Issuing debt securities

This overview is a guide to the Banking & Finance content within the Issuing debt securities subtopic, with links to appropriate materials.

Transaction structures

Debt securities traded in the international capital markets can be issued either:

•
on a standalone basis, using a suite of documents which provide for a single issue of debt securities, or
•
under a programme, which creates a documentary platform which can be used for multiple issues of debt securities on different dates and with different terms

Programmes are almost universally used by frequent issuers such as major corporates, financial institutions, multi-lateral agencies (such as the World Bank) and sovereigns.

Debt securities are issued on a standalone basis by first-time issuers and by issuers which expect to make further issues only infrequently, or by issuers who issue notes which are very substantially different from the notes which may be issued under their programme.

Once a programme has been established, the timetable for issues under the programme (drawdowns) is potentially much shorter than the timetable for a standalone issuer and there is flexibility to issue securities by way of:

•
dealer drawdowns, in which

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