Clifford Chance

Periodic reporting to the market is a feature of all high yield bond issuances and is designed to ensure accountability and transparency between issuers and their (often dispersed) noteholders. As the 2025 annual reporting season gets underway, we examine some key legal and practical aspects of preparing periodic reports for high yield bond issuers, including the key disclosure trends that European issuers should consider in preparing their annual reports for the 2024 fiscal year.

The requirements, which derive and are adapted from disclosure requirements for companies with securities registered with the U.S. Securities and Exchange Commission, generally require issuers to provide certain financial and non-financial information relating to the business to investors on an annual and a quarterly (or sometimes, a semi-annual) basis and, otherwise, upon the occurrence of material events.