Companies are increasingly looking for faster and easier routes than traditional underwritten offerings to market their debt securities. With an annual deal flow of over US$100 billion, the debt private placement market is an attractive alternative to underwritten offerings, although nascent in the context of European high-yield issuances (with European market volume of less than €4 billion in 2022). In this briefing, we detail some of the current approaches to privately placed high-yield bonds and their practical and legal basis.