Jurisdiction(s):
United Kingdom

Key definition

Bonds definition

What does Bonds mean? Bonds are tradable debt securities that record an issuer’s promise to repay principal at maturity and pay interest (a fixed or floating coupon) to investors. They are used in legal practice to raise medium to long‑term finance for governments (UK gilts; Irish government bonds), corporates, banks and public bodies, typically documented by a trust deed or agency agreement and an offering document or prospectus. Key legal features include face value, coupon, maturity, transferability (usually in registered or global form through clearing systems), ranking (senior or subordinated), and whether the bond is secured or unsecured; covenants and events of default...

Archived: Social impact bonds for public services—commissioning, payment by results, procurement (PCR 2015), contract structures, funding sources and case studies

Published by a LexisNexis Local Government expert

Practice notes

ARCHIVED: This Practice Note is archived and no longer maintained.

Social impact bonds are a type of public–private contracting launched by the Coalition Government that entered office in 2010. To encourage participation in the social impact bond market, the UK government created a series of funds, the latest being the £80m Life Chances Fund. This is now fully committed, with linked projects continuing until 2025. It is understood that further social impact bond projects are unlikely before then, and that the model is under review to decide whether future projects will proceed in their current guise, in an adapted form, or via a different approach. Pending greater clarity on the future of social impact bonds in the United Kingdom, this page has been placed in the Archive.

What is a social impact bond?

Social impact bonds (SIBs) were brought forward as part of the Big Society initiative introduced by the Coalition Government when it took office in 2010. They were intended to reform the delivery of public services and were seen as a means to improve the social outcomes of publicly funded...

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Web page updated on 21/05/2026

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