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This Practice Note contains a jurisdiction-specific Q&A guide to debt capital markets in United Kingdom published as part of the Lexology Getting the Deal Through series by Law Business Research (published: January 2021).
Authors: Slaughter and May—Matthew Tobin; Eric Phillips
In the United Kingdom, there has been a very active market for debt securities offerings for several decades. The particular features of this market are as follows.
Offerings of debt securities in the UK involve issuers and investors incorporated or established anywhere in the globe using London as a global financial centre to access the international debt capital markets. The success of the international debt capital markets within the UK has resulted in there being no meaningful domestic-only market.
The investor pool in the UK for debt securities is among the deepest in the world. As of January 2021, according to data released by the London Stock Exchange (LSE), the value of debt securities admitted exceeds US$5.3 trillion, and there are more than 13,000 debt securities from all over the world actively listed on the LSE's main market.
The full spectrum of debt capital markets products is offered in the UK. This spectrum ranges from plain vanilla senior fixed or floating eurobonds, issued either under a programme or on a stand-alone basis;
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