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...

Informal bondholders’ committees in UK restructurings: formation, roles, negotiating leverage, voting thresholds, CDS considerations and information barriers, with reference to SIP 15 guidance

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

Who are bondholders?

Bondholders, sometimes referred to as noteholders, have typically put capital into a company’s most junior—and therefore risky—debt. In a distressed scenario, they will often form a pressure group, coming together to seek recovery from a restructuring by presenting a unified position to the debtor’s advisers and other stakeholders, including senior lenders, as a collective. For further reading, see Practice Note: Bonds and notes. Bondholders will frequently sit within a complex capital structure.

The bondholders’ committee

The bondholders’ committee is usually organised by the Indenture trustee for the bonds or by a lawyer specialising in representing the interests of junior creditors. The committee can also be known as the:

Steering committee
co-ordinating committee

A committee is formed as part of a restructuring process rather than as a formal insolvency process.

The formation of the committee

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Web page updated on 21/05/2026

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