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Debt Capital Markets
Capital markets offer large companies, institutions and local authorities direct and flexible access to a diverse range of investors, complementing traditional bank financing.
Reserved for solid profiles, this type of financing requires high credit quality, strict regulatory compliance and, in most cases, a rating from a recognised agency (S&P, Moody’s, Fitch).
Some characteristics of corporate bond issues:
- Issuance of bonds (debt securities)
- Bonds admitted to trading on a Central Depository (such as Euroclear France)
- Bonds listed on a regulated market (such as Euronext or the Luxembourg Stock Exchange)
- Medium/long-term issues (5-10 years)
- Principal repayment at maturity
- Fixed (or variable) annual interest rate
Companies issuing bonds are generally sound, but investors must remain vigilant with regard to credit risk (non-repayment) and market risk linked to interest rate fluctuations in the event of resale before maturity.
Main services offered by DIIS Group for these bond issues:
- Bondolder Rpresentative (investors are grouped together to defend their rights as a single entity: a Masse)
- Identification of bondholders for a particular issue (investors do not remain the same throughout the life of an issue. It may be useful for an issuer to obtain a snapshot of its investors at a given point in time, either at regular intervals or in case of a specific event)
- Organisation of general meetings of bondholders
- Information Agent in the event of a bond buyback offer by the issuer
- Calculation Agent in the event of early redemption at the issuer’s discretion (Calculation Agent for the Make Whole clause) to determine the redemption amounts (and any compensation by the issuer)
DIIS Group has expertise in all technical and legal aspects of bond issues and understands your challenges, enabling us to offer you a quick solution that is tailored to every situation.
Private debt
Private debt includes unlisted loans or bonds granted by a limited number of institutional investors or specialised lenders, excluding banks and public markets.
It takes various forms – senior debt, subordinated debt, unitranches, mezzanine debt – classified according to their repayment priority and risk level.
Financing covers companies (corporate debt), real estate, infrastructure projects and renewable energy projects, each with its own challenges and risks.
Crowdfunding, involving funds from individuals, is also part of this ecosystem.
Private debt is also inherently illiquid, making resale before maturity more complex, which justifies an additional remuneration margin for the investor.
Private debt generally offers higher returns, but beyond the illiquidity premium, it is important to bear in mind that there is no such thing as a risk-free investment and that return is often the corollary of risk!
Main services offered by DIIS Group for these bond issues:
- Representative of the bondholders
- Monitoring of financial ratios and the issuer’s disclosure, action and non-action commitments in order to track developments at regular intervals throughout the financing period
- Organisation of written consultations or general meetings of bondholders
- Agent for calculating bond interest
- Calculation agent in the event of early redemption at the issuer’s discretion (Make Whole clause calculation agent) to determine redemption amounts (and any compensation by the issuer)
- Administrative and calculation agent for loan financing
- Security Agent or beneficiary of collateral (as borrowers or subordinated financing present a higher risk of non-repayment, investors require guarantees)
Private Debt requires more monitoring and faces more events or difficulties during the life of the financing.
Our accumulated experience in this area of financing enables us to anticipate and quickly provide the most appropriate solutions.
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