Contributed By Walkers
Typically cleared debt securities of each class (where there is more than one class) are represented, on issue, by a global certificate. Before the issue of the debt securities on the issue date, the issuer will deliver duly executed global certificates to the Registrar or Paying Agent. On the closing date, the Registrar or Paying Agent, acting on the instructions of the issuer, will authenticate each global certificate and deliver them to a common depository on behalf of the Clearing Systems (typically Euroclear or Clearstream Luxebmourg). Debt securities are typically settled on a delivery versus payment basis unless some other netting arrangement has been agreed between the transaction parties.