There are three types of trades that a trader can offer to an issuer during the issuance process: Agency, subscribed or purchased Cooperation with primary traders is based on the lead trader contract: Lead Trader Agreement 2020 (pdf) Onerous procedures are used in the case of takeover bids and sometimes in the case of requests for consent from bondholders who are considered resident in certain jurisdictions ( in particular Italy and the United States), so the head office of the bond may have more impact on documentation and timing. of the exercise. Given the difficulty of finding the beneficial owners of bonds held through clearing systems, holders residing in these countries are often excluded from the offer. In addition to structural considerations, there are anti-fraud provisions of the U.S. Securities Exchange Act of 1934 that apply to takeover and exchange offers and, in certain circumstances, to consent requirements that affect the documentation and timing of the transaction. If it is necessary to make the offer in the United States and Italy, legal counsel will advise you on additional measures and timing considerations that must be taken to avoid violations of securities laws. SO – Nominal Government Bonds SSV – Treasury Bill RO – Inflation-Linked Bonds As part of a subscribed transaction, one or more traders agree to buy the new issue as the main issue and resell the new issue to the public. In the context of a subscribed transaction, the issuer has the guarantee of the funds, even if the consortium of brokers cannot resell the entire new issue. In this type of transaction, traders have made a firm commitment to the issuer to bear all the costs associated with the sale and to take a significant risk in order to keep the new issue in their inventory. In a subscribed transaction, issuers and traders enter into a subscription agreement that describes the specific terms of the commitment as well as the obligations of each party. For many Canadian issuers, voluntary disclosure of environmental, social and governance (ESG) factors has been a mystery so far, as there has been no clear consensus on the form and content of such disclosure. Incentive fees may be offered to bondholders as part of liability management exercises related to English debt securities, provided that they do not violate the pari-passu treatment of bondholders, i.e. they are offered to any bondholder, even if they are ultimately paid only to those who agree.

Primary traders offer bid and offer prices on the secondary market for benchmark government bonds, which are the main government bonds. .