The aim of this course is to examine the most important legal issues which arise in the documentation of international offerings of Eurobonds. The course looks at contentious clauses in the documentation of debt issues, with particular reference to problems which may arise in areas such as material adverse change and default.
The course focuses primarily on English law, which is most widely used for international offerings, but also touches on the differences with other legal systems and markets. The course systematically tracks the progress of an international offering, highlighting the problems that can arise during the initial distribution period and between the launch of an issue and maturity.
By the end of the course, you will be thoroughly familiar with the most important legal aspects of international bond issues and equipped to recognise and tackle the problems that arise.
How this course will help you
You will learn:
The fundamentals of international capital markets and the nature of the main products
How a Eurobond issue works and what documentation is required
The essential points about sales restrictions including a checklist for the US
How to structure the subscription agreement to deal with underwriting risk
The role and requirements of a trustee
The structuring of high yield debt issues
The particular legal considerations which must be addressed for medium term note and euro-commercial paper programmes
Who should attend:
Lawyers in financial institutions
Bankers concerned with international bond and debt offerings and particularly with documentation issues
Lawyers working for issuers of international bond and debt, including corporations, governments and supra-national agencies
Lawyers in private practice with clients involved in international offerings
Overview of the international bond and debt markets
The key participants and their roles Offering structure and timetable
Offering structure and timetable
Documenting the key timetable and setting up the structure
The prospectus directive and other new European directives
Underwriting and analysis of subscription agreement
The role of the trustee
Stephen Norton, The Law Debenture Corporation Plc
Contents of the disclosure documents
Financial services (1)
Listing on the Irish Stock Exchange
Gerard Scully & Roisin Keaveney
Financial services (2)
Analysis of terms and conditions
Other key transaction issues
The form of the bond
Overview of credit derivatives in capital markets
Introduction to derivatives
The role of derivatives in the capital markets
Overview of credit default swaps
Closing the deal
High yield debt phenomenon
Typical covenant package
Medium term notes and Euro-commercial paper
Workshop 1: outlining a Eurobond deal.
Workshop 2: disclosure issues
General feedback session
The course instructor is a solicitor with over 15 years experience in structured finance and capital markets in London and Paris.
She has worked at Norton Rose, Cadwalder and Gide Loyrette Nouel, and has advised on numerous European bond, MTN and commercial paper offerings. She is currently a senior member of the debtXplained team which provides market focused reviews and information on high yield transactions, led by Stephen Mostyn-Williams.
In addition to legal practice she has worked in strategy consulting with LEK Consulting LLP and has carried out research at Oxford University and New York University School of Law. Claire has also completed the corporate finance program at London Business School.
Courses run by this instructor
Hotel in Central London, London, United Kingdom
Venue and Accommodation Information
All Euromoney Legal Training events are held at four or five star venues in Central London, Zone 1. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds you expectations.
We have selected several venues across Central London, that we are confident meet our strict criteria for quality, service and professionalism. Each venue also offers accommodation for Euromoney Delegates at discounted professional rates.
Your training venue will be confirmed by one of our course administrators approximately 3-4 weeks before the course start date. Euromoney Legal Training can however recommend the following venues:
The Rembrandt, Knightsbridge
The Rembrandt is a spectacular hotel with the timeless ornate architecture and traditional qualities of an Edwardian building. Located in the exclusive area of Knightsbridge, the hotel was originally built as apartments for Harrods, as such all rooms have an individual shape, giving them each their own special feel. Each of the training rooms have natural daylight and a private lobby area.
For more information visit http://www.sarova.com/rembrandt or call +44 (0)20 7589 8100
The four-star deluxe Millennium Hotel London Knightsbridge is situated in the heart of one of the best shopping areas of London. Of all the hotels in Knightsbridge, this Millennium Hotel is amongst one of the most contemporary and stylish Knightsbridge hotels in the area. This Knightsbridge hotel has excellent transport links - only a short walk from Knightsbridge underground station on the Piccadilly line and just 40 minutes from London Heathrow Airport via the underground.
For more information visit www.millenniumhotels.co.uk/millenniumknightsbridge or call +44 (0)20 7235 4377
Crowne Plaza, Kensington
The stylish Crowne Plaza London-Kensington hotel is a short walk from Victorian shopping, royal parks and London's epic museums. All the training rooms are fed with natural daylight with lunch or coffee breaks taking place on their attractive garden terrace.
For more information visit http://www.ichotelsgroup.com/crowneplaza/hotels/us/en/london/lonke/hoteldetail or call +44 (0)20 7373 2222
London Marriott Hotel, Kensington
Located close to Central London in the heart of Kensington, the London Marriott Kensington is perfectly situated for the best shopping and tourist attractions.
For more information visit http://www.marriott.co.uk/hotels/travel/lonlm-london-marriott-hotel-kensington
The Regency Hotel, Kensington
The hotel is conveniently located for all major transport links, such as Londons Heathrow, Gatwick and Stanstead airports, all major London train stations, and is a short walk from the nearest tube station (South Kensington, Piccadilly Line).
For more information visit www.londonregency.com or call +44 (0) 207 373 7878
Radisson Edwardian, Central London
The Radisson Edwardian offers a wide range of venues and accommodation across Central London, including such famous London areas as Covent Garden, Leicester Square and Mayfair. Each location offers 4-star accommodation and training facilities.
For more information visit www.radissonedwardian.com or call +44 (0)800 37 44 11
Euromoney Legal Training has also appointed approved and independent booking agencies to help you find the best location for you to stay during your time in London:
Venue Search UK
All the delegates have to do is telephone +44 (0)20 8541 5656 or email firstname.lastname@example.org and say that they are a Euromoney delegate!
Zibrant offer a huge range of hotels across London and can find you accommodation as close to your training venue as possible. They will ensure that you receive preferential rates as a Euromoney delegate. Go to www.zibrant.co.uk/euromoney for more details. Alternatively you can email your enquiry to email@example.com or call +44 (0) 1332 285 521.
Euromoney Legal Training strongly recommends that you do not book your accommodation until you have received full course confirmation.
If you require any further information, please contact us:
Euromoney Legal Training
Tel: +44 (0) 207 779 8601
Fax: +44 (0) 207 779 8599
Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.