How independent are bond trustees?

Banks can act as the trustee on bonds that they are taking to market. Since trustees are expected to represent the bondholders in any dispute, this dual role has prompted concerns over independence. Laurence Neville reports


An Association of British Insurers (ABI) proposal to improve UK corporate bond market standards has provoked a debate on the independence and role of bond trustees. The debate reflects growing concern at the strength of investment bank-affiliated players in the market and, in extreme circumstances, questions where their allegiance lies.

The role of trustee under UK law is substantial, with appointees – there is usually only one per deal – able to exercise a measure of discretion unlike in the US

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here