Cravath Publishes Winter 2026 Issue of Alumni Journal
Capital Markets
Cravath has one of the most respected capital markets practices in the world. We hold a distinctive reputation for devising and executing the innovative, sophisticated deal structures underlying landmark financing transactions, including the first simultaneous cross‑border tender offer, direct listings, high‑profile IPOs and acquisition financings for many of the largest U.S. and cross‑border transactions.
Our practice is balanced between representing issuers and underwriters on debt, equity and hybrid offerings, both domestically and internationally. Cravath’s substantial presence in London, where we have one of the largest contingents of U.S. lawyers in the city, enhances our ability to provide seamless, round‑the‑clock coverage.
We execute complex, cross-border deals issued in multiple currencies, as well as IPOs and other high‑profile transactions for companies ranging from emerging startups to leading multinational corporations in the United States and abroad. Our lawyers have led offerings in a broad range of industries and we also regularly advise on SEC‑registered and Rule 144A offerings by sovereign and supranational entities.
Our U.S. and foreign private issuer clients rely on Cravath’s expertise to resolve their most challenging issues before the SEC, including on difficult accounting or other disclosure matters, as well as potential reporting and compliance issues. Cravath lawyers maintain strong relationships with members of the SEC staff and our representation includes alerting our clients to newly enacted U.S. securities laws and SEC and exchange rules and regulations, as well as advising them with respect to compliance with these requirements. We also counsel clients on how U.S. securities laws and regulations interact with evolving areas such as crypto and data privacy.
Our lawyers’ ability to execute all offering types, our client-targeted expertise and our commercial understanding of business situations are highly recommended by clients and peers:
- “Clear leaders in the market, [Cravath] presents the complete package for clients: ‘They know how to move a deal along, and they know the SEC.’” Chambers
- “They are a perennial leader in capital markets transactions in Europe.” Chambers
- “Cravath runs a top-notch U.S. securities practice from its London office and is involved in some of the largest transactions in the U.S. and global equity capital markets.” The Legal 500
- “Cravath has served as one of our primary outside counsels for over 20 years. They’ve helped us in a variety of different matters and transactions including an IPO, secondary equity offerings, and, more recently, a 144A debt offering. I would say that the firm in general, but specifically the capital markets team, provides the highest quality legal services that I think we get from any outside counsel. I’ve found their work to be uniformly excellent. They get some of the brightest people, they have a pretty broad range of expertise, and the quality of the lawyers is uniformly high. They’re very responsive and I think they really meet the client’s needs in pretty much all facets.” IFLR1000
- “They collaborate seamlessly to ensure they deliver their firm’s absolute best on every client matter.” Chambers
- “Absolutely outstanding. Deep technical expertise combined with wide sector knowledge and unbelievable commitment.” IFLR1000
- “Excellent lawyers technically and creative problem-solvers” who are “regularly sought for advice on complex or esoteric capital markets issues.” Chambers
- Cravath is “the best at anticipating and answering our changing legal needs.” Chambers
- “There’s Cravath and then there’s everyone else.” The Legal 500
Our practice is balanced between representing issuers and underwriters on debt, equity and hybrid offerings, both domestically and internationally. Cravath’s substantial presence in London, where we have one of the largest contingents of U.S. lawyers in the city, enhances our ability to provide seamless, round‑the‑clock coverage.
We execute complex, cross-border deals issued in multiple currencies, as well as IPOs and other high‑profile transactions for companies ranging from emerging startups to leading multinational corporations in the United States and abroad. Our lawyers have led offerings in a broad range of industries and we also regularly advise on SEC‑registered and Rule 144A offerings by sovereign and supranational entities.
Our U.S. and foreign private issuer clients rely on Cravath’s expertise to resolve their most challenging issues before the SEC, including on difficult accounting or other disclosure matters, as well as potential reporting and compliance issues. Cravath lawyers maintain strong relationships with members of the SEC staff and our representation includes alerting our clients to newly enacted U.S. securities laws and SEC and exchange rules and regulations, as well as advising them with respect to compliance with these requirements. We also counsel clients on how U.S. securities laws and regulations interact with evolving areas such as crypto and data privacy.
Our lawyers’ ability to execute all offering types, our client-targeted expertise and our commercial understanding of business situations are highly recommended by clients and peers:
- “Clear leaders in the market, [Cravath] presents the complete package for clients: ‘They know how to move a deal along, and they know the SEC.’” Chambers
- “They are a perennial leader in capital markets transactions in Europe.” Chambers
- “Cravath runs a top-notch U.S. securities practice from its London office and is involved in some of the largest transactions in the U.S. and global equity capital markets.” The Legal 500
- “Cravath has served as one of our primary outside counsels for over 20 years. They’ve helped us in a variety of different matters and transactions including an IPO, secondary equity offerings, and, more recently, a 144A debt offering. I would say that the firm in general, but specifically the capital markets team, provides the highest quality legal services that I think we get from any outside counsel. I’ve found their work to be uniformly excellent. They get some of the brightest people, they have a pretty broad range of expertise, and the quality of the lawyers is uniformly high. They’re very responsive and I think they really meet the client’s needs in pretty much all facets.” IFLR1000
- “They collaborate seamlessly to ensure they deliver their firm’s absolute best on every client matter.” Chambers
- “Absolutely outstanding. Deep technical expertise combined with wide sector knowledge and unbelievable commitment.” IFLR1000
- “Excellent lawyers technically and creative problem-solvers” who are “regularly sought for advice on complex or esoteric capital markets issues.” Chambers
- Cravath is “the best at anticipating and answering our changing legal needs.” Chambers
- “There’s Cravath and then there’s everyone else.” The Legal 500
Deals & Cases
May 08, 2026
State Street Corporation’s $1.5 Billion Registered Fixed‑to‑Floating Rate Senior Notes Offering
Cravath represented the underwriters in connection with the $1.5 billion registered fixed‑to‑floating rate senior notes offering of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on April 24, 2026.
Deals & Cases
May 06, 2026
European Investment Bank’s $4 Billion SEC Registered Notes Offering
Cravath represented the European Investment Bank (“EIB”) in connection with its $4 billion SEC‑registered notes offering. The purpose of the EIB is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on April 21, 2026.
Deals & Cases
April 28, 2026
ERAC USA Finance LLC’s $3 Billion Notes Offering
Cravath represented the initial purchasers in connection with the $3 billion 144A/Reg. S notes offering of ERAC USA Finance LLC, guaranteed by Enterprise Holdings, Inc., a leading global mobility solutions provider operating under the Enterprise Mobility corporate brand. The transaction closed on April 14, 2026.
Deals & Cases
April 06, 2026
Hewlett Packard Enterprise Company’s $2 Billion Registered Notes Offering
Cravath represented the underwriters in connection with the $2 billion registered notes offering of Hewlett Packard Enterprise Company, an industry leading technology company. The transaction closed on March 23, 2026.
Deals & Cases
April 06, 2026
Rogers Communications Inc’s Registered Fixed‑to‑Fixed Rate Subordinated Notes Offering
Cravath represented Rogers Communications Inc. in connection with its $750 million registered fixed‑to‑fixed rate subordinated notes offering. Rogers Communications is Canada's leading communications, sports and entertainment company. The transaction closed on March 27, 2026.
Activities
April 06, 2026
Law360 Selects Four Cravath Attorneys for 2026 Editorial Advisory Boards
Four Cravath attorneys were selected to serve on Law360’s 2026 Editorial Advisory Boards: partners Ryan J. Patrone (Capital Markets), Claudia J. Ricciardi (Mergers & Acquisitions) and Jihyun Chung (Private Equity) and of counsel Scott B. Reents (Legal Tech). As Editorial Advisory Board members, they will provide feedback on Law360’s coverage and expert insight on how best to shape future coverage.
Activities
April 01, 2026
Three Cravath Partners Featured in Vault’s 2026 Guide to Legal Practice Areas
Cravath partners Jin‑Kyu Baek, Nicholas A. Dorsey and Lauren Roberta Kennedy were featured in the 2026 edition of “Practice Perspectives: Vault’s Guide to Legal Practice Areas,” which highlights the experiences of practicing lawyers in more than 20 different areas of the law and is published annually.
Publications
March 23, 2026
SEC Issues Interpretation on Application of Securities Laws to Crypto Assets
On March 23, 2026, Cravath prepared a memo for its clients entitled “SEC Issues Interpretation on Application of Securities Laws to Crypto Assets.” The memo examines an interpretation and guidance issued by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission clarifying the application of federal securities laws to certain crypto assets and transactions involving crypto assets.
Activities
March 23, 2026
Steve Seltzer Speaks at the ISDA’s Introduction to Equity Derivatives Online Conference
On March 17, 2026, Cravath partner Steven Seltzer participated in the International Swaps and Derivatives Association’s (“ISDA”) Introduction to Equity Derivatives – Equity Derivatives Products and ISDA Equity Derivatives Definitions online conference. Steve spoke during a session entitled “ISDA Equity Derivatives Documentation and ISDA Equity Definitions,” which discussed derivatives documentation structures, including master equity confirmation agreements, valuation, payment and delivery and analyzed market disruption events under the ISDA Equity Definitions.
Publications
March 11, 2026
FPI Section 16(a) Reporting Update: Final Rules, Conditional Exemptive Relief Order and Frequently Asked Questions
On March 11, 2026, Cravath prepared a memo for its clients entitled “FPI Section 16(a) Reporting Update: Final Rules, Conditional Exemptive Relief Order and Frequently Asked Questions.” The memo examines the U.S. Securities and Exchange Commission’s adoption of final rule and form amendments and issuance of a conditional exemptive relief order, as well as the Frequently Asked Questions posted by staff of the Division of Corporation Finance of the SEC, ahead of the March 18, 2026, deadline for compliance with the Holding Foreign Insiders Accountable Act.
Deals & Cases
May 08, 2026
State Street Corporation’s $1.5 Billion Registered Fixed‑to‑Floating Rate Senior Notes Offering
Cravath represented the underwriters in connection with the $1.5 billion registered fixed‑to‑floating rate senior notes offering of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on April 24, 2026.
Deals & Cases
May 06, 2026
European Investment Bank’s $4 Billion SEC Registered Notes Offering
Cravath represented the European Investment Bank (“EIB”) in connection with its $4 billion SEC‑registered notes offering. The purpose of the EIB is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on April 21, 2026.
Deals & Cases
April 28, 2026
ERAC USA Finance LLC’s $3 Billion Notes Offering
Cravath represented the initial purchasers in connection with the $3 billion 144A/Reg. S notes offering of ERAC USA Finance LLC, guaranteed by Enterprise Holdings, Inc., a leading global mobility solutions provider operating under the Enterprise Mobility corporate brand. The transaction closed on April 14, 2026.
Deals & Cases
April 06, 2026
Hewlett Packard Enterprise Company’s $2 Billion Registered Notes Offering
Cravath represented the underwriters in connection with the $2 billion registered notes offering of Hewlett Packard Enterprise Company, an industry leading technology company. The transaction closed on March 23, 2026.
Deals & Cases
April 06, 2026
Rogers Communications Inc’s Registered Fixed‑to‑Fixed Rate Subordinated Notes Offering
Cravath represented Rogers Communications Inc. in connection with its $750 million registered fixed‑to‑fixed rate subordinated notes offering. Rogers Communications is Canada's leading communications, sports and entertainment company. The transaction closed on March 27, 2026.
Activities
April 06, 2026
Law360 Selects Four Cravath Attorneys for 2026 Editorial Advisory Boards
Four Cravath attorneys were selected to serve on Law360’s 2026 Editorial Advisory Boards: partners Ryan J. Patrone (Capital Markets), Claudia J. Ricciardi (Mergers & Acquisitions) and Jihyun Chung (Private Equity) and of counsel Scott B. Reents (Legal Tech). As Editorial Advisory Board members, they will provide feedback on Law360’s coverage and expert insight on how best to shape future coverage.
Activities
April 01, 2026
Three Cravath Partners Featured in Vault’s 2026 Guide to Legal Practice Areas
Cravath partners Jin‑Kyu Baek, Nicholas A. Dorsey and Lauren Roberta Kennedy were featured in the 2026 edition of “Practice Perspectives: Vault’s Guide to Legal Practice Areas,” which highlights the experiences of practicing lawyers in more than 20 different areas of the law and is published annually.
Publications
March 23, 2026
SEC Issues Interpretation on Application of Securities Laws to Crypto Assets
On March 23, 2026, Cravath prepared a memo for its clients entitled “SEC Issues Interpretation on Application of Securities Laws to Crypto Assets.” The memo examines an interpretation and guidance issued by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission clarifying the application of federal securities laws to certain crypto assets and transactions involving crypto assets.
Activities
March 23, 2026
Steve Seltzer Speaks at the ISDA’s Introduction to Equity Derivatives Online Conference
On March 17, 2026, Cravath partner Steven Seltzer participated in the International Swaps and Derivatives Association’s (“ISDA”) Introduction to Equity Derivatives – Equity Derivatives Products and ISDA Equity Derivatives Definitions online conference. Steve spoke during a session entitled “ISDA Equity Derivatives Documentation and ISDA Equity Definitions,” which discussed derivatives documentation structures, including master equity confirmation agreements, valuation, payment and delivery and analyzed market disruption events under the ISDA Equity Definitions.
Publications
March 11, 2026
FPI Section 16(a) Reporting Update: Final Rules, Conditional Exemptive Relief Order and Frequently Asked Questions
On March 11, 2026, Cravath prepared a memo for its clients entitled “FPI Section 16(a) Reporting Update: Final Rules, Conditional Exemptive Relief Order and Frequently Asked Questions.” The memo examines the U.S. Securities and Exchange Commission’s adoption of final rule and form amendments and issuance of a conditional exemptive relief order, as well as the Frequently Asked Questions posted by staff of the Division of Corporation Finance of the SEC, ahead of the March 18, 2026, deadline for compliance with the Holding Foreign Insiders Accountable Act.
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Cravath Bicentennial
Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.
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