Jurisdiction(s):
United Kingdom

Key definition

Issuer definition

What does Issuer mean? In legal practice, the issuer is the legal person that creates and offers securities to investors and is primarily liable to holders. In debt capital markets, it is the entity that issues bonds or notes. “Issuer” is a widely used descriptive term across capital markets and company law. It is also defined for particular regulatory purposes (for example, in the UK Prospectus Regulation, the Listing Rules and the Market Abuse Regulation (MAR), and in Ireland under the EU Prospectus Regulation and MAR). While wording varies by regime, the concept is aligned across England & Wales, Scotland, Northern Ireland and...

Fiscal agents in bond issues: payment and administrative functions, fiscal agency agreements, bondholder remedies, limited modification powers, and interaction with trustees and other agents

Published by a LexisNexis Banking & Finance expert

Practice notes

In most bond or note offerings, the Issuer will appoint an agent—or more frequently a panel of agents—to perform a range of administrative tasks on its behalf in connection with the issue. One agent will co-ordinate the activities of the others. Where the transaction does not include a trustee, that co-ordinating role falls to the fiscal agent. If a trustee is involved, the principal paying agent performs the co-ordinating function instead. The primary benefit of a fiscal Agency structure for a straightforward bond issue is the potential for lower Costs overall. By comparison, putting in place the alternative arrangement with a trustee and principal paying agency is typically more expensive to establish in practice. For ease of reference in this Practice Note, the term ‘Bonds’ is used in a generic sense to cover all forms of debt securities (including bonds, notes and commercial paper). For guidance on the difference between ‘bonds’ and ‘notes’ and the meaning of ‘commercial paper’, see Practice Note: Types of debt securities.

Who is the fiscal agent?

A fiscal agent is a bank appointed by the issuer of the bonds...

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Web page updated on 21/05/2026

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