CHSH Cerha Hempel Spiegelfeld Hlawati is ‘really outstanding’ and the team, led by Edith Hlawati, has ‘very good industry knowledge and is prompt and helpful’. The firm was one of the few that managed to advise on both equity and debt capital markets work in a tough market, picking up new share issuances for both Simonsfeld and Wienerberger in 2009/10. The practice also represented Strabag on the placement of €100m worth of notes on the Vienna Stock Exchange. Peter Knobl is recommended.

The market's unanimous opinion is that Cerha Hempel Spiegelfeld Hlawati is one of the country's leading capital markets firms. There were some concerns that its equity-geared practice may have suffered in the stock market downturn, but any drop-off was more than compensated for by its recent debt work.From June to December last year the team assisted Bawag with its debt strategy, updating its €10 billion bond programme and launching its €400 million convertible bonds offering. In a parallel transaction it helped the bank set up a €1 billion options programme, which required it to prepare the prospectus and associated documents plus obtain regulatory approval.In September 2009 it worked on a €110 million private placement of convertibles for Nomura International. The bank subscribed to A-TEC's offering of 8.75% bonds with a conditional conversion right. The team also advised Raiffeisen on its €500 million participation capital placement which, when it closed in June 2009, was oversubscribed.Banks aside, the firm took care of all Wienerberger's capital needs last year. The brick producer mandated the team on its €336 million share placement, structured to give buyers a 30% discount to account for market conditions. Later the firm created its €500 million EMTN programme and helped the company issue a standalone €250 million bond.Name partner Edith Hlawati is consistently pointed out as a leading lawyer and Volker Glas also draws praise, particularly from clients. "He's been around a long time and at the same firm which is important," says a property client. "Plus he's a pleasant person to work with. He's not pretentious and there are no unnecessary attitudes."But the draw card for many clients is that Hlawati and Glas are not the team's only go-to people. "They have depth. It's not just the headline partners," says one client. "They have the necessary experience the whole way down to do the transaction." Another client names Thomas Zivny as the team's bonds specialist.

Leading lawyers
Volker Glas
Edith Hlawati

This "serious player" has an outstanding track record in capital markets, commentators say. The team consists of 19 dedicated lawyers who handle some of the largest mandates around, demonstrating a "unique understanding" of the practice area, say clients. It advised brick manufacturer Wienerberger on a EUR500 million EMTN programme, having acted as sole legal adviser on its discounted capital increase. Edith Hlawati is a towering figure in the market and the driving force behind the team. She is especially recommended for large equity deals, where she has an "impeccable track record." Peter Knobl specialises in debt capital markets with an emphasis on bank bonds. He is known to be “technically excellent and popular with international clients.” Thomas Zivny offers “broad expertise and up-to-date knowledge of the markets.” He is active on the debt side, and focuses on corporate bonds. The "extremely pragmatic" Volker Glas is active in both debt and equity capital markets, offering "great technical strength and a decisive approach.” Lawyers: Edith Hlawati (Star Individual), Peter Knobl (Band 2), Volker Glas (Band 3), Thomas Zivny (Band 3)

Leading