Freshfields Bruckhaus Deringer has bolstered its City debt capital markets practice with two new partners, including the lateral hire of Peter Allen from magic circle rival Linklaters.

Allen joins Freshfields' finance practice in London alongside Duncan Kellaway, who joins as a partner from Clifford Chance (CC), where he was a senior associate.

Allen specialises in a wide range of securities work, including advising underwriters and issuers in connection with issues of debt, equity and equity-related securities in international markets. He has particular expertise in emerging markets debt issuance.

He has advised on a number of major deals including acting for ABN Amro, Rothschild, Dresdner Kleinwort, JPMorgan and Morgan Stanley, as well as the syndicate of 22 other investment banks, on the $10.4bn (£6.6bn) initial public offering of Rosneft.

Allen joined Linklaters as a trainee in 1997, becoming a managing associate in 2003 before making partner in 2008 and moving to the firm's Moscow office.

Kellaway is currently a senior associate in CC's capital markets group and has more than 11 years' experience in London debt capital markets work.

The hires are part of an effort by Freshfields to boost the firm's bank-facing capability in response to a structural shift in the funding markets. The firm sees bond finance becoming increasingly significant, not only for M&A but also corporate and private equity financing and refinancing.

Freshfields global finance head Alan Newton said: "The debt capital markets are increasingly important in both event-driven and ordinary course financing, as well as in refinancings and restructurings. These appointments will make a noticeable difference to how we can service our financial institution clients in this space."

The news follows last month's announcement that high-profile Freshfields finance partners Chris Howard is set to join Linklaters in a move which will reunite him with former Freshfields partners David Ereira and Brian Gray, who joined Linklaters from the rival magic circle firm in 2007.

For more, see New finance departure raises old question for Freshfields.