Module III· DCM — Investment Grade & Senior DebtIntermediate
Question

What is the difference between Reg S, Rule 144A, and a European public bond?

Answer

Reg S offerings are sold outside the US to non-US investors. Rule 144A allows resale to qualified institutional buyers in the US with more flexible SEC registration requirements. A European public bond is offered under European prospectus and listing rules to relevant investor bases. Format affects investor reach, disclosure, liquidity, and execution cost.