Jurisdiction(s):
United Kingdom

Key definition

Bondholder definition

What does Bondholder mean? A bondholder is the person or entity that holds a bond (a transferable debt security) issued by a company, government or other issuer, and is entitled to interest (coupon) and repayment of principal under the bond terms. The expression is descriptive rather than generally defined by legislation; rights and obligations are set out in the prospectus/offer documents and the bond conditions in a trust deed or fiscal agency agreement. Key legal features include: contractual payment terms (coupon and maturity); ranking and security (for example, senior unsecured, subordinated or secured); covenants and events of default; representation and enforcement via a trustee (or...

Practical guide to identifying and engaging bondholders in restructurings and liability management: clearing systems, holding chains, disclosure strategies and the identification agent’s role

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

This Practice Note outlines guidance on identifying and engaging with bondholders in the context of a restructuring. For broader background on Debt Securities, see the following Practice Notes:

Key features of the debt capital markets
Bonds and notes
Issuing debt securities—key documentation
Parties in an issue of debt securities

For materials focused on restructuring where debt securities are involved, refer to these Practice Notes:

Guide to representing bondholders in a restructuring
Liability management of bonds
Enforcement of debt securities

Why keep in touch with bondholders?

Traditionally, issuers of bonds have not maintained regular dialogue with their bondholders, with communications largely confined to moments when action was required from debt holders, most often linked to a corporate action. Such contact commonly took the form of a notice released or circulated by the issuer, frequently via a bond trustee. The trustee is a financial institution vested with trust powers—for example, a commercial bank or trust company—appointed by the bond issuer to protect bondholders’ interests and to uphold the terms of a bond indenture...

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Katerina Papamichael

S&P Global

Katerina is the Director of S&P Global Fixed Income Services, a leading global financial communications and stakeholder management firm.With over 20 years’ experience in the debt capital markets working with global financial institutions, corporates and sovereign issuers, Katerina has extensive expertise executing Liability Management and Debt Restructuring transactions and in researching ownership in capital structures. She works closely with bond issuers and central securities depositaries in Europe and globally, offering a full range of services to debt issuers and their advisers, with a focus on bondholder identification, investor communication and transaction mechanics and execution. She has advised bond issuers and executed hundreds of debt transactions (debt restructuring, tender offers, exchanges and consent solicitations), including the restructurings of the Republic of Argentina and Republic of Greece, a number of restructurings by Chinese real estate developers in the recent years as well as numerous complex...

Web page updated on 21/05/2026

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