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This Practice Note highlights key considerations for in-house counsel dealing with vanilla bond issuances in the international capital markets. It is aimed at banking and finance lawyers based in banks or other financial institutions. General Initial points to consider: Are you the sole lawyer advising on this transaction, or are external law firms involved? Syndicated bond offerings will, in most cases, involve an external law firm. Check any internal policies on when external counsel must be instructed, who can be appointed, and how costs are managed or shared. See: Selecting external law firms—a guide for in-house banking and finance lawyers; and checklist: Agreeing engagement terms with external law firms—a checklist for in-house banking and finance lawyers for further information on appointing an external law firm What are the roles an external law firm will take? Commonly, the issuer and the mandated banks will each appoint their own external counsel. Define and agree each firm’s responsibilities at...

Debt Capital Markets Glossary—A Accelerate Acceleration of a note means declaring it immediately due and payable before its scheduled maturity when an event of default arises, and this requires notice to be given. Agreement among managers A contract between the managers that sets out the nature and terms of their relationship, generally based on the International Capital Market Association (ICMA) standard form. Allotment The portion of notes offered by the lead manager to the syndicate. Allotment telex Where no co-managers are invited to the syndicate, the lead manager handling documentation sends the other lead managers an allotment telex confirming the allocation of the notes, subject to completion of the issue. Debt Capital Markets Glossary—B Basis point One hundredth of a per cent (0.01%); i.e. a rate of a stated benchmark plus 75 bps equals that benchmark rate plus 0.75%. Bearer form The key characteristics of bearer securities are that: a bearer security is a...