Bond Issuance Types

Bond Issuance Types

Keith Mullin

35 years: Capital markets editorial

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.

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.

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Bond Issuance Types

12 mins 34 secs

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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