Euro PP buyers lean to loans as MAR and MiFID bite

Euro private placement (Euro PP) transactions can be structured as loans or as bonds, depending on the preferences of both parties. But some smaller investors have withdrawn from the bond format, concerned that it brings them into the scope of MiFID II and of MAR, though market participants are hatching plans to bring them back.

  • By Silas Brown
  • 05 Jul 2018


“Some second tier Euro PP investors are cautious because they fear the possibility of wall crossing,” said a Euro PP lawyer in Paris. “If the investor is approached by an arranger soliciting interest based on an issuer’s private input, then MAR could be breached. This makes it harder ...

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