Debt Capital Markets
Allen & Overy has debt capital markets (DCM) experts in all the key financial centres worldwide, thereby providing our clients with international expertise, local knowledge and all-round market insight on cross-border and domestic transactions.
We advise issuers and underwriters on the full spectrum of debt capital market transactions, including standalone bonds and debt programmes, tier 1 and hybrid capital, equity-linked instruments, liability management, private placements, warrants, high yield and Islamic structures.
We have been instrumental in nearly all the major developments in the modern financial markets, starting with the first ever eurobond issue in the 1960s. Of the most recent developments, we have a particular track record in liability management, regulatory capital and capital raisings for financial institutions, debt issues by emerging markets issuers, sovereign debt offerings and we have been involved in numerous landmark transactions since the development of the offshore RMB market. Our excellence is reflected through our top tier position in all major legal directories, Thomson Reuters and Bloomberg debt legal adviser league tables and numerous independent market surveys and awards.
In addition to our DCM team in New York, we provide our clients with one of the deepest and most sophisticated U.S. practices on the ground in EMEA and Asia. Our team advises on the U.S. aspects of all debt capital market transactions, including SEC-registered offerings, Rule 144A and Regulation S offerings, high-yield offerings and convertible bonds. The team is further complemented by experts in U.S. tax, U.S. financial regulation and U.S. bankruptcy/restructuring.
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PD III – the Prospectus Regulation
News and insights
News: 20 November 2023
Allen & Overy advises Leasys on new EUR600 million bond
Allen & Overy has advised Leasys S.p.A. on the issuance of a senior unsecured bond for a total nominal value of EUR600 million intended for professional investors.
News: 17 November 2023
Allen & Overy advises on new directly listed retail callable bond by UniCredit
UniCredit S.p.A. announced the launch of its second direct listing bond, offered by the Bank on the MOT market and Euro TLX of Borsa Italiana. Allen & Overy advised UniCredit on the transaction.
News: 14 November 2023
Allen & Overy advises UniCredit on senior green bond fix-to-floater in dematerialised form
Allen and Overy assisted UniCredit S.p.A in the placement of a fix-to-floater senior green bond for EUR750 million, maturing in six years and three months (14 February 2030) with an early call after…
News: 30 October 2023
Allen & Overy advises on the Euro-Commercial Paper Programme by Ferrovie dello Stato
Allen & Overy has advised Ferrovie dello Stato Italiane S.p.A. (FS) on the constitution of its Euro-Commercial Paper Programme (ECP Programme), with a duration of three years and an aggregate maximum…
Our online services
Equity Linked Instruments
Allen & Overy’s Equity Linked online service provides clients with access to guidance on issuing equity-linked instruments. It is updated regularly to reflect changes in underlying principles of equity-linked issuance in various jurisdictions and other market
developments.
For more information or to arrange a demonstration, please contact your usual Allen & Overy relationship contact or email: eql@allenovery.com
Euro-Commercial Paper
Allen & Overy’s Euro-Commercial Paper website summarises some currency-related, selling and other restrictions (such as central bank consents, management and notification requirements, etc.) incidental to the issue of debt instruments under ECP programmes. Where possible, a sample selling restriction for sales to professional investors in the country of the currency is also included.
For more information or to arrange a demonstration, please contact your usual Allen & Overy relationship contact or email: ecp@allenovery.com
Medium Term Notes
Allen & Overy’s Medium Term Notes website is an online guide that leverages the firm’s decades of expertise in advising on MTN programmes. It summarises currency-related, selling and certain other restrictions incidental to the issue of debt instruments under MTN programmes in over 40 key jurisdictions.
For more information or to arrange a demonstration, please contact your usual Allen & Overy relationship contact or email: mtn@allenovery.com
Prospectus Spotlight
Allen & Overy’s Prospectus Spotlight website is an online guide that provides clients with access to legislation and Allen & Overy guidance on the Prospectus Regulation – so-called PD III – and its implementation. It sets out key concepts found in PD III, provides insights on the impact of PD III on listing different types of securities and contains links to related legislation, guidance and publications.
For more information or to arrange a demonstration, please contact your usual Allen & Overy relationship contact or email prd@allenovery.com
Transparency Directive
Allen & Overy’s Transparency Directive website is an online guide that provides clients with access to legislation and A&O guidance on the TD and its implementation. It sets out key concepts found in the TD, provides advice on the impact of the TD on listing different types of security and provides details of the implementation of the TD in EEA member states.
For more information or to arrange a demonstration, please contact your usual Allen & Overy relationship contact or email: trd@allenovery.com