Within Capital markets, CHSH Cerha Hempel Spiegelfeld Hlawati is a first tier firm,
Capital markets is one of CHSH Cerha Hempel Spiegelfeld Hlawati’s real strengths, and the firm continues to attract work in a quiet market. This includes acting for impressive clients such as OIAG, advising on the privatisation of Austrian Airlines. The firm’s first-class client roster also features the likes of Erste Bank and Strabag. Clients are quick to point out that ‘ the quality of service given by the firm at all stages is professional and accurate, with partners getting directly involved’. Head of practice Edith Hlawati is well respected throughout the market.

Department head Edith Hlawati led the firm's lead counsel mandate for ÖIAG and Austrian Airlines in the privatisation of ÖIAG's shareholding in Austrian Airlines in the form of a structured tender procedure. This was the largest privatisation of 2008 and, because of the difficulties faced by the Austrian airline industry and the onset of the global financial crisis, involved the team creating some truly innovative solutions. The firm's reputation in Vienna as specialists in equity deals left some wondering what would happen to its capital markets practice during the global downturn, with the equity market being particularly badly affected. However, the firm has been acting in some notable debt issuance programmes. Johannes Buchinger and Thomas Zivny advised Bawag on the 2008 update of its €10 billion debt issuance programme, and Volker Glas advised Strabag on its €75 million bond, which was offered to institutional and retail investors in Austria and placed at an interest rate of 5.75%. In January 2009, Glas advised Telekom Austria Group on the issue of a bond with a benchmark volume of €750 million – the first successful placement of a corporate bond in 2009.

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Volker Glas
Edith Hlawati

Acting for both issuers and underwriters, this firm “negotiates aggressively” on behalf of its clients, and its vast experience in IPO-related matters makes it an obvious choice for large Austrian companies intending to go public. “Highly distinguished" head of department Edith Hlawati leaves both clients and colleagues in awe with the quality of her IPO work. Focusing on equity, she is active in the majority of capital markets transactions taking place in Austria, and clients value her “relentless persistence and her ability to pull together a great team.” The group has worked with STRABAG and Warimpex on their respective IPOs and is also highly regarded by financial institutions acting as underwriters, such as Erste Bank and Sal. Oppenheim. JPMorgan sought the team’s advice on a point of Austrian law regarding two EUR750 million bonds issued by property company Immofinanz. Lawyers also assisted AT&S in transferring its share listings from the Frankfurt Stock Exchange to Vienna's stock exchange. “Technically excellent” Peter Knobl focuses on the debt matters, bringing his excellent skills to the table. Thomas Zivny, meanwhile, is building on his expertise and is significantly involved in a major convertible bond transaction.

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