Debt Offerings

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Last week, SIFMA released its annual Capital Markets Fact Book, which reports comprehensive data on capital markets activity generally.  The U.S. equity markets represent 42.6% of the $115 trillion global equity markets, with the second largest market, the EU, accounting for 11%.  U.S. ECM activity saw an increase of 39.9% year-over-year, with $139.1 billion raised…

This practice note discusses drafting considerations for an indenture governing debt securities issued in a Rule 144A/Regulation S transaction, with a focus on covenants and transfer restrictions. An indenture is a contract between an issuer of securities and a trustee that defines the terms of the debt securities and the duties of each party. The…

In this briefing, we take a look at the EU Green Bond Standard.

The Council of the European Union and the European Parliament recently announced that provisional agreement on the European Green Bond Standard had been reached. The consolidated legal text is now widely available and can be viewed here along with a blackline against…

Sustainability-Linked Bonds: Some practical considerations for documenting and structuring transactions

In this briefing, we take a look at sustainability-linked bonds (“SLBs”), which have fast become an important feature of the sustainable finance market. According to Climate Bonds Initiative, SLB issuance reached US$76.3 billion in 2022, and we have seen an increasingly wide variety of corporate…

Welcome to the first edition of our Capital Markets: Insight series – our view on the important topics and trends affecting the debt capital markets.

In this briefing, we take a look at the basics of “Reverse Yankees” – when and why they might be an attractive funding choice and the documentary options for coming…

In conjunction with the publication of a staff report, “U.S. Credit Markets: Interconnectedness and the Effects of the COVID-19 Economic Shock,” the Securities and Exchange Commission announced a roundtable on October 14, 2020.  The Roundtable will include senior staff of the SEC, as well as international regulators and market participants.  The report discusses how interconnections…

This Lexis Practice Advisor practice note discusses reopenings of debt securities issuances. Companies frequently raise capital by issuing additional debt securities of the same series as debt securities outstanding under an existing indenture, often referred to as “reopening the indenture” or “reopening the series.”

Read the full article here.

Businesses are under unprecedented stress due to the global COVID-19 pandemic. Many of these businesses need some form of relief on their debt obligations in order to avoid triggering defaults, foreclosures and collection activity during this extraordinary period of economic inactivity.  There is no one way to structure a workout.  The workout structure can be…