Debt capital markets—United Kingdom—Q&A guide

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • Debt capital markets—United Kingdom—Q&A guide
  • 1. What types of debt securities offerings are typical, and how active is the market?
  • 2. Describe the general regime for debt securities offerings.
  • 3. Give details of any filing requirements for public offerings of debt securities. Outline any requirements for debt securities that are not applicable to offerings of other securities.
  • 4. In a public offering of debt securities, must the issuer produce a prospectus or similar documentation? What information must it contain?
  • 5. Describe the drafting process for the offering document.
  • 6. Which key documents govern the terms and conditions of the debt securities? Who are the parties to such documents? How can such documents be accessed?
  • 7. Does offering documentation require approval before publication? In what forms should it be available?
  • 8. Are public offerings of debt securities subject to review and authorisation? What is the time frame for approval? What are the restrictions imposed, if any, on the issuer and the underwriters during the review process?
  • 9. On what grounds may the regulators refuse to approve a public offering of securities?
  • More...

Debt capital markets—United Kingdom—Q&A guide

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

1. What types of debt securities offerings are typical, and how active is the market?

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.

Internationalism

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.

Size

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.

Sophistication

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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