Francis Fitzherbert-Brockholes

Partner Of Counsel, London


Francis is one of the most experienced capital markets practitioners in the market and is consistently recommended by leading professional directories.


Francis works with banks, other private and public entities and sovereign governments, and helps them with a wide range of financial transactions, particularly in the international capital markets.

One of the highlights of his work during the financial crisis was leading the team that drafted Kazakhstan's bank restructuring law, an innovative piece of work which was noted for "helping clients in the financial services sector deal with the wreckage of the global financial crisis" (Financial Times). The law was then used to restructure a number of banks in what has been acknowledged as the first real "bail-in" restructuring of a financial institution.

Although some of this restructuring work is continuing, Francis has now mostly returned to his capital markets roots and uses his extensive experience to advise on equity and debt offerings, including CP and MTN programmes as well as liability management exercises.

Deals he has led include both registered and unregistered debt and equity offerings in the United States and many offerings outside the US, including some of the first international offerings by issuers from Central and Eastern Europe and Asia.

Bars and Courts
New York State Bar
England and Wales
BA (Hons)
MA, in Philosophy, Politics and Economics
University of Oxford


BTA Bank and Alliance Bank of Kazakhstan, ongoing
Francis represented BTA Bank and Alliance Bank of Kazakhstan from 2009–10, in their financial restructurings under the new restructuring law. These transactions involved over US$20 billion nominal amount of debt and have been recognised internationally for their innovation. BTA Bank undertook a second restructuring under his guidance in 2012 and Alliance Bank is in the process of a further restructuring and consolidation.

Sovereign representations, ongoing
Francis has advised a number of sovereigns or their underwriters in recent offerings, including the debuts by Gabon, Serbia and Azerbaijan, as well as offerings by Kazakhstan, Poland, Latvia, Lithuania and others.

Transnet, 2013
He represented the Joint Lead Managers of an innovative cross-currency issue by Transnet, the state-owned South African utility.

The first ever Rule 144A intermediated exchange offer, 2012
Francis represented the Dealer Managers and the Joint Lead Managers on the offering of US$1 billion of 4.125% notes due 2022 by JSC Development Bank of Kazakhstan and the related exchange offer by VTB Capital plc. This pioneering transaction was the first ever Rule 144A intermediated exchange offer.

Svenska Handelsbanken
He has represented Svenska Handelsbanken and its subsidiary Stadshypotek for many years in relation to their US and European MTN and CP Programs and the offerings under them.

Deutsche Bank
Francis has advised Deutsche Bank as depositary on numerous ADR and GDR programmes.

Awards and Recognition

Chambers UK 2014
Capital Markets – Equity

Chambers UK 2014
Capital Markets – Debt, London (Firms)

Chambers Europe 2014, Chambers Global 2014
Capital Markets – Debt, UK

Chambers Global 2014
Corporate & Finance – Kazakhstan

The Legal 500 London 2012
Capital Markets – Debt, London

The Legal 500 London 2012
Corporate and Commercial – Equity Capital Markets, UK Capability – London

Super Lawyer, Thomson Reuters, 2013

Legal Innovation in Financial Services award, Financial Times Innovative Lawyers Awards, 2009