OVERVIEW OF BONDCAP

 

BondCap is a specialist sterling debt capital markets boutique that advises, structures and distributes public bonds listed on the London Stock Exchange and private placements that are placed with funds that can hold illiquid investments.

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The founding partners of BondCap have over 50 years experience in the UK's debt capital markets with particular specialisms in publicly listed retail bonds and inflation-linked bonds and privates.

 

Our expertise and commitment to the retail market has positioned us as the ideal partner for existing issuers to go to for consent solicitations.

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MICHAEL DYSON

0207 058 0080

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Michael has more than 35 years’ experience in UK debt markets. Initially as professional investor, and including 22 years at Barclays Capital covering sales and trading of niche bond products.  More recently he is advising CEOs FDs and Treasurers on public debt markets and capital raising. 

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Michael covers both public and private capital markets and has developed a specialisation in illiquid and other non-standard developments within the wholesale, retail, and inflation-linked markets.  Sectors include PLC corporates and infrastructure (perhaps with social purpose).

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• 3 years as Head of Fixed Income at Numis

• 4 years at Evolution / Investec

• 22 years trading and selling niche bond markets at Barclays Capital 

• 5 years in fund management 

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Diverse and notable assignments accomplished by Michael include:

• In the mid 1990s Michael wrote a regular monthly personal finance column for the weekend Financial Times 

• Conceived, launched (2001), and managed “www.bondscape.net” which remained a unique and widely used bond dealing service for UK stockbrokers until being superseded by the ORB platform of the LSE 

• National roadshows promoting bond education, and bond awareness 

• Led bondholder action groups during corporate restructurings, most notably against Canadian Pacific Railway, but many others too

• Traded “Wimbledon Debentures” for 20 years

• Provided reference pricing for the PFI and Corporate Index Linked Bond Market

• 2010 worked closely with the London Stock Exchange and Corporate Issuers for the launch of the Order Book for Retail Bonds, and the many issues that followed thereafter 

• Retail Bond issues for listed and unlisted corporates, fixed rate and inflation linked coupons

• 2016 an innovative funding program linking a social housing borrower to CPI linked finance from a major UK Pension Fund

• Retained as consultant for change of terms & conditions for a Retail Bond as part of a major debt restructuring initiative  

• Current member of Wealth Management Association – Retail Bond Committee

• Previously, UK Chair of ICMA £Bond Sub Group

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MICHAEL SMITH, CFA

0207 058 0090 

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Michael has the Chartered Financial Analyst designation and almost 20 years' experience in the European high yield debt capital markets at Chase Manhattan, JPMorgan, Dresdner Kleinwort Wasserstein, Bank of Scotland and Investec.

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Michael focuses on bringing debut bond market issuers to the high yield, retail and private placement bond markets.  

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Michael’s experience provides insight into transaction structuring and pricing for smaller and sometimes more credit intensive stories where there are, or could be, multiple sources of debt.

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Michael has direct experience of complex leveraged finance transactions that have included combinations of bank debt, mezzanine or high yield bonds.  Michael has executed US$ Private Placements and more recently, more locally distributed private placements into direct debt funds.

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• 6 years’ experience of the UK’s retail bond market most recently as Head of High Yield and Retail Debt Capital markets at Investec

• Published author of ‘The European High Yield Bond Market: Drivers and Impediments’ (Financial Times Publishing, 1999)

• Published author of ‘Understanding and Adapting to the Changing Liquidity in the European LBO Market (PEI, 2014)

• Created the FTSE ORB Index with the LSE and FTSE

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Michael has a wealth of experience working with debut bond issuers who are looking to develop an understanding of the bond markets as well as companies who may be more familiar with bonds and competing alternatives.

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For potential bond and debt placement issuers, Michael’s experience in the high yield and leveraged debt capital markets allows him to provide insight into transaction structuring and pricing for smaller and sometimes more credit intensive stories where there are, or could be, multiple sources of debt.

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Michael has direct experience of complex leveraged finance transactions that have included combinations of bank debt, mezzanine or high yield bonds.  Michael has also originated and executed US$ Private Placements and more recently, more locally distributed private placements into direct debt funds.

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