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Sub practice
Sub practice

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

The Prospectus Regulation, known as PD III, is intended to improve the functioning of the internal capital markets and guarantee investor protection. Whilst PD III is now in application, it remains to be seen whether the intended enhancements will achieve these aims.

News & insights

Overhead image of cement blocks

News: 17 FEBRUARY 2021

Allen & Overy has advised UltraTech Cement Limited on the first USD-denominated sustainability-linked bonds from South Asia and South East Asia

Allen & Overy has advised UltraTech Cement Limited (UTCL) on its debut Rule 144A/Reg S offering of USD400million 2.80% sustainability-linked notes due 2031 (SLBs). The SLBs are the first…

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Large oil rig in the ocean at dusk

News: 17 FEBRUARY 2021

Allen & Overy has advised on PT Pertamina (Persero)’s latest global offering of USD1.9 billion bonds under the company’s USD20 billion Global MTN Programme

Allen & Overy has advised the arrangers and dealers on PT Pertamina (Persero)’s global offering of USD1billion 1.40% bonds due 2026 and USD900million 2.30% bonds due 2031 under the company’s USD20bn…

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airplane landing on runaway during dusk

News: 09 FEBRUARY 2021

Allen & Overy advises on Airport Authority Hong Kong’s inaugural Reg S/Rule 144A bond issuance

Allen & Overy has advised the joint lead managers on Airport Authority Hong Kong’s (AAHK) first bond issuance under Regulation S/Rule 144A. 

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Parked aeroplanes at  an airport terminal

News: 08 FEBRUARY 2021

Allen & Overy advises on Cathay Pacific’s convertible bonds

Allen & Overy has advised the joint lead managers on Cathay Pacific’s (Cathay’s) HKD6.74 billion 2.75% guaranteed convertible bonds due 2026.

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Our online services

Equity Linked Instruments

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
 

 
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Euro-Commercial Paper

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

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Medium Term Notes

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

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Prospectus Spotlight

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

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

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