Dentons advises joint bookrunners on establishment of CMC Markets’ £500 million EMTN programme and inaugural £250 million Tier 2 issuance

London—Dentons has advised the joint bookrunners, including BofA Securities and NatWest Markets Plc, in connection with the establishment by CMC Markets plc and CMC Markets UK plc of their £500 million Euro Medium Term Note (EMTN) programme and the inaugural issuance by CMC Markets plc of £250 million Tier 2 Capital Notes due 2036 under the programme.

CMC Markets is a UK-based financial services company that provides multi-asset trading, investing, and platform solutions to retail, professional and institutional clients across global markets. The establishment of the programme provides CMC Markets with a flexible platform for future access to international debt capital markets. The inaugural Tier 2 issuance, which carries a coupon of 7.125%, adds a new layer to CMC Markets’ capital structure and represents an important development in the group’s capital and funding strategy.

Debt Capital Markets partner Victoria Wyer, who led the Dentons team on the transactions, said: “The combination of establishing CMC Markets’ first EMTN programme and executing its inaugural Tier 2 issuance made this a particularly interesting transaction. The programme creates a flexible platform for future issuance, while the successful Tier 2 transaction represents an important step in the evolution of the group’s capital markets funding strategy. We were delighted to support the joint bookrunners on both transactions.”

Dentons counsel David Brian added: “Bringing a new EMTN programme to market alongside an inaugural regulatory capital issuance involved a number of interesting structuring and execution considerations. We were pleased to work closely with the joint bookrunners and the wider deal team to deliver both transactions.”

Victoria Wyer and David Brian were supported by Dentons’ London-based team, including partner Neil Dixon and associates Miriam Babarinde and Nia Powell, with tax advice provided by partner Neil McKnight. A separate Dentons team comprising partner Kitty Lloyd, counsel Jill Barraclough-Morrow and associate Kristin Da Costa advised The Bank of New York Mellon in its capacity as trustee in connection with the programme and issuance.