Non-deal roadshow

Capital - issuance - investors - roadshows.

(NDR).

In the context of capital issuance, a non-deal roadshow is a series of meetings between the senior management of an organisation, and potential future institutional investors, in which the organisation is not immediately issuing securities.

Rather, the purpose of the non-deal roadshow is to inform potential investors about the organisation's progress and plans.

One of the benefits of non-deal roadshows is to enable any future issuance to be made on a foundation of existing investor knowledge and potential interest, which may lead to a more rapid process when the time comes.

BAT's bond issuance preparations

"On 31 July 2023, after 18 months’ preparation including non-deal roadshows and internal stakeholder engagement, and following the release of BAT’s half-year results, the company launched a new USD benchmark five tranche transaction, ahead of an expected busy post-Labor Day issuance period."

ACT Deals of the Year Awards 2023: Bonds above £750m winner.

See also

• Benchmark
• Capital market
• Deal
• Institutional investor
• Investment grade
• Investor relations
• Issuance
• Issue
• Issuer
• Roadshow
• Security
• Stakeholder
• Tranche
• Transaction

Other resource

• In a strong field of submissions, British American Tobacco’s $5bn bond issuance stood out for its timing, the order book and multi-tranche structure