Jurisdiction(s):
United Kingdom

Key definition

Debt Securities definition

What does Debt Securities mean? Debt securities are tradable instruments issued by a borrower (the issuer) that evidence a debt and oblige the issuer to repay principal, usually with interest (a coupon), on scheduled dates. In practice this includes bonds, notes, debentures, loan stock, loan notes and commercial paper, typically issued in series and transferable between investors. The term is a descriptive expression used across financing, capital markets and corporate law rather than a single statutory definition, though related concepts appear in legislation and regulation (for example, “debentures” under the Companies Act and “transferable securities” under the prospectus regime). Key legal features commonly include: -...

Definitive Debt Securities in the International Capital Markets: Bearer v Registered, Features (Coupons, Talons, Receipts), Negotiability and Comparison with Global Form

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Practice notes

Debt instruments—including bonds, medium-term notes and Commercial paper—are financial products that evidence indebtedness; see Practice Notes: Key features of the debt capital markets and Types of Debt Securities. This Practice Note reviews the various forms such Securities may adopt and clarifies the meaning and distinctions between:

a bearer security versus a registered security, and
a security issued in definitive form versus a security issued in global form

Its primary emphasis is on the attributes of definitive debt securities. It should be considered alongside Practice Note: Form of debt securities—global securities, which sets out:

the features of global debt securities
the differences between a temporary global security versus a permanent global security, and
the differences between a standard global note structure versus a new global note structure and new safekeeping structure

Taken together, these Practice Notes should be consulted for context, comparison and terminology across the structures and forms discussed in detail.

Bearer securities versus registered securities

Debt securities may be issued in bearer form or in registered form.

Bearer securities

Bearer securities resemble another familiar bearer instrument: banknotes. The principal characteristics of bearer securities are that:

a bearer security is a negotiable instrument incorporating a promise to pay the bearer

...

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Web page updated on 21/05/2026

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