Market Horizons: The UK’s new prospectus regime from a debt capital markets perspective—all change please!

In this episode of our Market Horizons series, our panel discuss how the new framework of The Public Offers and Admissions to Trading Regulations 2024 reshapes the landscape and share their thoughts on some of the changes from a debt capital markets perspective.

Our panel for this discussion comprises:

• Amanda Thomas, partner (London)
• Tom Grant, partner (London)
• Jennifer Cresswell, counsel (London)

With the new regime now live, the panel provide a practical overview of the key changes and their implications, exploring:

• The separation of public offer regulation from admissions to trading regulation
• The single disclosure framework for non-equity securities based on the wholesale standard and alleviations for plain vanilla listed bonds
• The opening up of the bond markets to retail investors and practical considerations for bringing retail into institutional deals
• Other (non-retail specific) changes that the new regime brings
• Transitional provisions for programmes with live FCA-approved base prospectuses

Amanda, Tom, and Jennifer also address the documentation changes required, including updates to selling restrictions and final terms.