Securities trading - International (CBL)
Key market-tradable securities
International securities may exist in various forms and include various features. The following table gives details for the principal categories of international instruments primarily issued in and deposited with Clearstream Banking.
| Denomination currency a | Maturity profile | Interest rate | Interest/Dividend payment frequency | Form | |
| Debt instruments: | |||||
| Bonds(Syndicated or not) | |||||
| Any eligible currency | 10 to 50 years; perpetual (rare) | Fixed or floating | Weekly to annually b | CGN, NGN or physical certificates, bearer or registered | |
| Medium-Term Notes (MTNs) (Syndicated or not) | |||||
| Any eligible currency | 1 to 10 years | Fixed, floating or zero coupon | Weekly to annually or at maturity b | CGN, NGN or physical certificates, bearer or registered | |
| Money Market Instruments (CPs, CDs) | |||||
| Any eligible currency | 1 day to 1 year | Fixed, floating or zero coupon | Weekly to maturity | CGN, NGN or physical certificates, bearer or registered | |
| Equities and equity-linked instruments: | |||||
| Depository Receipts (ADR, EDR, IDR, GDR) | |||||
| Any eligible currency | - | - | Usually annually | CGN, bearer or registered | |
| Equities | |||||
| Any eligible currency | - | - | Usually annually | CGN, bearer or registered | |
| Equity-Linked Notes (ELNs) | |||||
| Any eligible currency | - | - | - | CGN or physical certificates, bearer or registered | |
| Warrants | |||||
| Any eligible currency | - | - | - | CGN or physical certificates, bearer or registered | |
| Investment Funds: | |||||
| Any eligible currency | - | - | - | Dematerialised, CGN or physical certificate form, registered or bearer | |
a. For a list of the currencies that are currently accepted in CBL, please see Eligible Currencies.
b. Coupons may be paid on an irregular basis, depending on the terms and conditions of the security.
Forms of securities
International securities can be in the following forms:
- Dematerialised
The security is represented by a record in the books of the registrar appointed by the issuer. - Global Certificate
The entire issued amount of a security is represented by a single certificate, also called a Global Note, of which there are two kinds:- Classical Global Note (CGN), which requires a physical annotation on an attached schedule to reflect the Issue Outstanding Amount (IOA). CGNs are deposited with and are serviced by common depositories appointed jointly by the ICSDs. CGNs can be bearer or registered.
- New Global Note (NGN), which refers to the records of the ICSDs to determine the IOA. NGNs are deposited with common sakekeepers (CSKs) and are serviced by common service providers (CSPs), both appointed jointly by the ICSDs. NGNs are bearer only.
A global certificate is normally issued as a temporary or permanent global note, according to the terms and conditions of the issue. - Temporary Global Certificate
A global certificate (CGN or NGN) issued for the period between the closing of the underwriting agreement and the end of the TEFRA D restricted period, during which distributors generally may not sell the securities to a U.S. person or in the U.S.A. The restricted period is most often 40 days from the closing of the security.
The end of this “lock-up” period completes the seasoning of the bond, after which time restrictions on the sale of the bonds into the U.S.A. are lifted. The ICSDs collect certificates from bondholders confirming non-U.S. beneficial ownership before exchanging the temporary global certificate into a permanent global certificate or definitive bonds. - Permanent Global Certificate
A global certificate (CGN or NGN) representing the amount of a security that has passed the restricted (“lock-up”) period and has been certified as being held by a non-U.S. beneficial owner. Permanent global certificates are also issued at the time of closing if the issue does not require a TEFRA D certification.
- Physical Security
The security is represented by a certificate of paper that evidences the rights of the holder as against the issuer and the rest of the world. Physical securities can be bearer or registered.