Jurisdiction(s):
United Kingdom

Key definition

MAR definition

What does MAR mean? In practice, MAR is shorthand for the market abuse regime and related fca guidance. Depending on context, it may refer to: - uk market abuse regulation (Retained Regulation (EU) No 596/2014), the onshored EU regime governing insider dealing, unlawful disclosure, market manipulation and issuer obligations to disclose inside information, enforced in the UK by the FCA. - The fca handbook’s Market conduct sourcebook (labelled MAR), which sits alongside UK MAR and provides rules and guidance for market participants, including on disclosure of inside information, PDMR dealings, insider lists, buy-backs and stabilisation. - The EU Market Abuse Regulation (Regulation (EU)...

Liability management for investment-grade bonds in the UK and Europe: buy-backs, tenders, exchanges, consent solicitations, process, documentation and regulatory considerations

Published by a LexisNexis Banking & Finance expert

Practice notes

What does this Practice Note cover?

This Practice Note sets out an overview of liability management techniques for Bonds—covering bond buybacks, tender offers, exchange offers and consent solicitation—placing particular emphasis on the process, the documentation to be prepared, and the principal legal and regulatory considerations that arise in delivering such transactions. The Note is directed mainly at investment‑grade bonds issued in the UK and European markets. For further information on liability management exercises, including liability management transactions involving loans/credit agreements, see Practice Note: FAQs on Liability Management Exercises.

What is liability management in relation to bonds?

Liability management describes a range of techniques used by issuers to actively manage or restructure their outstanding bond liabilities. Typical liability management transactions comprise:

bond buyback
tender offer
exchange offer
consent solicitation

A liability management transaction can also be structured as a combination of these techniques...

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Web page updated on 21/05/2026

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