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GLOSSARY

Fungibility definition

Published by a LexisNexis Energy expert

What does Fungibility mean?

Nuclear materials are considered fungible on the basis they are mutually interchangeable. In practice this means that enriched uranium produced for a customer by a company providing enrichment services will not necessarily be derived from the actual uranium feedstock the customer in question originally supplied to the enricher - as long as the quantity of enriched uranium supplied and of course its quality, match what was originally agreed between the parties.

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Terms and conditions—first time issuer's negotiation checklist

Terms and conditions—first time issuer's negotiation checklist What this checklist covers This checklist outlines the key points that a lawyer advising a first time issuer should check and, if necessary, seek to amend when reviewing English law terms and conditions for an issue of debt securities. This checklist contains material relevant to: • secured and unsecured debt securities • debt securities constituted by a trust deed, and • debt securities issued without trust deeds, such as: ◦ debt securities issued under a fiscal agency structure—for information on fiscal agents, see Practice Note: Role of a fiscal agent, and ◦ debt securities constituted by an instrument executed by the issuer (and guarantor, if applicable) without a trustee, of the kind used in issues of mini-bonds (a bond instrument) This checklist should be read together with Practice Note: Terms and conditions—first time issuer's guide, which: • explains the practical aspects of the key individual provisions (conditions) usually found in the terms and conditions of debt securities • compares them with the...

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Key legal issues in English law in debt capital markets—fungibility

Key legal issues in English law in debt capital markets—fungibility What does this Practice Note cover? This Practice Note explains the concept of fungibility and its practical relevance to additional issuances of debt securities. When are debt securities fungible? Debt securities and other assets are fungible if they are substantially indistinguishable from one another and are interchangeable for trading purposes. Fungibility is a basic characteristic of debt securities issued on the same date and forming a single series. They will invariably be issued on identical terms and interchangeable for all purposes. When the securities are traded, the seller can settle the trade by delivering the traded nominal amount of the securities, without any requirement to deliver any particular individual securities. If this were not the case, trading the securities would be practically impossible. For information on trading debt securities, see Practice Note: Debt securities market infrastructure. Fungibility was a significant question for securities issued on the same date and forming a single series in the past, when...

Glossary of debt capital market terms and jargon

Glossary of debt capital market terms and jargon Debt Capital Markets Glossary—A Accelerate To accelerate a note is the act of declaring that the note is immediately due and payable, prior to its scheduled maturity date upon the occurrence of an event of default. This action requires giving of notice. Agreement among managers An agreement among the managers setting out the nature and terms of their relationship. This is typically based on the International Capital Market Association (ICMA) standard form. Allotment The amount of notes offered by the lead manager to the syndicate. Allotment telex Where no co-managers are invited to the syndicate the lead manager performing the documentation role will send to the other lead managers an allotment telex, which confirms the allocation of the notes (subject to completion of the issue). Debt Capital Markets Glossary—B Basis point One one-hundreth of one percent (0.01%), ie an interest rate of a specified benchmark rate plus a margin of 75 bps is an interest rate of that benchmark...

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Are listed debt securities transferable?

Are listed debt securities transferable? IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for DCM lawyers? [Archived] BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the limited extent agreed), but the UK must continue to adhere to its obligations under EU law...

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A new FCA gateway for financial promotion approval

Law360, Expert analysis: On 6 December 2022, the Financial Conduct Authority (FCA) published the consultation paper 'Introducing a gateway for firms who approve financial promotions'. Gavin Punia, partner at Bird & Bird, explores the effect and relevance of this consultation in further depth.

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