There are a number of parties to every bond issue, each with their own role to play in assisting the issuer and ensuring the issue's success. Here we summarise the roles of the main players.
Lead manager and syndicate
The lead manager, normally a financial institution such as an investment bank, is responsible for managing the entire issue process. As well as advising the issuer on the structure and timing of the issue, the lead manager appoints the syndicate, a group of investment banks that will market and sell (and, usually, underwrite) the issue.
Responsible for the due diligence process and verifying statements of fact - and for the drafting of the listing particulars and the supporting documentation.
The paying agent is responsible for receiving a bond's interest payments from the issuer and distributing them to the bondholders.
Clearing systems and depositary
Euroclear and Clearstream are the two main systems for monitoring and validating the transfer of bonds ('clearing') listed in London and in both the primary and secondary markets. Most bonds are issued in bearer form and held by a depositary (usually a bank) for safe keeping.
Appointed by the investors in the notes, the trustee is the representative of the bondholders, charged with protecting their rights and ensuring the terms of the bond are adhered to.
Acts on the behalf of the issuer to ensure the payment of interest and principal.