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This page provides a glossary for the Agents, Trustees, Auditors, and Printer Fields.
| All Agents |
This field allows you to search all agents acting in any capacity on
the deal as offered by the other fields in this section.
Use Boolean operators to apply
logic to your search. |
| Auditors |
This field allows you to search the auditors of the issuer or guarantor.
The law requires that the annual report and accounts of companies are verified
on their accuracy by a neutral third party. This is done by auditors.
Their job is to protect the integrity of the capital markets so that
investors have enough trust in the information they get from companies
to invest in their securities.
Typically, auditors audit the company’s group, including all subsidiaries.
If the issuer is a subsidiary of a larger group and no specific auditor
for the issuing subsidiary is mentioned in the document, we fill in the
auditor of the parent company unless the document specifically lists a
different auditor for the issuer.
Also, if a deal is guaranteed and the auditor of the guarantor is different
from the auditor of the issuer, we fill in the auditor of the Guarantor
as well.
There can be more than one auditing firm involved, although usually there
is only one auditor; we list them all.
Sometimes a company lists more auditors because their old Auditors have
been replaced by new ones. We include the old Auditors to the extent that
any figures are mentioned in this document for which the old Auditors are
still responsible.
Use Boolean operators to apply
logic to your search. |
| Calculation Agent |
This field allows you to search the calculation agent of the issue.
The calculation agent calculates interest or principal payments or both
on structured deals where such payments depend on formulas or averages
of quotes from the market. Calculation agents may also be called determination
agent.
Use Boolean operators to apply logic to your search. |
| Document Number |
This field allows
you to search on the document number that the printer may assign on the
document.
Use Boolean operators to apply
logic to your search. Use + (for an AND search), – (for
a NOT search), and the separator operator ; (for an OR search). You can
use * as a wildcard.
For example, Toy* will find Toyo Trust and Toyota.
When using wildcards, note that they may slow down your search. Your browser
may time out (showing no results) before the database is ready to send
you
results.
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| Fiscal Agent |
This field allows you to search the fiscal agent of the issue.
A fiscal agent ensures that payments are made as promised by the issuer
to the investors. The fiscal agent is effectively a very weak form of
a trustee, but a fiscal agent does not play the same “intermediation
role” that a trustee is obligated to play under the trust deed
in the event for example the issuer defaults on payments); A fiscal agent
does more than a paying agent, however.
The fiscal agent is often one of them. It may also be called the principal
paying agent or the issuing and paying agent.
If there is a fiscal agent and a principal paying agent or issuing and
paying agent on the deal, then this field will only hold the fiscal agent.
If there is no fiscal agent, but there is a principal paying agent or issuing
and paying agent, then we have recorded the principal paying agent or issuing
and paying agent because the role they fulfil is the same as a fiscal agent.
You may see the word agent on a document without the term "Fiscal" or "Principal
Paying." This usually happens on a programme. If this is the case,
we have recorded that agent’s name in this field.
On a warrant issue, often the fiscal agent is called principal warrant
agent.” If this is the case, we have recorded that agent’s
name in this field.
Use Boolean operators to apply
logic to your search. |
| Listing Agent |
This field allows you to search the listing agent of the issue.
A listing agent is a bank that ensures your securities issue will be listed
on a stock exchange.
Use Boolean operators to apply
logic to your search. |
| Other Agents |
This field allows you to search any other agents that may be active on
the deal and that do not fall into any of the other categories.
Use Boolean operators to apply
logic to your search. |
| Paying Agent |
This field allows you to search the paying agent of the issue.
A paying agent ensures that interest and principal payments are made on
the right days and in the right amounts to the right investors in a deal.
Use Boolean operators to apply
logic to your search. |
| Printer |
This field allows you to search the printer of the document.
Use Boolean operators to
apply logic to your search. |
| Trustee |
This field allows you to search the trustee of the issue.
A trustee is a neutral party between the issuer of the security and the
bond or shareholders. A trustee acts as a representative of these investors
in negotiations with the issue; there can be thousands of investors in
any one deal. It monitors any covenants in the terms and conditions of
the deal that the Issuer needs to adhere to.
A trustee is particularly
important when the issuer defaults on obligations under the deal.
The trust deed will define the role that the trustee will play in this
case.
The trustee therefore takes a lot of hassle away from the issuer
and the investors. Many first time issuers opt for a trustee rather than
a fiscal agent, as they prefer not to deal with the potential hassle
of complaining or rebelling investors.
We record several different forms of a trustee: bond trustee, securities
trustee, share trustee, and even some other trustees, but not data
trustee or data protection trustee.
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