Debt capital markets: trustees

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:

•
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
•
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:

•
the securities may be constituted by a trust deed under which the trustee holds the issuer's covenant to pay on trust for the holders of the securities—in other words, similar to the trust deed for a secured issue, but without security
•
a fiscal agent structure may be used

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Banking & Finance News

ISDA publishes review on MIFIR's post-trade transparency rules

The International Swaps and Derivatives Association (ISDA) has released its perspective on the post-trade transparency rules implemented by the Markets in Financial Instruments Regulation (MIFIR) which came into effect in March 2024; and specifically encompasses the revised regulations surrounding interest rate derivatives, index credit default swaps, and securitised derivatives.

ISDA publishes report on MIFIR compliance requirements for CDS reporting

The International Swaps and Derivatives Association (ISDA) has released a document outlining a strategy for post-trade transparency under the updated Markets in Financial Instruments Regulation (MIFIR) for reporting single-name credit default swaps (CDS) linked to globally significant banks, facilitating substantial transparency and practical implementation. This publication is part of ISDA's continuous efforts to assist the industry in adapting to the changing regulatory environment, especially regarding derivatives transparency and compliance requirements under the MIFIR.

ICMA releases new reference guide for DLT based debt securities

The International Capital Market Association (ICMA) has published a new comprehensive reference guide, providing practical insights into the duration period of debt securities based on distributed ledger technology (DLT). The guide represents a joint initiative across the bond market value chain and addresses over 50 vital questions, seeking to aid market practitioners in both traditional and digital asset roles while aiming to boost liquidity in DLT-based bonds by highlighting compatibility; cash on ledger; legal and regulatory aspects and; to enhance standardisation in particularly the tokenised debt security sector.

GFXC finalises three-year review of FX Global Code

The Global Foreign Exchange Committee (GFXC) has completed its three-year review of the FX Global Code, verifying final amendments to enhance guidance on FX settlement risk and bolster transparency in certain FX transactions. The modified Code, together with an overview document detailing the review outcomes and feedback responses, is set to be released in January of next year.

View Banking & Finance by content type :

News