Karsten Wöckener

Partner, Frankfurt

Biography

Karsten Wöckener ‘is pragmatic and comprehensible, he provides clear guidance and has immense experience’ (Chambers Global/ Germany 2025). Karsten Wöckener is named as a highly regarded lawyer for Debt Capital Markets and ESG in JUVE 2024/2025, IFLR1000 2025, The Legal500 Germany 2025, Chambers Global Germany and Chambers Germany 2025 as well as for FinTech in Chambers Legal Germany 2025 and The Legal500 Germany 2025.

Overview

​​​​​​Karsten Wöckener is Head of Germany and Partner in the Global Capital Markets Practice. Karsten advises issuers and investment banks on corporate finance matters as well as regulatory capital transactions.

His focus is on equity and debt capital markets. Karsten frequently advises on investment grade, cross-over and high yield bonds, (pre-IPO) convertibles and exchangeables and other hybrid instruments as well as IPOs and rights issues. He also advises on secured bond and private placement transactions, including Schuldscheine, structured notes, exchange traded products and trade finance products across asset classes.

Karsten also advises issuers and banks on the establishment and update of debt issuance, commercial paper and structured note programmes.

Karsten represents several fintech, insurtech and startup companies in connection with their market entry and rounds of financing. This includes the launch of digital platforms, the use of distributed ledger technology (e.g. blockchain) regarding the issuance of securities as well as strategic considerations and the use of new technologies in corporate financing. He regularly advises various associations on "Digital Corporate Finance" matters.

Bars and Courts
England and Wales, Solicitor
Rechtsanwalt
Education
LLM
US and Global Business Law
Suffolk University

Boston

Second State Exam
Higher Regional Court of Frankfurt
Hessen
First State Exam
Albert-Ludwigs-University of Freiburg
Baden-Württemberg
JD
University of Freiburg
Languages
German
English

Experience

Adidas
Advised a consortium of banks on a bond issue by adidas AG with a total volume of EUR 1 billion, issued in two bonds with a nominal amount of EUR 500 million each.

Adler Group
Advised Adler Group S.A. on a recapitalization of up to EUR 937.5 million and amendment of the terms and conditions of various bonds issued by Adler Group S.A. with an aggregate nominal amount of EUR 3.2 billion.

Advised Adler Group S.A. and its subsidiary Adler Real Estate AG on a tender offer and consent solicitation for Adler RE's EUR 300 million outstanding senior secured notes due 2024.

Aggregate
Advised Aggregate Holdings S.A. on the issuance of notes in the amount of EUR 400 million. The transaction combined both, an offer to new investors to subscribe for the notes and an exchange offer to investors in Aggregate's existing EUR 350 million notes.

Berlin Hyp
Advised Berlin Hyp AG on the issuance of a blockchain-based mortgage Pfandbrief, the first issuance of a digital mortgage Pfandbrief by a bank. The Pfandbrief with an aggregate principal amount of EUR 100 million was issued as a crypto security under the German Electronic Securities Act (eWpG).

Advised the joint lead managers and the co-lead manager on the issue of the debut Sustainability-linked bond issue by Berlin Hyp AG in the aggregate principal amount of EUR 500 million.

Bitpanda
Advised Austrian fintech Bitpanda on the expansion of its product portfolio to include Bitpanda Bitcoin ETC, on the structuring and implementation process, on the approval and notification by the German Federal Financial Supervisory Authority as well as on regulatory, commercial, corporate and tax aspects.

Bitwise Group (formerly ETC Group)
Advised Bitwise Group (formerly ETC Group), a leading provider of digital asset-backed securities, on the expansion of its product portfolio to include the first Aptos staking exchange traded product (ETP). The new product is scheduled to be listed on the SIX Swiss Exchange on November 19, 2024. It tracks the performance of the cryptocurrency Aptos, is traded in fiat currency and is 100 percent physically backed by Aptos, which are securely held at a regulated custodian.

Branicks Group (formerly: DIC Asset)
Advised the joint bookrunners on the issuance of a EUR 400 million green bond by DIC Asset AG.

Advised DIC Asset AG on a further issuance of sustainability-linked promissory notes (Schuldscheindarlehen) with a volume of EUR 100 million. In April 2021 we advised DIC Asset AG on its first issuance of sustainability-linked promissory notes (Schuldscheindarlehen) with a volume of EUR 250 million.

Brenntag
Advised Brenntag SE on its debut Schuldschein transaction. The EUR 390 million and USD 250 million transaction consists of several tranches with different maturity profiles, interest rates and currencies.

Advised Brenntag Group on a dual tranche issuance with an aggregate principal amount of EUR 1 billion. The notes were issued by Brenntag Finance B.V. and guaranteed by Brenntag SE.

Ceconomy
Advised the joint bookrunners on the issuance of an inaugural bond issued by Ceconomy AG with an aggregate principal amount of EUR 500 million.

CVA
Advised Morgan Stanley Bank AG as arranger on the EUR 250 million Schuldschein transaction of Compagnia Valdostana delle Acque - Compagnie Valdôtaine des Eaux S.p.A. (CVA). CVA is a renewable energy company based in the Valle d'Aosta region, Italy. The transaction consists of two floating-rate Schuldschein tranches with terms of five and seven years.

Continental
Advised the joint bookrunners on a EUR 500 million bond issue by Continental AG.

Covestro
Advised the joint lead managers on Covestro AG's issue of bonds with an aggregate principal amount of EUR 500 million.

Deutsche Börse
Advised a bank syndicate on a EUR 3 billion bond issuance by Deutsche Börse AG. The issuance is split in three tranches. The notes are represented by central register securities pursuant to the German Act on Electronic Securities (Gesetz über elektronische Wertpapiere). This is the first public issuance of central register securities using the D7 platform.

Deutsche Lufthansa
Advised Deutsche Lufthansa AG on the issuance of an unsecured hybrid bond with a total value of EUR 500 million. The hybrid bond has a term of 30 years with a first issuer call date after six years.

Advised Deutsche Lufthansa AG on the issuance in two tranches of notes with a principal amount of EUR 1.5 billion. The first tranche has a principal amount of EUR 600 million and the second tranche has a principal amount of EUR 900 million.

Advised Deutsche Lufthansa AG with regard to a EUR 150 million Schuldschein loan agreement.

Elkem
Advised the arrangers NATIXIS and SEB on Elkem ASA's EUR 200 million Schuldschein transaction. The transaction consists of four floating-rate Schuldschein tranches with terms of four and six years.

EnBW Group
Advised EnBW Energie Baden-Württemberg AG on its debut Schuldschein transaction. The EUR 500 million transaction consists of several tranches with different maturity profiles.

Advised EnBW Group on the issuance of Green Bonds with a principal amount of EUR 1.5 billion. The bonds have been issued in two tranches and are guaranteed by EnBW Baden-Württemberg AG.

E.ON
Advised E.ON SE on the issuance of two tranches of notes with an aggregate principal amount of EUR 1.5 billion. Both tranches were issued as green bonds under the Green Bond Framework of E.ON SE.

Eurogrid
Advised Eurogrid GmbH on the issuance Green Bonds with a principal amount of EUR 1.5 billion. The issue is divided into two tranches of EUR 650 million and EUR 850 million.

Evonik
Advised Evonik Industries AG on its first green hybrid bond issue with a volume of EUR 500 million and a concurrent tender offer relating to its outstanding EUR 500 million Subordinated Resettable Fixed Rate Notes due 2077 issued in 2017, which was the first issuance of a hybrid bond by Evonik Industries AG.

Advised Evonik Industries AG on the issuance of fixed rate notes issued with an aggregate principal amount of EUR 500 million. The notes are represented by a central register security entered into a central register operated by Clearstream Banking AG, Frankfurt and have been issued via the digital platform D7 Digitiser.

Federal Republic of Germany
Advised the Federal Republic of Germany on the first issue of a EUR 6.5 billion Green Federal Bond.

Advised the Federal Republic of Germany on the issue of EUR 7.5 billion fixed rate bonds.

Advised a syndicate of banks on a EUR 5.25 billion Green Federal bond issued by the Federal Republic of Germany.

Advised a syndicate of banks on the issuance of a bond of the federal Republic of Germany in the amount of EUR 6 billion.

Fidelity
Advised Fidelity International on the expansion of its product portfolio to include Fidelity Physical Bitcoin ETP, on the structuring and implementation process, approval and notification by the German Federal Financial Supervisory Authority, and on regulatory, commercial, corporate and tax aspects.

Hapag-Llyod
Advised Hapag-Lloyd AG on the issuance of a sustainability-linked high yield bond with a volume of EUR 300 million.

Helaba
Advised a banking syndicate on the issuance of the first Green Bond issued by Landesbank Hessen-Thüringen Girozentrale in a principal amount of EUR 500 million.

JAB Holdings
Advised the joint bookrunners with regard to the sustainability-linked bond issue by JAB Holdings B.V. in the aggregate principal amount of EUR 500 million, guaranteed by JAB Holding Company S.à r.l.

Knorr-Bremse
Advised a consortium of banks on a EUR 1.1 billion dual tranche bond by Knorr-Bremse AG, the second tranche of which was issued as a Green Bond with an aggregate principal amount of EUR 500 million.

LBBW
Advised Landesbank Baden-Württemberg on a EUR 1 billion Social bond issued under its debt issuance programme.

Advised Landesbank Baden-Württemberg as issuer with regard to the issuance of EUR 750 million Additional Tier 1 Notes.

METRO
Advised the joint bookrunners on a EUR 600 million bond issuance by Metro AG.

OMV
Advised the global coordinators and the bookrunners on the issue of hybrid bonds by OMV Aktiengesellschaft in the amount of EUR 1.25 billion.

Piaggio
Advised Piaggio & C. S.p.A. in connection with a total of seven Schuldschein loan agreements with a total volume of EUR 115 million between Piaggio & C. S.p.A. as borrower and UniCredit Bank AG as lender.

Schaeffler
Advised the joint bookrunners on a bond issuance by Schaeffler AG with an aggregate principal amount of EUR 850 million.

SC Steelcoin / Frankstahl Group
Advised SC STEELCOIN GmbH, a company of the Austrian Frankstahl Group, on the expansion of its product portfolio to include a steel exchange-traded product (ETP). The company previously created the Steelcoin A token – the world's first security token that puts real steel on the Ethereum blockchain and available to investors. With the newly created Steelcoin ETP, the company now offers investors an exchange-traded product with which investors can participate indirectly in the price development of steel products. Steelcoin ETPs can be traded via traditional stock exchange trading on the open market of the Ba-den-Württemberg Stock Exchange. Investors also can redeem their Steelcoin ETPs for cash with the company twice a year.

Siemens Energy
Advised the managers on the first issuances of a dual-tranche of green bonds by Siemens Energy Finance B.V. The two tranches have a principal amount of EUR 1.5 billion and are guaranteed by Siemens Energy AG.

SIGNA
Advised the joint bookrunners on real estate developer SIGNA Development Selection's issuance of a EUR 300 million unsecured green bond.

UniCredit
Advised a consortium of banks on the EUR 13 billion rights offering of UniCredit S.p.A.

Advised UniCredit Bank AG as issuer on the issuance of two Additional Tier 1 bonds in the amount of EUR 7 billion and EUR 700 million.

Valeo
Advised Valeo SE on its EUR 266 million Schuldschein transaction. The transaction consists of several tranches with different maturity profiles and is divided into three fixed-rate and two floating-rate Schuldschein tranches with terms between three and seven years. Three tranches include an innovative ESG-KPI-linked structure.

Verbund
Advised Verbund AG on its issuance of a Green Bond including biodiversity with a volume of EUR 500 million.

Vier Gas
Advised Vier Gas Transport GmbH on the issuance of fixed rate notes with an aggregate principal amount of EUR 500 million.

Vonovia
Advised the Joint Lead Managers on the issue by Vonovia SE of one social bond and one green bond with an aggregate principal amount of EUR 1.5 billion.

Vossloh
Advised the managers on a EUR 150 million debut ESG-linked hybrid bond issued by Vossloh AG.

Publications

Wöckener, Karsten, Glekler, Rudolf: Digital Securities – An inventory from a practical point of view, WM 2025, p. 137

Wöckener, Karsten, Gillenkirch, Daniel: Art. 16-26 MiCAR / Crypto-Assets MiCAR – DLT-Pilotregelung – MiFID II – Prospekt-VO – MAR – E-Geld-RL – Gedlwäsche-RL – Steuerrecht – KMAG-E – Kommentar (Publisher: Kalss/Krönke/Völkel), 1. Auflage 2024 (1st edition 2024)

Wöckener, Karsten, Becker, Peter: Handbuch der AG-Finanzierung (Publisher: Ekkenga), Chapter 13 Schuldscheindarlehen, 3. Auflage 2024 (3rd edition 2024)

Wöckener, Karsten, Becker, Peter: §§ 7-11 BeckOGK ZivilR Vlg, 2023

Wöckener, Karsten, Artzinger-Bolten, Jochen: Schuldverschreibungen (Publisher: Hopt / Seibt) - §§ 1 - 3, 24 SchVG; Anhänge C, D, 2. Auflage, 2023 (Annexes C, D, 2nd edition, 2023)

Wöckener, Karsten: Art. 16 EU-ProspektVO, Wertpapierprospektrecht (Publisher: Just/Voß/Ritz/Zeising), 2. Auflage 2023 (2nd edition 2023)

Wöckener, Karsten, Gillenkirch, Daniel, Preuße, Dr. Thomas: The law on the introduction of electronic securities - An initial assessment from a practical perspective, BKR 2021, p. 460

Wöckener, Karsten, Preuße, Dr. Thomas, Gillenkirch, Daniel: The draft law on the introduction of electronic securities - Overview and assessment of the future legal situation with regard to the legal systems in France and Luxembourg, BKR 2020, p. 551

Wöckener, Karsten, Gillenkirch, Daniel, Hauman, Mindy, Höfer, Helmut: New German Electronic Securities Regulation to come, IFLR, September 2020

Wöckener, Karsten, Freudenberger, Cristina: KurG (Publisher: Kalss / Moser): SchVG Annex 4 - Exkurs: Überblick zum deutschen Schuldverschreibungsgesetz (Annex 4 - Overview of the German Act on Notes), 1. Auflage 2018 (1st edition 2018)

Wöckener, Karsten, Becker, Peter: Unternehmensfinanzierung am Kapitalmarkt (Publisher: Habersack / Mülbert / Schlitt) - § 13 Genussrechte (Sec. 13 Participation Rights), 4. Auflage 2018 (4th edition 2018)

Wöckener, Karsten, Frankfurt Kommentar, Schuldverschreibungs-gesetz (Publisher: Friedl / Hartwig-Jacob), §§ 7,8 und 18,. 1. Auflage und 2. Auflage 2013 / 2017 (1st edition and 2nd edition 2013 & 2017)

Wöckener, Karsten; Langen, Markus: Negative Zinsen beeinflussen Kapitalmarktrecht (Negative interest rates affect capital market law), Boersen-Zeitung, 2015, p. 9

Wöckener, Karsten; Höfer, Helmut: Fairness-Kodex für bessere Produktinformation (Fairness code for better product information), Boersen-Zeitung, 2013, p. 9

Awards and Recognition

Leading Individuals: Banking and financial law: Bonds JUVE 2024/2025

Highly recommended lawyer: Bonds and Structured Finance, Regulation: ESG, JUVE 2024/2025

Band 1, Chambers Germany 2025 and Chambers Global 2025 Germany - Capital Markets: Debt

Band 3, Chambers FinTech Legal Germany 2025

Expertise based abroad in Austria, Foreign expert in Austria, Chambers Global Capital Markets – Austria 2025

"Karsten Wöckener is pragmatic and comprehensible. He provides clear guidance and has immense experience", Chambers Global and Germany 2025

Leading Partner: Capital Markets – Debt, The Legal 500 Germany 2025

"Karsten Wöckener impresses with his exceptional market and product knowledge. His ability to develop innovative and pragmatic solutions sets him apart from his competitors", The Legal 500 Germany 2025

"Karsten Wöckener with his in-depth knowledge of the market and the products, he brings unrivalled expertise in the area of digital assets and ETPs. His ability to address complex legal challenges with clear, business-oriented solutions makes him a valuable partner for us", The Legal 500 FinTech Germany 2025

Highly regarded: Capital Markets – Debt, IFLR1000 2025

Frankfurt lawyer with significant capital market business in Austria, JUVE Austria 2024/2025

Best Lawyer 2025: Banking and Finance Law, Capital Markets Law, Regulatory Practice, Best Lawyer/Handelsblatt 2025