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No, a guarantee does not have to be executed as a deed. A guarantee can be executed as a deed or as an agreement in English law.

A guarantee does have to be in writing under section 4 of the Statute of Frauds 1677.

However, a guarantee is often executed as an agreement by the guarantor and the Beneficiary. In banking practice, the guarantee is often incorporated into the facility agreement which is executed as an agreement. Many lenders taking a guarantee from group companies incorporate the terms within the facility agreement, so all parties sign the facility agreement and, therefore, the guarantee as an agreement. The Loan Market Association facility documentation for investment grade and leveraged transactions is structured in this way.