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.
PD III – the Prospectus Regulation
News and insights
News: 03 February 2023
Allen & Overy has advised several financial institutions – Citigroup and Crédit Agricole CIB acting as Global Coordinators, as well as BBVA, BofA Securities, BNP Paribas, Citigroup, Crédit Agricole…
News: 31 January 2023
A&O has been recognised as the top overall adviser to issuers and managers in the global debt and equity capital markets in 2022, with number one rankings awarded to us by Bloomberg and Refintiv…
News: 24 January 2023
Allen & Overy announced today that it has advised Raiffeisenbank a.s. on its EUR500million issuance of senior non-preferred MREL-eligible sustainable notes issued under its international debt issuance…
News: 24 January 2023
Allen & Overy has advised on a EUR850 million unsecured bond issued by Italian telecommunications company TIM S.p.A. The bond has five years’ maturity and will be listed on the Euro MTF – Professional…
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
For more information or to arrange a demonstration, please contact your usual Allen & Overy relationship contact or email: firstname.lastname@example.org
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: email@example.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: firstname.lastname@example.org
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 email@example.com
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: firstname.lastname@example.org