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Following the publication of the Pan-European Private Placement Working Group’s (PEPP WG) pan-European corporate private placement market guide, Sophy Lewin, financing support lawyer at Slaughter and May, explores the development of the guide.
A voluntary guide to best practice has been published for the pan-European private placement market. It was launched by the PEPP WG with the aim of further developing medium to long term financing options for European mid-sized corporates.
The PEPP WG brings together a number of market participants with an interest in private placements under one umbrella group, with a view to developing a pan-European private placement market.
The PEPP WG is co-ordinated by the International Capital Market Association and includes :
A private placement is a medium or long term, generally unlisted, debt financing between a listed or unlisted company and a small number of institutional investors. It may take the form of a loan or a note. The US private placement is a well-developed market. The European market by comparison has pockets of notable activity, in particular in Germany and France, but has remained fragmented.
It is envisaged that the development of a more unified European private placement market will be of particular benefit to medium-sized and unrated European companies by providing medium to long term debt funding which may not otherwise be available to them from the loan or bond markets. It will also be able to accommodate larger corporate issuers.
The development of the market is aligned with the European Commission’s policy objective of bringing about a Capital Markets Union.
The guide is intended to provide a voluntary framework for common market standards and best practices in pan-European private placement (PEPP) transactions. In so doing, it aims to strengthen the identity and recognition of the market.
The guide, among other things:
The guide will be update and supplemented as the market develops.
For more on the development of a pan-European private placement market, and non-bank lending options for corporates generally, see: Non-bank lending options for UK corporates—two years after Breedon and The UK private placement market—starting 2015 on a high note.
Interviewed by Miranda Campbell.
The views expressed by our Legal Analysis interviewees are not necessarily those of the proprietor.
First published on LexisPSL Banking & Finance. Click here for a free trial.
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