Debt capital markets

Dealing with the dynamism of debt capital markets

Our specialist debt experts help clients like you plan and execute complex, cross-border bond and debt transactions.

Our deep industry knowledge and global experience means we can help you choose the right transactions in the UK bond market and several international ones. The securities we work with include, but aren’t limited to:

  • investment grade bonds
  • high yield bonds
  • Rule 144a bonds
  • Euro medium term note (EMTN) and Global medium term note (GMTN) programmes
  • Environmental, Social and Governance (ESG), green and sustainability-linked bonds.

How we can help

Planning and selection

We’ll work with you to assess what your organisation needs, your current financial liquidity, and your risk profile. We’ll then help you choose from the debt securities that are available, including:

  • investment grade bonds
  • high yield bonds
  • EMTN and GMTN (establishment, updates and drawdowns)
  • Environmental, Social and Governance (ESG), green and sustainability-linked bonds
  • Rule 144a bonds.

Before the transaction, we’ll determine your ‘deal readiness’ based on your areas of risk and focus. And when you’re ready, we’ll coordinate the transaction and manage the project to make sure you hit your milestones.

Financial reporting

When it’s time to write your offering memorandum, we’ll use our knowledge of your business to advise on what to insert, including non-GAAP measures, pro forma financial information and non-financial information. We can also help you draft the financial sections of the document.

We’ll find the best way to present your historical financial information to give the independent auditors the most comfort. And we’ll make sure all your documentation and disclosures are compliant, including the specific style for Rule 144a issuances if you need it.

And to make sure you’re telling a consistent story to your investors, we’ll review the financial information across your offering memorandum, rating agency presentations and roadshow materials.  

Regulatory environment

Your potential investors will naturally want to feel comfortable that you’re doing business in a credible and diligent way. We’ll assist with your due diligence process and help you hold conversations with regulators, drawing on our insight on current market practice to make sure the transaction is compliant at every step.

In a challenging macro environment, with high levels of inflation and volatility in the financial markets, total corporate debt in 2022 closed 25% lower compared to 2021 with 993 corporate debt deals, €581bn of investment grade issuance and €63bn of high yield issuance.

Debt Watch Europe 2022 Annual Review

Contact us

Sarah Hitchen

Sarah Hitchen

Partner & UK Capital Markets Leader, PwC United Kingdom

Tel: +44 (0)7734 958782

Jennifer Harper

Jennifer Harper

Partner, Capital Markets, PwC United Kingdom

Tel: +44 (0)7739 449097

Niranjali Jeerasinghe

Niranjali Jeerasinghe

Director, Capital Markets, PwC United Kingdom

Tel: +44 (0)7944 690613

James Millar

James Millar

Director, UK Capital Markets, PwC United Kingdom

Tel: +44 (0)7725 706184

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