Euromoney Legal Training

COURSE OVERVIEW
 
This brand new two day course will provide an in depth understanding of the legal and structural issues in the European High Yield market.

The sessions will focus on the major areas of high yield documentation that structurers, issuers and investors need to understand in assessing the opportunities presented by the current high yield market.
                       
The course will involve both a detailed review of European High Yield documentation, and offer market insights drawn from the extensive experience and understanding of recent and current market activity, on the part of the trainer, Claire Pointing, and leading industry expert Stephen Mostyn-Williams.

This is a must-attend event that will ensure you are completely comfortable when involved in structures and issues relating to complex high-yield bond documentation from both a drafting and an investment perspective.

By attending this practical two day training course, you will:

• Understand the role of high yield in the capital structure and acquisition finance
• Comprehend both traditional and “Senior Secured” pari passu structures
• Grasp the European regulatory issues: listing, denomination, content
• Explore the covenant package, including different drafting approaches by sector
• Consider how inter-creditor arrangements work

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
• Regulatory affairs and compliance officers

INSTRUCTOR TESTIMONIAL

“A knowledgable and very pleasant trainer. Highly recommended”
 - European Central Bank, Bond & Debt, September 2010

DAY 1

What is High Yield
• Development of the European High Yield Market
• History of investor side: the influence of US structures and Rule 144A
• Role in the capital structure and acquisition finance

Key terms and concepts
• Incurrence vs maintenance
• Baskets
• Carve outs
• Financial ratios
• Restricted and unrestricted subsidiaries
• Sponsors and management
• Subordination vs pari passu.
• The relevance of the capital structure

Key structures
• The “traditional” European High Yield structure
• Emergence and development of the “Senior Secured” pari passu structure: 
    - Senior Loan and High Yield structure 
    - Hybrid structure 
    - Senior Reveling Credit Facility structure

Navigating the Offering Memorandum
• The basic structure
• What to expect
• Where to find the key terms
• European regulatory issues: listing, denomination, content


DAY 2

Exploring the covenant package
• General introduction
• The standard covenant package
• Other covenants
• Detailed review of each standard covenant including typical ratio tests, baskets, carve outs and points to be aware of
• Highlight different drafting approaches by sector (eg telecoms/media vs manufacturing)
• Outline strengths and weaknesses
• Detailed review of example covenants in the standard covenant package

Guarantees and security
• Relationship to structure
• Who grants them?
• What are they worth?

Inter creditor and enforcement issues
• How do inter-creditor arrangements work
• Control and thresholds
• Waterfall and recovery

Redemption
• Early
• Optional
• Mandatory ( change of control/ipo)
• Tax
• Other

Current trends
• Structural developments
• Key market issues and concerns

Review example transactions
• Example transactions for each key type of: 
    - Structure 
    - Sector

• Claire Pointing

  Claire Pointing
  
  Claire is a solicitor with over 15 years experience in structured finance and capital markets in London and Paris.
  
  Claire 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 Claire 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 programme at London Business School.
  

  Courses run by this instructor

  • Debt Restructuring - London
  • Bond & Debt - London
  • Advanced Bond & Debt - London

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.

Advanced Bond & Debt - London

13-14 Sep 2012 (London, United Kingdom)

The Euromoney Legal Training course will consist of a series of lectures and workshops that will provide a practical insight into dealing with the documentation of bond & debt transactions. Participants will leave the course with all the essential tools they need to do their jobs with maximum effect having been guided through the details of such a transaction.

Bond & Debt - London

10-12 Sep 2012 (London, United Kingdom)

The aim of this Euromoney Legal Training 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.