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Bite Size: Getting to Grips with Core Bond Documentation Concepts

Learn and develop a good commercial understanding of the main terms and conditions of bonds

Financial Analysis for Legal Professionals Online Training

A 2-hour Live Webinar from 13:30pm to 15:30pm UK time

This bite sized 2-hour long training course is primarily aimed at:

  • lawyers and other finance professionals who are new to bond issues and who wish to gain a foundational understanding of the key terms and conditions of bonds and areas of focus;
  • lawyers and other finance professionals who need a refresher this topic.

  • Whilst many lawyers and finance professionals may be familiar with loan market concepts and loan documentation, they may be less familiar with bond issues in practice. If you intend to do bond market work, it is important to develop a commercial understanding of the key terms and conditions of bonds before approaching actual transactions so that you can approach them with greater confidence.
  • The course provides an overview of the main terms and conditions of bonds and key areas of focus.
  • Our trainer has years of private practice and in-house experience working across a wide variety of finance disciplines and having trained and mentored numerous lawyers and other finance professionals, he has a unique insight into how to fill knowledge gaps quickly and provide the foundations necessary to approach unfamiliar aspects of finance work with confidence.

  • Understand what the main terms and conditions of bonds are.
  • Gain an awareness of the key aspects of bond documentation for commercial negotiation and discussion.

Subscription agreements

  • What is their purpose?
  • Representation cover – what are the key provisions?
  • The covenant pack – what covenants and from whom?
  • Why is the indemnity important?

Terms and conditions of bonds

  • Where are they found?
  • The documentation framework
  • Fiscal agency vs. trustee structure – what’s the difference?

Understanding interest & payment mechanics

  • Fixed vs floating interest
  • Interest calculations
  • Interest periods
  • Day count conventions
  • Payment mechanics
  • Tax considerations


  • Redemption – how and when?
  • Early redemption vs. mandatory redemption
  • Investor compensation
  • Perpetual bonds– are they never redeemable?

The covenant pack

  • Approach to covenant protection
  • Is there a ‘one-size fits all’?

Restrictions on dealings

  • Restrictions on what?

Events of default and ability to exit

  • What are the key events of default?
  • Who can accelerate and enforce and when?
  • Are there any long stops?

Changing the deal

  • How is it done?
  • Differences between trustee vs fiscal agent structure

The trainer is a highly experienced and sought-after lawyer, advisor, educator, mentor and writer. For almost 30 years and across several different industries, he has written and delivered a wide range of bespoke training courses for individuals, businesses, professional associations and educational establishments.

Over a 20-year legal career, he has advised banks & financial institutions, asset and receivables financiers, alternative lenders, large and SME corporates, private equity houses, pension trustees, regulators, social housing providers, guarantors and private individuals on a wide range of complex UK and international cross-border banking and finance matters on transactions with individual values of in excess of £2 billion. These have included global loans, investment grade lending, leveraged finance acquisitions, real estate investment & development finance, asset and receivables finance, bridge finance, bonds, private wealth finance, project finance, securitisations, social housing finance, trade finance, higher education finance, intragroup lending, netting and cash pooling arrangements and general corporate lending transactions including cross border syndicated and club deals. He has also advised on directors’ duties issues, restructurings and complex multi-layered intercreditor arrangements.

The trainer completed his formal training and qualified as a banking & finance solicitor in Leeds at Cobbetts LLP in 2005, before moving to London in 2007 to continue his career at Denton Wilde Sapte LLP (now Dentons) and subsequently with Wragge & Co LLP (now Gowling WLG (UK) LLP).

He moved to an in-house counsel role at Barclays Bank PLC in 2010, working in their Sales Finance and Trade & Working Capital Finance teams, advising on a wide range of UK and international receivables finance, inventory finance, securitisation and other asset finance matters (including invoice discounting, factoring, recourse and non-recourse financing, selective receivables finance, supply finance and full asset-based lending agreements). He also worked on secondment with the HSBC (UK) Invoice and Equipment Finance legal and business teams, advising on UK and cross border receivables and asset based lending transactions, including hire purchase, lease finance and asset purchase finance.

In 2015, he returned to Gowling WLG (UK) LLP, to become a professional support lawyer in their banking & finance team, responsible for education & training, knowhow, implementation of legal technology and providing cross-jurisdictional advice on complex areas of law. He has also written and delivered training for several professional associations including the Loan Market Association and the American Intellectual Property Law Association (AIPLA).

Having worked both in private practice and in-house with leadership, sales, relationship, risk, compliance, legal, transaction management, operations and product teams, the trainer understands the obstacles that need to be overcome on transactions and how to get deals over the line successfully. Consequently, his training focuses on providing students with the essential foundations, commercial awareness and approaches to thinking which are necessary to achieve this.

The trainer sits on an advisory board for a major legal publisher and advisory panel for a leading international banking and finance journal. He has also sat on the legal & technical committee for ABFA (now UK Finance).

He has also participated in a number of major law reform projects and consultations including the University of Oxford led Secured Transactions Law Reform project, the City of London Law Society’s Secured Transaction Code project, the UK Jurisdiction Taskforce consultation on crypto-assets, distributed ledger technology and smart contracts and the England & Wales Law Commission’s calls for evidence on smart contracts and digital assets. He has also participated in several UK Government legislative consultations.

As a mentor, he has also worked on the law firm panel at Barclays Eagle Labs Legal Tech Hub, London providing help and support to a wide range of new start-up legal-tech businesses from the UK and overseas.

Bonds are an important component of international finance.

Whilst many lawyers and finance professionals become familiar with loan agreement and loan market concepts at the early stages of their careers, this is not always the case with bond issues.

Without any foundational commercial understanding of the main terms and conditions of bonds, approaching a bond issue in practice can feel very daunting and furthermore, it can result in important aspects being overlooked.

This course has been designed to help those new to bond issues to gain a foundational understanding of the main terms and conditions of bonds, so that they can approach bond issues with more confidence.

Please note that due to this being a bite size seminar, this session is not a page by page look through actual or specimen bond documentation but is instead intended to provide you with a foundational understanding of the key terms and conditions for bonds and areas of focus, so that transactions can be approached with greater understanding and confidence.

Number of places:

£ 350.00

Per participant

Discounts available:

Book multiple places in one order for the below discounts:

  • 3+ places at 40% less = £ 210.00
    per person
  • 7+ places at 50% less = £ 175.00
    per person
  • 11+ places at 60% less = £ 140.00
    per person

    Have this course presented In-House

    • On a date, time and in a location of your choice
    • Topics expanded or deleted to your bespoke requirements

    Have this course pre-recorded

    • Full course recording edited exclusively for your company
    • Files converted to enable housing on your LMS

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