Dentons DCM Quick Guide to Mandate Letters

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Dentons DCM Quick Guide to Mandate Letters

Dentons DCM Quick Guide to Mandate Letters

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April 11, 2023

The Mandate Letter is likely to be the first document encountered by a debut bond issuer when starting the process of preparing for a bond issue. A legally binding contract, the Mandate Letter documents the relationship between the issuer and the joint lead managers in relation to the proposed bond. As a private and confidential agreement, a debut bond issuer may not have seen forms of DCM mandate letters previously. This Article explains what Mandate Letters are, their purpose and drafting, as well as the key commercial points and areas for negotiation.