Book debt meaning

This Practice Note serves as an initial guide to listing debt securities on the London Stock Exchange (LSE). It outlines the ideas of listing and admission to trading, and centres on the main markets for listing debt instruments. It does not aim to detail every applicable requirement and provides links to relevant resources for further reading. It also excludes disclosure requirements and ongoing continuing obligations. Principal markets for debt securities listings The LSE operates several markets, but the venues commonly used for debt capital market listings are: the Main Market the International Securities Market (ISM) the Professional Securities Market (PSM) (Note: From 19 January 2026, the PSM is closed to new admissions) In addition, the LSE runs two markets tailored to particular segments of the debt securities space: the Order book for Fixed Income Securities (OFIS) the Sustainable Bond Market Listing or admission to trading––what is the difference? ‘Listing’ means admission of...

STOP PRESS: The UK’s prospectus framework presently derives from the EU Prospectus Regulation, preserved in domestic law following Brexit as the UK Prospectus Regulation. The government has been reassessing this regime within a broader programme to modernise UK capital markets and make the UK a more appealing place to list. In this context, the UK Prospectus Regulation will give way to the Public Offers and Admission to Trading Regulations 2024 (the POATRs), and all detailed requirements connected to admission to trading will sit within Financial Conduct Authority (FCA) admission rules. The FCA issued its final rules (PS25/9) on 15 July 2025, with implementation expected on 19 January 2026. These changes form part of efforts to reform the capital markets in the UK and enhance the attractiveness of the UK as a listing venue. For more detail on the principal features of the POATRs framework pertinent to the debt capital markets, see Practice Note: The UK Prospectus Regulation—essentials [Archived] — Reform of the UK prospectus regime. Note that numerous steps...

In this issue: Authorisation, approval and supervision Prudential requirements Risk management and controls Financial crime and sanctions Conduct requirements Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Packaged Retail and Insurance-based Investment Products (PRIIPs) Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management FSMA regulated pensions activity Payment services and systems Fintech and cryptoassets Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Authorisation, approval and supervision FCA publishes 2024/25 final rates and fees The Financial Conduct Authority (FCA) has released the 2024/25 final rates and fees for its annual funding requirement (AFR). The page further explains the factors the FCA weighs when working out annual fees, plus details on fee blocks, additional...

In this issue: Sustainable finance and ESG round–up UK and international sanctions Sustainable finance Debt capital markets Derivatives Restructuring Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round–up Sustainable finance and ESG weekly round–up For a summary of this week’s Sustainable finance and ESG developments, see: Sustainable finance and ESG weekly round‑up—15 February 2024. UK and international sanctions Council of the EU adopts decision on CSDs holding Central Bank of Russia assets The Council of the European Union has adopted a decision and a regulation clarifying the duties of central securities depositories (CSDs) that hold assets and reserves of the Central Bank of Russia (CBR) immobilised by EU restrictive measures. CSDs with more than €1m of CBR assets must record the extraordinary cash balances accruing due to these measures separately, and likewise segregate the related revenues. In addition, CSDs are prohibited from disposing of...

In this issue: Economic Crime and Corporate Transparency Act 2023 Court process and case management Lending Security Acquisition finance Sustainable finance Real estate finance Debt capital markets Derivatives Regulation for derivatives lawyers Restructuring Daily and weekly news alerts New and updated content Useful information Economic Crime and Corporate Transparency Act 2023 Criminal Finances Act 2017 and Economic Crime and Corporate Transparency Act 2023 (Consequential Amendments) Regulations 2024, SI 2024/1240: The Proceeds of Crime Act 2002 is revised to reflect changes flowing from the Criminal Finances Act 2017 and the Economic Crime and Corporate Transparency Act 2023. These amendments took effect on 29 November 2024... Court process and case management UKSC and JCPC launch new websites and online Case Management Portal The UK Supreme Court (UKSC) and the Judicial Committee of the Privy Council (JCPC) have unveiled updated websites alongside a new online Case Management Portal. This digital...

The use of invoice discounting and factoring of receivables as business finance has expanded markedly in the UK over the past 25 years. Introduction to receivables purchase transactions Invoice discounting and factoring fall within receivables purchase arrangements under which a supplier of goods and/or services (often called the seller or the supplier) transfers, typically by way of assignment, debts owed to it by the purchaser of those goods and/or services (commonly referred to as the buyer or the account debtor), usually together with all associated rights. These receivables purchases are frequently completed at a discounted purchase price. That said, receivables can also be acquired for an amount equal to their face value, with the supplier paying the purchaser a purchase fee. For a variety of reasons, suppliers may opt to sell receivables (on a no recourse or limited recourse basis) in preference to borrowing...

ARCHIVED This Practice Note is archived and no longer maintained. It offers historical context and outlines concepts such as UK mini-bonds and the Order Book for Retail Bonds (ORB). With the advent of the new UK prospectus regime, these concepts are being phased out or materially reformed. It is provided for background information only. For more on the new UK prospectus regime, see Practice Note: The UK Prospectus Regulation—essentials [Archived]—Reform of the UK prospectus regime. Introduction Traditional debt capital markets Historically, large corporates have tapped the debt capital markets to raise funds from an investor base made up largely of investment funds, pension funds, insurance companies and other institutional investors. Consequently, debt capital markets transactions have typically been characterised by: substantial issue sizes—typically at least £50m (or the equivalent in another currency) and frequently above £100m uniform distribution and underwriting procedures, whereby a lead manager with co-managers—or dealers for issues under a Euro Medium-Term Note (EMTN) programme—interposes between the issuer and prospective...

This Practice Note outlines information on Assimilated Regulation (EU) 909/2014 (UK CSDR). It also explains the repeal, under the Financial Services and Markets Act 2023 (FSMA 2023), of the direct regulatory obligations on CSDs contained in the UK CSDR, enabling the Bank of England (BoE) to substitute those provisions with its own rules. Scope of the UK CSDR The UK CSDR applies to the settlement of all financial instruments in the UK and to the activities of central securities depositories (CSDs), unless stated otherwise. Authorisation, reporting, and most other obligations under the UK CSDR do not extend to the Bank of England (BoE) or to other public bodies engaged in managing public debt in the UK, where the relevant CSD is directly administered by those bodies, has access to their funds, and is not a distinct entity...

This Assignment is dated [ insert day and month ] 20[ insert year ]. Parties 1 [ insert name of Assignor ], a company incorporated in England and Wales with registered number [ insert company number ], having its registered office at [ insert address ] (the Assignor); and 2 [ insert name of Lender ] of [ insert address ] (the Lender). Background The Lender has agreed to provide a loan facility to the Assignor on the terms and conditions contained in the Facility Agreement (as defined below). As a condition precedent to the loan facility being available, the Assignor must enter into this Assignment to create security in favour of the Lender for the Secured Obligations (as defined below)...

This Assignment is dated [ insert day and month ] 20[ insert year ] Parties [ Insert name of Assignor ], a company incorporated in England and Wales with registered number [ insert company number ], whose registered office is at [ insert address ] (the Assignor); and [ insert name of Security Agent ] of [ insert address ], acting as security agent and trustee for the Finance Parties on the terms and conditions set out in the [ [ Facilities Agreement ] OR [ Intercreditor Agreement ] OR [ Security Trust Deed ] ] (the Security Agent). Background The Finance Parties have agreed to make available the loan facilities subject to the terms and conditions contained in the Facilities Agreement (as defined below). A condition precedent to the availability of those loan facilities is that the Assignor enters into this Assignment for the purpose of providing security in favour of the Security Agent in respect of...