Types of Debt Securities

The UK Listing Authority (UKLA) and the London Stock Exchange can admit to listing and to trading a comprehensive range of bonds, from the simplest vanilla bonds to the most complicated instruments. Bonds can be classified in many ways: below we provide a break down of the bonds on our market by origination, maturity, form and structure.

 

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
A practical guide to listing debt in London (file pdf - 362 KB)