Rule 144A

The Law and Lore of Repackaging Go Premium Repack Anatomy: Hedging exemption | Covenant to pay | Quoted Eurobond exemption | Pre-enforcement | The curious structure of an MTNIndex: Click ᐅ to expand: Repackaging Comments? Questions? Suggestions? Requests? Insults? We’d love to 📧 hear from you. Sign up for our newsletter.

Rule 144A is an exemption to the requirement under the Securities Act to register any offering of securities. The exemption arises for private placements of securities (usually debt securities to “Qualified Institutional Buyers” — sophisticated institutional players, saucily referred to by one and all as “QIBs” — who are the US equivalent of professional clients or eligible counterparties in the FCA’s argot.