Parties in an issue of debt securities
Parties in an issue of debt securities

The following Banking & Finance guidance note provides comprehensive and up to date legal information covering:

  • Parties in an issue of debt securities
  • Issuer
  • Investors (bondholders or noteholders)
  • Lead manager or Arranger
  • Co-managers
  • Fiscal agent or trustee
  • Paying agent(s)
  • Other agents
  • Legal advisers
  • Auditors
  • more

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 (including EU treaties, legislation, principles and international agreements) and submit to the continuing jurisdiction of the Court of Justice of the European Union in accordance with the transitional arrangements in Part 4 of the Withdrawal Agreement. For further reading, see: Brexit—introduction to the Withdrawal Agreement. 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.

Issuer

The issuer is the entity wishing to raise finance in the financial markets.

Issuers can be:

  1. governments, sovereign entities and government-owned entities—government bonds have different names in different countries, eg:

    1. gilts in the UK

    2. Treasuries in the US

    3. Bunds in Germany, and

    4. OATS in France

  2. public limited companies—it is an offence under the Companies Act 2006 (CA 2006)