Clifford Chance

Behind closed doors: Navigating privately placed high-yield bonds

6 March 2024

Companies are increasingly looking for faster and easier routes than traditional underwritten offerings to market their debt securities. With an annual deal flow of over US$100 billion, the debt private placement market is an attractive alternative to underwritten offerings, although nascent in the context of European high-yield issuances (with European market volume of less than €4 billion in 2022).

In this briefing, we detail some of the current approaches to privately placed high-yield bonds and their practical and legal basis.

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