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debt securities, such as bonds, medium-term notes and commercial paper, are financial instruments which acknowledge a debt—see Practice Notes: Key features of the debt capital markets and Types of debt securities.

This Practice Note examines some of the different forms that debt securities can take and explains the meanings of, and differences between:

1. •

   a temporary global security versus a permanent global security, and

2. •

   a classic global note structure versus a new global note structure or new safekeeping structure

The focus of this Practice Note is on the features of global debt securities. It should be read in conjunction with Practice Note: Form of debt securities—definitive securities which explains:

1. •

   the features of definitive securities, and

2. •

   the differences between a bearer security and a registered security