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...

A first-time issuer’s guide to English law trust deeds: trustees, remuneration, amendments, waivers, defaults and information obligations

Published by a LexisNexis Banking & Finance expert

Practice notes

What this Practice Note covers

The purpose of this Practice Note is to offer information and hands-on guidance on English law trust deeds for lawyers advising first-time issuers of debt securities. The emphasis is on debut issuers because documentation for later offerings in the debt capital markets typically mirrors, with little deviation, the papers used for the issuer’s inaugural deal; the documentation phase of that first issuance is therefore when an issuer and its advisers have the chance to review the papers in depth and, within the limits of accepted debt capital markets practice, to shape the documentation’s form. Accordingly, it concentrates on points most relevant to the initial documentation exercise.

This Practice Note:

sets out the pros and cons of appointing trustees in debt capital markets transactions and describes the relationship between an issuer and the trustee; and
explores the practical operation of the principal provisions usually included in trust deeds for debt capital markets transactions

This Practice Note addresses trust deeds for issuances of both:

unsecured debt securities—typically most relevant to issuers such as substantial corporates and financial institutions; and
secured debt securities—typically relevant to issuers such as...

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Web page updated on 21/05/2026

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