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Debt Securities


Debt Banner

The London Stock Exchange is one of the world's major centres for the issuing and listing of bonds. London is also one of the global centres for the listing of eurobonds – debt instruments offered exclusively to institutional investors.

Issuers choose London because of the speed and reliability of the listing process. Today the Exchange works hand-in-hand with our regulator, the UK Listing Authority (UKLA), to offer clear and consistent guidance for issuers and their advisers and to help ensure the tight turnarounds that are so important in this market.

Issuers also value the centrality of the London market. Listing debt instruments in London puts them in front of one of the world's largest audience of bond investors: more than 75% of all eurobond deals are originated and executed here. This section looks at what it takes to list debt instruments on our market:

Information for issuers (types of debts and bonds, overview of the steps towards a successful bond issue, a short survey of the players involved in issuing a bond, the listing process)


Types of Debt Securities

Origination

Domestic bonds are denominated in the issuer's local currency and offered to local investors. Foreign bonds are those offered to investors outside the issuer's own country of registration and are denominated in the currency of the market where they are listed. Eurobonds, marketed internationally, are issued outside the issuer's country of registration in a currency other than that of the market where they are listed.

Maturity

The maturity of bonds listed on our market ranges from money markets debt (i.e. commercial paper, maturing within a year) through to long-term bonds (with maturities of 15 years or more). We can also list undated bonds, which pay interest in perpetuity.

Form and legal characteristics

Both registered and bearer bonds can be listed in London, on the condition that the rights associated with such instruments remain at all times transferable and negotiable.

Structure

Simple bonds listed in London include fixed rate, floating rate and zero coupon bonds. More structured instruments include asset-backed and index-linked bonds.

Downloads



Order book for fixed income securities

The Technical documentation for the new trading service Order book for Fixed Income Securities is now available. Please click here to download it.



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