Financial lawyer: Asking leading questions

Although the law on what a lead manager can and cannot say about the success of a bond issue is reasonably settled, it still causes banks and, in particular, their compliance officers, difficulties in practice. By Christopher Stoakes

Most bond issues in the Euromarkets are subject to English law: the majority are written under English law or are underwritten and marketed in London; some may be listed on the London Stock Exchange; a smaller proportion are by UK issuers but listed elsewhere, such as Luxembourg. For these reasons and because of the sophistication of the Euromarkets, English law has so far led other European jurisdictions on this subject. By and large, any lead manager that complies with English law should be safe as far as any other European jurisdiction is concerned.

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