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A form of loan. Typically, the investor should receive a regular coupon and the return of the principal originally lent when the bond matures.
Not all bonds are interest bearing (see zero coupon bonds], and not all bonds are fixed rate (see index linked, floating rate and stepped rate bonds).
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Drafting a building contract/schedule of amendments—checklist Once the procurement route and form of building contract has been selected (see Practice Note: Choosing the right procurement method—construction projects) the employer should consider the following matters and incorporate the appropriate drafting in the building contract particulars and schedule of amendments. This Checklist assumes that the parties are using a standard form of building contract, such as a JCT form, and that the employer is proposing the first draft including the completed contract particulars and a schedule of amendments, which amends the standard terms. This list is not exhaustive, however, and there may be other project specific matters/risks that need to be taken into account: Contractual matters • Carry out due diligence on the contractor The employer needs to carry out due diligence on the contractor at the outset to determine whether its financial position is acceptable. Confirm the contractor’s company number and name at Companies House. • Obtain consultants’ details Confirm the full details of the consultants engaged by the employer; some...
Issuing high yield bonds—documents list The documents listed below provide an overview of the core transaction documents typically used to document a high yield bond issuance. The description for each provides an explanation of the document's purpose and the parties which typically enter into them. Additional documents may be required to deal with aspects of a specific transaction (such as escrow arrangements) or to reflect bespoke arrangements. Document Description 144A Global Note A single note signed by the issuer which represents the entire amount of debt in relation to the Rule 144A issuance.Section 5 of the US Securities Act 1933 requires all offers and sales of securities in the US to be registered with the Securities and Exchange Commission (SEC) unless an exemption applies. Rule 144A is a safe harbour exemption from the section 5 requirement and it enables the initial purchasers of the bonds (see Purchase Agreement below) to resell the bonds to 'qualified institutional buyers', institutional investors who meet certain criteria.For more information on Rule 144A,...
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STOP PRESS: After the election of a new Labour government for the first time since 2010 in the General Election of 4 July 2024, Sir Keir Starmer is the Prime Minister, Rachel Reeves is the Chancellor of the Exchequer, while Liz Kendall is the Secretary of State for Work and Pensions. Kendall leads the Department for Work and Pensions (DWP) after holding the shadow secretary role since September 2023. Emma Reynolds holds a dual role having been appointed ‘Parliamentary Secretary in His Majesty’s Treasury and the Department of Work and Pensions’ and is also the Pensions Minister. Sir Stephen Timms and Alison McGovern are Ministers of State at the DWP, as well as being members on the Departmental Board. Furthermore, Andrew Western is a Parliamentary Under-Secretary of State in the DWP, along with Baroness Sherlock OBE.On 20 July 2024 the Chancellor announced the launch of the formal pensions review promised as part of Labour’s pre-election manifesto pledge. The pensions review forms part of the new government’s mission to ‘boost growth...
Bridge to bond facilities What are they? A bridge to bond facility is a type of acquisition financing where the buyer requires the certainty of a fully committed financing package, but which is intended to be replaced in the future with a mid- to long-term financing in the form of high yield bonds. In markets where acquisitions typically do not have a financing condition, a bridge financing package (which is available to be drawn if necessary) is often a key component to a successful bid. This Practice Note focuses on bridge to high yield bond financing. However, investment-grade borrowers also commonly use bridge facilities for acquisitions. Bridge commitments for investment-grade borrowers differ in many ways, including: lower pricing, much less restrictive covenants (the terms often follow the borrower’s existing credit facilities) and the securities demand mechanic may not be included (or if included, it may only be triggered by ratings downgrade). Bridge commitments for investment grade borrowers may also have longer maturities (or extension rights exercisable by...
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United Kingdom Taxation General The summary set out below describes certain taxation matters of the United Kingdom based on the Issuer’s understanding of current law and HM Revenue & Customs (HMRC) published practice as at the date of this document, both of which are subject to change, possibly with retrospective effect. The summary is intended as a general guide only and is not intended to be, nor should it be construed to be, tax or legal advice. The summary applies only to persons who are the absolute beneficial owners of Bonds, who hold their Bonds as investments and who are resident and, in the case of individual shareholders, domiciled in the UK for taxation purposes at all relevant times. In particular Bondholders holding their Bonds through a depositary receipt system or clearance service should note that they may...
Performance bond
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What are the pre- and post-trade transparency requirements for UK trading venues in respect of shares and other equity-like instruments? What are the pre- and post-trade transparency requirements in respect of shares and other equity-like instruments under UK MiFIR? Pre-trade Market operators and investment firms operating a trading venue are required to make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for shares and other equity-like instruments traded on a trading venue. This requirement also applies to actionable indication of interests. Information must be available to the public on a continuous basis during normal trading hours. For detailed information, see Practice Note: MiFID II—UK trading venues — Requirements for RMs, MTFs and OTFs — Pre- and post-trade transparency requirements for market operators. Post-trade Market operators and investment firms operating a trading venue are required to make public the price, volume and time of the transactions executed in respect of shares and other equity-like instruments traded on that...
I act for a small company which is having trouble obtaining bank finance—would an issue of mini-bonds be a viable alternative? IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for DCM lawyers? [Archived] BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the...
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Family analysis: In Mr and Mrs K v Mr and Mrs Z the court considered an application for a parental order by the intended parents, (the applicants), who were both aged 72 at the time of their application. The child had been born via a surrogacy arrangement in California. While all elements of section 54 of the Human Fertilisation and Embryology Act 2008 (HFEA 2008) criteria had been met, Mrs Justice Knowles expressed her concern, at the first hearing, that the applicant’s statements did not sufficiently detail the arrangements for the child’s care should they die or lose capacity during the child’s minority. The court was required to consider the child’s lifelong welfare interests when deciding whether to make a parental order and was obliged to examine carefully what arrangements had been made to secure the child’s welfare should incapacity or death befall either of the applicants. Natalie Sutherland, partner and head of Modern Families at Burgess Mee Family Law considers the decision.
Ireland—Banking & Financial Service analysis: This article, was written by A&L Goodbody’s Asset Management and Investment Funds Team.Domestically, the CBI updated the Guidance on Investor Money Requirements. At European level, ESMA published the annual peer review of CCP supervision, and it delivered a final report on the MiFIR review.
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