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.

To assist businesses and their legal teams address the commercial and legal issues they may face in the current environment, we published a practice guide earlier this month ‘COVID-19: a UK guide to significant commercial and legal issues’.

This note relates to specific debt capital markets issues that should be considered by transaction parties in relation to bond offerings conducted outside the United States.

We have also included some practical tips and workarounds on deals based on our recent experience. The key factors to consider include:

The key factors to consider include:

  • Due diligence
  • Prospectus disclosure
  • Termination and force majeure
  • Signing and settlement

Please click here for our note.