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Debt capital markets

Navigating the challenging and dynamic debt capital markets

We help clients plan, navigate and execute complex cross-border bond and debt transactions. We are a dedicated specialist debt advisory team, with experience across investment grade bonds, high yield bonds, rule 144a bonds, Euro medium term note (EMTN)/Global medium term note (GMTN) programmes, and Environmental, Social and Governance (ESG), green and sustainability-linked bonds. The team has deep industry knowledge and expertise across several international markets.

How we can help

Planning and selection

  • Assess the requirements of your organisation, current financial liquidity and risk profile. We offer an experienced team to provide support in the selection of available debt securities:
    • Investment grade bonds
    • High yield bonds
    • EMTN (establishment, updates and drawdowns)
    • ESG/Green/Sustainability bonds
    • Rule 144a bonds
  • Determine deal readiness and areas of risk and focus at the outset of the transaction
  • Drive project management and coordination for the transaction and provide practical, commercial and timely advice to achieve transaction milestone dates

Financial reporting

  • Deploy our knowledge of the business to assist and advise on inclusion of the financial information, non-GAAP measures, pro forma financial information and non-financial information in the Offering Memorandum
  • Optimise presentation of historical financial information so that the most comfort can be provided by the independent auditors
  • Review of consistency of financial information included in the Offering Memorandum, rating agency presentations and roadshow materials
  • Transaction support and assistance with documentation and disclosures in the Offering Memorandum, including the specific style of financial disclosures for Rule 144a issuances (if applicable)

Regulatory environment

  • Provide advice on current market practice and ongoing transaction compliance which is highly important in order to market to potential investors
  • Assistance with the due diligence process
  • Assistance with communications with regulators

Other services

  • Assistance with the drafting of financial sections of the Offering Memorandum
  • Provide tax, structuring and accounting advisory advice in complex financial transactions, such as M&A, carve outs, divestitures etc.

Structuring and deal accounting

Bonds in review: The European ESG/green/sustainable bond market saw nearly double the number and value of deals in 2021 compared to 2020, highlighting the clear focus on green/sustainable finance from both investors and issuers. In 2021, there were 296 deals and c.€155bn raised compared to 149 deals and c.€82bn raised in 2020. We expect bond issuances with an ESG/green/sustainable element to see continued growth in the market.

Debt Watch Europe 2021 Annual Review

Contact us

Sarah Hitchen

Sarah Hitchen

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

James Wong

James Wong

Partner, PwC United Kingdom

Tel: +44 (0)7775 781321

James Millar

James Millar

Director, PwC United Kingdom

Tel: +44 (0)7725 706184

Assel Abisheva

Assel Abisheva

Director, Capital Markets, PwC United Kingdom

Tel: +44 (0)7711 562337

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