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Debt Capital Markets

Our global debt capital markets team has unparalleled international experience of structuring and executing the largest, most innovative and complex debt transactions anywhere in the world.

We provide clients with expertise across an extensive range of matters, from ‘plain vanilla’ debt deals to complex cross-border transactions. We advise on the full range of UK, US and domestic laws through our global network of offices.

Clients turn to our team’s comprehensive expertise in eurobonds, equity-linked products, regulatory capital work, liability management, retail bonds, high yield and sovereign offerings.

Our experience includes advising on EMTN programmes and CP programmes. Our involvement in these deals includes advising clients on their continuing obligations related to their debt listings.

We have a pre-eminent transactional track record across both the established markets of the Americas, Asia, Europe and the Middle East and in the world’s emerging economies.

A key strength is our ability to offer a global team combining technical expertise and wealth of experience with regular contact with listing authorities and regulators.

Insights and resources

Covid 19

COVID-19: DCM issues to consider on bond offerings

The recent outbreak of the novel coronavirus (“COVID-19”) has caused disruption globally. Governments in affected regions have imposed a series of containment and other measures, including lockdowns, international travel restrictions or quarantine measures on travellers to and from areas affected by COVID-19 and unprecedented ‘work from home’ arrangements in affected regions.

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Covid 19

COVID-19: Virtual bondholder meetings

The COVID-19 outbreak is affecting the way in which business is conducted, and bondholder meetings are no exception. The UK Government has prohibited, among other things, public gatherings of more than two people, subject to only limited exceptions.

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Financial graphs

Cross-Border Liability Management and U.S. Federal Securities Law

Our Cross-Border Liability Management and U.S. Federal Securities Law Series provides an overview of U.S. federal securities law considerations in liability management transactions for the debt securities of non-U.S. issuers and the frequently used structures and features that comply with applicable U.S. laws and regulations.

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Debt issuance

Debt Issuance from 2020: Themes for the year ahead

As 2020 starts in earnest our “back-to-school” publication provides an update of some of the key themes likely to impact wholesale debt issuance in the year ahead, including the Prospectus Regulation, interest rate reform, EU updates to bank prudential rules, green and sustainable finance and Brexit.

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Global Interest Rate Reform

The transition away from the London Interbank Offered Rate (LIBOR) and other IBORs is unlike any previous regulatory reform – underpinning loans, debt and derivatives contracts estimated at $350 trillion globally, its scale is potentially larger, it will involve a great number of granular moving parts and is technically challenging.

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EU Prospectus Regulation

The new regime established by the Prospectus Regulation (EU 2017/1129) applies in full across the EU from 21 July 2019. The aim of the Regulation is to achieve greater harmonisation of prospectus rules throughout the European Union.

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Green finance

Green and Sustainable Finance

An increasing public awareness of climate change, coupled with the realisation that government action alone will be insufficient to tackle the climate crisis, has led to a growing focus on mobilising private finance to effect climate action. This has seen the green and sustainable bond market expand considerably over 2019, with continued growth predicted.

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