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: -...

Global debt securities: bearer and registered forms, CSDs/ICSDs, CGN vs NGN, NSS, investor enforcement solutions, Eurosystem eligibility, and electronic global notes and signatures

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Practice notes

debt securities, including bonds, medium-term notes and commercial paper, are financial instruments that evidence indebtedness. For further information, see Practice Notes: Key features of the debt capital markets and Types of debt securities.

This Practice Note reviews some of the forms that debt securities may take and sets out the meanings of, and distinctions between:

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

The emphasis of this Practice Note is on the principal features of global debt securities and the structures used for global notes. It should be read together with Practice Note: Form of debt securities—definitive securities, which explains the key features of definitive securities.

What are the differences between global securities and definitive securities?

In principle, debt securities can be issued in either definitive form or global form. In practice, all debt securities issued in the international capital markets are issued in global form...

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Web page updated on 21/05/2026

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