The European Corporate Debt Private Placement Market Guide

The European Corporate Debt Private Placement Market Guide aims to support the development of the European corporate private placement (ECPP) market, and builds on existing practices in the bond and bank loan markets, as well as practices in other international private placement markets. The Guide is intended to provide a framework of best practices for ECPP transactions, and has evolved out of the Charter for Euro Private Placements (available at www.euro-privateplacement.com), which was endorsed by all relevant French financial industry associations and developed by the Euro PP Working Group, a French financial industry initiative bringing together corporate borrowers, investors and intermediaries, and benefiting from the support of the Banque de France, the European Commission and the French Trésor participating in an observer capacity.

First published in 2015, the Guide has become an important contributing factor in the development of the market. A new edition of the Guide was produced in October 2016 as a result of evolutions in the ECPP market, and now also covers aspects of the German Schuldscheindarlehen (SSD) market as part of the wider ECPP universe, and includes an appendix on general principles of, and best practice applicable to, ECPP deal amendments and waivers.

The Guide defines best practices and the role of parties, while providing standard summary terms for discussion between borrowers and investors that is both documentation and jurisdiction neutral. The Guide also promotes and directs readers to the standardised and complementary transaction documentation produced by the Loan Market Association and the Euro PP Working Group.

The Guide is available here.

See also:

Allen & Overy Report 'Funding European business: Harnessing alternatives' November 2015
‘Bridging the growth gap: Investor views on European and US capital markets and how they drive investment and economic growth’ published by AFME and BCG, February 2015.

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The European Corporate Debt Private Placement Market Guide

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