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Clifford Chance

Clifford Chance


Coronavirus: Key US and EEA considerations in respect of debt buybacks and other liability management transactions

9 April 2020

The Coronavirus (COVID-19) pandemic continues to significantly impact global markets, resulting in price reductions for outstanding bonds such that many of those instruments are now trading below par, some significantly so. Debt buybacks and other liability management options are on the minds of a number of issuers and investment banks.

The extreme market volatility triggered by the COVID-19 pandemic means that bonds may be trading at a discount. Whether an issuer or related party should consider conducting a bond purchase or repurchase will require an individualised and fact-specific analysis, however, this briefing will set out some general considerations. In particular, we will look at some of the key debt buyback and tender offer considerations for issuers, management teams and investment banks.

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