Bond Issuance Types

Bond Issuance Types

The US have most liquid bond markets in the world. Once an issuer has decided to issue in the US, there are several options they can consider based on a number of factors. Keith outlines these options by discussing the various ways in which a company can choose to issue a bond; by registering with the SEC, or not.
Overview

Bonds can be issued in a variety of ways: Through secured and regulated SEC registration, although this comes with intense red-tape, or in the case of some non-US issuers, they prefer to exercise other channels that are exempt from registration. For example, Reg S or Rule 144a.

Key learning objectives:

  • Identify key determinants of bond issuance types

  • Describe SEC registration and discuss the benefits and the red-tape involved.

  • Be able to identify all unregistered routes and explain what each of them entail

  • Define sections 3(a)(2) and 4(a)(2)

  • Describe what MTN programmes involve

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Summary
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Expert
Keith Mullin

Keith Mullin

Keith is the founder and director of KM Capital Markets, a media and thought-leadership consultancy. He spent the past 35 years working in specialist capital markets media and has had a ring-side seat at all of the major market events. Prior to setting up KM Capital Markets in 2017, Keith worked at Thomson Reuters.

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