Types of debt securities
Types of debt securities

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

  • Types of debt securities
  • What are debt securities?
  • Bonds or notes
  • Medium-term notes (MTNs)
  • Commercial paper (CP)
  • Types of debt securities
  • Interest-bearing securities
  • Fixed rate
  • Floating rate
  • Variable rate
  • 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.

What are debt securities?

In the context of the debt capital markets, the term 'debt security' means a document which creates or evidences a debt obligation.

The term 'security' when used in this sense is therefore different from the term 'security' in the sense of:

  1. an 'equity security' which means shares (see Practice Note: Different classes of share capital), or

  2. a 'security interest' such as a mortgage

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