Trends in Debt Capital Markets

Courtesy of Clifford Chance, Michael Dakin, high yield partner at Clifford Chance LLP, London highlights recent developments in the debt capital markets, and the expected impact on M&A activity in 2014 in this interesting commentary on trends and developments in debt capital markets and high yield bonds.

Lead by global law firm Clifford Chance, Frankfurt, as global lead counsel, Clifford Chance, New York, Clifford Chance, London, Clifford Chance, Amsterdam, Clifford Chance, Paris, Clifford Chance, Singapore, Clifford Chance, Tokyo, Clifford Chance, Hong Kong, Fasken Martineau DuMoulin, Toronto, King & Wood Mallesons, Sydney, Wolf Theiss, Vienna and Carsted Rosenberg, Copenhagen all acted as local counsels to Heidelberger Druckmaschienen AG on the successful 2013 issue of EUR 51,000,000 German-law governed High Yield Notes. The financing and collateral security structure used in the transaction spanned a total of 24 jurisdictions world-wide.

Following the successful placement of a high-yield bond and the issuance of a convertible bond in summer 2013, Heidelberger Druckmaschinen AG has further optimised its financing structure by increasing the volume of its high-yield bond by a further EUR 51,000,000. The tap on its high-yield bond, which is governed by German law, was successfully placed with international investors. A banking consortium comprising Deutsche Bank (London), BNP Paribas, Commerzbank and Landesbank Baden-Württemberg acted as joint bookrunners and joint lead managers for the placement and DZ Bank and HSBC Bank as co-managers.

For information on capital markets in Denmark, Danish covered bonds and securitisation structures in Denmark, please consult our publications or contact Michael Carsted Rosenberg or Dr. Andreas Tamasauskas to discuss further. As a specialist law firm, we support international law firms, issuers and financial institutions with bespoke legal counsel services in relation to Danish capital markets law in connection with large-scale cross-border transactions with a Danish element. We have extensive experience in acting for both issuers and underwriters on national and international offerings of securities and financial products. We regularly advise clients on a wide variety of capital markets issues, including private placements, notes and bonds, high-yield bonds, securitisation, initial public offerings, conduct of verification and due diligence procedures, compliance with listing requirements, insider trading restrictions, offerings of securities exempt from registration requirements and ongoing reporting and disclosure requirements.