Debt capital markets

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Term Loan B facilities

This Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged...

Incremental debt flexibility or accordion features

What are incremental facilities?An incremental facility is feature included in a credit agreement where, subject to meeting certain pre-agreed...

Fixed and floating charges

There are four main types of security available under English law: •mortgage•charge•pledge, and•lienThis Practice Note explains:•the nature of a...

Role of a bond trustee

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

Practice notes

ISDA definitions

The vast majority of derivative transactions are documented by standard documentation developed and published by the International Swaps and...

9th Nov

In-house

Practice notes

Direct agreements in project finance transactions

What is a direct agreement?Direct agreements are very common in project finance transactions. A direct agreement is an agreement which gives the...

9th Nov

Practice notes

Synthetic securitisations

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

9th Nov

Practice notes

What is securitisation?

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

9th Nov

Practice notes

Overdrafts, term loans and revolving credit facilities

This Practice Note explains the features of three common types of loan facility:•overdrafts•term loans, and•revolving credit facilities (RCFs)It also...

9th Nov

In-house

Practice notes

Acquisition finance—ancillary facilities

On an acquisition finance transaction, the borrowing group, in addition to the debt (whether loans or bonds) required to fund the transaction, will...

9th Nov

Practice notes

Assignments by way of security

Assignments by way of security can take different forms and it is important to understand how they are created and their effect. Security over choses...

9th Nov

In-house

Practice notes

Introduction to fund finance—capital call facilities

What is a 'capital call facility'?A capital call facility is a form of finance provided by a lender to a fund and typically secured against investors’...

Produced in partnership with Peter Olds of Cleary, Gottlieb, Steen & Hamilton 9th Nov

Practice notes

Third party security

In many commercial finance transactions, lenders expect to be given some form of credit support to increase their confidence in being able to recover...

9th Nov

Practice notes

Hot topics for Banking & Finance lawyers

This Practice Note lists hot topics (with links to the appropriate materials) that may be of interest to Banking & Finance lawyers. It is updated...

9th Nov

Practice notes

Transferring a loan by sub-participation

Sub-participation is a means by which a lender can transfer its risk in a loan to another lender. For an overview of the reasons why a lender might...

9th Nov

Practice notes

Debt securities—10b-5 letters

A 10b-5 letter (also referred to as a 'disclosure letter') is a letter delivered to the underwriters by issuer's and underwriters' counsel in...

Produced in partnership with Charles Farnsworth of Baker McKenzie and Adam Farlow of Baker McKenzie 9th Nov

Practice notes

Secondary debt trading—completing the trade confirmation

The majority of secondary debt trades are conducted by telephone or by email. Following the trade call or email exchange, the parties will document...

9th Nov

Practice notes

Borrowing base facilities—structure, key terms and risks

What is a borrowing base facility?Borrowing base facilities ('BB Facilities') are a type of trade finance. They are working capital credit facilities...

Produced in partnership with Dentons UK and Middle East LLP 9th Nov

Practice notes

Guide to completing the ISDA Schedule

Coronavirus (COVID-19): This Practice Note contains information on subjects potentially impacted by the government and regulators' responses to the...

9th Nov

Practice notes

Commodity repo transactions and true sale considerations

Commodity repurchases (repos) are a common alternative method of financing. There are a number of advantages for both the financier and a commercial...

Produced in partnership with Sullivan 9th Nov

Most recent Debt capital markets content

Practice notes

Central Securities Depositories Regulation—essentials

Regulating Central Securities DepositoriesCentral securities depositories (CSDs) hold securities in a dematerialised form and provide a clearing and...

25th Nov

Brexit

Practice notes

Coronavirus (COVID-19)—EU capital markets recovery package

This Practice Note summarises the new capital markets recovery package of measures proposed by the European Commission in July 2020 to address the...

25th Nov

COVID-19

Practice notes

Sustainable finance—recent news

2020 NewsDateNews story24 November 2020 Asset Management Taskforce makes stewardship recommendations to boost sustainable growth—LNB News 24/11/2020...

25th Nov

Practice notes

Fintech and the debt capital markets

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

25th Nov

Practice notes

Prospectus Regulation roadmap

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

25th Nov

Practice notes

The Prospectus Regulation—essentials

Coronavirus (COVID-19): This Practice Note contains information on subjects potentially impacted by the government and regulators' responses to the...

25th Nov

Practice notes

Covered bonds

Coronavirus (COVID-19): This Practice Note contains information on subjects potentially impacted by the government and regulators' responses to the...

25th Nov

Practice notes

Listing debt securities on the New York Stock Exchange

The New York Stock Exchange (the NYSE or the 'Exchange') is the largest stock exchange in the world and is located in New York City.Reasons for...

Produced in partnership with Ranajoy Basu, Erika Kolb and Liz Taraila of Reed Smith 25th Nov

Practice notes

Subscription agreement—first time issuer's guide

The aim of this Practice Note is to provide information and practical guidance on English law subscription agreements to lawyers advising first time...

Produced in partnership with Charles Farnsworth of Baker McKenzie and Adam Farlow of Baker McKenzie 25th Nov

Practice notes

Investment-grade, high yield and crossover bonds

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

Produced in partnership with Shruti Dusaj and Simone Bono of Freshfields LLP 25th Nov

Practice notes

European regulation of the debt capital markets—one minute guide

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

25th Nov

Practice notes

Debt securities—10b-5 letters

A 10b-5 letter (also referred to as a 'disclosure letter') is a letter delivered to the underwriters by issuer's and underwriters' counsel in...

Produced in partnership with Charles Farnsworth of Baker McKenzie and Adam Farlow of Baker McKenzie 25th Nov

Practice notes

SMEs and the debt capital markets

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

25th Nov

Practice notes

Green bonds

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

Produced in partnership with Jacqueline Heng of Norton Rose Fulbright 25th Nov

Practice notes

The Prospectus Directive and the debt capital markets—prospectus format and contents [Archived]

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

25th Nov

Practice notes

Key features in LMA PEPP documentation

IntroductionRaising private placements in Europe is a jurisdiction-specific affair: the form of documentation, market practices and applicable law...

Produced in partnership with Herman Park of Akin Gump Strauss Hauer & Feld and Robert Aulsebrook of Akin Gump Strauss Hauer & Feld 25th Nov

Practice notes

Key legal issues in English law in debt capital markets—negative pledges

What is a negative pledge?A negative pledge is a provision which prohibits or restricts the issuer from creating security interests over its assets in...

25th Nov

Practice notes

The insolvency remote SPV in structured finance

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

25th Nov

Practice notes

Listing debt securities on the Luxembourg Stock Exchange

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

Produced in partnership with NautaDutilh 25th Nov

Practice notes

Conditions precedent in debt capital markets transactions

What is a condition precedent?In many financing transactions, the document containing the commitment to provide finance is signed some time in advance...

25th Nov