Banking & Debt Finance Prep & Workshop Notes
Workshop 1: Intro to Debt Securities
Bonds: essentially an IOU; it is a promise to repay (or pay) money to an investor usually with
interest.
Prep Task 1: Parties in Bond Issue
Party Explanation of Role Entity Performing Role for
Unite Group PLC
Issuer The entity that is raising the Unite Group plc
debt finance. The borrower.
Guarantor The entity guaranteeing that None. (usually have guarantor
the borrower will pay back if you don’t have many assets/
investors. low credit rating)
Lead Manager/ Joint Lead Arranges and manages the Investec Bank plc & Numis
Managers issue of debt securities. They Securities Limited.
find the investors and raise No co-managers here.
interest in the bond through
roadshows. They also
underwrite the issue (they
promise to buy them if the
bonds aren’t all bought). The
co-managers have their own
agreement and do the same
things.
Principal Paying Agent/ Paying An agent of the issuer Elavon Financial Services
Agent responsible for co-ordinating Limited
payments of principal and
interest under the bond. You
have to have them if you have
a trustee but not if you have a
fiscal agent who can carry this
out.
Fiscal Agent agent of the issuer and not the None
bondholders: responsible for
paying principal and interest to
the bondholders. Appointed
by the issuer. They have no
duty of care to the
bondholders.
Trustee represents the interests of the U.S. Bank Trustees Limited
bondholders. Holds property
on trust (the issuer’s covenant
to pay the bondholders).
1
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller breadbuns. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £15.49. You're not tied to anything after your purchase.