Debt securities documentation

What documents are required for a debt securities issue?

There are two broad types of debt securities documentation in the international investment grade public debt capital markets—documentation with a bond trustee structure and documentation with a fiscal agency structure. For more information on these structures, see Practice Notes: Role of a bond trustee, Role of a fiscal agent and Parties in an issue of debt securities—Fiscal agent or trustee.

Debt securities documentation is further sub-divided into documentation for standalone issues and documentation for programmes—see Practice Note: Transaction structures—standalone bonds versus programmes.

Overview of documents involved in a standalone debt securities issue

1. •

   Mandate letter—this sets out the terms of appointment of the lead manager, whose role it is to manage the issuing process.

2. •

   Confirmation to managers (previously referred to as the invitation telex)—this is sent by a lead manager to managers and is to be considered the basis of a manager’s commitment. For syndicated issues with joint lead managers only, a short...