Liability management of debt securities

Introduction

The term ‘liability management’ is used to describe a variety of techniques used by issuers to actively manage or restructure their outstanding bond liabilities. This subtopic covers primarily investment-grade bonds issued in the UK and European markets and the various techniques used, which commonly include bond buybacks, tender offers, exchange offers and consent solicitation, with a focus on the process, documentation and key legal and regulatory considerations involved in such transactions.

For more information on the different techniques used and how they can be structured, see Practice Note: Liability management