With a global network, we can field teams of lawyers experienced in advising issuers and underwriters on high-yield bond offerings in dozens of jurisdictions across Europe, the Middle East, Asia-Pacific and North America.
Our high-yield lawyers work closely with the lawyers in our market-leading banking, structured finance, debt capital markets and restructuring practices, and can handle all aspects of high-yield debt offerings, including negotiating complex covenant packages, handling subordination, security and intercreditor issues and advising on bridge-to-bond financings, bank-to-bond financings and restructurings. Our highly skilled team of high-yield and leveraged finance lawyers can further rely on the industry experience and knowledge of our preeminent energy (including renewable energy), transport and mobility, shipping, aviation, mining and minerals, infrastructure, technology, media and telecommunications (TMT), and insurance teams.
Issuers of high-yield bonds can benefit from long-term debt financing with covenants that are typically less onerous than the standard covenants included in a traditional credit facility, while investors can benefit from higher interest rates and the potential for capital appreciation. High-yield bonds can be structured as junior to bank debt – that is, they can either be expressly subordinated (Subordinated Notes) and/or effectively subordinated (Senior Notes).
Learn more about high-yield bonds, including the characteristics of an ideal high-yield bond candidate, required key documents, securities law considerations and more with our High Yield Bonds: An Issuer’s Guide (5th European Edition).
The guide is primarily intended for (first-time) issuers of high-yield bonds, to give business owners, chief financial officers, treasurers, in-house lawyers and other key stakeholders a better understanding of the high-yield product and to help them evaluate the pros and cons of issuing high-yield notes. It is a high-yield primer that explains relevant high-yield bond concepts and the typical high-yield covenant package in simple, non-technical terms wherever possible, and it may therefore also be of interest and helpful to other market participants, including underwriters, law firms or other financial and legal advisers.
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