Derivatives and Structured Products Horizon Scanning 2020

Our Cross-Border Liability Management and U.S. Federal Securities Law Series provides an overview of U.S. federal securities law considerations in liability management transactions for the debt securities of non-U.S. issuers and the frequently used structures and features that comply with applicable U.S. laws and regulations. We focus in particular on the common issues arising in cross-border liability management transactions in the Eurobond market.

The topics discussed are the following:

• Overview
• Debt Repurchases: Tender Offer Rules and Disclosure Considerations
• Cash Tender Offers for Non-Convertible Debt Securities
• Exemptions from the U.S. Tender Offer Rules
• Debt Exchange Offers
• Abbreviated Debt Tender and Exchange Offers
• Alternative Offer and Pricing Structures in Tender and Exchange Offers
• Tender Offers for Convertible, Exchangeable and Regulatory Capital Securities
• Consent Solicitations
• The “New Security” Doctrine
• Amending and Restructuring Securities through UK Creditor Schemes of Arrangement