The mandate
Appointing the lead manager and, advised by them, choosing the size, structure and timing of the issue.
Due diligence
Providing and verifying all the information required for the issuer's listing document and the supporting documentation. Legal advisers lead this work.
Preparation
Preparing the documents including the information memorandum and prospectus or listing particulars and presenting them to the UKLA and the Exchange.
Launch
With the due diligence and marketing completed, this is the official announcement of the debt issue when the lead manager invites the syndicate to participate in placing the securities with investors.
Signing and closing
The signing is when an issuer and their advisers sign and execute all the documents. Shortly after this and the closing, the issuer receives the proceeds of the issue.