Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Advising definition

What does Advising mean? Advising, in financial services practice, means giving a client (or their agent) a recommendation on the merits of buying, selling, subscribing for, underwriting or exercising rights in a specific investment. In the UK (England & Wales, Scotland and Northern Ireland), this is the regulated activity of advising on investments under article 53 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. It captures advice given to a person as an investor or potential investor, or as agent for one, about a particular investment. Firms must be authorised or exempt, and the activity engages...

English law secured and unsecured debt securities terms for debut issuers: practical guide to covenants, events of default, calls/puts, amendment mechanics, trust deed versus fiscal agency, and mini-bonds

Published by a LexisNexis Banking & Finance expert

Practice notes

What this Practice Note covers

This Practice Note provides information and hands-on guidance on English law terms and conditions for lawyers advising debut issuers of debt securities. It concentrates on first-time offerings because the documents produced for an issuer’s maiden issue are commonly followed closely on later transactions. The initial documentation phase is when the issuer and its advisers can review the papers in depth and, subject to accepted debt capital markets practice, influence how the documentation is shaped. The Note outlines the practical dimensions of the key provisions found in the terms and conditions of debt securities. It proceeds on the basis that debut issuers are unlikely to be major corporates, financial institutions, multi-lateral agencies (such as the World Bank) or sovereigns that typically raise funds in the international investment-grade public debt capital markets. Rather, it assumes the issuers will be active in defined parts of the debt capital markets when market conditions are favourable or when alternative funding sources (such as bank lending) are unavailable, for example:

Emerging market corporates...

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Web page updated on 21/05/2026

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