This overview is a guide to the Banking & Finance content within the Debt capital markets: trustees subtopic, with links to appropriate materials.
Why have a trustee and a trust deed?
The most usual way to structure an issue of tradable, secured debt securities under English law is for the securities to be constituted by a trust deed and for either:
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a single trustee to hold both the issuer's covenant to make payment on the securities, and the security created by the issuer, on trust for the holders of the securities, or
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a note trustee to hold the issuer's covenant to make payment on the securities, and a separate security trustee to hold the security created by the issuer
There are three main ways to structure an issue of unsecured debt securities under English law:
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trust deed structure—the debt securities are constituted by a trust deed, under which a trustee holds the issuer's covenant to pay on trust for the benefit of the holders of the securities—in other words, similar to the trust deed for a secured issue, but without security
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fiscal agent
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