The following Banking & Finance guidance note provides comprehensive and up to date legal information covering:
BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For guidance, see Practice Note: Brexit—impact on finance transactions—Brexit planning and impact—key issues for debt capital markets transactions and Brexit—impact on finance transactions—Derivatives and debt capital markets transactions—key SIs.
Debt securities, such as bonds, medium-term notes and commercial paper, are financial instruments which acknowledge a debt (see Practice Note: Types of debt securities). Issuing debt securities in the debt capital markets is a means of raising large-scale finance (see Practice Note: Introduction to the debt capital markets).
This Practice Note examines some of the different forms that debt securities can take and explains the meanings of, and differences between:
a temporary global security versus a permanent global security, and
a classic global note structure versus a new global note structure or new safekeeping structure
The focus of this Practice Note is on the features of global debt securities. It should be read in conjunction with Practice Note: Form of debt securities—definitive securities which explains:
the features of definitive securities, and
the differences between a bearer security and a registered security
In theory, debt securities can be issued either in definitive form or in global form. In practice, all debt
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234