Jurisdiction(s):
United Kingdom

Key definition

Bonds definition

What does Bonds mean? Bonds are tradable debt securities that record an issuer’s promise to repay principal at maturity and pay interest (a fixed or floating coupon) to investors. They are used in legal practice to raise medium to long‑term finance for governments (UK gilts; Irish government bonds), corporates, banks and public bodies, typically documented by a trust deed or agency agreement and an offering document or prospectus. Key legal features include face value, coupon, maturity, transferability (usually in registered or global form through clearing systems), ranking (senior or subordinated), and whether the bond is secured or unsecured; covenants and events of default...

Capital markets financing for charities, housing associations and universities: SIBs/DIBs, social housing securitisations and retail bonds, and university bonds—structures, parties, key documents, risks and market trends

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Practice notes

Over recent years, a broader mix of organisations has looked to tap the capital markets. Where once capital markets activity was largely the domain of banks, financial institutions and commercial companies, a wider array of entities has begun to participate in this arena. The rapidly expanding range and variety of innovative financial instruments demonstrates that effective cooperation across the public, private and voluntary spheres is achievable when they join forces on capital markets transactions and structure deals together in practice. This shift continues to gather pace.

Social Impact bonds (SIBs) and Development Impact Bonds (DIBs)

Tackling persistent social challenges has long troubled both governments and the charitable sector alike. Deep-seated problems—such as children in care, homelessness, barriers to education, youth employment and long-term health conditions—often arise where the state is constrained in what it can do, or has previously struggled to respond effectively. Traditional approaches have not delivered the outcomes required to create significant, meaningful change. SIBs and DIBs seek to confront these issues by uniting public, private and voluntary partners, encouraging innovation and prioritising measurable, results-led delivery. The progress reported so far has been striking...

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Ranajoy Basu

McDermott Will & Emery

Ranajoy Basu focuses his practice on structured finance with key experience in debt capital markets transactions. He has a broad range of experience in international capital markets advising a wide range of participants, including arrangers, originators, servicers and trustees, in connection with the securitisation of a wide variety of assets in numerous jurisdictions, including emerging markets transactions.Ranajoy has a particular focus on emerging markets transactions, and is recognised as an industry leader by both Legal 500 and Chambers. He is the Head of India practice. He regularly advises on a broad range of capital markets and complex structured finance transactions including external foreign currency convertible bonds (FCCBs) and qualified institutional placements (QIPs) relating to India. He has advised banks on some of the largest corporate debt defaults and restructuring in India. Ranajoy is recognised as one of the World’s leading lawyers in...

Web page updated on 21/05/2026

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