Fixed income securities 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...

Role The role of credit rating agents (CRAs) is to deliver an independent, analytical view of the likelihood of payment default, by assessing multiple factors that guide investors on whether to commit to specific securities. Capital market investors are highly sensitive to risk, and some are constrained by their internal constitutional documents from investing in lower grade instruments. As a rule, the greater the investment risk, the higher the return (interest/coupon) demanded by investors. Ratings may apply to both the company issuing the instruments and the instruments themselves. An issuer’s debt can be rated apart from the issuer, for example where the issuer is a special purpose vehicle created solely for the issuance, or where the debt benefits from credit enhancements (eg a guarantee) that lift it above the issuer’s own standing rating. For example, the following can be rated: the issuer senior debt/syndicated loans medium term notes (MTNs) commercial paper (CP) fixed income securities sovereign debt residential mortgage...

Updated in June 2025 Introduction With the world’s third-largest nominal GDP, Japan is a preferred springboard for international firms establishing a first foothold in Asia and for locating research and development centres, given the region’s rising significance and the advanced technologies of Japanese companies. It serves as a key regional hub, a gateway to neighbouring Asian markets, and a setter of trends. International companies, especially manufacturers, gain from Japan’s suppliers, from large corporates to small and medium-sized companies, renowned for high-quality products and components. The country offers a mature legal framework with reliable, impartial courts, alongside a stable democratic environment. It is widely recognised as among the safest nations, and boasts sophisticated infrastructure and high-quality medical services. Businesses can adopt multiple structures when setting up in Japan. This guide outlines key considerations for newcomers before commencing operations in Japan. This guide should not be treated as an...

What does this Practice Note cover? This Practice Note offers an introduction to the principal London venues for listing and trading debt securities. It outlines the applicable regulatory framework and summarises, for each market, the key stages for listing and admission. It is not a detailed handbook for listing debt securities on these markets. For fuller guidance on listing debt securities on these markets, please refer to Practice Note: Guide to listing debt securities on the London Stock Exchange. This Practice Note delivers a high-level overview of the main available markets for listing debt securities in London. It signposts the regulatory framework governing listing and admissions to trading, explains the separate concepts of listing and admission to trading, the London Stock Exchange (LSE) markets that are relevant in a debt capital markets context, and the process for listing and/or admission to trading on those markets. It does not cover prospectus disclosure requirements or ongoing continuing obligations. Listing or admission to trading—what is the difference?...