings involving renewables and oil and gas. Other areas of specialism include asset finance, high-yield bond work and regulatory issues.

Strengths One client stressed the clarity and user-friendly nature of the service: "They are extremely user-friendly, responsive and efficient. They do not over-engineer things and were clear and succinct with their advice. I was extremely impressed with their service."

Responsiveness was another quality mentioned by clients: "They provide good and quick service. They are very responsive and get back to you right away, being good at keeping to deadlines."

Work highlights Assisted Cembrit Group with the financing of a DKK1.1 billion transaction.

Assisted DSVM Group with a refinancing following its acquisition by a group of Danish financial institutions, including FIH, PKA, Maj Invest and LD.

Significant clients Credit Suisse, Danske Bank, BNP Paribas, DNB Bank, Handelsbanken.

Notable practitioners 
Morten Krogsgaard specialises in securitisation and debt financing amongst a wide range of other banking and finance transactions. His recent work includes advising large Danish banks on a series of acquisition financings. One client states: "He is superbly intelligent, skilled and business-minded." The same source also liked Krogsgaard's "more laid-back" approach in the way that "he delivers results."

Chambers and Partners Europe, Banking and Finance

Chambers and partners

Chambers Europe Rating 2016
-  Capital Markets

What the team is known for Noted for its work on IPOs, securitisation and regulatory matters. Acts on behalf of corporates and financial institutions on compliance work, share buy-backs and public tender offers. Represents clients in several sectors, including pharmaceuticals, technology and telecommunications. 

What's new? Lundbeck and BankInvest are among the firm's recent client wins.

Work highlights Assisted Bestseller with a DKK157 million public tender offer for all the share capital in Stylepit.

Advised several listed banks, including SEB, on Danish securities law related to a USD900 million restructuring of TORM, including the listing of 958 million shares through a scheme of arrangement.

Significant clients Jyske Bank, Exiqon, Carlsberg, William Demant, Maj Invest.

Notable practitioners
Steen Jensen is noted for his expertise in regulatory issues, de-listings and IPOs. He also advises clients on a range of transactional issues including mergers of listed companies and secondary offerings.

David Moalem is a "skilled" and active capital markets lawyer. He is well-known for his experience in regulatory aspects of capital markets, as well as public M&A, transactions and contentious compliance.

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 2017
-  Banking and finance

Bech-Bruun’s ‘efficient’ team provides ‘an extremely high level of service’ covering matters including asset finance, acquisition finance and regulatory work. ‘Service-minded’ practice head Morten Krogsgaard advised HSH Nordbank on financing of the Vandel photovoltaic project. David Moalem has been advising a number of Danish financial institutions regarding the implementation of the Markets in Financial Instruments Directive II (MiFiD II) and the Markets in Financial Instruments Regulation (MiFIR). The team also includes Thomas Thordal Sevelsted and Steen Jensen.

Legal 500, Banking and Finance

Bech-Bruun Recommended by Legal500

Legal500 Rating 2017
-  Capital Markets

Headed by banking and finance partner Morten Krogsgaard, Bech-Bruun continues to be instructed on international and domestic regulatory matters. Steen Jensen advised 3i on a DKK1.5bn public-to-private takeover of BoConcept. David Moalem is recommended.

Legal 500, Capital markets

Bech-Bruun Recommended by Legal500

Legal500 Rating 2017
-  Insolvency and restructuring

Bech-Bruun’s ‘very good’ restructuring group, led by Troels Tuxen, is now part of the firm’s wider banking, restructuring and capital markets practice. Tuxen has been advising the bankruptcy estate of Jutland Meat on proceedings against its former management. Clients recommend Carsten Ceutz, who ‘always responds quickly’. Ole Borch retired.

Legal 500, Insolvency

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