What is a tap issue in relation to a note?

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Published on LexisPSL on 12/02/2016

The following Banking & Finance Q&A provides comprehensive and up to date legal information covering:

  • What is a tap issue in relation to a note?

What is a tap issue in relation to a note?

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 treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the limited extent agreed), but the UK must continue to adhere to its obligations under EU law (including EU treaties, legislation, principles and international agreements) and submit to the continuing jurisdiction of the Court of Justice of the European Union in accordance with the transitional arrangements in Part 4 of the Withdrawal Agreement. For further reading, see: Brexit—introduction to the Withdrawal Agreement. This has an impact on this Q&A. For guidance, see Practice Note: Brexit—impact on finance transactions [Archived]—Brexit planning and impact—key issues for debt capital markets transactions and Brexit—impact on finance transactions [Archived]—Derivatives and debt capital markets transactions—key SIs.

A 'tap' issue is an issue of notes which is intended to form a single series with, and be fungible with, an earlier issue of notes. An issuer issues the new notes on the same basis as a previous issuance thereby avoiding all of the formalities connected with the initial issuance. The terms and conditions

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