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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.

News & insights

News: 09 MARCH 2020

Bank of China Macau Branch first Chinese issuer to issue social bonds in the offshore market

Allen & Overy advised the joint lead managers and joint bookrunners on a dual-currency senior small and medium enterprises (SMES) themed (COVID-19 Impact Alleviation) social bonds issuance. This is the first social bonds issuance from a Chinese issuer in the international capital markets.

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News: 04 MARCH 2020

Bocom Leasing Management Hong Kong Company Limited issues dual tranche floating rate notes under its USD6bn MTN programme

Allen & Overy has advised the joint lead managers in connection with the issue of a Series A USD300 million floating rate notes due 2023 and a Series B USD500 million floating rate notes due 2025 by Bocom Leasing Management Hong Kong Company Limited.

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Side of glass building

News: 25 FEBRUARY 2020

China Communications Construction Company USD1.5 billion dual tranche subordinated perpetual securities

Allen & Overy (A&O) has advised the joint lead managers and joint bookrunners in connection with the offering of USD1.5bn guaranteed subordinated perpetual securities by CCCI Treasure Limited, a BVI incorporated subsidiary of China Communications Construction Company Limited (CCCC). 

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Publications: 14 FEBRUARY 2020

Understanding sovereign debt – options and opportunities for Africa

A practical Guide for public debt managers and others involved in public financial management in Africa.

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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 Directive

Prospectus Directive

Allen & Overy’s Prospectus Directive website is an online guide that provides clients with access to legislation and A&O guidance on the PD and its implementation. It sets out key concepts found in the PD, provides advice on the impact of the PD on listing different types of security and provides details of PD implementation in EEA member states. In addition, it sets out the latest position in relation to the implementation of the PD Amending Directive in member states and the developments flowing from the further work of the Commission and ESMA.

For more information or to arrange a demonstration, please contact your usual Allen & Overy relationship contact or email: prd@allenovery.com

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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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