Arrangörens roll och ansvar gentemot investerare vid emission av företagsobligationer
(2025) JURM02 20251Department of Law
Faculty of Law
- Abstract (Swedish)
- Företagsobligationsmarknaden utgör en viktig del av Sveriges kapitalmarknad och har under de senaste åren upplevt en betydande tillväxt. Genom att emittera företagsobligationer har företag möjlighet att inbringa kapital till sin verksamhet, medan investerare erhåller avkastning. En nyckelaktör i denna process är arrangören, som utses av emittenten för att leda projektet. Arrangören spelar en avgörande roll, särskilt i marknadsföringen av obligationerna till potentiella investerare. Trots dess betydelse är lagstiftningen kring arrangörens an-svar begränsad, vilket skapar osäkerhet om dess olika förpliktelser.
Syftet med denna uppsats är att utreda arrangörens roll vid emission av företagsobligationer och att analysera i vilken... (More) - Företagsobligationsmarknaden utgör en viktig del av Sveriges kapitalmarknad och har under de senaste åren upplevt en betydande tillväxt. Genom att emittera företagsobligationer har företag möjlighet att inbringa kapital till sin verksamhet, medan investerare erhåller avkastning. En nyckelaktör i denna process är arrangören, som utses av emittenten för att leda projektet. Arrangören spelar en avgörande roll, särskilt i marknadsföringen av obligationerna till potentiella investerare. Trots dess betydelse är lagstiftningen kring arrangörens an-svar begränsad, vilket skapar osäkerhet om dess olika förpliktelser.
Syftet med denna uppsats är att utreda arrangörens roll vid emission av företagsobligationer och att analysera i vilken utsträckning arrangören kan hållas ansvarig gentemot investerare. Frågeställningarna omfattar även i vilken ut-sträckning arrangören kan begränsa sitt ansvar genom ansvarsfriskrivningar. Frågorna utreds genom en rättsvetenskaplig studie med en av rättsdogmatisk, rättsanalytisk, komparativ och empirisk metod. Källmaterialet inkluderar lag, förarbeten, rättspraxis, doktrin samt intervjuer med verksamma jurister inom området.
Analysen visar att arrangörens roll varierar och anpassas efter emissionens specifika omständigheter. Generellt sett innefattar arrangörens uppgifter projektledning, strategisk planering och marknadsföring av företagsobligationerna. Förhållandet mellan arrangör och emittent regleras genom mandatbrev och uppdragsavtal, medan förhållandet mellan arrangör och investerare är utomobligatoriskt, då inget direkt avtalsförhållande föreligger.
Ifall investerarna lider skada av arrangörens agerande, exempelvis genom vilseledande information eller vårdslöst agerande från arrangörens sida, kan ansvarsgrundande talan föras. Inledningsvis kan talan baseras på inomobligatoriska grunder, såsom skadeståndslagen, brottsbalken och marknadsföringslagen, eller analog tillämpning av köplagen eller fastighetsmäklarlagen. Vidare kan utomobligatoriska ansvarsgrunder, såsom kvalificerad tillit, kvalificerat otillbörligt handlande eller culpa in contrahendo, övervägas. I vissa fall kan ansvar grundat på underlåtenhet också aktualiseras.
Slutligen konstaterades att arrangörens ansvar gentemot investerare inte kan begränsas av ansvarsfriskrivningar då inget avtalsrättsligt förhållande föreligger. Dock kan sådana friskrivningar påverka bedömningen av befogad tillit och därmed indirekt arrangörens ansvar. (Less) - Abstract
- The corporate bond market is an important part of Sweden's capital market and has experienced significant growth in recent years. By issuing corporate bonds, companies can raise capital for their operations, while investors receive a financial return. A key element in this process is the arranger, who is appointed by the issuer to manage the project. The arranger plays a crucial role, particularly in marketing the bonds to potential investors. Despite its im-portance, legislation on the responsibilities of the arranger is limited, creating uncertainty about its various obligations.
The purpose of this thesis is to examine the role of the arranger in the issuance of corporate bonds and to analyze the extent to which the arranger can be... (More) - The corporate bond market is an important part of Sweden's capital market and has experienced significant growth in recent years. By issuing corporate bonds, companies can raise capital for their operations, while investors receive a financial return. A key element in this process is the arranger, who is appointed by the issuer to manage the project. The arranger plays a crucial role, particularly in marketing the bonds to potential investors. Despite its im-portance, legislation on the responsibilities of the arranger is limited, creating uncertainty about its various obligations.
The purpose of this thesis is to examine the role of the arranger in the issuance of corporate bonds and to analyze the extent to which the arranger can be held liable towards investors. The thesis also investigates the extent to which the arranger can limit its liability through disclaimers. The thesis is conducted as a legal study using a combination of doctrinal, analytical, comparative, and empirical methods. The source material includes legislation, preparatory works, case law, doctrine as well as interviews with practicing legal professionals.
The analysis shows that the arranger’s role varies and is adapted to the specific circumstances of each issuance. In general, the arranger’s duties include project management, strategic planning and marketing of the bonds. The rela-tionship between the arranger and the issuer is governed by mandate letters and contractual agreements, whereas the relationship between the arranger and the investors is non-binding, as no direct contractual relationship exists.
If investors suffer damage from the arranger’s actions, for example through misleading information or negligent behavior on the part of the arranger, a claim for liability may be brought. Initially, such claims may be based on contractual grounds by invoking relevant provisions in the Tort Liability Act, Swedish Penal Code, and the Marketing Act, or by analogous application of the Sale of Goods Act or the Estate Agents Act. Furthermore, extra-contractual grounds of liability may be considered, such as qualified reliance, qualified improper conduct, or culpa in contrahendo. In certain cases, liability based on negligence may also be relevant.
Finally, it is concluded that the arranger's liability towards investors cannot be limited through disclaimers, as no contractual relationship exists. However, such disclaimers may affect the assessment of justifiable reliance and thus indirectly the arranger’s liability. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/9188936
- author
- Rudbeck, Ebba LU
- supervisor
- organization
- alternative title
- The Role and Responsibilities of the Arranger Towards Investors in Corporate Bond Issuance
- course
- JURM02 20251
- year
- 2025
- type
- H3 - Professional qualifications (4 Years - )
- subject
- keywords
- Bankrätt, finansrätt, skadeståndsrätt, civilrätt, avtalsrätt, företagsobligationer, arrangör
- language
- Swedish
- id
- 9188936
- date added to LUP
- 2025-06-16 11:08:56
- date last changed
- 2025-06-16 11:08:56
@misc{9188936,
abstract = {{The corporate bond market is an important part of Sweden's capital market and has experienced significant growth in recent years. By issuing corporate bonds, companies can raise capital for their operations, while investors receive a financial return. A key element in this process is the arranger, who is appointed by the issuer to manage the project. The arranger plays a crucial role, particularly in marketing the bonds to potential investors. Despite its im-portance, legislation on the responsibilities of the arranger is limited, creating uncertainty about its various obligations.
The purpose of this thesis is to examine the role of the arranger in the issuance of corporate bonds and to analyze the extent to which the arranger can be held liable towards investors. The thesis also investigates the extent to which the arranger can limit its liability through disclaimers. The thesis is conducted as a legal study using a combination of doctrinal, analytical, comparative, and empirical methods. The source material includes legislation, preparatory works, case law, doctrine as well as interviews with practicing legal professionals.
The analysis shows that the arranger’s role varies and is adapted to the specific circumstances of each issuance. In general, the arranger’s duties include project management, strategic planning and marketing of the bonds. The rela-tionship between the arranger and the issuer is governed by mandate letters and contractual agreements, whereas the relationship between the arranger and the investors is non-binding, as no direct contractual relationship exists.
If investors suffer damage from the arranger’s actions, for example through misleading information or negligent behavior on the part of the arranger, a claim for liability may be brought. Initially, such claims may be based on contractual grounds by invoking relevant provisions in the Tort Liability Act, Swedish Penal Code, and the Marketing Act, or by analogous application of the Sale of Goods Act or the Estate Agents Act. Furthermore, extra-contractual grounds of liability may be considered, such as qualified reliance, qualified improper conduct, or culpa in contrahendo. In certain cases, liability based on negligence may also be relevant.
Finally, it is concluded that the arranger's liability towards investors cannot be limited through disclaimers, as no contractual relationship exists. However, such disclaimers may affect the assessment of justifiable reliance and thus indirectly the arranger’s liability.}},
author = {{Rudbeck, Ebba}},
language = {{swe}},
note = {{Student Paper}},
title = {{Arrangörens roll och ansvar gentemot investerare vid emission av företagsobligationer}},
year = {{2025}},
}